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.