Alleviating Risk To Make A Profession Rewarding

GP surgery ownership is abundant with challenges, the key is to manage expectations and deliver a sense of realism.

Every GP creates their own reward value system. As a medical property adviser, we (Jerrard Keates and Wolley) do not add the value. However, we have to be able to alleviate the risk so that GPs do not have unnecessary pressures.

The last article focused on valuing the role of the GP and the spaces they work within. Lets look at the risk that GPs have and how do we address.

 

A Modern Day Example

A pain point that falls with the individual GP and the wish for new medical surgery premises always starts with the question ‘can I raise the money?’ followed by, ‘how am I going to pay it back?’ and finally, ‘who am I going to speak to?’

Here is a scenario. A current senior member of a practice wanting to leave in the next five years is initially faced with the immediate question of “will there be someone prepared to pay a premium price?” The scenario at the other end is a prospective GP potentially looking to invest and asking themselves, “will I be prepared to buy in at a premium rate?”

Do younger GPs want the risk and pressure to take on a new site that may not be suitable for the long-term delivery of primary care?

This scenario is exacerbated by the declining number of students going into GP practice as a speciality.

In 2013, only 20% of medical students decided to work in general practice, despite a national target of 50% by 2016. Coupled with an ageing population and the Office Of National Statistics expecting the UK population to reach 70 million by 2027, there are issues to be addressed. There requires an investment in GPs to service the needs of a society.

There are certainly challenges, to say the least for the GP surgery delivery.

 

How Do You Create The Reward For GPs?

Reward comes from peace of mind and a sense of realism.

We will all continue to have the same issues, but the issues will be packaged differently. This will include lack of premises funding from government to operating from spaces that are not fit for purpose. Our expectations as a society are also changing. However, there is one certain, people will need the attention from a GP during their lives.

A GP requires a facilitator to ease a burden. From a perspective of a medical property advisor (which Jerrard Keats and Wolley are recognised), it is the experience to manage and deliver premises that forms one integral part of the whole business delivery system.

The end goal is for a GP to have a life they are comfortable with. We are all goal seeking, competitive animals. We are looking for accreditation of value and looking for a quality of life. This provides us with a sense of satisfaction and peace of mind within the roles of the jobs that we have.
GPs require the optimum space to deliver their goals. Risk needs to be alleviated with no recourse to government.

Medical property ownership has many challenges. For many GPs they have been sold a dream, but they don’t have a dream to have. There needs to be a requirement to address long term planning. The GP environment needs to be rejuvenated to tackle plummeting morale and an exodus from the industry by creating better environments and easing risk.

As an example, if a GP has spare income, guidance can be provided in purchasing a property portfolio. This means that GPs have investment being taken care of outside of the practice with an alternative strategy in place.

This is managed to deliver a reward, rather than solely achieving a profit from the premises they are working from and the expectations of someone else to buy them out.

 

A Conclusion

Longer term planning has to be addressed and expectations catered for. There maybe a grand vision for the future, but with realism and close management (and where proof can be showcased), can go a long way in securing stability and reward.

Jerrard Keats and Wolley are a trusted resource for the medical community. We understand the GP pain points and here to address a long term view.

It is our role to help deliver space, that delivers a role on delivering goals.

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To discuss with a team who know your industry very well, give Jon a call on 01202 744990 or email jon@jkwproperty.co.uk