Is the Retail Model Manageable for Your Medical Practice?


Is the Retail Model Manageable for Your Medical Practice?











Changing dynamics in healthcare reform, advances in technology, shifts in demographics and consumer preferences are driving some healthcare providers to adopt new locations in retail centers.

Why? Many physician and dental groups are fed up with the high cost of doing business in high priced medical office buildings or on hospital campuses. In response, they are moving their practices to retail settings where the rent is cheaper and the locations are convenient for patients.  

Patients engaged in their health are looking for an experience that includes convenient, accessible locations, which dovetails nicely with those healthcare practices that benefit from high visibility. Malls supply both and also offer plentiful parking and easily accessible entrances as well as plentiful amenities. A survey by NRC Health found that 80% of patients would switch healthcare providers for convenience alone, coincidentally one of the reasons for the meteoric rise of telehealth and telemedicine.

Across America, cardiology, dermatology, pain management and rehabilitation practices are among those niches leading the charge to retail centers. Surveys predict oncology and infusion are among the next generation of specialties to shift into retail settings, along with those that manage chronic diseases like diabetes, asthma, and hypertension. Over time, telemedicine will increasingly supplement and complement retail clinics and physician practices.

Concerns about service quality have faded in light of the success of eager and early adapters such as dentists and ophthalmologists. The modern family benefits from being able to get treatment for the flu on the fly. For doctors willing to consider this model, there might be benefits to the bottom line as self-pay patients are expected to remit payment at the time of service, and all prices are provided up-front.

In addition, many physicians have welcomed the chance to be able to boost their earnings through oversight of these newly created retail based clinics. Due to easy access and cheaper visits, retail clinics have been shown to engage patients more actively in care for low-acuity conditions, thus boosting better outcomes.

The trend is expected to continue as mall landlords, grappling with the loss of traditional retail tenants, are actively pursuing health care tenants as the medicine for their ailing shopping destinations. If local zoning laws allow, health care services would bring in patients as well as physicians, nurses and technicians working at the location who would visit the mall restaurants and stores.

CONTACT US: Your Fuoco Group and TFG Health Services advisors want to keep you informed of trends and opportunities from medicine and malls, to the scope of services and how delivery mechanisms continue to evolve. Is it time for your medical practice to have a “check-up?” Call toll free for a complimentary consultation: 855-534-2727.



 

In The News

The New York Real Estate Journal recently featured a "Ones To Watch" Spotlight, focusing on both up and coming professionals as well as industry veterans across all areas of real estate. Congratulations to Lou Fuoco CPA, CEPA, for being included in this prestigious group of “OTW” for 2019!
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Press and Events

Fuoco Group and TFG Related Entities are proud to announce that Fuoco Group’s Hauppauge Office, was voted #2 overall in the category of “Accounting Firm Less Than 100 Employees” in the 2019 Long Island Business News Reader Rankings. The Firm was also honored to be recognized as a “top three” Best Accounting Firm Finalist.
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Scott Small, CPA, has  joined the Fuoco Group accounting and business advisory firm as Audit and Accounting Senior Manager in the Hauppauge office. Scott will assist the Directors in New York and Florida with expanding the Firm’s accounting and assurance practice. 
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