AMA VICDOC Autumn 2024 - Magazine - Page 41
GENERAL CONSIDERATIONS
—
No matter the property, there are usually some
common aspects to consider. Now this is not an
exhaustive list and there is more to it, but a few things
to keep in mind include:
Zoning and planning overlays
––
» The site must be zoned appropriately and it’s
important to know whether the size and scale
of the project would be supported by council.
Parking
––
» Is there adequate parking spaces for patients
and staff ?
Accessibility
––
» You want a site that is going to be easy to find,
park at and enter.
» Will patients have a good experience locating your
practice and navigating the building?
» Is the site accessible and convenient for the
doctor/s?
» Is it compliant?
Property
––
» How well does the building convert to healthcare
use?
» What are the expected project costs?
Are you over capitalising?
PROFESSIONAL CONSIDERATIONS
—
Now, depending on your profession, there are likely
some specific things to consider, to give yourself the
best chance at success.
Potential practice location –
what should I consider?
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Other medical practices
Other health services
Pharmacies
Hospitals
Aged care services
Community facilities
Transport infrastructure
Pathology and diagnostic services
Consider the above list. Depending on your field,
some of the suggestions there may be vital, or they
may be irrelevant. Either way, it goes to show the sort
of things you should be thinking about and the vast
number of moving parts and integration points.
Other professional considerations might
also include:
Target Market / Demographics
––
» Who is your core client?
» Where do they live, where do they frequent?
What else do they need that you can leverage off?
» Your location would likely be different if your
target market is the older population versus if it
were young families.
» Looking at demographics can reveal incredibly
important information about your market and
what they value.
» What sort of income and work statistics are
prevalent in the area? This is particularly important
depending if you bulk bill or have patients that
primarily use private health and pay per visit.
Competition
––
» What competition is nearby?
» What other complimentary medical services/
businesses are nearby?
» Is there enough target market to share between
your competitors and your new practice in your
‘catchment area’?
» With dental, veterinary and primary health businesses,
it’s best to try and ‘own’ a catchment area.
» Where are the service gaps?
» Does the area have sufficient patient numbers to
share around or very high population growth to
support the new services.
As you can see, it’s quite involved. There’s so much
to think about and little margin for error, which is
where engaging partners like 1Group Property and the
Bongiorno Group can play a big part in formulating a
solid and successful plan.
Click here to book an
exclusive AMAV member
complimentary meeting
By: The Bongiorno Group with Julian Muldoon, Director, 1Group Property Advisory. This general advice has
been prepared without taking account of your objectives, financial situation or needs, you should consider the
appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product,
you should obtain a product disclosure statement before deciding to acquire the product.
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