The Physician-Owned Medical Real Estate Podcast

CPOMP
  • 5.0 (5)
  • Investing
  • Updated Semimonthly

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. 2d ago

    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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. May 8

    From the Lender's Perspective: How to Unlock Elite Terms

    *]:pointer-events-auto [content-visibility:auto] supports-[content-visibility:auto]:[contain-intrinsic-size:auto_100lvh] R6Vx5W_threadScrollVars scroll-mb-[calc(var(--scroll-root-safe-area-inset-bottom,0px)+var(--thread-response-height))] scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]" dir="auto" data-turn-id="59bad2f4-1e4c-4bd0-81f6-edabbfbcb415" data-testid="conversation-turn-26" data-scroll-anchor="false" data-turn="assistant"> In this episode, Chris shares insights into how lenders evaluate physician-owned medical real estate deals and what borrowers can do to position themselves for successful financing outcomes. He explains the key differences between owner-occupied and traditional commercial real estate loans, including how those distinctions impact loan terms, leverage, and underwriting standards. Chris breaks down the financial metrics banks prioritize — including liquidity, leverage, and debt service coverage ratios — and discusses how retained earnings and loan covenants can create both opportunities and challenges for physician groups. He also explores the differences between refinancing an existing property and financing new construction, emphasizing the importance of credible projections, market growth assumptions, and historical practice performance. Throughout the discussion, Chris highlights the importance of creating a compelling narrative alongside the financial data so lenders can fully understand the strength and long-term viability of the practice. 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.

  7. Apr 23

    JV Deals Decoded: What Makes a Truly Good Joint Venture

    In this episode, James, Steve, and Greg explore the structure and implications of developer joint ventures in physician-owned medical real estate. They outline how these partnerships typically originate, including scenarios where developers control land, work alongside health systems, or engage directly with physician groups early in the process. The conversation focuses on the key tradeoffs involved in partnering with developers, including majority ownership structures, governance control, and differing return expectations. They explain how these dynamics can impact everything from lease rates to long-term exit strategies, and why projects with developer ownership may lose the benefits of owner-occupied financing. The group also emphasizes the importance of early-stage due diligence, transparency in development costs, and negotiating operating agreements before becoming financially committed. For physician groups considering a development partnership, this episode provides a clear framework for evaluating opportunities, managing risk, and protecting 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.

  8. Apr 9

    Real Estate as a Talent Strategy: Attracting & Retaining Key Leaders

    In this episode, Mike McCaslin shares insights from over four decades of experience advising physician groups on real estate ownership. He explains why practices should prioritize owning their medical facilities, highlighting the financial benefits of capturing rental income internally rather than paying third-party landlords. Mike outlines how to structure ownership through separate LLCs, create affordable entry points for new physicians, and model long-term value for partners. He also addresses the complexities of ownership transitions, including how to handle retiring physicians, maintain fair valuations, and ensure a balanced ownership structure over time. Throughout the conversation, Mike identifies common pitfalls — such as mispricing ownership interests and allowing indefinite ownership for retired partners — and offers practical solutions, including defined exit timelines and thoughtful buy-in structures. For physician owners and practice leaders, this episode provides a comprehensive framework for building, managing, and sustaining successful real estate ownership within a medical practice. 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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