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Your Articles for Thursday, April 29, 2021
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Time and Money - The Downside of Doing Commercial Real Estate Yourself

Are you one of the rare healthcare providers or administrators who understands how much is at stake in commercial real estate negotiations? If so, then you probably know that commercial real estate is the highest negotiable expense for your healthcare practice. Consequently, most healthcare providers fall into the statistic that tells us that 80% of healthcare practices still take a ‘DIY: do-it-yourself’ approach to these crucial negotiations and site selection process.

 

Should You Own Your Medical Office Space?

If you own or operate a healthcare practice, you are required to cut an unavoidable check every month to pay for your office space. After payroll, real estate is typically the second highest expense in any healthcare business. The good news is that your real estate costs are negotiable! That makes it the number one opportunity to substantially impact profitability over the life of a practice. This being true, the question to answer is “Should you own or lease your office space?” The answer depends on a number of factors, such as the following.

Physician Office Staff as Malpractice Targets

Most in healthcare agree that the malpractice crisis has spiraled out of control, causing physicians everywhere to spend more time on due diligence about what coverage they need and more money to get that change. However, it’s no longer just doctors, nurses, and direct caregivers troubled by the prospect of costly litigation that can damage their current and future livelihood. Ancillary physician practice personnel, including office managers, coders, and other staffers, want to make sure that they’re protected, too.

Recent Blog Posts

In my Blog posts, I cover topics related to Accounting and Tax, Litigation Support for Medical Practices, Managed Care Contract Negotiations, Medical Practice and Healthcare Entity Valuation, Medical Practice Assessment, Medical Practice Brokerage, Medical Practice Management, and Medical Practice Merger Advice. I also cover other topics related to today's Physician Practices and other Healthcare Industry related subjects. Stop by for the latest news on these, and many other topics.

Reed Tinsley, CPA
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My firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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