In the spring of 1988 Stephanie Wilson was a senior at Memphis State. She was somehow managing to put herself through school by working at four part time jobs; two as a bartender, one in accounting and one in recreation. She also had an entrepreneurial plan to finance her MBA studies. She had put together a business plan and had lined up a group of investors to buy a vacant Pizza Hut building near campus. From here, she planned to buy and sell used text books and give the campus bookstore a real run for its money. Since bartenders have a mystical, magical way of being invited into conversations, Wilson found herself, one night, explaining her plans to a group of managers from General Electric Medical Systems who were in town for a managers conference. In the three nights that Wilson served them at the renowned Peabody Hotel, they found her so impressive that they asked her to interview with the company for a position in medical imaging sales. She told them, “No, I already have my plans.” but when she was asked to meet at Sam’s, a steak and turf restaurant no college kid could can afford, she saw no good reason to pass up a free meal. Nor, could she find reasons to turn down free trips to Denver, Boston, Tampa and New Orleans for subsequent interviews. She kept saying ‘no’ until she opened an envelope with the final job offer. “Cha-ching,” GE had their new sales rep. “The Access Medical team has developed a business model that starts with the patient experience and translates that into the needs of the doctor(s). ‘We try to incorporate the experience of the patient…and the patient’s perspective and well being…into our decision making,’ says Smith.” During her tenure with GE, Wilson represented the company in the Triangle and began to dabble in real estate. This she discovered was her real passion. In 1993, Wilson approached Bill Smith, principal of the Center Group (whom she had earlier met and admired, when she was first exploring real estate) and told him she wanted to go to work for him as a broker. Bill offered no salary, no draw, no benefits and no expense reimbursement. Well, passion knows no limits, she jumped at the opportunity! Seeing opportunities in medical development she left Smith and formed her own company in 1995. However, she continued to work closely with and rely upon the counsel of Smith. In 2002, the two companies merged into Access Medical Development and a series of successful medical developments ensued. When Mark Donahue, president and CEO of Prudential CRES (Commercial Real...
So, you’re a physician, medical practitioner, or hospital administrator and you know it’s time to expand your space, add a new location, or upgrade your facilities. Your enterprise needs space to grow, serve more patients, and invest in the future. But where do you begin? Do you begin with a real estate broker? An architect? A contractor? What about medical real estate developer? The first step is finding a knowledgeable professional who will ask the right questions to uncover your goals and set you on a course to achieve them. Where do you find the right consultant or development firm? How do you know you are making the right decision? Hiring a development firm can seem like a daunting and overwhelming task to undertake. Knowing who to trust, how much to pay and why you even need a consultant in the first place can feel like trying to decipher hieroglyphics. But arming yourself with just a little bit of knowledge beforehand can mean the difference between choosing a stellar ADVOCATE who knocks it out of the park or choosing one that drains your time, energy and bank account. Here’s where to start: 1. Do your research. And no, I do not mean a Google search. Talk with colleagues within the industry and ask around. Who do they trust and who have they used in the past successfully? Recommendations within your industry from seasoned industry veterans will be your first step in choosing the advocate you deserve. 2. Set up an interview. Now that you have a short list of recommended consultants, make appointments to either meet them in person or speak over the phone. 3. Ask these questions: How long have you been in doing what you do? What is your specialization? How many clients do you serve at one time? Do you deal with project management also? What level of support can you realistically see securing for me? Who will actually work on my project? Will I have a seasoned pro working with us on a day-to-day basis or will an intern or junior account executive be assigned to my account? (And trust me, you will want the seasoned pro.) Can you draw up a proposal, detailing the specifics of what you see our project consisting of? How long will this take and how much will that cost me? 4. Ask for references. After your initial meeting or telephone interview, you should have a pretty good idea of the communication skills, personality, aptitude and background of that particular consultant. However, don’t just take their word for it. Consultants are geniuses at polishing up the facts and presenting them...
We develop, own, acquire and manage medical buildings across the United States in association with leading health systems and physicians we’re proud to call our clients, tenants and partners.
At ACCESS Medical Development, we strive to develop and invest in only the most strategically sound projects that provide physicians the facilities and environments they seek. Our portfolio of successful properties serves as a testament to our belief in sound strategy, strong design and flawless implementation.
Whether you own existing medical office buildings or plan to add new office facilities, an outside Developer can help you make objective, educated decisions about medical real estate development, ownership and management.
The 2010 Healthcare Reform Act intends to provide healthcare for 30-32 million people. However, after adjusting for socio-economic variables and population trends, experts say 9 million new patients in the American healthcare system is a more realistic projection.
In most cases, controlling medical real estate makes better financial sense than ownership for hospitals. Control presents less financial risk, less legal exposure, greater freedom of capital assets and other financial benefits.