New York, NY
A medical coworking environment offers physicians a fully managed business facility, with bite-sized pieces to fast track the private practice pathway. Here, we take a look at some of the benefits and added services that medical coworking spaces such as Clinicube® have to offer.
Coworking spaces are cropping up in all corners of industries, and healthcare is no exception. The thought of different medical services all lined up on one coworking desk does paint a strange image, but the foundations work. They have given entrepreneurs a leg up, allowed freelancers to keep their independence, and disrupted long-held business norms. And now, collaborative workspaces are proving to be perfect for physicians looking to overcome the challenges of setting up a private practice on their own.
Better Healthcare Experience
Battling with overhead costs, low reimbursement rates and real estate expenses, physicians are often left with little choice other than to succumb to a larger healthcare system that can handle regulation strains and afford expenses. Many consider this abandonment of private practice as a decline in US healthcare. While a larger healthcare system does not necessarily mean a drop in the healthcare experience, it is a move away from personal care.
In small, privately owned practices, a returning patient is always recognized, perhaps even on first name basis with the receptionist, and is therefore treated with better care. In a large medical establishment, such as a hospital, where most of these physicians are having to turn to, this personal experience is lost.
A medical coworking space therefore allows physicians to maintain their standard of care, while acting as a larger collaborative care environment that can see to the administration and fees that are currently detering private practice care.
Real Estate Platforms
Physicians starting their own practices are slammed with real estate fees. Medical coworking is therefore an obvious fix. Clinicube® ’s 5,000 square foot medical coworking space in Manhattan, New York City, is specifically designed for practitioners seeking affordable office spaces that also offer reduced expenditure on operating costs and overheads.
Coworking spaces open the door for solo practitioners and even consolidated practices to operate in cities such as New York, while keeping their expenses lower than if they were to go the traditional route.
EHR & Billing Support
Medical coworking is designed to offer a supportive workspace geared towards the physician practice and what they will inevitably require to practice medicine efficiently. Having an already operational EHR and in-house billing staff trained to oversee and manage billing is part of this and eases the transition of any practice into a coworking space.
Moreover, EHR & billing support adds another layer of efficiency, which in turn leads to higher profit margins and smoother operations. Electronic billing eliminates paper claims and reduces insurance reimbursement turnaround times from 30-90 days to 2 weeks, thereby bolstering cash flow.
Services to run an efficient practice
Medical coworking spaces come armed with an administrative operating shell. From HR services to digital and marketing support, and even 24h access with full-time reception staff, physicians can not only avoid heavy real estate costs, but also extra staff costs. Plus, with integrated technology and modern design sensibilities, medical coworking can even reduce the administrative work of physicians so their hands can be put to better use treating patients.
The Benefits Of Medical Coworking