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Podcast Transcript

Hello and welcome to The Perfect Place to Put a Practice podcast. My name is Mike Green, and I want to welcome you to this week's episode. Today, we're going to talk about the Midwest. Yes, I know that might be surprising—we're often discussing Texas, Florida, Utah, California, or other major states. However, this week, we're shifting our focus to the Midwest.

Many doctors reach out to us, saying they grew up in the Midwest but went to school elsewhere and now want to return home to find a good place to practice. However, they struggle to identify areas that are growing or have strong demographic potential. We understand—it’s not always easy. This episode is dedicated to those of you who want to return home. I’ve identified five areas in the Midwest that are worth considering for a new practice. These locations are growing, have potential, and, over the next five to ten years, could experience significant expansion. They will need new practitioners—whether in dentistry, veterinary medicine, optometry, orthodontics, or other healthcare fields. New families and residents in these areas will require services, making them excellent opportunities.

Before we dive into these locations, I want to make a quick announcement. If you're listening to this podcast while commuting, thank you for tuning in! However, you might be missing out on the video presentation, which is particularly useful for this episode. We will be showing maps with pin drops highlighting the specific areas of interest. While listening is great, having a visual reference can make it easier to understand the opportunities we discuss.

Criteria for Evaluating Midwest Practice Locations

Before I introduce the five areas, I want to explain how we determine which locations have the most potential. Some factors are universal, but others are specific to the Midwest, where manufacturing, labor industries, and immigration patterns play significant roles. Here are the key factors we considered:

1. Annual Population Growth: Many Midwest areas have remained stagnant for years, with residents staying in the same community their entire lives. This makes it challenging for new doctors to break into the market. However, we look for areas experiencing new population growth driven by major employers, which brings in new families and potential patients.

2. Unemployment Trends: We analyze unemployment rates to ensure they are trending in a positive direction. If unemployment is rising, the area may not be ideal for establishing a new practice.

3. Large Employers: Many Midwest areas are seeing growth due to major employers moving in. Companies in tech, manufacturing, and other industries are creating job opportunities, which in turn fuels population growth.

4. Residential Shifts: New housing developments indicate population growth. We examine which parts of town are expanding and where new communities are forming.

5. State and Local Regulations: Business-friendly environments are crucial. Some states have become more attractive for business owners after adjusting regulations that previously drove businesses away.

6. National Attention: We look at areas gaining attention but not yet overwhelmed with competition. Unlike cities like Phoenix, Austin, or Tampa, the locations we discuss are not oversaturated with new doctors.

Five Midwest Practice Locations to Consider

1. Columbus, Ohio

Columbus is a strong contender due to its affordable housing, growing population, and strong job market. Housing remains reasonably priced, making it an attractive place for families. Major employers, such as Intel and Amazon Web Services (AWS), are investing billions in the area, bringing thousands of high-paying jobs. Columbus is seeing an annual population growth rate of about 1%, a rare but positive indicator for a Midwest city. Key areas to consider include New Albany, Hilliard, Canal Winchester, Pickerington, Powell, Dublin, and Grove City.

2. Kansas City, Missouri

Kansas City has experienced significant downtown investment, with over \$6 billion spent on improvements like the Power and Light District and the T-Mobile Center. As a result, its downtown population has quadrupled in the past 20 years. While downtown remains a hotspot, suburban areas like Gardner, Raymore, Olathe, Gladstone, and Blue Springs are also seeing growth. Kansas City is a vibrant location with increasing demand for healthcare services.

3. Madison, Wisconsin

Madison has been quietly growing, with an annual growth rate of 1.2%. Large employers, including Thermo Fisher Scientific and Abingdon Health, are contributing to the area's economic expansion. Fitchburg, in particular, is experiencing rapid growth, resembling Queen Creek in Phoenix. With ample land for development and an influx of new residents, Madison presents a solid opportunity for healthcare professionals.

4. Grand Island, Nebraska

Though smaller than the other cities on this list, Grand Island offers a unique opportunity for those seeking a slower-paced lifestyle. It has a strong mix of high-education jobs in agriculture, research, technology, and education, coupled with its long-standing manufacturing industry. While not experiencing explosive growth, it has the right elements for a steady increase in demand for healthcare services.

5. Springfield, Ohio

Springfield has seen a large influx of Haitian immigrants, fueling labor market growth. With strong employment sectors and new businesses like TOA American Corp (auto parts manufacturing) and Silflex (semiconductor production), the city is experiencing an economic resurgence. Growth is concentrated in the south side, around Southgate, Clifton Avenue, and Burnett Road. While the population isn't high-income, there is consistent demand for services.

Conclusion

These five Midwest locations—Columbus, Kansas City, Madison, Grand Island, and Springfield—represent some of the best up-and-coming opportunities for healthcare professionals looking to establish a practice. If you're considering returning to the Midwest or starting fresh in a growing market, these cities are worth exploring.

At Doctor demographics we specialize in helping professionals find the perfect location for their practice. Visit us at www.doctordemographics.com or call us at (844) 704-0499 to learn more. Thanks for listening, and we’ll see you in the next episode!