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FEATURE
Rise of the Private Practice Courage, effort and capital just part of the framework By Michael C. Upton, Contributing Writer
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hysician-owned private practice is very much an option for today’s professionals.
“It’s one of the strongest career paths a doctor can pursue,” said Dr. Jaan Sidorov, former CEO of the PA Clinical Network, a subsidiary of the Pennsylvania Medical Society. “It takes a lot of courage, effort, and capital.” Courage, effort and capital are just part of the framework for building a successful independent practice. While every practice and situation has its own needs, one of the universal first steps is acquiring a location and having a plan on what to do with that space.
Finding a location Veronica Blum of MPN Realty, Philadelphia, specializes in retail leasing and relies on her expertise as a landlord representative. She leads MPN’s retail leasing division. Her division has been busy this year placing medical practices in Center City locations. Doctors looking to start an independent practice need to take into account a number of items when considering a space, and those items all vary according to the type of practice; a dentist is going to need a lot more plumbing than a chiropractor, for example.
Veronica Blum of MPN Realty, Philadelphia, specializes in retail leasing and relies on her expertise as a landlord representative.
“There is a lot of infrastructure that is needed when starting a medical practice,” Blum said. She believes it is helpful for practices to go into a space that was already a medical practice or similar facility. This will cut down any renovation costs needed to adapt the space to a new practice’s specific needs. Sites previously occupied by medical services move off the market quickly, Blum said. Healthcare Facilities Today warns that even basic medical buildings use more electricity, heating, ventilation and cooling than a typical office building. When looking for a home for a new practice, doctors should consider the strength of the regional utilities and existing building facilities.
18 Philadelphia Medicine : Winter 2022
