Future proofing your practice 2

Think in advance about your premises

Are your premises coping with the demands you and your team are placing on them? If you look ahead 5 years, is the answer the same? And in 10 years?

Can you cope with anticipated growth in patient numbers? Population expansion can affect all practices, both urban and rural. Will any of your partners be retiring in that time? What effect will this have on the way your premises are owned?

It’s vital to start planning in advance and be proactive rather than reactive. Although project funding is scarce at the moment, projects with a well thought out business plan will be at the top of the pile when the economic situation improves.

An extension to your existing premises might be the answer or indeed a move to completely new premises. This doesn’t necessarily have to be as individual practice – it could be in conjunction with other practices (such as St Lukes, Mannock Medical Centre and Prospect House).

Whatever you decide, it’s important to get all partners on board. The practices that we deal with on a regular basis are noticing that there’s a divide in attitude between older and younger partners. The older partners have always seen investment in the partnership’s property as vital, but younger partners are beginning to baulk at the equity investment they are being asked to make, particularly as premises increase in size and therefore in value too.

About Neil

Neil has been a Chartered Surveyor at local, regional and national levels for the past forty years. The health care sector is now a substantial part of his advisory work. Outside the office (when he can manage to escape), he can be found on the golf course or following Leicester City FC's rollercoaster ride each season!

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