The Benefits of a Medical Coworking Space 

As a private practice doctor trying to open a new practice can be daunting—finding a location, hiring the right staff, marketing your practice and building a robust referral system all take significant time and energy; on the other hand, working for a health system or hospital might mean giving up your autonomy, spending time on lots of paperwork and trying to figure out the intricacies of the system. Medical coworking is a new, innovative and cost-effective model that allows healthcare professionals to open a private medical practice while benefitting from flexible working arrangements without taking on the risks of long-term leases and high operational costs. Not just that, medical coworking comes with a multitude of benefits, including:  

1. Cost-Efficiency and Reduced Administrative Burden  

Traditional medical practices often require significant investments in infrastructure, equipment, and administrative staff; with medical coworking spaces, private practice physicians can bypass most of these costs. 99MGMT suggests that the average overhead for private medical practice is approximately 65% of revenue: in Philadelphia, using estimates from the AAFP, the average annual rent expense for a private practice is upwards of $50,000. By using a medical coworking space, this cost can drop significantly—MedCoShare members spend a fraction of traditional expenses by adopting a coworking model, with average overhead rent costs of $22,000 annually. This means that, on average, using MedCoShare as a baseline, medical coworking spaces can save private practice doctors 56% annually on rent expenses. How is this possible? At many coworking spaces, members are not responsible for building management—they no longer need to sign long, restrictive leases and can pay as they use the space. Furthermore, working in a shared space can alleviate most administrative burdens, as many of these spaces, including MedCoShare locations, provide in-house support services that range from medical assistants and practice managers to billing and cleaning staff at a rate lower than market costs. This all-in-one approach to building a private medical practice enhances efficiency and productivity, enabling healthcare providers to dedicate more time to their core responsibilities of treating patients. 

2. Flexibility and Independence: 

Medical coworking spaces allow private practice doctors the freedom to work the hours they want to and grow their practice at their own pace—whether it be starting off a private practice, working part-time twice a week, or being a full-scale 9 to 5 provider, coworking spaces offer unprecedented flexibility with low opportunity cost. Private practice doctors at MedCoShare tell us this often, as they see our coworking spaces as great launching pads when shifting from traditional brick-and-mortar models or healthcare systems to starting something on their own. With the large variety of support services MedCoShare and medical coworking spaces offer, private practice doctors can focus their time on their patients and building their practice the way they want to. For example, at coworking spaces like MedCoShare, private practitioners can even hire in-house digital marketing services—from social media and blog content to website design and SEO optimization—to save time and money trying to bring in new patients. The benefits of utilizing medical coworking spaces for private practice doctors are truly unique, in that, unlike signing a long-term lease and building from scratch, joining a shared space community means having a support system—not just in the network of doctors in proximity but in the in-house support services as well. For example, MedCoShare’s MCS services offers digital healthcare marketing services at discounted rates of 20% less than external marketing agencies and will work with you as and when dictated by you.  

3. Innovative and Collaborative Culture  

As mentioned earlier, the unique culture of medical coworking spaces is marked by a collaborative spirit that transcends traditional healthcare boundaries. In these shared environments, private practice doctors experience a supportive community where interdisciplinary communication and collaboration flourish. The built-in referral network is a cornerstone of this culture; at MedCoShare, for example, 79% of our healthcare providers have had the opportunity to collaborate with and refer patients to their fellow physicians. This interconnected ecosystem of private medical practices not only facilitates seamless patient care but also fosters a sense of professional camaraderie and mutual support in a network of private practice physicians growing their businesses alongside one another. Beyond the clinical realm, shared spaces contribute to a culture of shared knowledge, where practitioners exchange insights and experiences. This distinctive blend of collaboration, networking, and shared expertise makes medical coworking spaces a dynamic and transformative environment for healthcare professionals. 

Helping Doctors Thrive:

Medical coworking clearly has logistical and monetary advantages for new private practice doctors, but most importantly, these spaces have been shown to give doctors their freedom back. A study by by Comphealth estimates that 70% of self-employed doctors are happier as private practice doctors compared to when they were working in health systems. With increasing physician burnout rates and increasing real estate prices, medical coworking spaces are the perfect in-between option for doctors looking to open a private medical practice. The collaborative and cost-effective nature of these spaces not only benefits private practice doctors but also significantly improves patient outcomes. Physicians Practice notes that 78% of patients find visiting a private medical practice more compelling as they prefer the more personal relationship with the doctor. This backed by the fact that medical coworking spaces are growing at an annual rate of approximately 20%, as backed by data from Medicoreach, suggests that by embracing the advantages of medical coworking, the healthcare industry can create a more interconnected, efficient, and patient-centric ecosystem. 

General sources:  

• https://www.lina.co/blog/the-future-of-medical-coworking-is-here#:~:text=One%20of%20the%20game%2Dchanging,for%20more%20coordinated%20patient%20care. 
• https://www.txmdhealth.com/benefits-of-medical-coworking/ 
• https://www.99mgmt.com/blog/medical-practice-overhead-expenses#:~:text=Posted%20by%2099%20MGMT%20on,t%20go%20into%20your%20pocket. 
• https://comphealth.com/resources/whos-happier-employed-or-private-practice-physicians/#:~:text=Overall%2C%20doctors%20moving%20from%20employment,are%20unhappier%20being%20self%2Demployed. 
• https://www.physicianspractice.com/view/private-practice-preferred-by-patients 
• https://www.medicoreach.com/a-new-wave-of-shared-workspace-medical-co-working/ 
• https://www.aafp.org/pubs/fpm/issues/2002/0900/p37.html#:~:text=A%20rule%20of%20thumb%20for,nine%20additional%20months%20for%20renovations

Date: February 19, 2024

Categorised in: Medical practice climate, Space and amenities