Doctor Demographics
Doctor Demographics
I write about where to put a practice, the market conditions that are influencing the places where dentistry works best, and the trends that are helping or inhibiting practice.
Blog By:
Mike Green
Mike Green

Pin Pointing the PERFECT Practice Location

5/18/2022 3:57:05 PM   |   Comments: 0   |   Views: 143

Pin Pointing - A New Way to evaluate practice site viability by Scott McDonald - Doctor Demographics

It has been true for a long time that brokers, realtors, and even demographers have considered only a very narrow number of factors in determining practice site viability.  Traditionally, this may have been due to a misunderstanding of how to interpret the available data.  We knew, for example, if the population surrounding a practice site was growing or shrinking. We certainly could tell if the competition around a location was increasing relative to the population.  Terrific!  But the science of demographic analysis has grown and deepened while the users of these numbers have not kept up.  And there is little surprise why this is so: it is heavy lifting! At Doctor Demographics, we HAVE kept up with the complexity of the data.  Let's start with a few terms that you should know.  We talk about them in this episode: Proxemics That is the science of analysis of how far away something is from something else.  For example, do employment centers have an impact on a practice area? Does the commute path make a practice more or less viable?  And how can you measure the impact of that nature of the commute on the success of the practice?  Well, we are studying this all the time. Visibility There are strong indicators that a site's visibility is losing its impact on the desirability of an office space while at the same time it may increase the office price while increasing traffic congestion Covenant Areas For years a practice seller defined the Covenant NOT to Compete Area.  The problem is that judges are not willing to sustain the as they can represent an unreasonable restraint of trade.  Therefore, they are asking for a logical foundation on how these boundaries were formulated and how they are likely to change over time. Travel Time The way people behave relative to a practice location is a moving target.  So many factors go into the definition of Travel Time that a buyer, seller, and manager should know that it creates a moving target. These are just a few of the issues presented in the Pin Pointing episode you should know about.
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