Two real estate developers, one a trained physician, have had success with a co-working medical office concept called MedCoShare in Philadelphia and now intend to take the idea to urban streets and retail centers nationwide.
MedCoShare’s first location in a building in Philly’s Fishtown neighborhood is bustling with professionals who range from chiropractors to acupuncturists to cardiologists, all of whom wanted part-time workspaces in a prime location. Spaces can be rented for as short a time as half a day a week.
“When Ronak came to me with this idea he explained that, if you are a healthcare provider and want a space to practice, and you’re an independent, it’s really hard to find space that is flexible,” said Greg Goldmacher, the doc-turned-pharma executive, referring to his MedCoShare partner Ronak Vyas. “If you’re a provider who wants to practice part-time, or a doctor who wants to test a certain area and not commit to a five-year lease, it’s difficult.”
Unlike standard co-working offices, MedCoShare provides its special tenants with amenities such as EKG machines, secure storage for special equipment, medical waste removal, and clinical exam rooms with sinks and examination tables.
MedCoShare’s first expansion will be a 5,400-sq.-ft. space in a Class A building in the southern New Jersey town of Marlton. As they expand, Vyas and Goldmacher will have their eyes out for space in high-traffic areas and centers.
“Our space in Fishtown has a street entrance. It’s not tucked away inside a building. And we recently toured a space on the Main Line with retail on the ground floor.” Vyas said. “We like being next to that retail component.”
Both partners believe that they are creating a new kind of medical space that will prove beneficial to providers and patient alike.
“It’s almost impossible for a provider to practice cost-effectively on a part-time basis,” Vyas said. “Our solution removes all of the risk and cost for them so they can focus on building their practices.”