When starting a private practice, physicians often lease medical office spaces in a convenient location. Most medical offices are therefore just many small leased spaces sharing one office. Nowadays, however, medical office space is changing. Instead of leasing a small space of their own, physicians are leasing large, shared spaces.
This trend is likely to have been brought on by the rise in office co-working spaces all around the world. Want to learn more about shared medical spaces? Read on to find out!
What makes shared medical spaces so appealing?
The healthcare industry has changed quite a bit in recent years. In the past, everyone seeking medical care would head to a hospital. Now, however, people are increasingly opting to visit private practices. There’s more than just the change in healthcare that makes shared medical space so appealing.
A private practice run by a single physician still requires a waiting room, a nurse, administrative staff and medical equipment. Several single physician practices are able to share the same waiting room, nurse, administrative staff, and medical equipment. That means they can cut down their costs quite significantly. The result of this change is that a growing number of doctors are choosing to sell their practices to larger groups or working together with other doctors to create a new group.
How are lease deals for shared medical spaces structured?
Lease deals for shared medical spaces are quite similar for lease deals for a private practice. Since most of the office is shared, three physicians could lease a property of around 3,000 square feet rather than having to lease 1,500 square feet of space each. The more doctors group together, the less square feet per doctor is required.
That means the lease costs that each physician has to pay is less as well. Larger spaces certainly cost more than small spaces because there just aren’t as many of them. When it all comes down to it, however, the price paid for shared medical space is a lot cheaper than private space.
How are trends in shared medical spaces similar to those of office co-working spaces?
Although professionals sharing medical space and professionals sharing office space are both looking for efficiency, there are some differences between the two. Shared medical space is usually occupied by practitioners belonging to the same group or network.
Physicians, landlords, venture capitalists, and entrepreneurs are certainly talking about it, but the possibility has yet to really be explored. There’s no doubt about it, however. Co-working is becoming a bigger part of industries everywhere and there will certainly come a time when any independent practitioner can rent space in a shared office.
What are the pros and cons of a shared medical space?
Most of the pros of a shared medical space are in the reduction of expenses. Since everything is a lot more streamlined and efficient, everyone saves money. The main con is that some practitioners may not want to be sharing a space.
Unfortunately for them, it will be a struggle to survive against the big players on their own. Sharing office space, apartments, and even car rides are becoming increasingly common and it’s only a matter of time before doctors have to do so as well.
Clinic Cube is a shared office space for physicians and chiropractors. Get in touch today to see how we can help!