One of the franchising sectors experiencing the largest growth right now is the medical franchise industry. Owning a medical franchise can not only be personally fulfilling, but financially beneficial. Due to their popularity, medical franchises offer the opportunity to generate more revenue than most other franchises in existence. Here are some ways that you can profit from medical franchise revenue streams.
- Less cost upfront. Medical franchises tend to cost less up front than many other types of franchises. As a result, you’ll be seeing profit sooner with less initial investment.
- Growing demand. As mentioned earlier, there’s a growing demand for medical franchises. Consumers are increasingly choosing urgent care or walk-in clinic medical franchises instead of the emergency room or primary care practices. Urgent care businesses alone occupy more than 7,100 locations across the United States. And new, specialized care centers that operate like urgent care centers are growing in popularity. Medical franchises like OrthoNOW offer specialized care to patients seeking care for more than a cough or cold. As consumers are more likely to choose a medical franchise than a standard practice, if you’re an owner you reap the benefits. There is no end in sight to the demand for more urgent care and specialized centers in the U.S.
- Cut the red tape. When you buy a medical franchise, it comes with a built-in support system. Independent practices may have a harder time keeping up with changing laws on the national, state, or local level. But, if you operate a medical franchise, it comes with a well-known brand that can keep up with these types of things for you. Additionally, insurers know the parent company of your associated franchise and know that you’ll have backup. Franchises also have the money to do lobbying and advocate for favorable laws – things that independent practices just don’t have.
- Care is more economical for the consumer. Medical franchises are so popular with consumers because of the decreased cost in medical care associated with them. People know that if they head to the emergency room, they’re going to be paying a lot more money for a simple treatment than if they were to visit a medical franchise location. As an example, most visits to general urgent care centers will cost the consumer less than $200. That same type of visit at an emergency room could cost upwards of $600. As a medical franchise owner, you will reap the revenue of this passed on benefit to the consumer.
- Expansion. When it comes to medical franchises, the best part of their popularity is the room for expansion, specifically when it comes to specialized care centers. Though urgent care centers are popping up on every corner for primary care, specialized immediate care centers are less frequent, though no less popular. Franchises like OrthoNOW offer specialized care in an urgent care setting. Instead of going to a primary care physician and getting a referral, the patient can go directly to the specialized care center to receive treatment from a specialist on site. There are nearly unlimited expansion opportunities for specialized medical franchises.
No matter what type of medical franchise you’re looking to open, you’ll most certainly reap the benefits investing in the fastest growing business segment in the US today. Not only are you leveraging critical timing to invest, but you’ll be providing better care to those in need.