Your private practice is a major investment, and your success isn’t just a matter of personal pride; you’re putting a lot on the line by starting it.
With that being said, cutting corners or otherwise going with subpar options to save money isn’t a good idea.
What about rented office spaces, though? Are they just a corner-cutting technique, or are they a legitimate boon for your private practice?
Well, you might be surprised. Let’s get into it.
Rental Spaces Save You Money
First and foremost, let’s talk about finances. This is why some people believe rental spaces are a corner-cutting technique; they’re a lot cheaper than buying or building an office.
You’ll spend a fraction of the traditional price when you simply rent your office space instead of buying it outright, and this leaves room in your budget for all the costly requirements that you can’t avoid.
However, there’s a caveat to this. Your office space has to be HIPAA compliant. Even if you can get an office space for pennies on the dollar, it will be a major disadvantage for your private practice if it’s not compliant with HIPAA guidelines.
Your Basic Essentials are (Sometimes) Covered
With traditional routes, you’re responsible for every expense. This includes furnishing your office space not only with the medical equipment you need but with basic office furniture and supplies, too. Those are key parts to setting up a professional establishment, and they’re costly.
With some rental companies, those necessities are fully furnished and paid for with your monthly rental fee. This greatly reduces the number of expenses you have to pay in the long run, and while it reduces the level of customization you can add to your office space, it gives you a solid start when you’re just beginning to get your private practice off the ground.
These basic furnishings usually include communications and necessary technological equipment, too.
Less Personal Stake
Moving into a new office space is a lot like getting into a new home. When you purchase a home, you’re responsible for the mortgage, all of the utilities, and countless other responsibilities that add up quickly. If something happens and you can no longer afford any of those things, you eventually lose your house. If you rent an apartment or home, you’re only responsible for your rent, intentional damages you cause, and other expenses that you take on outside of your rental agreement such as purchasing an internet package. If anything goes wrong, you simply pay off any due rent and leave.
Office space is the same way. You have to take care of the property you rent, but your business going bankrupt won’t leave you responsible for selling the space, handling any debts involved in purchasing the property, etc. You’ll just have to get up to date with your rental fees and move on.
Considering the statistics behind startup businesses in regards to failure and success rates, this is a major factor to take into consideration.
It’s Worth It
Renting office space for your private practice isn’t cutting corners. No, you won’t own the space, but that comes with a unique list of benefits that take a lot of stress and responsibility off your shoulders; as well as making the setup process a lot cheaper.
If you’re looking for office space for your private practice, check out Texas Med Healthcare Solutions.
Erik Jackson has been a senior editor at Health News Tribune for three years. Fluent in French and proficient in Spanish and Arabic, he focuses on diseases and conditions and the newest trends in medicine.