The Physician-Owned Medical Real Estate Podcast

CPOMP
  • 5.0 (5)
  • Investing
  • Updated Monthly

Join us for discussions and analysis provided by physicians, healthcare executives, and industry experts exploring all topics related to physician-owned medical real estate. Produced by CPOMP, the Congress of Physician-Owned Medical Properties. . CPOMP is comprised of groups that own or plan to own/develop their practice facilities. The Annual Meetings provide valuable networking and learning opportunities that are 100% real estate-focused, allowing attendees to collaborate in the sharing of resources and experiences. . Meetings are exclusively attended by physicians and C-level executives of independent groups. The 9th Annual Meeting will take place January 21-23, 2027 at the Omni Scottsdale Resort & Spa at Montelucia in Scottsdale, AZ. Find meeting information & registration at www.CPOMP.org/cpomp-2027.

  1. 3d ago

    The Evolution of Sale-Leasebacks and the New Buy-Back Opportunity

    In this episode, Sean shares his perspective on how the sale-leaseback market for physician-owned medical real estate has evolved. He discusses the changing buyer landscape, what investors consider when underwriting medical office properties, and why factors such as tenant creditworthiness, rent coverage, geography, and long-term practice performance have become increasingly important. The conversation explores the different structures available to physician owners, from selling 100% of a property to retaining equity following a sale. Sean discusses the potential complications of retained ownership, particularly when physicians are at different stages of their careers, and explains why lease rates and escalators should be evaluated carefully rather than simply maximizing initial sale proceeds. James and Sean also explore a new opportunity emerging for some physician groups: repurchasing buildings that were previously sold through sale-leaseback transactions. With construction costs making new development increasingly expensive, buying back an existing facility may offer an attractive alternative in the right circumstances. For physician groups considering a sale-leaseback—or reevaluating a transaction completed years ago—the episode provides practical insight into balancing immediate value, long-term occupancy costs, and future ownership opportunities. To participate in conversations like this one, attend the CPOMP 2027 Annual Meeting, January 21-23, 2027 at the Omni Scottsdale Resort and Spa at Montelucia. Register at www.CPOMP.org/cpomp-2027.

  2. Aug 24

    Building a Real Estate Strategy with an Exit in Mind

    In this episode, Dr. Tom Sherman shares his group's experience building and managing a physician-owned real estate portfolio across multiple locations. He explains why the practice has prioritized ownership over leasing and how its equal partnership model keeps clinical and real estate ownership aligned among active physicians. Tom discusses the challenges that come with this approach, including significant buy-in requirements for new partners, internal valuation considerations, and the importance of maintaining clear ownership transition policies. He also shares the story of a recent 25,000-square-foot property acquisition that became more complicated as development costs, excess space, and site limitations challenged the group's original plans. Throughout the conversation, Tom emphasizes the importance of evaluating real estate decisions based on economics rather than emotion and understanding potential exit strategies before committing to a project. For physician groups considering medical real estate ownership, the episode offers a practical look at both the long-term benefits of ownership and the risks that need to be planned for along the way. To participate in conversations like this one, attend the CPOMP 2027 Annual Meeting, January 21-23, 2027 at the Omni Scottsdale Resort and Spa at Montelucia. Register at www.CPOMP.org/cpomp-2027.

  3. Aug 10

    Choosing the Right Real Estate Development Partner

    In this episode, Joe Magliochetti, Chief Investment Officer at Remedy Medical Properties, discusses how physician groups can successfully navigate medical office development and real estate partnerships in today's healthcare environment. Drawing on Remedy Medical Properties' experience developing and investing in medical office buildings nationwide, he explains how joint ventures can help physician groups balance ownership opportunities with long-term risk management. The conversation explores the fundamentals of successful development projects, including data-driven site selection, construction costs, lease structures, occupancy planning, and aligning new facilities with growth opportunities such as ambulatory surgery centers. Joe also shares practical advice on selecting the right investment partner, understanding an investor's long-term objectives, and avoiding common pitfalls in development and sale-leaseback transactions. Throughout the discussion, Joe emphasizes that successful real estate partnerships are built on aligned incentives, thoughtful planning, and a long-term perspective. For physician groups considering new development or expansion, this episode provides a practical framework for evaluating opportunities and structuring partnerships that support sustainable growth. To participate in conversations like this one, attend the CPOMP 2027 Annual Meeting, January 21-23, 2027 at the Omni Scottsdale Resort and Spa at Montelucia. Register at www.CPOMP.org/cpomp-2027.

  4. Jul 24

    Building a Real Estate Ownership Model That Can Grow

    In this episode, Rich Collins, CFO of Orthopaedic Associates of Hartford, shares how his group transformed its physician-owned real estate investment structure to better support practice growth and future physician ownership. He explains how the group's original ownership model, created when its surgery center opened in 2017, unintentionally limited opportunities for new physicians while allowing retired owners to retain their interests indefinitely. Rich walks through the complex process of restructuring the investment, including navigating fractional ownership valuations, negotiating buyouts with retired physicians, leveraging existing building equity to finance expansion, and creating a new operating agreement with flexible A and B share classes. He also discusses the importance of establishing clear buyout formulas and governance provisions to eliminate future uncertainty. Throughout the conversation, Rich emphasizes that physician-owned real estate should be designed to evolve alongside the practice. His experience offers practical guidance for groups seeking to align ownership with active physicians while creating a sustainable framework for future growth and expansion. To participate in conversations like this one, attend the CPOMP 2027 Annual Meeting, January 21-23, 2027 at the Omni Scottsdale Resort and Spa at Montelucia. Register at www.CPOMP.org/cpomp-2027.

  5. Jul 9

    The Secret to Keeping Real Estate and Physician Ownership Aligned

    In this episode, Dr. Bruce Cohen of OrthoCarolina, shares how one of the nation's largest orthopedic practices developed a physician-owned real estate strategy focused on recruitment, retention, and long-term organizational alignment. He explains how OrthoCarolina transitioned from having little emphasis on real estate ownership to building a portfolio that benefits physicians without requiring significant upfront capital. Dr. Cohen discusses the challenges of integrating multiple physician groups with different ownership structures, the importance of aligning real estate ownership with active practice participation, and how carefully designed operating agreements can prevent future conflicts. He also shares lessons learned from sale-leaseback transactions, including the implementation of "golden handcuffs" to encourage long-term physician commitment and avoid unintended departures. Throughout the conversation, Dr. Cohen emphasizes that real estate should support the long-term success of the practice—not simply serve as an investment vehicle. His practical insights offer a valuable roadmap for physician groups looking to build sustainable ownership structures that benefit both current and future partners. Join the conversation at the CPOMP 2027 Annual Meeting, January 21-23, 2027 at the Omni Scottsdale Resort and Spa at Montelucia. Register at www.CPOMP.org/cpomp-2027.

  6. Jun 24

    Exploring a New Valuation Methodology: How & Why

    In this episode, Eric explores the complexities of valuing physician-owned medical real estate and explains why many traditional valuation approaches fail to reflect the realities of medical practice ownership. He discusses how commercial real estate differs from residential real estate, why standard bank appraisals often miss important components of value, and how these shortcomings can create challenges during ownership transitions. Eric outlines a methodology that separates the value of the core and shell building from the tenant improvements, allowing physician groups to more accurately value each component while maintaining affordability for incoming partners. He explains how capitalization rates, depreciation, and tenant improvement costs factor into the equation and why regular valuation updates are important as market conditions change. The discussion also covers the role of valuation in succession planning, ownership alignment, and tax strategy. Eric challenges the use of minority interest discounts in physician partnerships and explains why valuation methods should support the long-term sustainability of physician-owned real estate rather than simply maximizing short-term value. Join the conversation at the CPOMP 2027 Annual Meeting, January 21-23, 2027 at the Omni Scottsdale Resort and Spa at Montelucia. Register at www.CPOMP.org/cpomp-2027.

  7. Jun 9

    The Future of Physician Real Estate: Valuation, Private Equity & Planning in Volatile Times

    In this episode, Collin explores the critical role real estate plays in physician practice transactions and why many groups fail to maximize its value. He explains how practice owners often focus heavily on the operating business while overlooking the real estate asset, creating situations where significant value is left on the table during a sale. The discussion covers sale-leaseback transactions, including how they work, why they frequently accompany practice sales, and the importance of establishing fair market lease terms well before entering a transaction process. Collin also breaks down cap rates, current market conditions, and how buyers evaluate medical real estate investments. Throughout the conversation, he emphasizes that physician groups should view real estate as a separate business asset with its own strategy, valuation, and planning process. He shares practical guidance on lease structures, recommended lease terms, and proactive planning steps that can help physician owners preserve flexibility and maximize value when the time comes to sell. Join the next session of Physician-Owned Real Estate 101 at the CPOMP 2027 Annual Meeting, January 21-23, 2027 at the Omni Scottsdale Resort and Spa at Montelucia. Register at www.CPOMP.org/cpomp-2027.

  8. May 23

    Wins, Losses & Lessons: Unfiltered Stories From Physician Groups

    In this episode, Dr. Jeff Douglass discusses how the Oregon Clinic — a 220-physician multi-specialty organization — developed a structured approach to physician-owned medical real estate after recognizing the financial impact of millions in annual lease expenses. Drawing from both successes and past challenges, Dr. Douglass explains how the organization created a commercial real estate investment platform designed to support fairness, sustainability, and long-term physician participation. The conversation explores the importance of governance, operating agreements, succession planning, and equitable ownership structures when building a physician-owned real estate entity. Dr. Douglass also shares lessons learned from earlier ownership models that created imbalance among physicians and complicated long-term transitions. Throughout the discussion, he highlights how strategic real estate ownership can strengthen physician retention, provide additional financial opportunities, and help independent practices compete more effectively with hospital systems. He also offers practical advice for physicians entering commercial real estate, emphasizing the importance of expert partnerships and understanding the operational details that drive long-term value. Join the next session of Physician-Owned Real Estate 101 at the CPOMP 2027 Annual Meeting, January 21-23, 2027 at the Omni Scottsdale Resort and Spa at Montelucia. Register at www.CPOMP.org/cpomp-2027.

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Join us for discussions and analysis provided by physicians, healthcare executives, and industry experts exploring all topics related to physician-owned medical real estate. Produced by CPOMP, the Congress of Physician-Owned Medical Properties. . CPOMP is comprised of groups that own or plan to own/develop their practice facilities. The Annual Meetings provide valuable networking and learning opportunities that are 100% real estate-focused, allowing attendees to collaborate in the sharing of resources and experiences. . Meetings are exclusively attended by physicians and C-level executives of independent groups. The 9th Annual Meeting will take place January 21-23, 2027 at the Omni Scottsdale Resort & Spa at Montelucia in Scottsdale, AZ. Find meeting information & registration at www.CPOMP.org/cpomp-2027.

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