- September 20, 2018
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The huge influx of urgent care facilities has had a major impact on the medical office space sector of the commercial real estate market! In fact, it has greatly contributed to the big shifts the medical market has seen over the past decade. Claims from urgent care facilities have increased a whopping 1725% from 2007-2016 from privately insured patients and they don’t show any signs of slowing down. So, what is it that’s making this new medical model so appealing? Read on to find out!
The number one benefit to medical office space that can be utilized as an urgent care center is the convenience that it offers its customers. More and more of these facilities are popping up, many of them within close proximity to residential areas where their patients can have much faster and easier access to them. These centers also boast extended hours which are much more advantageous to the working middle class. Some of them even offer 24-hour care as an additional incentive. Add to this the capability for doctors at these centers to offer on-site lab services such as strep, urine, pregnancy, and influenza testing, and it’s no wonder that interest in this area is continually growing.
Another big benefit to urgent care centers is the out-of-pocket costs to the patient. A traditional medical office space will only be able to offer their patient a handful of basic services. The ability for urgent care centers to expand their offerings also allows them to lower costs by charging for individual services as opposed to setting one blanket cost for the entire visit. This even holds true for those patients without insurance. In 2016, it was determined that the median bill at an urgent care center was $165 compared to the $176 for the same procedure at a traditional office. This cost was even lower in retail clinics, such as CVS Minute-Clinics, but still the urgent care centers have grown at a greater rate for good reason.
While retail clinics may offer the same level of convenience as urgent care centers, as well as lower costs than both urgent care and traditional medical office space, it doesn’t offer the same individualized attention. Patients at urgent care centers can build the same rapport and level of trust with their doctor as patients who go to the same primary care physicians over and over again. The reason for this is that many of these urgent care centers are smaller facilities, allowing them to maintain a one-on-one approach with their patients. In a time where the medical office model has been under high levels of scrutiny for the lack of personalized patient care, this focus and time spent has been a huge contributor to the success of this model.
The patient today is not what it once was. The medical office space sector of real estate is starting to see a huge transition as patient awareness shifts towards greener and more natural approaches to healthcare. This finds less and less patients rushing to their primary care physician (and many not even opting to have one) on a regular basis. In fact, the biggest demographic that is being seen at these urgent care centers is 31-40 year olds. Many come in for emergencies, while others are choosing to utilize the urgent care center as a replacement to traditional care when it comes to more common ailments such as respiratory infections or the treatment of flu-like symptoms.
Hospitals are on Board
More and more hospitals are backing the growth and development of these urgent care centers as well, which is another contributing factor to their success. The benefit for hospitals lies in the urgent care centers ability to keep their emergency rooms free from non-emergencies! Hospitals have a growing interest in these centers because it frees them up to perform optimally for their own patients, while at the same time giving their patients access to quality follow-up care.
Looking to Lease Medical Office Space in Baton Rouge or the Surrounding Area?
The urgent care model is steadily on the rise and showing no signs of slowing down, making now a great time to invest in a medical office space that could easily be converted to this type of facility. At SVN | Graham, Langlois, & Legendre, LLC, we understand the shifting dynamics of the medical office real estate sector and are confident that we can help you find the medical office investment that is a perfect match for you. Take a look through some of our available space today and reach out to get your search started.