The medical commercial real estate industry provides an important service in the healthcare system by providing space for medical providers to conduct their business. It includes specialty office buildings, space, and hospital facilities that allow medical providers to easily coordinate with other providers and community resources.With ongoing changes in technology, medical real estate professionals must stay ahead of the curve by tracking the latest trends in the design, operations, and management of medical real estate.
Technologies such as AI and VR, have transformed many aspects of this field, from improving building design speed to increasing cost efficiency throughout construction. Trending technologies make it easier than ever for medical and commercial real estate professionals, to keep up with the changing needs of their clients.
From developers to investors, the real estate industry is undergoing a major shift brought on by digital technology. As customer needs evolve, players in this field are learning and adapting to embrace new skill sets and cultures – using innovation as their guide during this transition into an ever-evolving landscape.
Key Takeaways
- Technology is transforming the medical real estate industry. AI, VR, and other technologies are improving building design speed and cost efficiency.
- Companies in this field need to keep up with changing needs of customers by learning new skill sets and embracing innovation.
- Medical real estate professionals should remain aware of the latest trends in design, operations, and management. By taking advantage of current technological advances, medical real estate professionals can better serve their clients and stay ahead of the competition.
Table of Contents
Technological Advances in Medical Commercial Real Estate
Electronic Health Records (EHR)
Medical commercial real estate is on the cusp of a revolution. The introduction of Electronic Health Records (EHR) is transforming the way healthcare providers manage care for patients, providing more accurate and up-to-date information at the point of care. This technology has enabled quick access to patient records, leading to more coordinated and efficient care.
As a result, medical commercial real estate is undergoing a transformation as well. Facilities are now being designed with EHR in mind, creating spaces that are better suited for digital health management. From dedicated areas for data storage and special wiring to accommodate telemedicine systems, these changes are making medical commercial real estate even more attractive to potential tenants.
This shift toward EHR-friendly medical commercial real estate has led to an increase in tenant demand for these sorts of spaces. Buyers and investors have taken note as well, recognizing the potential value that such properties can offer in terms of both rental income and long-term investment returns.
The use of EHRs is also driving changes in building design itself. Architects are now designing their plans based on current EHR standards, ensuring that all new medical facilities meet the latest technological requirements while still offering top-notch aesthetics and functionality.
In addition, many existing properties have been retrofitted with new wiring or upgraded components specifically designed for compatibility with EHRs. This shows just how far the industry has come since the introduction of this transformative technology — from improved tenant satisfaction to increased investor confidence — making it clear that the future looks bright for medical commercial real estate thanks to technological advances like EHRs.
As we all know, staying healthy is always a top priority, and now medical office spaces are taking proactive steps to maintain their patients’ well-being. Check out this informative article about how these offices are paving the way for healthier futures!
Telemedicine
Telemedicine is revolutionizing the medical field and commercial real estate is no exception. According to a November 2022 survey, over 90% of Americans have used telehealth services in the last year and 90% of those surveyed enjoyed their experience. Telehealth services include doctors appointments, teledentistry, and vision appointments, with 71% of users accessing these services through their smartphones.
As telemedicine becomes more commonplace, medical commercial real estate developers are presented with a wealth of possibilities for creating properties that offer an unprecedented level of connectivity, flexibility, and convenience for both tenants and patients alike. This new trend offers a variety of benefits including shorter wait times, more personalized care plans, faster diagnoses and treatments, reduced costs for both providers and patients, as well as improved access to specialists who may not be available in-person.
It also offers greater flexibility for both providers and patients by providing them with the ability to connect remotely from wherever they may be located. This has become especially important during the pandemic when many medical centers have been closed or limited in capacity due to safety concerns. With telemedicine options available, people can still receive the care they need without having to worry about traveling or putting themselves at risk.
Medical commercial real estate developers are embracing this trend by designing properties that are optimized for this type of care delivery model. These spaces feature innovative technologies that allow providers to easily access patient information remotely while maintaining privacy standards such as HIPAA compliance regulations. Additionally, these properties offer amenities such as spacious waiting areas equipped with comfortable seating options tailored to meet patient needs as well as ample parking spaces designed specifically for those utilizing telehealth services.
Smart Building Technology
As the world shifts to a more digitally-integrated society, businesses need to stay up to date with technological advances to remain competitive. One area in which these changes are particularly relevant is in medical commercial real estate, where smart building technology can provide several advantages.
Smart building technology utilizes tools and systems that allow you to monitor and analyze how your buildings run. This means that measures such as enhancing energy efficiency and improving air quality can be put into place for increased productivity and cost savings. Incorporating smart building technology into medical commercial real estate can be the difference between success and failure, so it should not be overlooked.
Artificial Intelligence (AI)
Technological advances, including Artificial Intelligence (AI), have made a huge impact on the medical commercial real estate industry. For example, AI analyzes patterns of search engine use and can be used to better understand consumer behavior and aid decision-making within the sector.
By utilizing information from the virtual world, AI assists real estate agents in making more informed decisions about what properties their clients should invest in. AI also provides immense opportunities to modernize operations along with an expansive data source for analysis – all leading towards improved efficiencies and higher profits.
Eventually, agents are still responsible for making the final decisions, as AI alone is just a tool that empowers them to make reliable evaluations and make better-informed choices when it comes to any medical commercial property investment.
Impact of Technology on Medical Commercial Real Estate
Improved Patient Care
Technology has revolutionized the medical commercial real estate industry, leading to improved patient care and new opportunities for medical professionals. With the introduction of telemedicine, medical professionals are now able to provide more efficient and effective care for their patients. This has allowed them to reach a larger number of people while also reducing costs associated with in-person visits.
The pandemic has had an especially large impact on the mental health sector, with claims reaching a peak of 18 million in 2020 according to CRBE, although this number declined slightly to 15 million in 2022.
The ability to provide remote services has been critical in providing mental health support during this difficult time. Telemedicine can also be beneficial for other types of appointments such as follow-up visits or physical therapy sessions that don’t necessarily require an in-person visit.
In addition to increased patient access and convenience, technology is also allowing medical professionals to utilize their space more efficiently. With virtual waiting rooms and appointment scheduling systems, doctors can now manage their time better and reduce wait times for patients.
By streamlining processes such as check-in or payment collection with automated systems, medical offices can reduce overhead costs while improving patient service.
The use of automated technologies is also helping medical commercial and real estate firms become more energy efficient by reducing electricity usage through smart lighting systems, advanced HVAC systems, and other energy-saving methods.
This reduces overall operating costs while increasing comfort levels for both staff and patients alike. Additionally, technologies such as 3D printing are allowing medical offices to create customized equipment that is tailored specifically to the needs of each patient or office space.
Medical professionals have embraced technological advancements throughout the past few years and these changes have revolutionized the medical commercial real estate industry. Not only have these changes led to improved patient care but they have also opened up new opportunities for healthcare providers looking to maximize efficiency while cutting costs at their practice or facility.
Cost Savings
Thanks to recent advancements in technology, medical commercial real estate has been transformed drastically over the last decade. Digital innovations have enabled a variety of cost-saving measures that have revolutionized the way medical providers, big and small, approach their operations.
From virtual visits that reduce overhead expenses associated with in-person examinations, to automated asset management software that tracks and maintains key information associated with day-to-day operations, tech companies are providing operators the freedom to grow their business without the burden of expansive investments.
Even telemedicine services are now commonplace in many physicians’ practices as they continue to leverage new technologies to remain agile in an unpredictable market.
Increased Efficiency
The impact of technology on medical commercial real estate has been an incredible boon for any industry looking to maximize efficacy and efficiency. Combining modern technological resources with the medical field means that commercial real estate firms and fleets can manage larger workloads, faster than ever before. Automation capabilities from software and web services have allowed leasing agents and property managers to streamline paperwork, reduce human error, and provide better customer service in the healthcare sector in a fraction of the time it used to take manually.
Enhanced Security and Safety
By leveraging advances in financial and security technology, medical commercial real estate has made great strides in securing and safeguarding its employees and guests. Through payment systems such as biometrics, building access protocols that use facial recognition, and advanced automation that reduces the risk of human error, medical organizations are ensuring their customers experience a safe and secure business environment.
The combination of these technologies also allows for better insights into the traffic flow, visitor behavior, and potential arrangements for the space that can benefit the organization’s bottom line. With this improved level of control, any medical commercial real estate will be able to create a positive atmosphere for its patrons and staff alike.
Challenges and Opportunities
Cybersecurity Risks
In the ever-evolving world of technology, the medical commercial real estate sector is no exception. With digital data security becoming increasingly important, medical commercial real estate providers are being forced to take extra steps to ensure that their client’s data remains safe and secure. According to a recent report by Zippia, “Since 2015, an average of 199.17 million digital records have been exposed each year in the United States. Overall, it’s estimated that about one in three Americans are hacked every year.”
This alarming statistic has led to a major shift in how medical commercial real estate companies handle their digital security measures. Companies are now investing in cybersecurity solutions such as encryption, identity management systems, and two-factor authentication protocols to protect patient data from potential cyberattacks. In addition, many organizations have adopted cloud-based storage systems for their sensitive information, allowing them to quickly access and update their records without having to worry about physical storage devices being compromised.
The healthcare industry is not alone in its efforts to protect customer data; other sectors such as finance and retail have also increased their cybersecurity measures due to the growing number of cyber threats facing businesses today. However, with such a large percentage of Americans’ personal health information stored digitally with medical commercial real estate companies, there is an even greater need for robust security measures within this sector than in others.
The need for these extra precautions has had an impact on how medical commercial real estate providers do business. Companies are now investing more heavily in training staff members on proper security protocols and implementing comprehensive digital security solutions across all aspects of their operations. They are also working closely with vendors and service providers who specialize in providing secure cloud storage services or other digital security solutions tailored specifically for the healthcare industry.
As we move further into the digital age, all businesses must take steps to protect customer data from potential cyber threats – especially those operating within the healthcare sector. By investing in robust security solutions and training staff members on proper protocol when handling patient information, medical commercial real estate companies can help ensure that patient privacy remains intact while still providing excellent service at competitive rates.
Skills and Training
The medical real estate industry is facing some big changes, thanks to the tech-driven transformation of the industry. But as technology reshapes the way we work and live our lives, it also presents new challenges and opportunities for commercial real estate investors and those at the forefront of this shift.
One of the biggest challenges is training people who have been working in the industry for decades to adapt to new technologies and processes. This is especially true for those who have been working in traditional roles that don’t require much interaction with new technology, and for those who are not accustomed to working with younger generations.
Infrastructure Upgrades
The need for infrastructure upgrades is one of the biggest challenges facing medical and real estate owners today. It’s also an opportunity to update your property and make it more attractive to tenants.
As technological innovations continue to change how we live and work, they’re also changing the way we treat illness and injury. That means that patients are staying in hospitals longer than ever before—sometimes months at a time—and more hospitals are being built to meet growing demand.
As a result, many existing facilities are struggling to keep up with the demand for space, amenities, and technology. The need for infrastructure upgrades has become a major concern for hospitals across the country, which want their facilities to be able to support cutting-edge medical procedures without sacrificing comfort or aesthetics.
Impact of Technology On The Medical Commercial Real Estate FAQs
How has smart building technology impacted medical commercial real estate?
Smart building technology has changed the way medical commercial real estate is thought about and utilized. Medical practitioners often have specific needs in terms of infrastructure, and having a facility that can adjust to changing circumstances is invaluable. From improving environmental controls for laboratory spaces to offering more efficient ways of monitoring temperature and humidity changes, smart building technology has become an essential part of medical facilities.
Moreover, using this kind of tech-driven infrastructure helps keep occupants of medical workplaces safe on an ongoing basis. It also allows for the swift implementation of emergency evacuation protocols during unforeseen events.
Eventually, smart building technology ensures that medical space remains up-to-date with current security standards, which makes it not only more attractive to renters but also gives owners peace of mind that their occupants are as safe as possible.
What is artificial intelligence (AI) and how has it impacted medical commercial real estate?
Artificial Intelligence (AI) refers to technologies with the ability to think and act like humans. AI is used in many areas, including the medical commercial real estate industry. In this sector, AI provides greater insight into market trends, customer indicators, and pricing fluctuations. With the help of AI-powered software solutions, organizations can track rental behavior data more accurately and make more informed decisions about their property portfolios.
What are the benefits of technology in medical commercial real estate?
Technology has revolutionized the medical commercial real estate landscape, opening up a wide range of possibilities for investors. Cloud computing solutions and digital platforms have made data storage, tracking, and analysis easier than ever before – giving insight into performances like never seen before.
Also, thanks to the ever-evolving telemedicine and automation technologies, searching for potential buyers or renters is simpler than before; thereby providing access to multiple prospects that may have been unattainable in the past.
What are the challenges associated with technology in medical commercial real estate?
The medical commercial real estate industry is facing a daunting challenge: how to keep up with the rapid advances in technology. Not only must businesses invest and re-invest continually, but they also battle against aging IT infrastructures that may not be able to meet customers’ demands for innovative services. And if this weren’t enough of a hurdle, data from connected devices used by patients must be accurately collected while preserving patient privacy – all without breaking stride.
What is the future outlook for technology in the medical commercial real estate industry?
The medical and commercial real estate industries are set to benefit immensely from the wonders of modern technology! With advanced AI, cloud computing, and big data tools at their disposal, businesses can make informed decisions quickly while saving on costs. Chatbots will offer smooth customer service experiences, AR training programs help staff come up to speed more easily than ever before, and virtual reality is allowing potential buyers/renters a feel for properties even if they’re miles away.
Telemedicine is also transforming traditional healthcare models – now people who couldn’t access regular services have better care regardless of where they live or how far apart they may be.
Conclusion
All in all, it is clear that technological advancements have had an immense impact on the medical commercial real estate industry, from powering better deal-making systems to creating more efficient ways of managing businesses. With these changes have also come opportunities for investors and managers to transform their practices—and reap lucrative rewards for doing so.
This can all be done with the assistance of a qualified professional who understands the complexities of investing in medical real estate. If you are interested in exploring the potential of the medical commercial real estate sector further, call or schedule a free consultation today to gain a better understanding of this field and its opportunities. I look forward to hearing from you!
