In the dynamic landscape of private healthcare, physicians are facing the challenge of balancing patient care with the demands of running a successful business. Unlike public healthcare, private practice doctors must navigate the complexities of both medicine and management, constantly seeking innovative solutions to streamline their operations. Enter medical coworking—a concept that’s reshaping the way doctors approach their practice.
Currently, the amount of doctors entering private practice is falling. A report states that the number of private practice physicians dropped from 60.1% to 46.7% from 2012 to 2022. The reasons are related to administrative responsibilities and resource costs. One survey revealed that 71% of physicians said administrative management was important. Furthermore, 69% said access to costly resources like equipment was important. This is where medical coworking comes in.
With medical coworking, independent healthcare providers no longer have to handle business administration, finding an appropriate space and furnishing it, and marketing their new practice.
First, medical coworking greatly reduces administrative burdens. For example, MedCoShare handles all the administrative and building maintenance responsibilities. Instead of paying upwards of $50,000 on general equipment, MedCoShare office spaces come equipped with basic medical equipment at no extra cost.
Medical coworking also jumpstarts your networking by connecting you to fellow physicians. With our community, you have immediate access to an in-built referral system of other private practice doctors and independent providers with a similar ethos. This is crucial when considering that hospitals can lose 10% to 30% of their revenue due to patient referrals going out of network.
Approximately 55% to 65% of referrals are directed outside the network, leading to significant financial losses, with healthcare systems facing patient leakage costs ranging from $821,000 to $971,000 per physician. More referrals within a trusted network translate to significant boosts in revenue. At MedCoShare, we make networking a simple task, bringing all these benefits directly to your practice.
In summary, medical coworking offers a game-changing solution for private practice doctors, and MedCoShare is paving the way. By streamlining administrative tasks, cutting operational costs, and fostering valuable networking opportunities, medical coworking allows doctors to prioritize what matters most: their patients. If you're in search of an affordable, fully furnished medical office space in Pennsylvania, New Jersey, and Texas, discover how MedCoShare can elevate your practice.
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