In 2020, the US national healthcare expenditure topped more than $4tn. That’s more than $12,500 per person!
Americans know healthcare is expensive in the US, but they get a sense of just how much healthcare costs when looking at the numbers.
However, there are ways to benefit from this expensive system. Investing in health services is an excellent way to do so.
In this article, you’ll learn all about healthcare franchising and the top benefits of investing in health services.
What Are Health Services?
Health services are medical professionals, organizations, and healthcare workers who provide medical care to those in need. These services help:
- Patients
- Families
- Communities
- Populations
They cover many different types of care, including:
- Dental
- Diagnostic and laboratory
- Emergency
- Home
- Hospital
- Long-term
- Mental health
- Nutritional support
- Palliative
- Pharmaceutical
- Physical and occupational therapy
- Prenatal
- Preventative
- Primary
- Substance abuse treatment
- Transportation
The goal of health services is to make healthcare more accessible, high-quality, and patient-centered. Health services even include secondary services like education, promotion, housing, and sanitation.
Facts About Owning a Healthcare Franchise
With a strong understanding of what health services are, let’s learn more about owning a healthcare franchise.
Surprisingly, few doctors own their clinics. That’s right; small doctor-owned clinics are on the decline as healthcare franchising becomes more popular.
One reason is that medical franchise owners need skills that they don’t teach in medical school.
Medical school helps prepare people to care for patients and solve medical problems. But it doesn’t teach how to handle a business.
There are many tasks a medical franchise owner has to partake in that don’t relate to caring for patients. Some of these include:
- Billing
- Bookkeeping
- Hiring
- Managing a staff
- Marketing
Fortunately, buying a franchise means having the support of the franchise umbrella. The umbrella will provide support and training to prepare owners for some of the tasks they will face.
Doctors who want to own a franchise can do so with this support. It’s beneficial for doctors to eliminate red tape in the healthcare industry. This gives them better access to:
- Insurance companies
- Medical suppliers
- Ongoing professional development
- Software
However, becoming a franchise owner is not necessary for being a doctor. Anyone interested in health services can get involved in healthcare franchising.
In fact, those who own a franchise who aren’t doctors find the business very rewarding. They can provide the best medical care they would want to receive to their patients.
Benefits of Investing in a Medical Franchise
It’s no surprise that medical franchising is a smart business move for healthcare workers and entrepreneurs with how much money it is in the healthcare industry.
Here are some of the best advantages to buying a health services franchise.
Doctors Learn To Be Business Owners
As discussed, doctors don’t usually have the skills to run a business. Without a franchise, it’s challenging to run a private practice without business know-how. But with the support of a franchise, they can learn these skills.
The franchisor will guide owners on how to run a business. They also help with training, marketing, and ongoing support.
This is because the franchise must live up to its brand name. Additionally, the brand name increases the customer base and provides patients a consistent experience no matter which branch they visit.
Already franchises have a competitive edge over independent and corporate medical practices.
Some franchise models offer partnerships between doctors and entrepreneurs to co-own a franchise. So doctors who want more assistance running the business can have the extra help.
All in all, franchising allows physicians to be private practitioners and business owners.
A Chance To Truly Help People
A healthcare career is challenging. But it’s also enriching. Medical franchise owners are critical in helping care for those in need.
The American population is aging. The number of people aged 65 and older will double in the next 40 years. By 2040, this group of people will top 80 million.
So, there will continue to be increased demand for health services across the board. Now is the best time to buy a franchise and make a difference in people’s lives.
Those who want to buy a franchise can choose a medical service they think is in high demand or that people need to maintain a high quality of life. However, prospective owners should choose something they are passionate about and not just think about profits.
Further, owners can instill best practices to ensure their patients receive the highest quality care possible. Even though the franchise is part of a bigger brand, the owner has a lot of say regarding how to care for patients.
Providing more time and communication to patients goes a long way when receiving care. As a result, making a positive change in the healthcare industry is possible.
Less Risk in Franchising
Owning a franchise means being a boss without all the risks of independent business ownership. Instead, franchise owners get to join an established business with methods of success and operational structures in place.
This makes franchises more likely to succeed than independent businesses. In addition, commercial failure is incredibly low, making franchises an excellent business investment.
The Sector Is Booming
The elderly care products and services market size was more than $830bn in 2019. Experts say this number will continue to grow steadily over the next several years.
With an aging population, the sector will not slow down. Therefore, increased demand means there needs to be an increased supply. Knowing this means investing in a health care franchise guarantees success.
There will continue to be patients needing care, and franchise owners can step in to help them.
Plus, healthcare is one of the few recession-proof investments since there is always a demand for health services regardless of the state of the economy.
Where To Find Franchise Opportunities
Finding opportunities to buy medical franchises is more accessible than most think. A quick internet search will turn up plenty of options.
Some companies specialize in helping entrepreneurs identify franchising opportunities. Working with one of these companies allows entrepreneurs to choose the right business opportunity.
Each person has business goals and desires, so finding a franchise that aligns with those is essential.
Plus, with so many different health services available, it pays to research to find the perfect service and franchise. Working with a specialized company that partners with franchises is the best way to succeed.
How To Succeed In Healthcare Franchising
Buying a franchise doesn’t automatically mean the business will thrive. Franchise owners need to take some important steps to ensure their success.
Here are some tips to succeed in the health services industry.
Have a Clear Message
Franchise owners must convey their message clearly and upfront. This helps to draw suitable patients to the business. Not using a clear message will attract the wrong patients and affect business operations and finances.
A clear message also lets patients know what to expect from the business.
Build a Strong Franchisor Relationship
Establishing expectations from the beginning allows owners to hold franchisors accountable for providing the proper assistance.
Owners can also ask franchisors to connect them to other franchise owners in the network. Again, this helps owners understand the level of support they will receive.
Owners who have a robust working relationship with their franchisor will succeed better. This relationship relies on strong communication skills.
Prepare, Prepare, Prepare
Franchise owners need to visualize every aspect of the business to succeed. For example, accepting multiple insurance providers is essential to getting and retaining patients.
From billing to staff training, owners must prepare for any challenge they may face.
Marketing is also crucial for franchise owners. The franchise brand is already a great asset. But not doing any additional marketing will cause the business to run dry.
The franchisor will help with certain aspects of marketing, but owners must prepare for the marketing campaigns they’ll need to run before opening the business.
Exceed Expectations
Patients want to visit health practitioners that care about them. Thus, franchise owners should go the extra mile for their patients to guarantee they always come back when they have a problem.
Creating a convenient and hassle-free environment is an effective strategy to keep patients coming. Franchise owners want their patients to rave about their services rather than leave a poor reviews.
Businesses that exceed customer expectations far outpace companies that don’t.
Invest in Health Services Today
The health services industry will only continue to grow, making it an excellent investment opportunity. Now is the time to start investing in a profitable business helping those who need care.
Book a meeting with us at Saiter Real Solutions to see your healthcare franchise options. We have more than 25 years of experience in franchise development and growth consulting.