Ep. 8 - Ronak Vyas: MedCoShare | HLTH 2023

Ronak is the CEO and Co-Founder of MedCoShare, a healthcare-oriented cosharing space. MedCoShare offers a flexible alternative to traditional office space leasing for healthcare professionals. Enjoy the show!

Episode Transcript

(00:08):
Thank you for visiting the Medi Ops show brought to you by the Medical Logistics and Transportation Organization,
Medi Ops.
I'm your host Ryland Stone.
Today we are speaking with Roo Vas Roo is the CEO and co-founder of Medco.
Share a health care oriented cos sharing space.
Med Khare offers a flexible alternative to traditional office space,

(00:30):
leasing for health care professionals.
This was recorded live at health 2023.
I hope you enjoy the show.
Hey,
Ronak.
Thank you so much for coming on the show today.
Yeah.
Thanks for having me,
Ryland.
Yeah.
So let's jump right into it.
Give me a little bit of background on yourself.
Let's go back.
Tell me about uh personal life,
family,
anything like that?
Yeah.
Um So I live in Philadelphia with my wife and identical twin daughters.

(00:53):
Um I also have a dog named Chess.
So we've been there for about 15 years.
Um Great city.
We,
we,
you know,
we love being there.
Um have family and friends all in that area.
So um yeah,
lucky to have gone to school there and then start my family there as well.
Very,
very cool.
So we'll just now we'll,
uh,
kind of jump forward quite a bit and talk about Medco share.

(01:14):
Give me a little bit of background on or a 32nd elevator pitch on what that is.
Sure.
So Medco share is medical co-working spaces for health and wellness providers.
Um It's turnkey space that they can get started,
um,
for as little as $500 a month and in,
you know,
in less than a week,
um to,
to get up and running,

(01:35):
that's super impressive.
And I I'm assuming if I'm a health care provider and let's say I'm a physical therapist or something like that,
I could come to you all and say,
hey,
I'm,
I'm starting my practice.
I need a little bit of space.
Yes.
Yes,
absolutely.
So you can practice part time.
Um So if you want to be there,
let's say two days a week,
you can or if you want your full time practice there,

(01:56):
we also have the ability to do that.
So the full time rooms,
you know,
you can come in and customize,
customize it,
you get 24 7 access to the space.
Um So there's a lot more kind of marketing and uh flexibility to customize it to how however you want to.
Yeah,
I'm sure by just offering that service,
you're increasing the amount of docs who can uh they're not having to go invest.

(02:20):
What I would assume is a lot of money in their own space.
No,
you're Absolutely.
Right.
So to,
um,
to get started,
it's usually between 100,000 to a million dollars when you go the traditional route.
Yeah.
So,
you know,
if you want to buy a building,
um,
that can get pretty costly.
But even if you want to lease,
you know,
you have the secure deposit,
um,
you have the potential fit out costs and then you also have the time it takes to get everything operational,

(02:45):
whether,
you know,
it's permitting construction,
whatever it is.
Um So it can be a long process and also a costly process.
So we get rid of,
you know,
that entire uh headache and uh because it's turnkey medical space,
you know,
like I said earlier,
you can get started really,
really quickly.
Ok.
So you guys go in,
you,
you lease or rent the space or buy the space and then you kind of cut it up and what,

(03:09):
what's your revenue model to a dock?
Am I leasing from you all?
No.
So it's actually even better than that.
It's a membership model.
So think of a gym membership where you're paying month to month,
right?
So that's what it is for us.
And then you can basically,
um you can uh pay,
you know,
for,
um like a longer period of time if you wanna like lock in rates.

(03:31):
So if you wanna pay for a year,
you can,
um and then,
you know,
you get the discount for being able to do that.
And then because we have multiple locations,
you get discounts for being in multiple locations.
So you can basically create a how it smoke model for your business.
Um with just one membership.
That's really,
really cool.
What,
where are you guys right now?
If I have a doc?

(03:52):
Yeah.
So we're based in Philadelphia and we have another location in South Jersey in Marlton to be specific.
And then one and we just opened in King of Prussia earlier this year.
Great.
Well,
congrats,
it sounds like you guys are just really running and expanding quickly.
Yeah,
thank you.
Appreciate it.
That's really cool.
What has been some of the challenges you faced up until this point?
How old is the business,
by the way?
It's three years old?

(04:13):
Ok.
So in those three years,
what have been some challenges that you've encountered building this company?
Yeah.
So one I would say is marketing to the docs and just making them aware that this exists.
Um You know,
it's a great a product,
you know,
when they find out about it and when they need it,
but a lot of them aren't familiar with it.

(04:33):
And then,
so there's that learning process that you have to,
you have to do and then with the patients themselves,
they're not used to a medical co working space.
So when they walk in,
they don't see their doctor's name,
you know,
on the back wall.
Um It's not their receptionist at the front,
it's,
you know,
it's staff.
So you also have to teach uh the patients as well the new model of doing things.

(04:55):
But other than that,
it's been um it's been well received and then once patients become familiar with it,
they actually like it because now they can see multiple docs all in the same place.
Right?
That,
that's super cool.
And you did mention something right there that I'd love to touch on.
You mentioned that you have your own receptionist.
But I think you guys have a lot of other services that you're currently building and offering to these uh docs that are coming in.

(05:19):
Yeah.
Yes,
absolutely.
So we recently launched a ser services division where we're offering marketing services as well as the use of our medical assistant on,
on an hourly basis.
So if you're coming in once a week,
right?
And you just need an ma for,
for one day,
you don't want to hire a full time employee for that,
you can just contract out um one of our MA s and that helps you.

(05:40):
We know it's staffing and then marketing because a lot of docs aren't really familiar with the uh the new ways of marketing to get patients.
Right.
So we're just trying to be a little bit more engaging with patients and getting like getting them like a new patient pool.
So we're,
we're,
we want to build out additional services uh over the course of the next few years.

(06:01):
But basically,
uh,
we're gonna be a private practice accelerator and they can come in and it's gonna be turn key everything from the space to the services that need,
that you need to have to run a private practice.
So you guys,
you're not just like a,
a landlord,
you're a partner with these M Ds.
Exactly.
Yeah,

(06:21):
that's really cool.
Uh,
that,
I really like that.
I think you guys are gonna really increase the amount of docs you can practice and bring that patient care to patients at a,
at a greater scale than might currently be possible.
Yeah,
absolutely.
Like just increasing access to care is important and building this out,
you know,
throughout the country,
you know,
will definitely increase,
um,
I think patient satisfaction because they're gonna have access to,

(06:45):
uh,
more and more docks in neighborhoods where they live in.
Yeah,
for sure if I,
what,
what's kind of your expansion plan right now?
So,
I,
I'm in Denver.
When will you guys be there?
When can I expect a med Coach Air in Denver?
I mean,
I'd love to be there tomorrow.
I mean,
Denver is a beautiful city.
Um,
but we're gonna,
you know,
we're gonna be strategic about our expansion.
You know,
first we're gonna focus on the northeast.

(07:06):
Uh,
so go up,
going up to New York,
uh,
Connecticut,
Massachusetts and then also down south to DC.
And then after that,
we're going to focus on other regions like Florida,
Texas,
West coast Midwest,
eventually Denver,
we'll get there.
But yeah,
the goal is to definitely be nationwide.
Very,
very exciting as you look at the next five years.

(07:29):
Is it just that growth that you're really focusing on?
What's the next five years look like?
So it's not just growth in terms of location,
it's also growth in terms of the service offerings,
right?
Uh I think that's really important to be able to offer just a one stop shop for Docs for,
you know,
in private practices.
Um I think hopefully,
you know,
our goal is to reverse the cycle of practices just constantly being bought out and merging with hospitals.

(07:55):
Um You know,
there's a lot lot of dissatisfaction when that happens from,
from the doctor's perspective,
you know,
they want autonomy,
they want flexibility.
So for us to be able to provide that in multiple markets through medical co working spaces,
that's the ultimate goal.
Yeah,
you're letting doctors focus on their core competency and outsource all the overhead and all the other stuff.

(08:17):
Exactly.
You got it.
That's great.
Well,
thank you so much for coming on the show.
If anyone wants to connect with Medco share or yourself,
where can they find you?
Yeah,
so they can go to Metco share.com.
Um and also shoot me an email at info at Medco share.com.
Great.
Well,
thank you so much for coming on the show.
Thanks for your time.
Thanks.