KOP Insiders delves into the stories of the people who make King of Prussia one of Pennsylvania’s most dynamic live-work-play-stay destinations.
In depth interviews provide insight into the companies that make up our diverse business community and put a face to the individuals behind the business. In this edition, we are joined by Ronak Vyas, CEO and Co-founder of MedCoShare.
Can you give us a little background into MedCoShare and your role in the company?
I am the CEO and one of the four co-founders of MedCoShare. We started as an idea back in 2018 but it took us about two years to raise money, develop and execute a business plan, and secure our first location.
What we do is medical co-working spaces. We have also added additional services to the company so we’re able to contract out our medical assistants on an hourly basis and we just launched a marketing division in-house to help doctors market their practice.
Our goal was to solve the three biggest problems doctors experience when starting a private practice. Number one, the cost of real estate and the commitment to buy or lease is typically the first or second costliest expense next to payroll. The high cost of a full-time staff is the second problem we found. If you’re a part-time practice or traveling to multiple locations, it’s hard to justify full-time salaries. Then there’s marketing, which we found is the third problem that most of the doctors stated is on their list. Marketing a private practice is not taught in medical school. Doctors typically outsource this to marketing agencies but most of the agencies are geared toward hospitals or large groups.
How many locations do you have at this point?
We currently have three locations- one in Philadelphia, one in South Jersey, and our newest and third location is in King of Prussia.
What motivated you to look at King of Prussia for your third location?
I’ve been coming to King of Prussia for the last 15 years and I remember back then, there was just the mall and a few restaurants. My background is in commercial real estate, so I’ve been following the growth of KOP over the years and watching all the great things happening in the district. The reason we wanted to open a location in KOP was not only because other companies and new people moving to the area but because we wanted to become a part of the growth and success story of this region.
Have you received any feedback since opening this MedCoShare location?
It’s been a lot of positive feedback. We had three doctors sign up even before it was open and without seeing the final product, which is just a testament to their belief in our idea and how much they value being in King of Prussia. We’ve also been told that our spaces are aesthetically pleasing with a very modern and contemporary look and feel for a doctor’s office.
What aspects of KOP make it the right fit for your business?
Historically, KOP has been a retail destination with the main attraction being the mall. For me, it was a place to go shopping and not where people lived and worked. In recent years, with the mall expansion and additions like the Town Center and other housing and business developments, a high population has been moving in. Because a lot of medical offices, hospitals and professionals are centered around the downtown Philadelphia area, we felt that this large new population in KOP was underserved. When CHOP [Children’s Hospital of Philadelphia] started expanding, it was evident that more healthcare workers were looking to move into the area. We knew opening a location in King of Prussia would benefit this community and was something we did not want to miss out on.
What advice would you give to someone thinking about opening a business or relocating to King of Prussia?
I would say being a part of an area that’s growing and has a vibrant community is always a positive in a business. When I’ve seen businesses struggle it’s typically due to a decline in population, a stagnant economy, strict tax laws and/or other outside factors that make doing business difficult. With KOP, it’s the perfect opportunity because you have a growing population, growing businesses and a growing consumer community with like-minded peers.
What are some of your favorite things to do in King of Prussia? Either you, your family, or both?
I love the park. Hiking and biking are my favorite ways to relax and get some fresh air. Obviously, my wife loves the mall and shopping. She recently did the Friend’s Experience and loved it. The restaurants and dining options are amazing. We love going out for meals. I think bartaco is our new go-to place. When I’m with friends, we go to Valley Forge Casino and spend time at the roulette table.
The floor is yours. Would you like to share anything else about MedCoShare?
There are so many benefits of working with MedCoShare. We are B2B, we sell memberships to doctors, and they benefit by getting to open a practice quickly and affordably. Our memberships start at $550 a month and there’s no long-term commitment. Another benefit is having several different specialties in the space builds an informal referral community. Everyone starts to work together, and it creates a unique experience. Patients who typically must wait months to see a specialist, now can see someone within two weeks or less because of the doctors’ flexibility to set their own schedules.
Being in KOP allows us to provide greater accessibility to doctors in this community. We’re doing specials from now until the end of the year to get new members to sign up. Currently, we’re offering 10% off for six months for any of the membership packages. It’s month-to-month, so if someone wanted to try it out to see if they liked it and whether they’d grow their practice now would be thetime to do it. Because we just opened there are several different types of rooms to choose from, so it truly is a great time to get started.
MedCoShare’s vision is to enable physicians and other healthcare providers to get office space that meets and adapts to their changing needs and support a renewed flourishing of private practice in the United States.
170 N. Henderson Rd. # 310, King of Prussia, PA 19406 | medcoshare.com