Driving Success: How a Data-Driven Location Search Fostered Growth and Prosperity for Medical and Aesthetic Dermatology Clinic
1) Introduction
After completing his fellowship training, Dr. H knew he wanted to establish a medical and aesthetic dermatology clinic. His dream to build a practice led him to Practice Real Estate Group. Senior Vice President Jason Guay, an expert in medical office leasing, began by asking Dr. H questions about his vision and ideal location.
Dr. H faced several challenges in determining the location of his clinic. Balancing his family’s future with different geographic options, Dr. H and his wife contemplated where they wanted to live. Through Jason’s detailed analysis, including competition assessment and demographic studies, the doctor and his wife narrowed down their choices.
With guidance from Practice Real Estate Group and their detailed analysis, Dr. H established his first medical and aesthetic dermatology clinic in New Jersey in 2018. Despite hurdles such as the construction process and the onset of the COVID-19 pandemic in 2020, the practice flourished.
2) Challenge
As the practice grew, Dr. H and his family faced a crucial decision regarding their future. Considering familial needs, they chose to sell the New Jersey medical and aesthetic dermatology clinic.
3) Our Approach
Dr. H once again relied on the expertise and support of Practice Real Estate Group, particularly Jason, whom he contacted regarding medical office leasing. The PRG team assessed population density, income levels, and market competition for cosmetic and Mohs surgery services. Their analysis revealed a promising landscape with untapped potential.
4) Road Blocks
As Jason narrowed down available properties, Dr. H decided to expand the possibilities he wanted to include both lease and purchase options in the research.
Jason met the shift with flexibility and adjusted the search terms and strategy.
5) Solution
Ultimately, PRG identified an opportunity—a second-chance medical space—that underwent redevelopment to accommodate Dr. H’s practice in North Carolina. The North Carolina suburb presented an exciting opportunity for Dr. H’s expansion plans. Similar to his first location and a promising setting filled with medical professionals, the area was ripe for growth. Jason recognized the location’s potential, citing its promising development and the influx of tech companies like Apple and Google.
6) Results
Dr. H’s trajectory from establishing his first medical and aesthetic dermatology clinic in New Jersey to selling and then starting again in North Carolina highlights the importance of planning, collaboration, and partnership to achieve professional success in dermatology. Through his partnership with Practice Real Estate Group, Dr. H was able to prioritize his family and realize his potential for world-class patient care as a healthcare entrepreneur.