There’s no question about it: a relatively young concept that disrupts the centuries-old healthcare industry is here to stay. This year medical coworking celebrates its fifth year. Created in 2017 in New York by a company called Lina, medical coworking is a rapidly growing international industry reshaping how independent health practitioners work, live, and care for their patients.
It is no surprise that the concept of flexible medical space saw quick adoption among health and wellness professionals. It was embraced as a long-awaited relief, finally helping them overcome common barriers to independent practice.
Despite a slowdown in growth, the medical coworking industry came out alive and strong following the COVID-19 pandemic and is expected to continue growing and thriving in a post-pandemic world. The medical coworking space will continue to advance quickly in the coming year, further developing its identity and experimenting with various business models and offerings.
Here’s a look at five major trends defining medical coworking today and what they mean for the future as the industry evolves.
1. Growing demand for flexible medical workspaces
After a brief drop in 2020 in many key markets, such as New York, medical coworking occupancy levels stabilized and gradually increased throughout 2021, reaching pre-pandemic levels in the first months of 2022. Ever-growing overheads and increasing pressure from major hospital groups' market consolidation are pushing independent health practitioners to find new ways of hedging their risks and increasing efficiency. As New York has shown, coworking operators continue seeing a sharp increase in practitioners looking to leverage the advantages of flexible medical space-as-a-service solutions.
2. Localized working and satellite offices
Another trend that has been growing for some time due to a rise in global mobility and an increase in work culture flexibility due to a pandemic is the concept of localized working and satellite offices. Of course, it’s not financially viable for an independent health practitioner to lease and fit-out multiple offices, so they’re going to rely on the services of medical coworking operators. This model is an ideal, low-risk solution for practitioners who want to expand to new areas and increase patient access and volume, or simply cut their commute time a few days a week. Medical coworking operators will continue expanding and branching out across state lines due to the demand for satellite offices. One of the major moves in the industry this year will be Lina’s expansion into the South Florida market and diversifying its New York portfolio with a new location in Aventura.
3. Tech-powered workspaces
Leveraging smart technologies and automation will continue playing a significant role in lowering overheads and improving the management and productivity of the shared medical office spaces. Technologies such as self-check-in kiosks, access cards, coworking space management software, booking systems, automated invoices, etc., make it easier to run a shared space, keeping everyone working at top efficiency and enhancing the personalized and seamless members’ experience.
4. Spotlight on concierge amenities
Medical coworking spaces are evolving and becoming community-oriented, patient-centered, full-service locations that provide a diverse range of services beyond the typical medical office. Front desk reception and secure patient check-in, meeting, event, and outdoor spaces, complimentary refreshments, cleaning, and mail services are just some of the additional services offered to create a full-service concierge experience available at no extra cost to members.
Many operators will continue expanding their offerings, striving to provide their members with each service they might need during the day. Space-as-a-service will remain the foundation of the medical coworking model, with other revenue streams built atop it. Examples include in-house marketing and creative services, additional IT support, and patient acquisition solutions.
5. Focus on community
Since its inception, being part of a sharing economy, coworking embraced and built upon the concept of a strong community behind the shared spaces. Medical coworking is no different. As the world is slowly getting back to normal, people are eager to reestablish their human connections. 2022 will be a vital year to revitalize community-building efforts by helping like-minded professionals network, refer patients, and develop friendships and partnerships.
Moving forward, the medical coworking industry will undergo changes to align itself with the ‘new normal’ of a post-pandemic world. There will be more fluidity and customizations to the model that will allow medical coworking to position itself as a more viable option for independent health practitioners in the coming years.
Frequently Asked Questions
What are the top coworking trends in 2023?
Based on the current landscape, we expect several major trends to continue shaping the medical coworking industry in 2023. These include:
- Localized Workspaces: As medical professionals look to expand their practice and reach, the demand for localized and satellite offices is expected to grow. This is particularly relevant for practitioners who aim to serve patients in various geographic locations.
- Advanced Technology Integration: The rise of smart technologies like self-check-in kiosks, access cards, and coworking space management software is anticipated to facilitate smoother operations, reduced overhead, and enhanced user experience.
- Full-Service Amenities: The focus on creating a holistic, full-service experience—ranging from concierge services to in-house marketing support—is set to amplify, creating spaces that are much more than just workstations.
- Community Building: As the world returns to a state of 'new normal,' there's an expected push towards revitalizing community-building efforts. This will allow practitioners to network more effectively, refer patients among each other, and foster stronger professional relationships.
- Customization and Flexibility: In alignment with a post-pandemic world, we anticipate more custom solutions to meet the varying needs of different medical practitioners, whether they are startups, established practices, or something in between.
What problems does coworking solve?
Medical coworking solves several key challenges that independent health practitioners commonly face:
- High Overheads: Traditional medical offices often require a substantial initial investment and recurring costs, making it financially challenging for many to set up an independent practice. Coworking spaces dramatically lower these costs.
- Isolation: Practicing medicine independently can be isolating. Coworking spaces provide a community of like-minded professionals for networking, referring patients, and even social support.
- Regulatory Hurdles: Setting up a medical practice involves navigating a complex landscape of regulations and compliance. Coworking spaces may be mindful of some of these aspects, allowing medical professionals to focus on their practice.
- Operational Efficiency: Advanced technology and administrative support relieve medical professionals from non-core activities, such as patient check-ins, secure wifi service or facility maintenance, allowing them to concentrate on patient care.
- Geographical Limitations: For those who wish to extend their reach to different localities without the commitment and cost associated with leasing multiple locations, coworking offers a feasible solution.
How are coworking spaces changing the future of work?
Coworking spaces, specifically in the medical industry, are radically changing the way independent health practitioners approach their work. They offer:
- Flexibility: Gone are the days where one was tied to long-term leases. With medical coworking, professionals can choose when and where they want to work, even opening up the possibility of multiple satellite offices.
- Community-Oriented Practice: The coworking model inherently supports a strong community, facilitating networking and collaboration and enriching the professional lives of independent practitioners.
- Business Model Innovation: The space-as-a-service model, coupled with various revenue streams such as in-house marketing, IT support, and patient acquisition solutions, offers a different way of thinking about how a medical practice can operate and thrive.
- Patient-Centric Services: The focus is on creating a holistic, seamless experience for patients, right from check-in to check-out, thus increasing patient satisfaction and, consequently, the overall success of the practice.
- Technological Adaptation: With integrated smart technologies, the industry is fast-adopting advancements that can automate mundane tasks, streamline administrative duties, and improve patient services.
What makes medical coworking different from regular coworking?
Medical coworking is specifically designed to meet the unique needs and requirements of healthcare providers. This includes special considerations for patient privacy, HIPAA and OSHA compliance, offering patient-centric amenities, and even providing specialized medical equipment in some cases. It's more than just a shared workspace; it's a shared healthcare ecosystem.
How is the medical coworking industry adapting to the post-pandemic world?
The industry is expected to undergo several changes to align with the 'new normal.' Some key aspects are an increase in custom solutions to suit individual practices, an enhanced focus on creating safe and hygienic environments, and additional measures for contactless operations, such as virtual consultations and automated patient interactions.
By solving real-world problems for independent health practitioners and adapting swiftly to changing circumstances, the medical coworking industry continues to be a game-changer in the healthcare sector.