| Trends
Doctors need a specialist, too
Virginia Business
March 2004
When
it comes to office space, medical practices should follow
the advice doctors often give patients: consult a specialist.
At least that's the thinking behind a new move by Roanoke
real estate firm Waldvogel, Poe & Cronk. It became
the first in its market to add a health care division.
Designed to capitalize on Roanoke's location as a health
care hub for Southwest Virginia, the division specializes
in helping professionals sort out complex issues unique
to the medical profession. Will a long-term lease accommodate
the installation of newer, more modern medical equipment?
Is it better to lease a hospital-owned condo —
which offers proximity to hospital services but may
come with restrictions on permitted uses — or
to buy your own space?
Constantly changing regulations and technological advancements
pose challenges for health care professionals. Often,
busy physicians don't have the time to explore the market
or the nuances of real estate contracts. "They're
getting into deals that can have economic consequences
down the road," says Richard Wellford, who recently
joined Waldvogel, Poe & Cronk to head up the new
division. Previously he worked as a regional manager
for HealthCare Realty Services, a Nashville-based REIT
responsible for the management of more than 3 million
square feet of medical-related properties.
The new health care division will serve doctors, dentists
and chiropractors, and it is eyeing portfolio management
for hospitals as well. Individual clients are generally
charged a per-hour consulting fee, although Wellford
says if a transaction results, his fee can be rolled
in, much like a commission. With an estimated 1,000
doctors in the Roanoke-Salem area, the company is confident
there will be plenty of opportunities for new business.
Virginia
Business - March 2004
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