You’ve probably heard about the idea of a coworking space.
It’s a great way for entrepreneurs and start-ups to get an office space for a relatively low price compared with buying and setting up your own office.
They’re quite popular among tech entrepreneurs, law firms, solo consultants, and others who want the freedom of an office space without the hassle of all the overhead.
What you might not have known, however, is that medical coworking spaces are also a thing.
Also known as medical time shares and flexible medical offices, medical coworking spaces are gaining in popularity.
We’re Symbiosis, a Washington DC medical coworking space, and if you’re wondering how you can leave the confines of your high-stress corporate medical or healthcare position, we can help.
Read on to find out about medical coworking spaces – what they are, how they work, and how Symbiosis can help you build your own practice.
What Is A Medical Coworking Space?
A coworking space is an office arrangement where you have a space along with other small businesses and entrepreneurs.
You share space, as well as resources, which gives you the benefit of having an office without all the drawbacks of having to run it yourself.
While it’s most commonly associated with millennials and tech start ups, all sorts of businesses and professionals can make use of a coworking space.
These include lawyers, consultants, accountants, bookkeepers, trades people, writers, architects, financial planners, and many more.
The important thing to remember, though, is that while there may be dozens of businesses connected with a coworking space, each is still its own entity.
The fact that coworking space members share a mailing address, a kitchen, and a client meeting room doesn’t matter – they’re still independent of each other.
So long as you pay your membership fees and don’t leave your dirty dishes in the sink, you’re free to operate your business as you please.
A medical coworking space is the same idea, with the only caveat being that it’s limited to private healthcare practices.
As a healthcare provider in a medical coworking space, you share space, medical equipment, Reception area, furniture, and other expenses, but you still remain an independent practitioner.
Benefits Of Medical Coworking Space
If you’re like most healthcare providers thinking of starting their own private practice, your only idea of how to do so is through building your own clinic.
This is, of course, an option, but more and more providers are looking at starting their private practice through a medical coworking space.
The reason is that there are a number of benefits to medical coworking spaces.
Let’s take a look at them now.
1. They’re A Lease-Free Arrangement
If you want to build your own clinic, you need a space to build it in.
And unless you happen to also be a real estate mogul, chances are you’ll have to sign a commercial lease in order to get access to a space for long enough to build your clinic.
These leases can be incredibly costly, since not only does the rent in good neighborhoods tend to be high, most commercial landlords will want you to lease the space for at least a few years, sometimes up to ten or more.
Add on the fees for a commercial real estate agent, and you’re looking at a hefty chunk of change.
With a medical coworking space, they’re usually lease free.
With Symbiosis, for example, we offer space licensing for as short as 6 months, leaving you on the hook for less if things change.
That might sound like the same as subleasing space, but it’s different.
This is because with a sublease you still have all the same obligations and liabilities as the person on the lease.
Meanwhile, with a space license, it’s a contract that gives you the right to use a space for a specific purpose, which doesn’t hold you to the same obligations and liabilities that a lease or sublease would.
2. They Save You Time
Many healthcare providers end up spending a significant portion of their time on administrative tasks.
Things like booking appointments, following up with cancellations, data entry, responding to emails, dealing with insurance companies – the list goes on and on.
With a medical coworking space, you get access to competent front desk staff that will take care of all of this for you.
Rather than spending up to a third or more of your time with admin tasks, you can cut it down to nearly nothing.
3. They Lower Costs
We already talked before about how cost prohibitive commercial leases can be.
However, there’s more to opening your own clinic than just leasing a space.
Once you actually lease your space, you’ll have to renovate it.
You might need certain equipment depending on the type of practice you run.
You’ll need to hire a front desk person/admin worker.
You’ll need a cleaning company to clean.
Point of sale system bills.
The list goes on and on.
With a medical coworking space, you can toss all that aside.
Your monthly dues will cover all of the above.
4. They’re More Flexible
With a traditional lease, you’re restricted by the size of your space.
It’s as big as it’s ever going to get, and the only way you can grow is by leasing the space next door or moving into a larger facility.
And at the same time, you’re likely to end up with more space than you need in the beginning, until your practice grows into it.
With a medical coworking space, your membership can grow with you.
With Symbiosis, you can increase the amount of time you have for your clinic, so as your patient roster grows so can you.
And, if you’re looking to wind down your practice and get ready to retire, you can decrease your membership as you need.
Contact Symbiosis Today
Are you ready to start your own private practice, and looking for options other than the traditional clinic model?
Tired of your corporate health care job, and want to start out on your own?
Contact Symbiosis today.
1331 H St NW Ste 200,
Washington, DC 20005
Our Practice In A Box solutions take all the headaches out of opening and scaling your own private practice. We provide the clinic medical coworking space, operations, management, and more. Do what you do best – practice medicine – and leave the rest to us. From start to finish, we make sure your business is ready and thriving. This is what makes Symbiosis the smarter choice.