Healthcare business opportunities in today’s market are nearly endless. With the increase in demand and a changing landscape, there is ample opportunity to begin your own healthcare franchise. But what are some of the common misconceptions when it comes to healthcare franchise benefits?

1. Separation. There is a long-held view that healthcare providers only work in practices and are not involved in “business.” As a result, franchising has had a difficult time making a larger impact in the healthcare field. Healthcare providers enter the field to provide patient care – not to spend their days dealing with aspects of the business, like spreadsheets and ROI. Franchising can alleviate this issue when it comes to private practices. By opening a franchise, healthcare providers can focus on patients and not the backend of a business.
2. Owner-Operator. On the other hand, franchises are often looked as owner-operator only and not cut out for professional services. This isn’t true. There are several healthcare business opportunities for healthcare providers who are interested in learning more, as well as entrepreneurs who know business. Healthcare providers have spent the bulk of their education learning a completely different set of skills than business. Starting with a franchise can be a huge benefit to them.
3. Education. Related to owner-operator misconceptions, many healthcare providers don’t understand the benefits and healthcare business opportunities that exist through franchising. When it comes to healthcare franchising, providers can use the knowledge of an entrepreneur to succeed and provide care. Not only does the entrepreneur know business, they understand culture, have a network of knowledgeable assets, and know how to run a business in a specific community.
4. Scalability. Some entrepreneurs shy away from healthcare business opportunities because of a misconception about scalability. However, it’s been proven time and again that healthcare franchises are just as, if not more, scalable than your standard franchise. As an example, OrthoNOW, an orthopedic urgent care, started as one practice Florida but in 2013 became a franchise and is now expanding across the country. The capital of franchisees alone allows for quick scalability.
5. Brand. The true success of any franchise comes in its brand recognition. Healthcare providers starting private practices have little to no brand recognition. The benefit of choosing to work with a franchise is they are able to immediately be a part of recognized network of quality care without the stress of dealing with the business end of it.
6. Proven Concept. Finding a qualified franchisee is not as easy as some might think. Not just anyone is fit to serve as a franchisee for a healthcare franchise. When it comes to healthcare business opportunities, not just anyone will do. Success comes in the proven history of the franchise. When a franchisee deviates from this prescribed success, the franchise can fail. However, when the right fit comes along, there is a built-in proof of concept with healthcare franchises. The product – healthcare – works. The product is proven and it’s up to the entrepreneur to figure out the business side of it.

Opening a healthcare franchise can be a great way to take advantage of today’s numerous healthcare business opportunities. Do your research and find the right partner, and nothing will stop you!

Franchising, in general, has a long history, but healthcare franchising took a while to catch on. People are still discovering the numerous healthcare business opportunities available within healthcare franchising. Franchising started with a few smart entrepreneurs – one of which is still around today. In 1956, H&R became a franchise and today has more than 12,000 offices worldwide.

One of the first entrepreneurs to realize the opportunity in healthcare-related franchising was the founder of the Drug Merchants of America, which eventually became the well-known pharmacy, Rexall. The turnaround from formation to creating a franchise with Rexall was relatively quick, however, not all healthcare business opportunities move so fast. Though additional health-related businesses like Pearl Vision and Miracle-Ear eventually became franchises, they were formed decades before that opportunity arose.

What franchises like Pearl Vision and Miracle-Ear and pharmacies had in common were that they learned how to productize their offerings. As an example, due to various regulations in the healthcare industry, Pearl Vision had to focus on the sales of glasses and accessories to make a profit as a franchise – which turned out to be very successful. However, during the ‘90s another type of healthcare franchise began to emerge. An increasing unmet need has provided a wealth of healthcare business opportunities in healthcare franchising. Franchises offering in-home elderly care started popping up everywhere to satisfy the demand of an aging population.

The most current form of healthcare franchising seeing a wealth of opportunity is franchising for medical services. The issues that the current form of healthcare franchising has and is tackling is regulations and red tape. As a benefit to healthcare providers, healthcare franchises can figure out the red tape to allow providers to do what they are focused on doing – taking care of patients – instead of bearing the burden of a private practice. Healthcare franchises, like those offering urgent care services, are continuing to boom as consumers demand quick, affordable, and convenient care.

Because consumers are demanding quality healthcare on their terms and at an affordable price, healthcare business opportunities for franchising are abundant. The future of healthcare franchising only looks to expand over the coming years. One of the biggest drivers of new business opportunities is cost. As we currently have an aging population, the demand for healthcare is at an all-time high. In the United States alone, healthcare costs are nearly $3 trillion per year. Because of the high demand, healthcare operations that can provide quality care in a quick and efficient manner will be mostly likely to succeed. The healthcare franchise is cut out to do just that. Because of built-in systems, healthcare franchises can process patients efficiently and with reduced cost.

Healthcare franchises offer a multitude of healthcare business opportunities that can not only benefit entrepreneurs but the public at large. These franchises offer healthcare providers the opportunity to treat patients without the overarching responsibility of running a private practice. And, by having access to quick, quality care when they need it, consumers will add to the success of healthcare franchises across the country and world.

The increase in the adoption of digital healthcare practices and services has created a significant space for healthcare business opportunities over the last few years. While some data suggests that users aren’t adopting new and innovative digital healthcare services, a majority of data in fact suggests that users simply don’t have services that fit their needs adequately. As a result, the need for newer, faster options that satisfy demand has created a market ripe with healthcare business opportunities. Here are five trends in digital healthcare that are contributing to the increase in new business opportunities.

• Continuing Adaptation of Technology in Healthcare. The technology of health changes every day. From the instruments doctors use, to the way we schedule an appointment, to the way we receive treatment – healthcare technology is ever-evolving. And, patients are becoming more and more accepting of the new ways that they can receive healthcare. As each new generation becomes accustomed to using technology for every aspect of their lives, there are a myriad of new healthcare business opportunities that result.  

• Reform Results in Innovation. The healthcare reform achieved during President Obama’s administration spurred a new round of innovation in regards to healthcare delivery. As a result of the change in financial structure that came with the reform, the healthcare industry sought entrepreneurs to fill the gap in innovation and new technologies. This gap provided a slew of healthcare business opportunities and chances for investment in the industry from smart and effective entrepreneurs.

• Healthcare as a Business. When the demand for anything increases, the opportunity to capitalize on that need arises. The same goes for healthcare. As the baby boomer generation continues to age, the need for healthcare services dedicated to the population increases. As a result, there are a wealth of healthcare business opportunities when it comes to digital healthcare. Not only would digital healthcare be able to serve the baby boomer generation, but younger generations that would truly feel the crush of an increased demand on the healthcare system would likely jump at the chance to take advantage of digital options.

• Interest in Personalized Medicine. Consumers are interested in their unique healthcare needs when it comes to treatment. With the discovery of cheaper and more effective ways of determining if a certain patient is at risk for an ailment based on their genetic makeup, there is an increase in healthcare business opportunities when it comes to personalized medicine. Just look at how popular services like 23 and Me are with consumers. People are looking for healthcare dedicated to their particular story and background – and more people are now armed with that type of knowledge.

• Global Innovation. Around the world, there are nearly 8,000 startups focused on digital health. Healthcare business opportunities abound for those who can find funding to get their digital ideas off the ground. With the increased ease of global communication, the limitations for expansion are endless as well.

Healthcare is becoming an increasingly consumer-driven and consumer-focused business. With ample funding from a multitude of avenues, healthcare business opportunities are available in aubundance for innovators and entrepreneurs alike.

By: Justin Irizarry

When it comes to startups, healthcare business opportunities are in no shortage. Recent developments like healthcare reform, an increase in healthcare technology, and an aging population have contributed to the perfect breeding grounds for the industry to explode. Throw in eager investors and innovative entrepreneurs and you’ve got a healthcare boom. However, not everyone can succeed as a healthcare startup business. Here are some things to keep in mind when you’re trying to make your healthcare startup work.

1. Find those willing and ready. When it comes to healthcare startups, you want to bring people who are ready and willing to help into the fold. Healthcare business opportunities can attract lots of eager people, but if they aren’t ready or able to help provide energy, innovative thoughts, and steadfast dedication, don’t waste your time. Find those who are willing to help you learn and are eager to see your business grow and succeed.
2. Get on board with regulations. The healthcare industry is full of rules and regulations. Healthcare business opportunities come with red tape – but that doesn’t mean you have to shy away from it. Get comfortable with the regulations in the state where you’re opening your healthcare start up and know them through and through. If you’re choosing to open a healthcare franchise, you might even have some help with these pesky regulations through the franchisor’s support system. Regulations are a process just like any other system in healthcare. Don’t get overwhelmed; simply work your way through the hurdles and obstacles.
3. Make friends with the giants. Healthcare is full of massive players. When you’re evaluating your healthcare business opportunities and getting a startup off the ground, it can be daunting to think of playing in the same field as the biggest players. Don’t be intimidated – there’s no way to get around working with them, so embrace it!
4. Don’t expect it to be quick. Healthcare business opportunities come with a long sales cycle. So, be prepared to settle in for the long haul. Entrepreneurs need a lot of patience when it comes to healthcare startups. Things like regulations can take a long time to work through and put your outlook on a five- to 10-year plan instead of one to two. This isn’t like the tech industry where you’ll find your business go from nothing to billions in less than a year.
5. Networking is key. As with any business venture, networking is crucial. As the old saying goes, it isn’t about how much you know, it’s about who you know. Focus on being collaborative and coachable. Learning from people who’ve been where you are or who’ve worked in the industry for their entire careers can be the best education you can get when it comes to healthcare business opportunities. In healthcare specifically, it’s hard to be a lone wolf. You need a team of people who have lots of knowledge to help you on your journey.

Healthcare entrepreneurs face unique challenges when it comes to the ample healthcare business opportunities available. Getting a healthcare startup off the ground is different than a traditional business. Thankfully, a large and dedicated network of healthcare professionals willing to lend a hand is out there – it’s all about finding them!

Justin holds a B.A. in Economics from Cornell University, where he was a 4-year varsity baseball scholar-athlete, and a M.B.A. from The Wharton School at The University of Pennsylvania, where he was a Joseph Wharton Fellow. In addition, he has earned the right to use the Chartered Financial Analyst® (CFA) designation, the most respected and recognized investment designation in the world. Justin has more than 13 years of experience acting as a trusted advisor and interim executive for a wide range of companies. His diverse business experience has led him to advise for boards of directors and senior management teams in the education, information, digital real estate, medical, and technology industries. Justin started his career on Wall Street with the Education and Information Group at Scott-Macon, Ltd. As the Vice President of Scott-Macon, he was responsible for sourcing and executing transactions in the $50 – $300 million range. Justin joined OrthoNOW® in 2010 and started the Franchise with Dr. Alejandro Badia in 2012. In addition to his role as Co-Founder &CFO, he serves as the Director of Operations of OrthoNOW® Doral.   

Justin remains active with his alma mater and serves as a volunteer mentor to incoming freshman as part of the university’s Alumni-Student mentoring program and as a university interviewer for South Florida applicants to the university.  Justin was recently named a Top 40 Under 40 by South Florida Business Journal for his contributions to the South Florida community as the CFO and Co-Founder of OrthoNOW®, the nation’s only network of orthopedic urgent care centers, and for his work in developing and activating a business model that changes how South Floridians access expert orthopedic care on-demand and at a cost-effective rate.

There are a few reasons why former tech execs have been attracted to business opportunities within the healthcare community. What is most interesting is that the reasons are more personal in nature than related to making money. Here’s what appears to be bringing them on board:

1 – An Ailing Family Member

Oddly enough, the most common reason why the movers and shakers in the tech sector have turned to health as an outlet is because of family. Only it’s not because a family member has suggested investing in one of many healthcare business opportunities. In the case of former Google, eBay and PayPal executive Stephanie Tilenius, it was her father. He had developed several chronic conditions and bounced from doctor to doctor looking for solutions. She recognized a need for better communication between healthcare workers through technology and left the tech sector. She founded a startup that gave chronic ailment patients continuous virtual care.

2 – Impacting Families

Let’s face it, healthcare is not cheap. However, when members of the high tech sector step into the world of disease and tackle how to detect them early, things change. That’s what got former Twitter exec Katie Jacobs Stanton interested in healthcare business opportunities. She started as an investor of a biotech startup that provides affordable genetic testing for cancers that are considered to be hereditary in nature such as pancreatic, colon and breast cancer. She played a role in reducing the testing fees from $249 to $50 all because of the desire to provide a service that could benefit many and cash-strapped families in particular.

3 – Proactive and Preventative Potential

Thanks to the ongoing influx of tech execs in the medical field, many healthcare business opportunities have developed. In fact, they are developing as fast as the multiple number of new apps that have come about for use by the general public (heart rate monitors, calorie counters, blood pressure monitors) to new and improved computer tools. All of which have enabled better, faster and more reliable communication, information sharing and documentation of patient information and data. This flow of information has better equipped doctors, medical centers and beyond in treating those in need of healthcare attention.

4 – For the Long Term

One more magnet attracting the top level tech people to healthcare is the desire to use their knowledge and skills to not just make an improvement, but to make a long term impact. Former Zillow exec David Vivero did that with his startup. The premise behind it is to give patients the information they need to make informed decisions about who they will see for treatment. This is done by giving patients more data on pricing and physician quality through improved transparency to patients.

So, Why Invest In Healthcare Business Opportunities?

The technology executives who have invested in healthcare business opportunities did so because they see profitability in the sector. However, for the most part, in order for these ventures to succeed the main motivation is to see healthcare improved as costs are reduced rather than trying to reap huge profits in an otherwise slow moving industry.

The demand continues to increase for comprehensive and convenient health care, which supports the need for urgent care franchise opportunities. In fact, franchises in the healthcare sector have fast become an affordable and alternative option to traditional hospital emergency rooms. Here are six reasons why you should consider the potential of your own franchise:

1 – Continued Growth Potential

The Urgent Care Association of America stated in 2015 that there were over 7,100 urgent care facilities already in operation in the United States. A survey conducted by the UCAOA that same year revealed that 87% of the owners of urgent care facilities had expended to a second clinic in 2014. Plus, 91% of those who answered the survey said they expected to expand their services even further.

2 – Traditional Means Feeding The Growth

The growth in the urgent care industry has come from – and continues to come from – the places we all used to go for assistance. With emergency room facility numbers dropping by 9% between 1994 and 2004 in the United States, and stats showing one million more ER visits per year, a problem exists. What results in long wait times in over saturated ERs has pushed for a different care model for non-emergency treatment.

3 – Feeding The Economy

Urgent care franchise facilities are expected to carry a total value of over $18-billion by the end of 2017. Plus, the industry is showing growth figures of 5.8% annually (2016-2018 projections) which means along with growth potential comes job creation. Add to that the other economic benefits that come from the overall growth in the urgent care industry and it isn’t hard to see how this can produce a win/win combination.

4 – Reaching People Where They Go

Surveys conducted by the UCAOA show that the best location for an urgent care franchise is in a shopping center or strip mall. The success of these locations comes from the fact that they are in convenient locations – in places where people tend to go. These locations are also centrally located for maximum exposure. Freestanding buildings, multi-use buildings and medical offices are the next best locations.

5 – Traffic Flow Is Steady In An Urgent Care Franchise Facility

Urgent care clinics treated an average of 357 patients per week. That figure came from a survey conducted in 2012. This totals well over 160-million visits in a year to all urgent care centers. An updated survey conducted in 2015 showed that 89% of those who responded to the survey reported an increase in the number of patient visits they had recorded in previous years.

6 – Franchise Owners Don’t Have To Be Doctors

One interesting fact about urgent care franchise operation is that only doctors can practice medicine, not corporations. So, a franchisee can own a clinic and employ the doctors as doctors do not need to own the urgent care clinic they practice medicine from.

It Comes Down To Supply And Demand

The demand for urgent care will continue as our population ages. This makes for a strong argument for growth in the urgent care industry. Franchise outlets make it easy to tap into this system with guaranteed growth potential.