Finding the Right Space for Your Private Practice

Medical coworking space in South Jersey – MedCoShare

Finding a space for a private practice can be a daunting task, but we’re here to simplify this for you.

These are the key factors regarding your private practice location that can be crucial to your success as a physician and practice owner: 

  • Accessibility: Can patients get to your practice location easily? What about parking for patients? 
  • Foot Traffic and Overall Competition: What is the surrounding environment of your practice location? Is this a place with good foot traffic? Are you set among other healthcare providers: does that benefit you or work against you? 
  • Finances: Is the rent and overhead expense manageable within your budget? Is the area growing, and is there a possibility for future growth and expansion?

Accessibility and Foot Traffic:

The key to an accessible location is understanding your patient population as it relates to the practice environment. According to a study conducted by CVS Health as noted by CallMiner, 89% of American adults consider “ease of access to care” to be one of the most significant factors when searching for a healthcare provider. Ask yourself: who is your patient demographic and understand them: how far would they be willing to travel for a visit, are your patients recurring, or do you often see new patients, what is their lifestyle like, and how can you best capture them? These questions also interlink with marketing, as marketing is not just digital, but also physical: is there visibility for your practice? For more on marketing, check out MCS Services, a division of MedCoShare dedicated entirely to growing your practice.

In addition to understanding the visibility of your practice location, ensuring that your practice is located in an area easily accessible by public transportation or major roadways can help attract patients and improve patient retention rates. Also, adequate parking facilities for patients can significantly enhance their experience: based on an implementation at UC Davis Medical center, Watry Design found that patient satisfaction rate can increase by up to 50% with adequate parking.  Placing your practice on well-traveled roads, in communities with complementary health systems, and near community shopping centers, greatly increases the chances of new patients finding your business.

At MedCoShare, the location of your private practice is our priority: our locations in Philadelphia, PA, King of Prussia, PA, Marlton, NJ, and our newest location in Pearland, TX, are all located in close proximity to high-traffic areas and include accessible lots for patient parking. 

Overall Competition:

What does the location environment look like? Are you in a space with other complementary healthcare providers? Often, people think that it’s best to choose a practice location that is in a space with no competition; however, what they don’t realize is how the healthcare industry thrives on proximal care. This means if you are located in an area with many other facilities, you’re more likely to be noticed, build strong referral networks, and gain patient credibility.

This is one of the main benefits of opting to use a coworking space like MedCoShare, as MedCoShare helps doctors collaborate through a built-in referral network that fosters connections among our members. According to the American Psychological Association, 33% of private practitioners have affiliations with a group, suggesting that working with affiliation and in a community of doctors can help your practice reach more patients.

Thus, considering the collective environment of a potential private practice space is incredibly valuable, as being in a healthcare space with other doctors while manning your own practice can build credibility with patients and bring in more new patients. 

Finances:

One of the biggest challenges when starting a private practice is the financial hurdle. According to Provise, “On average, a medical practice requires $70,000 to $100,000 to get started.” Notably, office space rent can cost upwards to $50,000 a year, using estimates from AAFP. Thus, when finding a space for your private practice, prioritizing budget is increasingly important.

Considering alternatives to traditional brick and mortar models of leasing can be really helpful when starting out: medical coworking spaces allow physicians to focus on their work without the headache of handling restrictive leases and administrative work. At MedCoShare, our members enjoy significantly lower average overhead rent costs of around $22,000 annually. Keeping expenses at the forefront of your decision making process can also be helpful when looking toward future opportunities of growth and expansion.

At MedCoShare, we offer immense support for anyone looking to start a new practice–from digital marketing, EHR support, and staffing solutions to flexible options for part-time and full-time use of our coworking spaces, so that you can grow with your practice. 

Getting Started

Finding the right space for your private practice can be challenging, but keeping these key factors and questions in mind can lead you in the right direction. Find a location with high foot-traffic and ease of access for your patients. A location with potential collaborators can be valuable to growing your practice. Finally, keep your budget at the forefront and look into up and coming options like medical coworking to avoid the heavy overhead burdens of starting up your private practice and expansion. If you want to learn more about how MedCoShare can get your practice off the ground as well as our marketing services, schedule a free consultation with us today: https://calendly.com/mcsservices. 

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Date: April 16, 2024

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What Our Providers Have To Say...

Joining MedcoShare has been a true dream for a first time business owner like myself. Having the peace of mind of a consistent overhead month to month, while also having the freedom to sign up for as much or as little time as I need, has provided a wonderful combination of flexibility and simplicity.

- Andrew Gross, DC | Gross Sports Chiropractic

The facilities at MedCoShare are clean, professional, and what you would expect from a high-quality medical office. My patients agree, commenting frequently on how nice the office space is. I have had the opportunity to interact with many members of the MedCoShare team... They will do what they can to help your practice grow and minimize the headaches of leasing medical office space.

- Dr. Kavalek | Co-owner/Co-founder of Blue Ocean Health Direct Primary Care clinic

Overall, if you're a physician interested in starting or growing your practice, I highly recommend MedCoShare. They take care of the administrative tasks, offer flexibility in office hours, and have a supportive and responsive staff. They have truly been instrumental in my journey, and I'm confident they will be for you too.

- Dr. Michaela Mocanu, MD | Hypertension and Kidney Health LLC

We joined MedCoShare about a year ago and I can say with great confidence that's it's been a great experience for us so far. It's been exciting to enter the Philadelphia market. Patient feedback has been positive. There's an easy check-in process, wait times have been minimal to non-existent, and the lobby has a medspa type of vibe. We look forward to growing with MedCoShare.

- Nick Anziedo | Physician

The MedCoShare team has been very responsive and easy to work with when my schedule changes.  When my clients arrive, they feel safe, comfortable, and the aesthetics have an excellent image for my business.  I don't have to worry about maintaining the facilities and can focus on my equipment and patients.

- Marybell Rodriguez

Being a new small business owner in the midst of a pandemic, MedCoShare has been a blessing.  Where else could I start a business, build clients, and have a flexible membership with no long-term commitments for peace of mind during the uncertainty?!  If business speeds up or slows down then I can adjust my membership accordingly.

- Marybell Rodriguez