Moving Beyond the Recession - Part II: Forming Partnerships and Inter-Practice Space-Sharing to Achieve Greater Security and Success

If one of your professional colleagues were to suggest that you close your office and move into their dental facility as a partner or space-sharing associate, what would you think? Some would speedily exclaim, “That would be a waste of my hard earned time and money!” Others pondering the idea might think, “I have enough ‘unknowns’ to worry about.”
The fact is more and more dentists are implementing some form of inter-practice space-sharing arrangement and they are enjoying greater security, recognition and success.

A sluggish economy often demands proactive, creative action whether it be closing or renting out a medical facility in order to join another practice, or leasing unused suites within an existing facility or satellite office.

Space-sharing is certainly not a new concept. Attorneys and other professionals have been doing it for years with great success; only now, due to compromised consumer spending, the medical profession is beginning to realize the many benefits of this kind of agreement.

Are Medical Services Still a Staple Commodity?

As architectural and design professionals serving the medical and dental community, we are painfully aware of the fact that the medical profession been affected by the fluctuations of the economy. For many practitioners, particularly those with new or smaller practices, the current recession has taken a terrific toll on their business. Gone are the days when doctors and dentists could feel secure in their professions, agreeing to the certainty that, “everyone needs medical attention at one time or another”.

We’ve learned from colleagues that patients who would normally never miss a semi-annual hygiene appointment have chosen to do so. What’s worse, many patients are choosing to put-off necessary procedures such as getting dental crowns and cavity fillings. There have even been accounts of parents instructing their child’s dentist to pull a decayed tooth, rather than save it! When we were growing up we remember our mothers, (both of whom were raised outside of the US), frightening us with stories of such drastic practices. It taught us about the blessings of modern dentistry; but to hear such a tale today is truly unsettling. It seems the recession has darkened and denigrated every important lesson we ever learned about good dental hygiene and patients are pushing important procedures onto the back burner, at least for now.

Change is Inevitable….Are You Ready for the Future?

We believe the economy is finally turning the corner towards a recovery, but we also have reason to believe that not every medical professional will be ready for it.

Consumers have become savvy shoppers as the days of self-denial come to a close. People have been hit hard by the recession yet it has given consumers the advantage. Everyone is demanding the most for their hard earned wages and no one wants to pay top dollar unless they are getting the royal treatment.
Even if your fees are in line with professional standards, your patients will expect more from their dental visits. They want to feel comfortable, confident, well cared for and even pampered.

How does Space-Sharing Help?

For most of our clients, preparing for a healthier economy means preparing their current facility for the inevitable competition ahead. For some it means developing inter-practice collaborations and maximizing the benefits of space-sharing.

Although space-sharing can be a bit daunting at first, it can prove to be liberating and highly rewarding for both parties. Preparing and implementing the successful medical office collaboration simply requires good direction and support from pairing agencies and design professionals. It’s a team effort that can be achieved cost-effectively and without a lot of disruption to your practice.

There are several popular medical/dental space-sharing scenarios.

1 - Two or more doctors share the same space equally forming new partnerships.

• a) Combining, promoting and branding a strong professional partnership can lead to a greater awareness of your practice and can contribute to its success.
• b) Business partners share equally in the financial responsibilities of maintaining an office.

2- You share your existing medical space or satellite office with another qualified medical
professional.

• a) This type of space-sharing allows you to retain your independence and maintain your distinctive style.
• b) Your unused space now generates additional income.

3- You join a successful practice that welcomes your skills and reputation. As a partner or space-sharing associate you share in the costs to maintain and/or improve the facility.

• a) You enjoy the support of another successful professional, sharing in his or her
• established reputation.
• b) The costs of running an independent practice are shared or greatly reduced.
• c) You preserve your well-established reputation and sustain your patient relationships.

Attracting Partners, New Associates and Patients

Whether you are forming a new partnership, seeking to attract the most reputable medical professional to your vacant suites, or looking to share in the costs of your practice through inter-practice space-sharing, cutting edge interior architecture and design can give you the edge over the competition.

If you are hoping to attract a highly regarded partner or renter, the attractiveness of your facility can be just as compelling as your reputation. Just as patients feel better about and are more likely to choose a modern, renovated facility, so will the most reputable medical professionals.

If your plan is to share your business with another dental practitioner, sharing the cost of improving your facility is also smart business.

Working within your budget, architectural and design professionals who understand your profession can help you to prepare your expanded practice for continued success in the near future.

In our next article, we’ll share some powerful, cost-effective methods for self-promotion; - branding your best image within your office facility.

Award-winning interior designer Cb Miles, ASID allied and Carlos Ostrej, Architect NCARB, specialize in modern architectural and interior design for medical and dental facilities.
For more information, or to schedule a free consultation, visit www.cbmiles.com

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© Copyright Cb Miles 2011. All rights reserved.
Other Credits: Photography: Cb Miles; Drew Tobin Architecture – Colin Lichtenstein; CM Hellmann

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