Have You Ever Considered Going Into The Medical Space Rental Business?

I've seen this in the Philippine and Australian setting where there are doctors who have multiple offices. For example, a doctor in the Philippines might have an office in a hospital but after a few hours hold office in their own office just a few blocks from the hospital.

But I noticed the same thing in some medical offices in Australia as well. Here, there would be doctors for example who would conduct office in a shared clinic with other doctors at some days of the week and at some days conduct office in their own clinic or another shared clinic.

Why do some doctors do this and not just stay full-time in one location? I can only guess it’s due to economics: There would be times when certain medical offices would not have enough patients for the given day that is why doctors move from one medical office to another.

In such a setup, there is a sharing relationship when it comes to profit from patients between the doctors temporarily staying at a medical office and the medical office. In essence, doctors are acting like free agents.

It is usually the business that rents out its facility to doctors and other medical practitioners. It could be as simple as a person renting a room/s in their building to medical practitioners or it could be as complex as also including the rental of medical equipment.

But you might say: “But isn’t this just a normal rental business because you’re just renting out office spaces to working people?” This might be true in a way but you must understand that you are not renting to commercial tenants by the day, week, month or year.

With a business like this, you could be renting out the ofice spaces yourself and just sharing the profits from the patients your contracted doctors are treating. Sounds confusing? Let me try to explain it a second time:

You rent out a commercial space from the owner, patients call you, you contact doctors to treat the patients who called you, the doctors treat the patients in the commercial space you rented, the patient pays, you and the doctor share the profits.

As you can see, you’re more like a contractor with the commercial space owner and the doctors as your partners. Although there could be a regular contract with certain doctors, this is not always the case. The partnership with the doctor is an on demand basis only.

One obvious benefit of having such a business is that you don’t need a medical license unlike doctors who have to study for several years and must pass a board examination to be qualified to practice. There is also the high cost of medical schooling.

The second obvious benefit is that you don’t need to have capital to buy or build a building or any commercial structure. You can just simply rent out one and pay it with the proceeds from your financial relationship with your contractual doctors.

The management of doctors is also very flexible: Once you have built a list of doctors, your doctor staffing becomes very streamlined. For example, if one of your partner doctors is not available for a patient, you can just simply replace them for the day for the said patient.

The management of patient needs is also very flexible: Unlike hospitals and some other medical offices where the specialty of doctors needs to be balanced, in your own business, you can prioritize medical offerings based on demand.

You can expand gradually: At first your business might only offer purely doctor consultation without in-house medical treatment or procedures. As you prosper, you can gradually add medical equipments such as x-ray machines for more profit.

A couple of years ago, I consulted with an EENT (Eye, Ear, Nose and Throat) Doctor and what surprised me was how little her office needed to be such a clinic. She only had a few medical charts which I guess works more as props.

Her tools and medicines would easily fit in a small backpack. I guess what I’m trying to say is that this said doctor can conduct her medical practice just about anywhere. All she needed is space.

She could even conduct her medical practice in the open and it would hardly matter. Therefore, for doctors such as her, anyone can offer their spare space to her. In the medical offices I went to in the Philippines, the doctors only needed my paper file and their smartphones.

Of course, the doctors also have their medical bag in tow which contained the most basic of medical equipments, like a stethoscope. Your business at the most would only need a computer or even a cabinet to store the patient’s paper files.

As you can see, this business can be started by just about anyone anywhere as long as the law allows it. All that you need to start the business is a place that you can rent out which you could be renting yourself and a few office furniture.

Start by checking the laws in your country. There are countries whose laws are strict and there are those who are a bit lax regarding anything of the medical nature. You might need a medical license at worst and a business license at least for the business.

Start building your list of doctors. Call them up, Contact them online or even meet them in person. Explain or advertise to them that your medical space rental business is available and once patients materialize you both can profit.

Start by acquiring a place where doctors can set up their medical practice. As already said, it could just be a plain space with a decent table and a few chairs for the doctors as well as the patients.

If you are unemployed, you could both be the business owner, manager and staff of your business. If you are already gainly employed or have a more profitable business, hire staff that would maintain your medical space rental business.

Make a serious effort to advertise your business. This could be by placing signs outside your medical space rental business detailing the medical services you offer. You also need to advertise online.

A Medical Space Rental Business is different from an ordinary rental business. You can be renting the same medical office space you’re renting out. It is also to be noted that doctors don’t usually pay you by the day, weekdays, month and so on.

You profit when you share the income with the doctors on a per patient basis. This means that although a doctor could only have one patient in your place of business, they still need to pay you a share of the profits from the said patient.

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