Healthcare providers throughout the country continue to put emphasis on keeping their patients well rather than caring for the ill. Hospitals want to maximize doctor visits while making it a part of our daily need to travel and coordinate with our busy schedules. Therefore, we continue to see medical related retailers in shopping center and neighborhood environments to make the process more convenient for patients. The typical doctor office is in a tucked away medical office building or in Chicago’s case, on a major medical campus such as: Northwestern, Loyola, and Rush. All of which aren’t always the most convenient for patients. This is why we continue to see urgent cares and other medical oriented retailers continue to expand.
The forever changing health insurance landscape has forced Hospitals to team up with urgent care centers to cut costs and effectively care for patients in a more convenient environment. For Example, Presence Health and Physician’s Immediate Care have partnered to avoid emergency room visits and boost convenience for consumers, and Advocate Health taking over the Walgreen’s in-store clinics. Even the insurance companies have gotten involved, like United buying both Medexpress and Harken Health, who have entered the Chicagoland marketplace.
The “Medtail” sector consists of urgent care, physical therapy, family dental, orthopedics, dialysis, family practice, medical supply, MRI/Imaging, vitamins/nutrition and massage therapy. Specializing in certain categories allows doctors to properly examine patients and push them in the right direction, rather than waiting in an ER room.
Healthcare spending in the U.S. is projected to exceed $6 trillion by 2024. We have seen recent increases due to millions of more citizens being insured and the direct focus on convenient care. As the new Healthcare plan continues to unfold, the impact remains uncertain. But for the foreseeable future, the “medtail” sector of the shopping center world will continue to expand and give medical related services an opportunity to position themselves conveniently for patients and ahead of their competitors.
Matt Owens | Broker Associate
Mid-America Real Estate Corporation
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