Video Headlines:

The Pros And Cons Of Leasing Vs. Buying

What to Ask for/Expect in Your Commercial Lease

Group Practice vs Private Practice

What is a Commercial Lease?

Market Assessment/Demographic Research

How To Choose A Medical Management Firm

The Mystery Of Medical Transcription

In House Medical Billing vs. Outsourcing

How To Choose A Medical Billing Company

Employee Benefits

Business/Casualty Insurance

Retirement And Estate Planning For Physicians

Events

How to get a DEA license

Merchant Services – ACH Payments

How to Choose a Medical Legal Firm

What Is Money Factoring?

Document Imaging

How to Find a Medical Management Firm

What is a Medical Commercial Building?

Building a Team of Experts

How to Find a Medical Legal Firm

How To Choose A Medical Doctor’s Insurance Company

The Best Software for Doctor’s Offices

How to Choose a Medical Bookkeeper

The Mystery Of Doctor Credentialing

How to Prepare a Cash Flow Analysis

Private Practice vs Hospital

The Mystery Of Medical Transcription

In-House Human Resources vs Outsourced

What is HIPAA Compliance?

Long-Term Care Insurance

HIPAA & OIG Compliance Plans

Life Insurance

Promotions

OIG Compliance

Advertising

Direct Mail Marketing For Your Medical Practice

Capital Funding Needs: Pre-Opening, Opening

Equipment Selection Process

How to Find a Medical Practice Lender (resources)

Medical Office Structure, Layout And Design

Recruiting

How to Purchase a Commercial Building

HITECH Act of 2009

College Savings Accounts

Patient Experience

HITECH Compliance

How To Choose A Medical Collection Company

Medicare And Medicaid Audits

What Is A Marketing Mix?

How to Find a Medical Bookkeeper

The Mystery of Doctor Credentialing

Build Or Buy: In-House Medical Coding Vs. Outsourcing

HMOs vs PPOs

What Is A Merchant Processor?

The Pros And Cons Of Money Factoring

Leasing Medical Equipment Vs Buying

In-House Human Resources vs Outsourced

Types of Commercial Loans for Buying a Commercial Condo

What Is A Commercial Condo?

Determining Location Options

The Medical Coding Company That Could

What is an NPI, difference NPI 1 VS 2?

Purchasing a Commercial Condo

What is Fraud Investigation?

The Mystery Of Medical Coding

What Is Practice Succession Planning?

Overhead Business Expenses

Patient Education

Communication Vs Branding

How to Determine a Timeline to Open Your Medical..

Information Systems and IT for Doctors

In-House Doctor Credentialing VS. Outsourcing

The Medical Coding Company That Could

Practice Publication Marketing

Practice Social Media

Capital Funding Lenders

How To Choose A Merchant Processor

Leasing Medical Equipment

How to Create a Draft of the Employee Handbook

How to Find a Medical Accounting Firm

How To Choose The Right Corporate Structure For Your Medical Practice

Practice Direct Mail Marketing

The Mystery of Medical Staffing

Doctor Credentialing With Hospitals And Insurance Companies

Must-Have Medical Doctors Insurance

How To Choose A Medical Transcription Company

Setup Your Practice

Advertising

What is Money Factoring?

Setting Up a New Practice

Your Medical Practice Opening Check-List

Logo Development

How to Choose a Medical Practice Lender for …

What is Medicare, Medicaid, etc?

Merchant services – credit cards

Mission, Vision, and Values

Asset Protection

Estate Planning

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Market Assessment/Demographic Research

Before you choose a location for your new medical practice, it’s important to perform a market assessment of the location.

A market assessment consists of demographic research on the patients, competitors, insurance providers, and policies that will influence business at your location.

Armed with data-based projections for the future, you’ll be able to decide if renting or buying a particular office location is a smart business move.

You’ll need two tools to perform your market assessment.

The first is the PEST analysis, which measures the Political, Economic, Social, and Technological potential of your location.

The second is the SWOT analysis, which measures the Strengths, Weaknesses, Opportunities, and Threats of your location.

Whether you’re starting a group or solo practice, it’s important to conduct these analyses with the help of your staff or fellow physicians.

PEST and SWOT give you the tools to measure data, but the analysis of that data must be done by you. Because of this, it’s a good idea to get a second and third opinion whenever possible.

By conducting a PEST and SWOT analysis for your potential office location, you’ll be able to pinpoint patient trends, determine influence from nearby competitors, and uncover potential weak spots before you sign on the dotted line.

To learn more about how to assess the competitive nature of your medical practice location, follow all of Sherlock Doc’s adventures on Our Website.

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