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.

Sources:

https://www.ada.gov/resources/medical-care-mobility/
https://www.provise.com/how-much-does-it-cost-to-start-your-own-medical-practice/#:~:text=The%20average%20cost%20to%20start%20your%20own%20medical%20practice&text=On%20average%2C%20a%20medical%20practice,Malpractice%20insurance
https://www.wolterskluwer.com/en/expert-insights/what-is-the-cost-of-starting-a-medical-practice
https://www.linkedin.com/pulse/how-hospitals-can-increase-referral-revenues-tirupathi-karthik/
https://medcoshare.com/2024/02/19/benefits-of-a-medical-coworking-space/
https://www.aafp.org/pubs/fpm/issues/2002/0900/p37.html#:~:text=A%20rule%20of%20thumb%20for,nine%20additional%20months%20for%20renovations
https://www.apaservices.org/practice/business/management/group-advantage
https://www.watrydesign.com/insights/making-the-grade-how-two-hospitals-have-used-parking-to-increase-patient-satisfaction
https://callminer.com/blog/101-statistics-on-patient-experience-satisfaction-billing-and-more

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Keystone Spine And Sport

Welcome to the MedCoShare Podcast, where we explore the experiences of private practice healthcare practitioners today. In this episode, we delve into the journey of Dr. Tim Legath, a board-certified chiropractor with a passion for sports injuries and soft tissue care.

Audio Transcript:

Ronak 0:00
Welcome to the MedCoShare Podcast, the podcast where we learn everything about what it’s like to be a private practice healthcare practitioner in today’s world. We dig deep into the challenges of being a healthcare practitioner, but also the rewarding aspects that the work entails. My name is Ronak Vyas and I’m the CEO and co founder of MedCoShare. On today’s episode we have Dr. Tim Legath. Dr. Legath is a board certified chiropractor who has been in practice for almost 10 years. He graduated from National University of Health Sciences in Lombard Illinois. After spending almost 10 years working at different aspects and fine tuning his craft, he decided to open up his own practice, Keystone Spine and Sport. He specializes in traditional chiropractic care along with soft tissue and sports injuries by providing a hands on technique to help repair damaged tissues. Throughout his career, not only as he treated weekend warriors and athletes alike, but he’s also had experience with treating division one college, professional, and Olympic athletes. In his spare time he enjoys working out playing ice hockey and spending time with his wife and five month old son. Dr. Legath has recently joined MedCoShare in King of Prussia’s facility. Tim, welcome to the show, why don’t you start with telling us a little bit about yourself and what made you became a physician?

Dr. Tim Legath 1:15
Sure, so I grew up playing ice hockey, as well as all different types of sports my whole life. And when I was about 15 Just a very high active, you know, playing travel, high school, and all that. I started actually getting a lot of back pain, I started get a lot of back spasms, you know, to the point where it affected my ability to play and actually so much to the point where I did almost kind of get carried off I remember after a tournament and my mom who she’s a nurse and you know very within the know as far as you know, health field and everything, that upset when I you know had my back completely go out I couldn’t move she took me to the ER that night and of course they do X rays and they give me pain pills and everything. And, you know, they talked about you know, you could do this rehab that rehab you know, whether you need surgery down the line, all types of just stuff at 15 years old, it’s kind of eye popping. So my mom’s side well, before we take any drastic steps or anything, let’s try our family chiropractor. Someone she’s gone to for how long and every now and then he’d see me and make me feel better. And after two weeks I felt completely fine as if I had no pain or anything like that. So I think kind of having that experience. I kind of gravitated towards that as well as my mom being a nurse I’ve always sort of been exposed to the health field and you know, I decided I wanted to help people with a more hands on approach you know, rather than you know more the allopathic way if you will so so that’s kind of led me to that interest there. And then you know, go into the chiro space I sort of figured out different techniques and what worked for me and everything and I’ve also been able to work it how many different practices to the point where I’m at now that’s really kept me going there.

Ronak 2:55
Yeah, so back pain is you know something I’ve been suffering since high school as well I used to run track and play basketball and I think all the you know the twisting and the jumping, I’ve had you know years and years of of back pain to the point we’re actually least I saw a mutual friend of ours Dr. Andrew Gross in the Marlton location so he he helped me out a little bit. So tell us a little bit more about you know where you were before MedCoShare and then what made you want to join us over here in King of Prussia?

Dr. Tim Legath 3:26
So my my experience has been fairly unique if you will a lot of different rows you never thought you traveled down before. So speaking of our mutual friend Dr. Gross here, him and I were roommates in National University. And he had always had the vision of coming back to South Jersey and he started working for an established practice out there. And I actually fell in love with the greater Chicagoland area to the point where I thought I was gonna stay out there. I had a job lined up actually bought a condo and everything. And it was in my final semester work in the clinic and everything like that. I had gotten a call at the time he was the chiropractor for the for the Phillies. And he called me and he said, Hey, I’ve heard about you, I want you to come work for me. Let’s try to build up a business and I was like, Okay, so, so I didn’t have my condo for a year, sold that ended up moving back into Philly here, which I’m not to far, I’m originally from Lehigh Valley, so I was familiar with the area and everything. And we tried that didn’t quite necessarily work the way we thought. So that’s where Dr. Gross thankfully, I reached an olive branch and said, hey, we’d love to have you on board. You know, I’ve been thinking about you for a while. I think you’d be a great asset to our team and everything so, so we were working for a practice in South Jersey. I was there for about a year and a half or so whatever. And then I actually ended up stumbling across another practice along the along the Jersey Shore, if you will, very multidisciplinary clinic if you will. That’s a long story how I ended up there but I ended up moving. I lived a block off the beach in Asbury Park, and I miss that life every day.

Dr. Tim Legath 3:48
Any surfing out there?

Dr. Tim Legath 3:51
No, no, I’d be a terrible surfer. So that coordination never hit me for whatever it’s worth. But I’ve working for a major practice out there and I got to learn a lot as far as just business aspects. So it wasn’t just too much treating, as as I suppose it was a lot more of how to handle different types of referrals and working with you know, physical therapists, acupuncturist, medical doctors, you name it, all that type of stuff. That was going well for a few years and then it kind of just got a little corporate, got a little too corporate for me. Where a lot of dynamics had changed a lot of faces that you know, we were comfortable with had left. And then it got to a point where I wasn’t you know, I was started seeing what else is out there, because it’s not now the style, I really want to practice. My job was to, I always envisioned, treat people that I wanted to, you know, I wanted to treat them and help them the way I wanted to where they’re trying to shoehorn a different style. So that’s where I started keeping an eye out, you know, what else is out there? Do I want to do my own thing or whatever. I end up stumbling across a another practice in Bryn Mawr here, not too far from King of Prussia here with another doctor. And he had a very unique opportunity. He’s been in practice for 30 something years. And he was looking to bring someone on and with the hopes of maybe, you know, buying him out in the future, whatever it might be, we had all different plans and dynamics and stuff. But it’s very unique opportunity that opened up a brand new set of doors for me and working with, I was lucky enough to work with the University of Pennsylvania, all their athletes and everything. We got to work with the Philadelphia Flyers all different, you know, types of different doctors, pain management, psychiatrists, orthros, from Rothman, Jefferson, you name it, the big guns, if you will, here. So that was a very unique opportunity I’m greatly appreciative of, and it just got to got to the point where maybe it wasn’t unfolding the way we thought. So once again, I was left of what do you want to do Tim? You know, what, what, you know, what road Do you want to go down. And I was actually thankful to forever grateful for Dr. Gross. He’s one who, you know, I reached out to him and ask him about MedCo. And he has been very, very forthright and open about his experience how much he loves it, how grateful and he wouldn’t have it any other way. So. So with honestly, his words and looking into it more, it allowed me to be able to do my own thing the way I want with a very easy convenient approach to it, if you will, as well as me living, maybe not even 10 minutes away from here has been super nice. But I decided to take that risk from that job to you know, this is what I always want to do is do my own thing in my own way instead of going yet another associate ship or anything like that. So just gathering all the information together, I decide to open up Keystone Spine Sport with MedCo here, so it’s a very long winded,

Ronak 7:49
Yeah, we, we love having you. And you know, with a five month old son, it’s important to have that flexibility and to be so close to her as well.

Dr. Tim Legath 8:00
Yeah, with my wife Now getting back into work and she works from home, which has been nice, but she also has a lot of meetings and stuff and there’s times where I need to break my schedule to help her and him and everything like that. So the honestly again, the convenience of MedCo and just also allowed me to, you know, be my own, you know, self sustained business here, if you will, allows me to get it gives me that freedom, if you will, to help you know, work and family and everything like that. So it’s been nothing, nothing but extraordinary as far as just the convenience MedCo has provided for me.

Ronak 8:33
Yeah, no, thank you for that. So, going back to your practice, what are some of the services you provide? And you know, do you do you guys work with insurance companies or just how do you operate?

Dr. Tim Legath 8:46
So as I always tell people you know, it’s we are chiropractors I think most people have that idea in their head of what chiropractic is whether it’s good or bad, it’s everyone has their own idea of you know, the old adjustments and you know, traditional chiropractor, which we do and love, you know, doing the adjustments helps, you know, get pain down and everything and restore range of motion. I also specialize as well as Dr. Gross, I was going to keep bringing him up. We specialize in a soft tissue technique. And essentially, our job is to help almost remodel soft tissue and works very well with soft tissue injuries, sports injuries, everything all alike. Even people sit at a desk all day, where muscles just tend to tighten up. You cannot say loosen up, if you will, we get to see a ton of those types of patients as well. Really, the nitty gritty of this technique is just trying to help provide better blood flow moving to the body. As I said, moving to the best medicine. It’s tough that we have damaged tissue. So combine that with you know chiropractic adjustments I have found has made tremendous improvements in people’s progress. As well as you know, we do a couple of different things as well as using small different instruments to help you know, work with soft tissues and stuff, as well as providing different types of rehab exercises and stuff but my my bread and butter is not only the chiropractic adjustments, but a lot of the soft tissue work, which has worked tremendously well with athletes. And again, even people from working from home, as far as insurance is right now it is cash based, but I’m in the process of getting credentialed in network, that just takes forever. But I will be working with, you know, Medicare, you know, Cigna, United, Blue Cross, and Aetna is gonna have to take a little longer, but I am looking to get with all the major medical providers, but right now it is cash basis.

Ronak 10:32
Sure, so the fee for service is it, you know, is it a monthly subscription, or the people pay as they use?

Dr. Tim Legath 10:39
it’s, it’s, it’s not monthly, it’s sort of a pay as you use. There’s a initial consultation fee, and that includes 45 minutes of history eval treatment and treatment plan, that comes out to $100 for that service, follow up treatments, 20 to 30 minute treatment kind of catered to what you need their full treatment, everything that’s $60. I’m also offering cash packages as well. So for five treatments, you pay 270. And for 10 treatments, you pay 540. So a little bit of discount as well, those don’t, you know, you can use those as you need those don’t expire or anything like that. So, but it seems to be a model so far that people have been very appreciative and no issues at all or anything.

Ronak 11:23
Sure, and is that common in for chiropractors? Or is that something that’s, you know, a new trend that that’s that’s coming out?

Dr. Tim Legath 11:31
I feel like it’s becoming more common because I think the insurance game has kind of gotten a little complex, whether it’s, again, whether you’re able to get in network, or I think people in providers, even patients as well just kind of get frustrated overall, with the with the insurance agenda, if you will. So I feel like you see more providers sign so much chiropractic, I’ve seen a lot of physical therapists, a lot of private family practices, if you will, all over. I feel like people are coming more to the cash based system there, if you will. And I think what’s also made it easier for patients is, you know, your your newly modeled HSAs FSA models, which we do accept, you know, as far as payment as well, you see a lot of companies maybe breaking away from these outrageous, expensive insurance plans and say, Hey, here’s insurance, here’s health money, HSA, FSA, use it however you’d like to as well. So I think you see a lot a big shift in that model from all insurance to this more of a hybrid blend of, we’ll see some insurances, but make it to a cash system as well, that works for works for people there.

Ronak 12:41
Yeah, so you mentioned you’ve worked with Olympic athletes, just tell me a little bit what what that was like.

Dr. Tim Legath 12:48
It’s, it’s weird, it’s you think you get a little starstruck. But it’s you treat you know, they’re looking for people just, you know, they’re people just looking to get help. But it’s, it’s, I find it gratifying, just being an athlete, and you know, not that I played professional or anything but, but I love I still have that competitive fire, I still do Joy playing ice hockey, of course. So I still appreciate that fire of wanting to be the best and you’ll do all that, you know, you’ll take every advantage you can get to, to be the best so so it’s, it’s, it’s really unique, it’s really appreciative, and if you do good work, they continue to come back and appreciate your services, as well as, again, professional athletes, and I’ve been fortunate to work with, you know, almost all the pro teams around here and you know, in other places as well. So it’s, it’s cool, but it’s, you know, there are people looking to get help, and at the end of day you treat as a business and, you know, you catch yourself not really fanboying or anything, it’s like they’re just like everyone else and and, you know, just looking to get help, and it’s fun to have conversations because it especially you know, working with some of the flyers last year, it’s funny where you think I’d be fanboying because the flyer, you know, Philadelphia Flyers, I grew up idolizing them and you know, Eric Lindros specifically, but they’re more interested in hearing my bear league stories if you will love like, how was this tournament and on like, it just sounds so much fun and laid back so they were much more interested in hearing about that than me wanting to ask them about their careers or anything so so it’s that’s always a fun experience working with those people but you you work on them you realize, hey, they’re just they’re people just like you and me just looking to get help. And how do I how do I feel better about my my health and my body? So

Ronak 14:32
Yeah, no, I mean, you look like you’re in great shape. And so I actually wore my sports clothes today. So you know, trying trying to fit in so I got my Jordan hoodie. My Jordan shoes. I’m trying to match you.

Dr. Tim Legath 14:42
You’re doing well, even though it’s a little warm out there today.

Ronak 14:46
It is warm and comfortable. So yeah, so tell me like, you know, how do you stay in shape? What advice would you give to someone like me, I’m in my 40s You know, I don’t have a job where I sit down calm. Sleep, but I am stuck in traffic quite a bit. You know, I’m on the road 15-20 hours a week sometimes. So what advice would you just give someone like myself?

Dr. Tim Legath 15:10
Sure, again, it’s I break it out, just keep it simple the people, it’s moving so fast medicine, and it’s in the perfect world. Yeah, like we wouldn’t have people sitting in traffic all the time, or sitting at a computer all the time, you’d like to find that balance, it’s not always easy. I know, for me, it’s in, you know, we’re all wired differently, I kind of had to become a creature of habits. So getting to the gym and working out early in the morning was imperative, especially in grad school, because you know, it’s your school studying from morning to night, and there’s really no time to find that. So I’d find myself getting up at 4:35 in the morning, going to the gym doing that first and everything. And even so now it’s tougher with you know, starting a business and marketing. And now you have a five month old son, so there goes that gym time there. But it’s matter of, like, I need to, I need a break this time to help myself. Because if you don’t take care of your body, your body just breaks down. So it’s, I think it’s a matter of me, I’m a creature of habit where I have to have that routine of working out, whatever. So maybe going into the gym isn’t just for everybody. And that’s fine. It’s, it’s, you know, it’s everyone’s got, everyone just needs to find their outlet of what it is. I even tell people, if you find yourself just sitting at your desk for how long just get up and move, you know, take 10-15 minutes, and especially when it’s nicer outside, go out and just go for a nice little walk or whatever it is, of course, you know, eating good, you know, good foods is always, always the best thing. You cannot work without diet, if you will. But just trying to you know, make it a point of mine of okay, I’ve been sitting here for awhile doing this or whatever, I need to get up and just go somewhere move like walk outside or, again, people want to find the gym or just do an at home exercise, whatever it is. I think if you schedule that time in your day, you look at your schedule, you know, when you wake up or the day before and say hey, at this time, I’m going to do some physical activity there. It just becomes easier for people I know a lot of people struggle with that. Just creating that discipline, but I think it gets easier, the more you do it. But again, yeah, you don’t need to go out and do you know, marathon training or anything like that. Just you know, find time to just get up and walk every now and then and move and you build from there.

Ronak 17:22
Yeah no, that’s great advice. Tim, thank you so much for joining, where can patients find you?

Dr. Tim Legath 17:29
You can find me obviously at the MedCoShare King of Prussia location here suite 310, or you can find me at keystonespineandsport.com. You have all the information, everything there. You can also reach out, call, text. My number is 610-466-5718. Yeah, otherwise keystonespineandsport.com. Easiest way to find me there.

Ronak 17:49
All right. Thanks, Tim.

Dr. Tim Legath 17:50
Thank you, Ronak.

Anthony 17:51
MedCoShare provides turnkey medical office space for health and wellness providers. Our memberships are month to month and providers can rent one or multiple rooms based on their needs. To learn more, please check out medcoshare.com Or stop by one of our locations and get started today.

Ronak 18:09
If you want to hear more of these conversations as we dig deeper into the lives of our members, please follow us on Spotify, Apple Music or wherever you get your podcast. Follow us on social media to hear more from our doctors and nurses, as well as to keep updated on all things met co share. We hope you’ll join us on the next one. And until then, don’t forget to practice your way

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Spartan MD

Welcome to the MedCoShare Podcast, where we explore the world of private practice healthcare. In this episode, CEO Ronak Vyas chats with Dr. Abhi Kasinadhuni about his journey in internal and vascular medicine, as well as his venture into men’s medical esthetics.

Audio Transcript:

Ronak 0:00
Welcome to the MedCoShare Podcast, the podcast where we learn everything about what it’s like to be a private practice healthcare practitioner in today’s world. We dig deep into the challenges of being a healthcare practitioner, but also the rewarding aspects that the work entails. My name is Ronak Vyas and I’m the CEO and co founder of MedCoShare. Today’s guest is Dr. Abhi Kasinadhuni, Dr. Kas has a background in internal and vascular medicine with a specialty in venous and lymphatic disease, focusing mainly on vein disease and ailments related to the veins. While training for his fellowship, he realized that many of his patients were interested in getting their veins fixed, like spider veins, which goes hand in hand with skin aesthetics. Since many professionals have practices centralized around aethetics, his goal shifted to making this space better and more unique. In 2021, he came across men’s medical esthetics as a male and a medical professional, he thought this was a wonderful concept and immediately saw the need for this type of space. Not long after he opened Spartan MD in King of Prussia, and then a second location in San Diego. Dr. Kas, welcome to the show.

Dr. Kasinadhuni 1:06
Thank you very much Ronak. How are you?

Ronak 1:08
Good, good. So we’ve known each other for a few years now, you first became a MedCoShare member in our Fishtown location about three years ago. But before we get into that, just tell us a little bit about your background.

Dr. Kasinadhuni 1:21
So I think you summed up pretty nicely I am trained in internal medicine and vascular medicine, I did my fellowship in that, I focus on venous and lymphatic disease, and primarily in the outpatient setting there. I really, really enjoy the type of patients that I see in the vascular space primarily because I have a procedural background, and the beauty and you know, the phenomenal thing that I’m able to do is really restore, you know, ambulation and restore quality of life and my patients that, you know, I find to be the exact reason that I became a doctor. And so for that reason, I absolutely love what I do. And then what’s more gratifying is, you know, when my patients do come back and tell me, Hey, I’m able to do all these things that I was never able to before. And yeah, that’s, that’s the best compliment that I can get that my work has had that much of an impact in their life.

Ronak 2:24
Yeah, and you’re married with two kids, right?

Dr. Kasinadhuni 2:26
Yep. married with two kids. Beautiful. Kids, wonderful ages. So my daughter’s three, my son’s one. My wife, I won’t tell you her age, but you know, she is beautiful and ever youthful. So. And we have a wonderful golden. So the perfect family.

Ronak 2:42
Nice, nice. See, I have two daughters, myself and a double doodle, which is one of these designer breeds. And just, you know, it was a COVID dog, right? People got pets during COVID. But now we love this guy. So, you know, you’re doing an amazing job as your you know, your day job. But, you know, the primary interest for me especially is your side gig, right, which is Spartan MD. So just tell us a little bit about that. What services you provide and a little bit more about, you know, why you wanted to start that? Yeah, absolutely.

Dr. Kasinadhuni 3:18
And I think I’d love to clarify one thing here. You know, I wouldn’t want to give anybody the impression that the medical, men’s medical space is anything to the side or something that’s complimenting my main thing, I mean, I happen to devote more time to the vascular space, and I absolutely love doing that. I’m passionate about it. And that’s, you know, one of the reasons I joined medicine, but the beauty of medicine is that especially in this day and age, there are so many specialties sub specialties focuses that don’t have to be, we don’t have to be, you know, single pronged in our approach. And so I love the fact that I get to participate in the vascular space. But I also love that I’ve been introduced to this niche, which is mens aesthetic medicine, which I would have never come across that had I not, you know, taking a dive into this space. And I’d love to see this other thing grow because my personal feeling is that, you know, men now more than ever do need not only the aesthetic component, not only the, you know, services that we offer in the aesthetic component, but even taking a step further, you know, men’s services relating to dermatology, primary care, mental health support. I think all of these services are necessary and there should be services tailored to men. And that’s why I took that dive.

Ronak 4:54
Yeah, and it’s definitely a growing trend. I think, you know, men just don’t talk about it as much But you see a need with so many different types of businesses that open up like like yours. So tell us a little bit more about the services that you provide.

Dr. Kasinadhuni 5:11
Yeah, absolutely. So some of our most popular services include hair transplant and hair restoration. We also do weight loss, anti aging, peptides. You know, in the sexual wellness division, we offer male enhancement, testosterone replacement, we also offer support with erectile dysfunction. And the overarching theme here is we really, really try to address the root cause, not just medically, but even psychologically, you know, what is contributing to, you know, a person’s, I guess, ultimately what’s affecting your body image, how you view yourself, and you know, what’s affecting your confidence on a day to day basis. So I think that what makes us really different here is that we don’t take a black and white approach to Okay, yeah, you need a hair transplant, you’ve got a bald spot, no big deal. Here’s what we give, you know, we really talk you through the process and try to understand what’s affecting you on a day to day basis, such that we’re not only offering the hair restoration, but in doing so we try to tackle every other health matter that might be affecting you. And so I like to view us as a more comprehensive service in that matter. And in in that way, a number of our clients do come back for these other services, or to get help in other facets of their life. Because hair loss is not just hair loss, it’s often associated with stress, weight gain, maybe, you know, altered hormone levels related to age or something, you know, more medical related. So in that way, we’ve been able to help our patients and not just treating one thing, but I guess all the stressors and conditions leading up to it.

Ronak 7:04
Right now that makes sense. So what’s the most popular service that you see demand for?

Dr. Kasinadhuni 7:11
hair transplant and male enhancement? Okay, yeah. The hair transplants obvious, because, you know, as far as hair goes, I mean, I think hair loss is just a natural component of aging to some degree. But of course, in this day and age, with the type of diets that Americans consume with the type of stress that we’re undergoing, either due to our professional commitments, or what we’re seeing in our personal lives, and even the, you know, medical conditions that we are seeing, you know, on the rise, all these things contribute to more than just a normal, you know, amount of hair loss. And so the hair transplant in the, you know, the hair transplant a lot of people know about. One thing I’d love to point out is our hair restoration services. A lot of folks are under the impression that it’s you either get a hair transplant or nothing at all. And I love to highlight to patients that, that no, that’s not your only solution. And there’s a lot of stuff in between that one should consider. You know, it can be something as mild as PRP therapy, exosomes, red light therapy, you know, the use of pharmacological treatments to enhance hair growth. The beauty of it is that this is not just for men, but we also do get a fair amount of female clientele who also never knew that all these things existed, they’ll come into our office thinking they need a hair transplant, when in reality, they just needed a couple of minimally invasive injections, or some pharmacological treatment to help boost their hair growth. And, you know, that’s, that’s the coolest part of what we do. To let people know, we actually have a bunch of stuff that we can offer. It’s not like it used to be. And to that point, one of the things that we’re starting to see more and more of, is postpartum hair loss patients. So like, we get a lot of women and I know the females can definitely relate to this, you know, you have a baby. And in the months after he had these tiny little baby hairs, I’m not talking about your actual baby, but you lose so much, so much hair through that process that postpartum you see these tiny little baby hairs growing out of your scalp because you lost hair. And so, you know, I know a number of women, including my own wife, who was a little concerned with, Hey, I had some significant hair loss. What do we do about this? And so our exosome therapy is a wonderful answer to that. And the beauty of it is it does it’s not invasive. Again, it’s just a few injections, to one time treatment, you don’t need to keep coming back every week or every month. So that’s a lovely therapy. And then the other thing you know, I was telling you about is our male enhancement service. So that’s also something quite proprietary that we offer. And, you know, in that department, I mean, to be completely frank, male enhancement is penis enlargement. And so I know there are a number of men who feel that that’s something they can’t talk about. I’m sure they don’t feel comfortable even talking about it with their partners, because it’s such a sensitive topic. But one of the things that we’re trying to do is educate, advocate, and take the stigma away from some of these topics, because it’s important in this day and age to address such things and to address those body image issues. And to that point, you know, one of the conversations we have is, you know, when people come in for consultations, we try to understand, hey, what’s what’s really going on here? Right? Do you feel that the size is an issue? Or do you feel like there’s maybe some other component to this? Yeah. And that takes us back to understanding the patient. So we’re not just trying to sell a service here, we really need to make sure that we understand the root of the problem.

Ronak 11:04
Sure. And how much does something like that cost, and I’m only asking for a friend.

Dr. Kasinadhuni 11:10
Well, your friend should definitely come in, so that we can do a proper consultation. But the beauty of what we offer is it is a one time service. So a lot of the services out there that offer any type of enhancement are usually every six months or a year, because they’re temporary services, but are a temporary solution. Ours is permanent. And so we do apply a filler that is a one time deal in the cost varies based on how much we need to do what area we need to do, but it starts anywhere from roughly 7000 then it goes up.

Ronak 11:49
Okay. All right. So you’re in two locations, and King of Prussia and San Diego. What has growth been like? And do you have plans for expansion?

Dr. Kasinadhuni 11:59
Yeah, absolutely. Growth has been great. I mean, I think, because men and women don’t know that these services exist. Part of our, you know, challenge, part of the challenge that we’ve faced is educating, education. So folks need to be aware that this service exists to even start looking for the service. So, you know, in the marketing world, this is some, you know, sometimes referred to as a brand awareness campaign, where we’re not just trying to sell the services, we need to let people know why these services are even needed, or you know, what they are, and the fact that they exist. So that’s part of it part of the challenge, but it’s been great, you know, a lot more people at the same time are looking for this than one would imagine. And the fact that we are expanding and looking to grow, continuing to grow, I think, you know, this the sky’s the limit, and in In fact, the more we continue to continue to educate the more competition, we, you know, will we see, the better it is for our market, because that means our niche is growing, and it’s no longer a niche. So I actually look forward to that.

Ronak 13:12
Yeah, I mean, I can’t imagine marketing being easy, but you know, just because the search term, penile enlargements, right, they’re probably not searching for those terms. Yeah, it’s probably something else that’s leading them to many other websites I can imagine. And so I mean, how do you get new patients? What have you been doing to? You know, make sure you get the right crowd?

Dr. Kasinadhuni 13:33
Yeah, absolutely. So I think, you know, word of mouth is really important, in that that’s been good to us. Good for us. As far as digital marketing, we do rely heavily on that. Because, you know, when it comes to digital marketing that to Google Pay Per Click ads, people are seeking your service out, they’re actively looking for what you’re offering. And so it’s really important for us to position ourselves in a way that, you know, we, we accurately represent what we’re providing, but also we we give them a degree of confidence that okay, we really are professionals, and we’re not trying to sell you a pill or a cream or something substandard, which, unfortunately, has plagued that industry of, you know, men’s enhancement and enlargement. So, in that, too, like you said, it leads them leads them down the wrong rabbit hole of much more, you know, explicit stuff, which is absolutely not what we’re trying to attract.

Ronak 13:33
Right.

Dr. Kasinadhuni 13:33
And I think it’s worth noting that a lot of our clientele they belong to the men belong to a demographic quite different than what one would imagine. And that is a 30 to 55 demographic, they’re generally a little bit more well established. More often than Not they’re in long term relationships, or married. Again, not always the case. But generally speaking, they have families. And I like to point this out, because, you know, this type of service, you know, one would think maybe would be provided for a single gentleman trying to, you know, explore do more, and you know, that sort of thing, we actually don’t see that as much we see it, we see gentlemen coming from, you know, long, sustaining healthy relationships, they’re just trying to spice up their love life, or, you know, the gentleman or trying to get a little bit more confidence, whether it’s inside the bedroom or out. And the beauty of the procedure that we do is not only that it’s permanent, but you get that permanent enhancement, whether it’s flacid or erect. And why is that relevant? You know, I joke with my patients that, you know, you’re going to exude confidence from bedroom to boardroom. And so hopefully, nobody trademarks that, because I think I came up with it.

Ronak 16:11
That’s a good slogan.

Dr. Kasinadhuni 16:12
But really, I mean, you know, if you, if you take it back to primitive times, I would say that, you know, whether it’s sexuality or anything else, men really do. I guess they really relate a lot of their masculinity to the size of their genitalia or their performance, I think there’s a strong, you know, link there, a strong connect. And, you know, right or wrong. I’ve heard a lot of my patients say the same that, you know, I just don’t feel confident because of size, or my ability to perform a certain way. And I think that, you know, that feeling, probably has existed for a long time. But you know, because we’re, in a day and age where people are talking maybe a little bit more, we’re hearing more about it. And so, you know, the important thing to note here is that, you know, people are finally speaking out, and so that way, that’s why we can continue to address this issue, and provide solutions. And that’s why we’re trying, we’re continuing to see this space grow.

Ronak 17:25
No, absolutely. And thank you for this candid conversation. I know, it’s something that not a lot of people talk about, you know, unless you’re you know, online trying to scam other people, you know, you just see all these companies that just go down the wrong path, trying to, you know, pry on people’s insecurities and, and take advantage of that. So, you know, I appreciate your honesty here. Dr. Kas this has been amazing. Where can patients find you?

Dr. Kasinadhuni 17:54
So patients can find us online. You can look us up spartanmd.com, that’s spelled s p a r t a n m for men d for doctor .com. And, yeah, I mean, listen, I think the hardest thing to do, is taking that first step reaching out. And I like to tell everybody that, you know, you’re not, there’s no cost to doing that. In fact, if you have any question or concern whatsoever, regarding the male enhancement procedure, or anything else, the most important thing you can do is just reach out. And, you know, our consultants are so wonderful. They’re comforting. And we don’t follow any kind of high pressured sales approach. Like, you know, maybe some other industries do, we really want to hear about, you know, your background, your concerns, your health issues. And if we’re lucky enough to gain your trust, then we’d love to help you out. And, you know, the last thing that I like to point out is, again, whether it’s in the mail enhancement space or otherwise, like you said, yourself, there’s a lot of spam, a lot of phony stuff out there. And people asked me, Did you ever envision yourself doing this and how did you even end up in the space? I think the most important thing I like to convey is that there is always somebody else doing this and probably and they probably are, you know, scamming people are not doing a great job. And so I’d rather be the trusted person that delivers a quality product or and quality service. And, you know, if there is somebody out there doing substandard work well, we want to be the light that shines bright. So in a way where if you’ve got 10 Guys, I want to be that one guy that does such a good job that you guys rely on me to deliver that service for you. So I don’t know if that makes sense to you. In a world of scammers, we want to be the good guys.

Ronak 20:04
Yeah, no and we need you. So appreciate, appreciate you coming on and this was a great show. Thank you.

Dr. Kasinadhuni 20:10
Yeah, thank you so much and I hope we do it again.

Anthony 20:12
MedCoShare provides turnkey medical office space for health and wellness providers. Our memberships are month to month and providers can rent one or multiple rooms based on their needs. To learn more, please check out medcoshare.com Or stop by one of our locations and get started today.

Ronak 20:30
If you want to hear more of these conversations as we dig deeper into the lives of our members, please follow us on Spotify, Apple Music or wherever you get your podcast. Follow us on social media to hear more from our doctors and nurses as well as to keep updated on all things MedCoShare. We hope you’ll join us on the next one. And until then don’t forget to practice your way

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Dr. Hormone MD

Welcome to the MedCoShare Podcast, where CEO Ronak Vyas sits down with Dr. Jutta Vogt, a seasoned psychiatrist specializing in hormone optimization and weight management. From her roots in Germany to pioneering integrative approaches in the U.S., Dr. Vogt shares her journey and vision for the future of psychiatric care. Discover her insights on individualized treatments, expansion plans, and the evolving landscape of holistic medicine. Tune in for a fascinating discussion on healthcare entrepreneurship and patient-centric practice models.

Audio Transcript:

Ronak 0:00
Welcome to the MedCoShare Podcast, the podcast where we learn everything about what it’s like to be a private practice healthcare practitioner in today’s world. We dig deep into the challenges of being a healthcare practitioner, but also the rewarding aspects that the work entails. My name is Ronak Vyas, and I’m the CEO and co founder of MedCoShare. Dr. Jutta Vogt is a board certified child and adult psychiatrist who has been in practice for over 20 years. She graduated medical school from Albert Ludwigs University in Freiburg, Germany, and completed her adult psychiatry residency training and child psychiatry fellowship at Drexel University in 2001. She uses as little medication as necessary and believes in empowering patients to tap into their self help skills to get the best outcomes for themselves. In her spare time, she is an outdoor enthusiast, which she believes brings balance and enhances her work with patients in the mental health field. Dr. Vogt has been expanding into hormone optimization with the launch of her most recent practice of Dr. Hormone MD, as she saw a need for hormonal well being that is currently neglected by traditional psychiatry. Dr. Vogt, Welcome to the med kosher podcast.

Dr. Vogt 1:07
Thanks so much Ronak. I’m very honored to be here today.

Ronak 1:12
Perfect. So tell us a little bit about yourself. And what made you become a physician?

Dr. Vogt 1:16
Yeah, so I grew up in Germany, and also in a religious household, or everybody was religious those times in Germany, you know, everybody went to church and everything. And so I was very interested in is there any life after death, I was very inquisitive. So I was reading books and libraries. And now this is actually a completely different field in, in medicine, now they have like this near death experience research, you know, but that time, that was very intriguing for me. And so I became more interested in the body and the brain. And then I decided to go to medical school was like, in my late teens that I decided to do that. And people always ask me nowadays, you know, isn’t it difficult to go to medical school, but actually, for me, it was really easy. I liked it, I love to learn, I like to do new things, you know, so, and I did then studied medicine in Freiburg, Germany, but because I like to expand and experience different things. I actually then did an internship in South Africa. And what I liked about that is that you could rotate through different disciplines. So I could do a little bit of surgery, Gynecology, pediatrics, internal medicine, but I didn’t want them to be there forever. And then I went to England and started psychiatry. It was always for me, like either emergency medicine where all the action is, or psychiatry, because I was really interested in the brain body connection. So I decided to do psychiatry. And while in England, I also did my exams, my medical exams to come to the US. So it was always for me, either the US or Australia, because to be honest, I like the better weather, like the Dressel in England or in Germany, so I took the medical exams. And then I came over here, and I did a residency training at Drexel University for my adult psychiatry. And then I did also child psychiatry. And after that, I’ve worked in different settings, including an academic setting, like the Children’s Hospital of Philadelphia, where I was an attending, and I taught medical students, psychiatry fellows, and also saw patients and I ran the consultation liaison team there. And then I went into other fields like community mental health, residential treatment facilities. And then I actually founded my own practice called behavioral health choices, which ran for about 10 years. And it was a lot of fun, and I like to expand and eventually we had about 50 psychiatrists and therapists, but because of COVID, there were some issues with staffing, shortages, admin staff. And then I thought the best way to what to do is to sell the practice because it has expanded too much. At that point.

Ronak 4:17
Yeah no, definitely makes sense. There was a lot of you know, changes and just not only just for businesses, but people’s perspective during during the pandemic. So you mentioned a lot of very cool places, South Africa, London, and Philly, of course. So what’s your favorite city?

Dr. Vogt 4:33
I have to say, Cape Town. Yeah, the weather is beautiful. You’re surrounded by beaches. The people are beautiful. But you know, the economy is not necessarily the best. I think it’s still better to live somewhere in the North Country. Right.

Ronak 4:53
Cool. So tell us a little bit more about your experience before joining MedCoShare.

Dr. Vogt 4:58
Yeah, I said I I rent my own practice with 50, psychiatrists and therapists. And so as I wanted to then expand into the hormonal optimization after I sold my practice, I was looking around and I found you online, and then we met, you know, and I think it’s really cool that you’re offering that membership to medical professionals, because that way, any physician or other medical professional can start out with a practice. And I like the membership that you have, because then clinicians don’t have to commit to a five year lease, you know, and deal with all the utilities and everything. So I like your concept.

Ronak 5:44
Oh, thank you so much. So let’s talk about your current practice, which is hormonal therapy, as well as weight loss. You mentioned why you got into it. But can you just tell a little bit more about what you’re seeing now? And why you think that’s important?

Dr. Vogt 6:00
Yeah, I think that hormone optimization has really been neglected in psychiatry, you know, there are lots of patients that are in their 50s 40s 50s 60s, even sometimes in their 30s, you know, they have hormonal imbalances. And so sometimes just maybe correction of those imbalances would actually help or cure their mental health, or in addition to an SSRI or something. So that’s why, why I chose to do this. And what I think is unique with the services that we provide is that we can really individualize the hormonal optimizations. So it’s not like some of these online companies that I had been seeing, and my patients have brought that up to me. So you subscribe to one of these online companies, and you get your testosterone cream shipped to you, it’s like a cookie cutter approach, you know, and there’s not much lab monitoring there either. And so what we can do is really individualized because we have injections, we have gels, we also have pellets, which not everybody provides. So pellets are actually like rice, kernel size, hormone. Like pellets, you know, like little devices that you put inside under the skin, and then they release steady hormones for three to four months, you know, so it’s very easy. And we individualize that. And I think a lot of companies online, they also don’t do any lab testing. We do lab testing initially, and then also follow up. Yeah, because it’s very important.

Ronak 7:44
Yeah, I think a lot of these online companies are kind of taking advantage of the trend. You know, just saying people have low testosterone, or, you know, abnormal hormone, hormonal balance. But, you know, like you said, that individualized treatment, as well as looking at it holistically, is really critical, because once they send you something, you know, in the mail, they’re not really doing anything else, right after that.

Dr. Vogt 8:12
Exactly. And especially with testosterone, you know, you have to monitor the hematocrit, you know, otherwise, your blood becomes too thick, and you’re prone to clots or thrombosis, you know, and also, you know, your estrogen could rise, you know, so you need to monitor that too. And maybe you need an estrogen blocker. So we do everything individualized and make sure that you’re healthy.

Ronak 8:35
No, that’s very, very good. Some of the challenges you faced starting private practice, can you give some advice to other people who want to start a private practice, but may not know where to get started? Or what to do?

Dr. Vogt 8:51
Yeah, so basically, the only challenges what I’m facing right now is just to get the word out. Because the patients that sign up with us, they’re very happy, you know, and they stay with us. But we just need to get out there a little bit more people need to find us a little bit more. So that’s the only challenge that I’m experiencing right now. But that is like with every business, if you start something, it takes a little while to catch on or for people to know that you’re around. And so anybody wanting to start a private practice in general, right? It’s always good to start something small alongside your regular job and then grow bigger. And I think as you said, you provide a great service for those professionals because it can start small and then grow bigger. And if anybody is interested in hormone optimization, I really can recommend, for example, the American Academy of anti aging and functional medicine also called A4M. They have terrific courses on hormone optimization, and you also can become board certified in anti aging medicine, which I’m pursuing And regarding the pallet placement, so hormone pellets, there is a great company called Pella Calm, they actually invented a device, which I’m using, it’s so easy to use and then doesn’t really leave a scar. I mean, it’s it’s so nice. And there’s no pellet extrusion of very minimal just because of the design of the device. And it was invented by Dr. Chuck Home, who is a board certified gynecologist. So that’s what we’re using in the practice. And that’s what I can recommend people if they want to venture out in their way.

Ronak 10:31
Right. So yeah, I think you hit on something that’s really important, which is, you know, it’s good to do this as a side gig to kind of test the market and to build your practice, build your name, even when we launch MedCoShare. You know, in my former life, I was commercial real estate broker and investor. And I didn’t stop that until maybe a year or 18 months into, you know, into formally launching MedCoShare. And thank God I did because the first year, you know, was the pandemic. So we signed the lease in January 2020. And then everything’s shut down. But we still have to pay the rent, you know, pay all the bills. So it was a very, very difficult year. And it was kind of my main job that allowed me and my co founders to ride that to ride that wave and to be able to come out the other side. So going back to your practice, and you know, right now you’re in King of Prussia, you’re also in our Marlton, New Jersey location. Do you have any plans to expand outside of these regions? Or I know you’re also doing telehealth. So can you just let us go over your expansion plans a little bit?

Dr. Vogt 11:35
Yes, absolutely. So right now, I would like to stay in the King of Prussia and New Jersey area. But I would like to also add more other integrative medicine, areas like weight management, healthy living, and also eventually integrate that with psychiatry because as I said, hormone optimization has not really been really recognized as a part of psychiatry, it’s kind of almost like psychedelic medicine was shut down for decades. And now they’re suddenly you know, discovering it. So it’s the same with hormones that have been around for decades, for centuries, millions of years. Right. But they haven’t integrated that in psychiatry yet. So I would like to do that eventually going forward.

Ronak 12:19
Sure. No, that’s great. Dr. Vogt where can patients find you.

Dr. Vogt 12:24
Yes, they can go to my website. It’s www.drhormonemd.com

Ronak 12:34
Wonderful. Thank you so much.

Dr. Vogt 12:36
Thank you.

Anthony 12:37
MedCoShare provides turnkey medical office space for health and wellness providers. Our memberships are month to month and providers can rent one or multiple rooms based on their needs. To learn more, please check out medcoshare.com Or stop by one of our locations and get started today.

Ronak 12:55
If you want to hear more of these conversations as we dig deeper into the lives of our members, please follow us on Spotify, Apple Music or wherever you get your podcast. Follow us on social media to hear more from our doctors and nurses, as well as to keep updated on all things MedCoShare. We hope you’ll join us on the next one. And until then don’t forget to practice your way

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Join us on the MedCoShare Podcast as we delve into the intricacies of the healthcare industry with Shalin Shah, a seasoned professional boasting over two decades of experience in pharmaceuticals, biotech, and health insurance. With a rich background spanning roles in major health insurance firms, consulting for prestigious companies like Deloitte and Blue Fin Group, and spearheading commercial endeavors for small biotech firms, Shalin brings a wealth of insights to the table. As an avid investor with diverse portfolios in startup companies and real estate, Shalin’s journey intersects with the founding ethos of MedCoShare, where he serves as the lead investor. In this episode, Shalin shares his unique perspective on healthcare investments, the evolving landscape of private practices, and the challenges and opportunities that lie ahead in the ever-changing healthcare sector. Tune in as we unravel the complexities of healthcare entrepreneurship and investment strategies with Shalin Shah.

Audio Transcript:

Ronak 0:00
Shalin Shah has over 20 years working in the pharmaceutical, biotech and health insurance industries. He started his career working for a major health insurance company in the Risk Management Group. Afterwards, he became a management consultant working for different companies like Deloitte and Blue Fin Group, advising pharmaceutical and biotech companies of all sizes, large and small, and emerging in the areas of product commercialization. Most recently, Shalin has been working in house at small biotech companies developing novel treatments and oncology, and helping them build their commercial capabilities from the ground up. He’s also an avid investor with a diverse portfolio of investments in startup companies and real estate, and the lead investor of MedCoShare’s wefunder crowdfunding campaign. Shalin, welcome to the show. We’re family, so I’m glad you’re here. And you’re also new father. So tell us a little bit about that and your background?

Shalin 0:51
Yeah, happy to be here. And thanks. You know, obviously, thanks for having me today. And yeah, as you mentioned, obviously, me and Ronak go way back, being first cousins, and, you know, a lot of stories that we could share, but we probably won’t for, you know, purposes.

Ronak 1:06
That’s another podcast.

Shalin 1:08
Probably well, for purposes of today, but now, you know, yeah, and definitely a new dad and very much enjoying that. You know, it’s really been life changing In all aspects.

Ronak 1:25
How’s the how’s the lack of sleep?

Shalin 1:26
Yeah, you know, that comes with it, you know, and, you know you have your ups and downs, but, you know, have a great support system and, and wife at home. So, you know, we’re, we’re doing a pretty good job, I think and I’m just thankful for it all. So, yeah, its been great.

Ronak 1:32
You guys are doing a great job.

Shalin 1:49
Yeah. So a little bit about my background. You know, I went to school in Philadelphia, Drexel University. Upon graduating I, I went right into management consulting. And so I worked for, I started out working for a company called IMS Health, in one of their consulting practices. It was there where I really got my foundation in the pharmaceutical industry and learned how things worked. And really, that was like my launching pad. Because from there, I ended up getting into some really good roles at two other firms. And really went from being operational to strategic and, you know, spent the next five years at Deloitte and a small company called Blue Fin Group, where, you know, really, really did a lot of great work for manufacturers of all sizes, large, small, mid tier, emerging, you name it brought dozens of products and services to market. From there, I ended up getting into the biotech industry. And I worked. In 2018, I went to my first biotech company, which was working on a drug in breast cancer in the type of breast cancer that had had no innovation for decades, was able to, from the ground up, helped build the organization, launched the product successfully, and ultimately was acquired by a larger pharmaceutical company, spent some time there. And then, you know, now, I’m at another really small biotech company, also in the cancer space. And have helped sort of build that company as well, from the ground up, develop its commercial capabilities. And, you know, kind of continuing bringing products to market. So, yeah, it’s been a great, it’s been a great ride.

Ronak 3:53
That’s amazing. And I know, with your previous company, you had a little bit of an exit there, that gave you some capital to invest. So can you talk a little bit about some of the companies you’ve invested in? Obviously, you were the lead investor for us in our crowdfunding campaign, and maybe you can talk about why you also ended up decided to invest in to MedCoShare.

Shalin 4:15
Yeah, so, you know, definitely got into the world of investing. I’ve always been, I’ve always loved the idea of investing, you know, from stock markets, etc, at a very young age. And then, you know, growing through your career, you know, you start to learn about all the opportunities that are out there and what you’re able to get involved with, and I’ve been fortunate to kind of have had a fair amount of things come across my desk, so to speak, and have taken advantage of them. So, you know, I’m involved in a handful of different real estate deals, both residential and commercial. involved with some technology companies in the AI space. And then obviously also involved with MedCoShare, and a few other things. So, yeah.

Ronak 5:12
So what’s the difference between investing in real estate and investing in healthcare?

Shalin 5:19
Yeah, so I mean, I think, you know, two very different, you know, while there are some similarities, I think they’re very different, you know, for, for traditional real estate, you know, real estate is been tried and true sort of investment for decades and decades, and has worked out for a lot of people, I think, if you make the right moves in real estate, at least on the residential side, and even sometimes, on the commercial side, you know, the risk is not as high as it is with investing in early stage companies, or things like that.

Ronak 5:58
Yeah, I think, you know, with real estate, it’s definitely more predictable. And because of that, there’s a proven pathway to wealth. And usually it’s, it’s slower. But at least there is that path that people can, you know, can follow with healthcare, and you’ve seen it, some companies go bust rather quickly. Others take, you know, 15-20 years to really gain momentum. And that’s just the way things are, you know, sometimes you’re not necessarily trying to hit a jackpot. But you just really don’t know what avenue, you know, you’re going to be going down in terms of healthcare investments. So going back to MedCoShare, and why you invested, what excites you the most about, like MedCoShare and the current healthcare environment?

Shalin 6:47
Right. So I think, you know, with MedCoShare, I think it is a very unique concept, because the cost of doing business as a individual provider or a group, as an individual provider, is very high. On top of everything that you have to worry about with delivering patient, patient care, the administrative side of things, you also have to worry about the real estate side of things, right. And so I think, I think what sort of attracted me to this is that, you know, MedCoShare kind of solves a big piece of that, and really, lets providers focus on what they do best, which is taking care of patients, and things like that, and not having to worry about, you know, leases and long term arrangements or having to buy a building per se, right. And so I think with such a large population, and such big opportunity, with all the health care, and all of the things that happen in this country, I think the opportunity, even though hospitals are a major player in this and control a large part of the market, there’s still such a big market to be captured for individual providers.

Ronak 8:07
So last night, you shared an article from the AMA, about why, you know, it’s becoming harder and harder for practices to get started. And why there are more and more people gravitating towards just becoming a physician at a hospital or a large clinic. Do you see that trend continuing? And you know, one of the reasons why we started MedCoShare is also because we saw that trend, and we figure there has to be another outlet, right? There shouldn’t be only you either you work for hospital or you invest, you know, half a million, a million dollars to go out on your own. But where do you see that trend going?

Shalin 8:51
Yep. And so I think for I think for a long time, there was sort of a upward trend of hospitals acquiring any type of practice they could get their hands on, and maybe, you know, to a certain extent that still exists today. At the same time, I feel like there’s enough people and providers that are out there that still want to kind of remain on their own, you know, be entrepreneurs, and do their own thing without being tied, you know, to a hospital per se and just, you know, being another hospital employee. I think there’s, you know, even if it’s 40% of the population, that is still a very big number, when you think about a tam that is over a trillion dollars in terms of, you know, real estate, etc, in the healthcare space. So I think the opportunity is there. I think, especially with the you know, this next generation of physicians coming in, I think, you know, it’s a little bit of a different mindset. So I think, I think that they’re, you know, there’s tremendous growth ahead.

Ronak 9:57
Yeah, no, I totally agree. What advice would you give to budding entrepreneurs and investors?

Shalin 10:05
I would say a few things. One is people, people are the most important thing to any endeavor, essentially, right. And so one of the things I always look at, behind any business or opportunities, the people that are involved, and if you have strong people that are passionate, I think the likelihood of success goes all that much more up. And so people are very important. So I would say, as an entrepreneur, definitely surround yourself with great people. I think that really appeals to investors. The second thing, I would say to an entrepreneur, obviously, is, you know, there’s no substitute for hard work. No endeavor is easy. No one becomes successful overnight. And so hard work is like, you know, that is like, at the core, and everyone, and their team should really understand that, you know, days, nights weekends, it never stuck for entrepreneurs, it really never stops. Right. And so that piece is that piece is very important. There on the third side, I mean, I would say, you know, you, and this is natural to entrepreneurship, but you know, taking risk is inherent in the business, right of being an entrepreneur. And I think there’s going to be times where you have to take risks that are significant. And I would say, you know, the people that have been really successful are the ones that do take those risks. And so I think you have to have that appetite, to be able to take risks. So those are some of the things I would probably say, like I said, your team, very important, hard work, and being able to take risks.

Ronak 11:54
Yeah, and I would add one more to that, which is timing, you know, there’s a lot of businesses that have those elements. But if the timing is off, it becomes a failure. And then vice versa. There’s businesses that launch at the right time, where you might have, you know, two out of those three things that you mentioned, and it still does phenomenally well, because the market has to be ready for whatever product or service that you’re launching. The other thing too, is like with healthcare, and you know, my background is commercial real estate, with healthcare, so just a different animal. So it’s like, you know, there’s a big difference between launching a tech company versus launching a healthcare company in here because things move, like just a slower pace. Our time horizon when we started MedCoShare was over 10 years because we know that adoption in healthcare isn’t going to happen overnight. You know, we’re going into year four, and we’ve set the foundation of being able to scale it to other markets. So I’m excited about that. And as a team, you know, we’re aligned, that it’s not going to happen just overnight. You know, we do see that it’s going to take time, and we’re prepared to be in that marathon. Shalin, this was a great conversation. Thank you so much for coming. It was really great having you here.

Shalin 13:23
Ya know, thanks for having me. And, you know, best of luck to you guys on the journey ahead.

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Stepping Stone Foot & Ankle Specialists

Welcome to the MedCoShare Podcast, where we delve into the dynamic world of private practice healthcare. I’m your host, Ronak Vyas, CEO and co-founder of MedCoShare. In each episode, we explore the intricacies of being a healthcare practitioner in today’s landscape, navigating both challenges and triumphs. Today, I am thrilled to introduce Dr. Wendy Le, founder of Stepping Stone Foot & Ankle Specialists, a pioneering member of our King of Prussia facility. Dr. Le brings a fresh perspective to podiatric care, having launched a hybrid concierge model that prioritizes innovative solutions and personalized attention. Join us as we uncover Dr. Le’s journey, the unique offerings of her practice, and the insights she shares with aspiring practitioners. Welcome, Dr. Le, and to our listeners, prepare to embark on a journey of discovery with us.

Audio Transcript:

Dr. Wendy Le 0:35
Thank you Ronak and the MedCoShare community. I’m very privileged to be here today with you and join you for this podcast. So I grew up in South Philly area and I always drove by the Temple School for Podiatry in Chinatown as I was growing up, and I was thinking to myself, why would I ever want to be a foot doctor, I hate my own feet with bunions and a wide width. But then, as I was growing up in college, just shadowing with different specialties of medicine, I wanted something hands on something that I can give patients immediate relief. So I was steering either towards dermatology or podiatry. And then looking at the lifestyle of both I kind of felt the podiatry route was with my calling. And I’m really glad I did that.

Ronak 1:24
Awesome. That’s amazing. So what was your experience like before joining MedCoShare and why did you decide to join us?

Dr. Wendy Le 1:31
So I finished my residency at Crozier Keystone Medical Center in Pennsylvania. And I took the normal route, which is the Associate podiatry role, podiatrist roll in the local area. I worked there for a year. And then I also then joined another private practice for podiatry is in sports medicine. And I’ve been doing that for the past six years, then it was just a chance. Now, when this opened up, when I saw their grand opening in the King of Prussia, location, it felt like it was a sign for me to maybe take my own pathway create my own dream of what I would like to be called my podiatry office.

Ronak 1:31
Amazing. So thank you for joining us and what sets your office apart from other podiatrists?

Dr. Wendy Le 1:43
So what we’re focusing on is more like certain niche services. So I’m not catering to everybody, because there’s a lot of great local podiatrists around the area, luckily, in our tri state area. Just providing something that is different in terms of options that maybe you have failed to normal, traditional podiatry treatments, and just not getting the results. So we’re just integrating more innovative technology, and minimal invasive or non invasive solutions for common podiatric problems.

Ronak 2:52
Okay, and what are some of the challenges you faced?

Dr. Wendy Le 2:55
Some of the challenges is, I would say, for podiatry starting up, even outside of residency is getting a job offer a package that is what you felt is your worth, with all the training that you did. And then also other challenges now that you’re in practice for the the petitioners out there is getting into insurance panels and learning the business side of podiatry and how hard it is for you just to be able to do what you’re ultimately signed up to be as a podiatrist as give patient care, quality care. Unfortunately, with the insurance model, was more paperwork documentation to get reimbursed or paid. Rather than unfortunately, the patient care kind of gets lost sometimes.

Ronak 3:40
Right? What advice would you give to other doctors entering either the podiatry practice or going direct?

Dr. Wendy Le 3:50
Yeah, so learning from my like now I guess eight years of practice. One professor I had an podiatry school said that medicine and it’s specifically podiatry is all a business at the end of the day. So if you have the opportunity now to get to start learning more about business and practice and marketing, that will be a good tool to have if you’re ever interested in venturing on your own to be to either direct care, podiatry practice or just a private practice yourself and be the owner.

Ronak 4:22
Yeah, marketing is definitely a challenge. You know, we’ve seen it when we launched MedCoShare, nobody knew what medical coworking was. And we spent over a year researching, you know, trying to create blogs, also work on our SEO, some, you know, articles that were published about us really helped us because those websites had a lot more exposure. But I would say the first year was very, very tough on us. So going back to, you know your practice of hybrid concierge. What are some of the benefits of your model versus the traditional model?

Dr. Wendy Le 4:59
The first benefit is all probably no long wait times. So we are not emphasizing on volume of patient to make ourselves make our ends meet, we want to offer quality care. So meaning you’ll be able to have your your appointment time be on time. And we spent about 45 minutes to an hour per patient, and then explain things allow you to have chance to ask questions, and then go over details of your care and anything that you may have any questions?

Ronak 5:29
Okay, can you talk a little bit about the fee structure?

Dr. Wendy Le 5:31
The fee structure, so the hybrid part of it is I will be accepting certain insurances, but not all. And then we offer cash packages for certain treatments. So if you’re self pay, or underinsured, or even services that we offer, now, the most insurance doesn’t cover for these. So essentially, you’re already going to be paying that out of pocket. So instead of just having double dip, where you have to pay your deductible from your insurance, you can elect to pay the services through a little bit of a what we call a package cash deal with all the treatments solutions in that, all to get you better and get you your results faster.

Ronak 6:10
Got it? Right. Yeah, I mean, I’m in, you know, in my 40s, and I’ve never had any foot pain before. All of a sudden, depending on what shoes I’m wearing, you know, it’s a lot of pain, depending on the activity. So I could be a patient of yours pretty soon.

Dr. Wendy Le 6:27
I’ll be happy to see. Yes

Ronak 6:29
So thank you so much for coming. I really enjoyed this conversation. Where can patients find you?

Dr. Wendy Le 6:34
They can find us in our social media pages on Facebook, Instagram, LinkedIn, as well as making a YouTube video series for education and just information you could check us out on our website. It’s steppingstonefootankle.com

Ronak 6:51
Dr. Le, thank you for your time and thanks to our listeners. If you want to hear more of these conversations as we dig deep into the lives of our members, please follow us on Spotify, Apple Music or wherever you get your podcast. Follow us on social media to hear more from our doctors and nurses as well as to keep updated on all things MedCoShare. We hope you’ll join us on the next one. Until then don’t forget to practice your way.

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Blissful Aesthetics & Wellness

Marybell shares her decade-long journey as a nurse practitioner and the pivotal moments that inspired her to venture into independent practice. From her background in vascular surgery and cardiology to her foray into aesthetic medicine, Marybell provides a glimpse into the evolution of Blissful Aesthetics amidst the challenges of the pandemic era. We explore the transformative power of autonomy, the importance of patient relationships, and the unique opportunities offered by collaborative spaces like MedCoShare. Through Marybell’s narrative, listeners gain valuable insights into the world of aesthetics and wellness, along with practical advice for aspiring practitioners entering the field.

Audio Transcript:

Marybell 0:48
Hi, Ronak. Thank you for having me on today. Yeah, it just feels like yesterday that I first walked into your facility and kind of joined the MedCoShare. I’m a nurse practitioner, actually, this year makes 10 years practicing as an NP, and kind of for three to four years venturing off on my own. I have an extensive background in vascular surgery, cardiology, and the vascular medicine and also aesthetic medicine. Blissful Aesthetic came to life in 2020. You know how we all went through this pandemic, but I’m still here. I’m still here and excited to see where we go from here now.

Ronak 1:23
Yeah no, that’s amazing. What was your experience like before joining MedCoShare?

Marybell 1:27
Um, so my experience is straight hardcore, working in the hospital for you know, the past five to 10 years. It’s just a different structure. Being an independent practitioner and having my own practice does give you that autonomy that, you know, you went to school to study for. And being around other like minded providers and professionals, does give you that sense of comfort. And also, your patient report is a little more, you know, intimate than in a hospital setting where it’s like, a fast paced in and out. So yeah, MedCoShare has sort of made one of my dreams come true.

Ronak 2:03
No, that’s awesome. You definitely took a risk with us, and we really appreciate it. The first year was really strange, because of COVID. You know, a majority of the office was empty. And it was just me and you sometimes and you know, one other person. And then we were interviewed by the Philly Inquirer. And that gave us good exposure. And you know, that we all definitely needed. But after the story went live, something interesting happened to you.

Marybell 2:28
Yeah, so I guess the Philly Inquirer is read all around different states as well. And the Philly Inquirer somehow hit I guess a prison system. I think it was in Fort Lauderdale, Florida. And then I did get a letter mailed to me to MedCoShare from for Blissful and Marybell, about someone I guess it was an inmate who read the article, it was very impressed that I was native from Philadelphia. And he was very excited for me it was a complete stranger. And yeah, it was very interested I guess, and me and my business, but we kind of chuckled at that. Because we couldn’t believe that like admit, you know, the media went that far. And we you know, people were that interested.

Ronak 3:10
Yeah. And I remember you telling me the story. And that was definitely pretty unique. So going back to Blissful, can you tell us a little bit about the services that you provide?

Marybell 3:19
Yeah, so it’s an Aesthetics and Wellness Center. So we do provide services such as skincare, micro needling, Botox filler, we also do the wellness as the vitamin therapies, whether it’s an IV injection, or IV infusion, I’m a real into like health, wellness, mind, body and soul as well. I’m also a Reiki certified, so I do incorporate like meditation, mindful meditation, as well in some of the the IV hydration sessions just to give you a more calm, soothing, like experience.

Ronak 3:54
And what are some of the challenges you face after launching your business?

Marybell 3:58
So one of the main challenges for me was, you know, like I said, when I started my aesthetic business, I have tons of training, and so forth. So it was just gaining that patient exposure and that, that commitment of patients to come to me. So the marketing was a little strange, because we were in the middle of a pandemic, and you couldn’t really mark at face value, it was kind of word of mouth, but my reputation means a lot to me. So obviously, I had a good reputation that people were inclined to send patients to me. So I was able to generate clientele through that way. But it was a little challenging in the beginning to try to get patients because no one was kind of like, you know, marketing or doing any networking at that time.

Ronak 4:41
Yeah marketing is typically a challenge, you know, for private practices, and that’s one of the reasons why we launched MCS Services. Yeah. So we did a survey of like what’s, you know, the the docs and the nurses pain points when they start a business? One of them being staffing the other one, marketing is a big one. And you know, especially in the Philadelphia region, you’re not just competing with other dogs, you’re competing with major major healthcare systems. So marketing is really, really important. What advice, so with that, what advice would you give to other NP’s entering the beauty business?

Marybell 5:16
I would definitely say do your research on the main thing for me, if you have your skill, your skill, but at the same time, you want to make sure that you are at like a good location. Because you want your patients to feel safe, you want your patients to feel comfortable, and you want them in a good space as well. Because I think when you’re in a good environment, either it’s lighting coloring of the facility, and just the energy, you want to make sure that it’s a place that you know, can work with you. And somewhere such as MedCoShare is exceptional, because as a starting provider, you know, you don’t know which way business can go. Businesses, they do go up and down. And the way the memberships are set up, that, you know, if you’re having a bad couple months, you know, it’s just a conversation, you can have a you know, downgrade your plan to something that’s more suitable for you and your business. And you don’t have to just close shop completely. And the other thing is that with the other providers in that facility, you can also network and try to grow your practice as well. And don’t be afraid to like reach out to other practitioners who are in practice, even if they do consulting, or offer like services to kind of help you get on, because it’s not a one man show. And that’s what I learned, like, you know, it takes a village and I feel like the support from MedCoShare and even other providers that I’ve met along the way had led me here to be practicing, you know, four years from the day I started.

Ronak 6:38
No, we’re definitely happy to hear that. And thank you for that. So what are your what’s your long term vision? What are your long term goals?

Marybell 6:45
So my long term goals is to open blissful up in every MedCoShare location, to have a full running like staff and just continue to add additional like services. Like I said, we’ve been going on for four years, it’s just been a one man show the providers just been me. And my clients, you know, I even do surveys asking, how would you feel if I bring another nurse on? And they’re like, No, we just want you but you know, it has to grow. And I will make sure that you know when I screen the next practitioner or nurse that they will provide the adequate and you know, care with compassion, empathy, it just has to be another me. But I’ll make sure that happens. But that’s just a long term goal. And I can see it coming to life soon.

Ronak 7:25
Yeah, no, we definitely want to support you in every way we can. MaryBell thank you so much for your time and thank you to our listeners. If you want to hear more of these conversations. As we dig deep into the lives of our members, please follow us on Spotify, Apple Music or or wherever you get your podcasts. Follow us on social media to hear more from our doctors and nurses as well to keep updated on all things MedCoShare. We hope you’ll join us on the next one. Until then don’t forget to practice your way.

Although many providers seem to be leaving private practices for larger health systems, private practices through medical coworking spaces continue to grow. In fact, according to MediCoReach, medical coworking is growing at an annual rate of 20%. Furthermore, a survey by Software Advice notes that for patients who have a preference between independent private practices and corporate healthcare, approximately 1 in 3 patients preferred independent private practices. Why is this, you might ask? The benefits of medical coworking are unmatched. Apart from not having to deal with restrictive leases, hiring support staff, and marketing your practice, medical coworking spaces like MedCoShare empower doctors to practice their way on their own schedule.

With medical coworking growing at such a speedy rate, private practice has also become more innovative. Here are the main trends in the private medical practice space today:

1. The Hybrid Revolution

It’s no surprise that after the COVID-19 pandemic patients are now expecting the convenience of virtual visits, but the most optimal working model for physicans and patients alike. According to the National Library of Medicine, nearly half of all physicians responing to a survey by the American Medical Association said 1 in 5 of their patient appointments were telehealth visits. Furthermore, a survey by Software Advice notes that practices using hybrid models saw a 39% increase in revenue and saw a 61% increase in patients. Flexible working models like these can be made easy by working in medical coworking spaces, as they allow for physicians to truly customize their schedule. At MedCoShare, some of our providers utilize the hybrid structure for patients who may prefer a mix of discretion through telemedicine while maintaining the continuity of care and focused attention that typically comes from in-person treatment. Embracing hybrid working models allows private practitioners to reach a broader patient base, improve access to care, and enhance patient satisfaction.

2. Patient-Centric Approach

Projections from a survey by SoftWare advice suggest that nearly 80% of patients are drawn to private medical practices due to the more personal relationship they can have with their doctor, with more than half of patients noting that the quality of care was better than in corporate health systems. Thus, tailoring your approach to patients is key—this can look like making your end-to-end scheduling flow user-friendly from point of contact to booking an appointment. Coworking spaces like MedCoShare, for example, offer a multitude of services that support private practitioners create a patient-friendly environment in our locations—from cutting-edge EHR and seamless RCM to trained and vetted medical assistants, billing and scheduling assistants, and practice managers.

3. Content is King

A report from SWEOR found that 3 out of 4 users make judgements on a company’s credibility based on site design. Furthermore, according to Medical GPS, nearly 90% of Americans use social media for health information and searches. Digital marketing for doctors is here to stay and only growing. Investing time into building out a robust website with user-friendly design and building out content on social media can generate 3 times as many leads as outbound marketing and costs 62% less as noted by Semetrical. At MedCoshare, with MCS Services, we offer digital marketing services including search engine optimized website design and content creation like short-form videos, blogs, and infographics to get private practice doctors one step ahead of the game.

In conclusion, the future of private practice is brighter than ever with the rise of medical coworking spaces. By embracing newer trends in the space and staying informed, private practice physicians can position themselves for success and focus on providing high-quality care. To learn more about how to grow your private practice, schedule a free consultation with us: https://calendly.com/mcsservices/30-minute-complimentary-mcs-services-consultati-clone?back=1&month=2024-03

Sources:

https://www.medicoreach.com/a-new-wave-of-shared-workspace-medical-co-working/

https://www.softwareadvice.com/resources/independent-corporate-healthcare/

https://www.sweor.com/firstimpressions

https://blog.medicalgps.com/social-media-and-healthcare-10-insightful-statistics/

https://www.semetrical.com/content-marketing-statistics/#:~:text=Content%20marketing%20generates%203x%20the,generate%20the%20highest%20ROI%20possible

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10364039/#:~:text=About%20half%20physicians%20(46.8%25),also%20do%20them%20at%20home.

https://www.softwareadvice.com/resources/hybrid-medical-offices/

MedCoShare Eliminates Barriers of Entry for Private Practices

Private Practice Made Simple

Flexible Offices & Exam Rooms
Adaptable, private medical spaces for diverse healthcare practices

On Demand Staffing Support
Immediate access to trained medical, billing, and scheduling staff as needed

Medical Practice Marketing
Expert promotion and patient acquisition services

No Overhead
Eliminate facility-related costs and restrictive leases

Essential Equipment
All common equipment and exam tables offered at no added cost

Secure Storage
Safe, HIPAA compliant document storage and ample equipment storage

How MedCoShare Works

Step 1

Membership agreement is simple; making turnaround time to see your patients as quick as possible

Step 2

With your provider access, log-in to our online portal to schedule your time slots

Step 3

Begin patient care

Healthcare Co-Sharing Space Now Pre-leasing in Pearland!

Are you looking for flexible medical space near Houston or Texas Medical Center? Enjoy the convenience to setting your own schedule, working with your peers, and avoiding the hassle and overhead of leasing or buying office space.

Address: 3129 Kingsley Dr, Units 1930, 1940, 1950, Pearland TX, 77548

MedCoShare Versus Traditional Buying or Leasing Medical Office Space

Buying
or
Leasing

Practice Full-time or Part-time
Various membership plans tailored so you pay only for what you need

Convenience
Maintenance and cleaning is handled in house, by MedCoShare

Turn-key Space
All rooms are completely fit out with common equipment and exam tables

MCS Services
Access to internal support services to boost your business goals

Digital Marketing

Web Solutions

Staff Support

Networking Opportunities
Opportunities to collaborate and cross-refer with other members in your location

HIPAA Compliant Document Storage
Maintain practice focus with confidence of regulatory compliance

Sign-up by May 31st and get your first 2 months free!

GET STARTED

Why MedCoShare

79% of our healthcare providers have had the opportunity to collaborate with and refer patients to their fellow physicians

MedCoShare’s medical coworking spaces can save private practice doctors 56% annually on rent expenses.

Practice your way.

FAQ:

How long are the memberships?

MedCoShare membership terms are month to month, you can cancel whenever you want.

Can I bring my equipment?

Yes, full time members can keep their equipment in office, while part time members must take equipment with them as they have sessions.

How long does it take to get started?

You can get started as soon as the membership contract is signed.

Who handles cleaning and maintenance?

All cleaning and maintenance is handled in house with no cost to member.

How do patients sign in?

Patients sign in on the iPad upon entry, then the member receives a text message that their patient has arrived.

Featured In...

StartUp Health

What Our Providers Have To Say...

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