The Importance For GPs To Build Generational Relationships
Life becomes easier when working with those who are trusted resources. It becomes a much more generational interaction.
The relationship between a GP and a medical centre provider has to be more than transactional.
What Is A Relationship Worth?
Charles Higgins Partnership is a family run business and we believe that the principals of openness, interaction and transparency also have to be evident throughout a relationship with a GP.
One thing we do not have is a large shareholding board that are expecting sizeable returns on capital on an ever increasing basis. Naturally, we are a commercial business and need to make a profit. We earn an income out of what we deliver and not driven by large returns to a big business.
Within the investment asset types, the health sector is becoming a very attractive proposition and targeted by large quoted commercial companies. The focus of a relationship becomes fixed on an income stream and not necessarily on providing the best space for the group who will make use of a delivered facility.
Whether interaction with GPs, the community that is served or ancillary contractors the focus is not necessarily on the life cycle of the people who are integrated in a medical centre development. The focus becomes centred on the percentage of rent that is rising and increasing yield into a portfolio. This is a different aspect to the way that Charles Higgins Partnership works.
The Longer Investment In Others
Retaining a longer investment is based on working in partnership with GPs and community groups and not on a ‘them and us’ scenario. A relationship is worth the time and effort to understand each other (GP and delivery partner).This all starts from thorough planning during the early stages and understanding the aspirations of each GP.
What has to be key is the ability to expand a practice throughout the tenancy. The delivery has to be adjusted as the year’s progress, this is how we evolve and adapt to changing needs, not just from the GPs but from the wider community.
Planning on a generational level appreciates that nothing will ever stay the same. The only thing that is constant is change (as ancient philosopher Heraclitus said). The life cycle of a GP has different requirements and pressures throughout their working life. From investment in past times, to family focus, to expanding a family, needs change throughout our lives.
The Charles Higgins Partnership focus is to work with GPs (and often their accountants) and help them build alternative investments to provide them flexibility of return. For instance, the delivery of rented medical property allows flexibility to invest in other asset types (such as a home). If a GP is locking into an owner driven surgery, the income stream becomes focused on servicing a debt and to keep a site continually maintained. This can become an isolating experience.
How we plan our life cycle is vitally important. To plan the surgery you are part of is also a generational consideration. Perhaps it’s time to consider it on a more detailed level. It all starts with a conversation. It would be good to hear from you. Call Jon on 01202 744990 or email email@example.com