Electing to own a franchise can be a rewarding decision. But why are more and more business owners deciding to buy a medical franchise, even if they have no medical background or experience? Medical franchises are some of the most popular franchise options on the market. Here are some reasons why entrepreneurs are getting involved in medical franchising.
- Demand. By some estimates, currently there are nearly 10,000 urgent care locations throughout the United States and that number doesn’t include any specialized medical franchise service. That number will only increase over the next decade as demand for urgent care services grows. According to the Urgent Care Association of America, 87% of urgent-care-center operators acquired or built a new location in 2014, and 89% said patient visits increased in 2014 from the previous year. As the Boomer population ages, the demand for care through a medical franchise looks to increase as traditional healthcare systems become overloaded. In addition, patients from other generations are looking for medical care that is mobile and at a good value – as a result medical franchises are popular and in demand.
- Built-In Support. Another excellent thing about owning a medical franchise is that you have built-in support. Not only do entrepreneurs receive marketing and training support when buying into a medical franchise, they receive help with red tape. When it comes to the medical field, red tape can be a big hurdle to overcome when it comes to daily operation. Independently owned medical operations don’t have the funding or sometimes know-how to deal with local, state, and national laws. Medical franchises tend to be well-known with insurers and the like, providing a more clear and easy path for operation.
- Growth Opportunity. As noted, the medical franchise industry is ripe for unlimited growth potential. In addition to urgent care centers, more specialized medical franchises like OrthoNOW are becoming increasingly popular. Specialized medical franchises are tapping into a demand for urgent specialized care without having to go through two or three different medical professionals to get there. OrthoNOW is an orthopedic urgent care center designed to offer a total orthopedic solution to patients on a walk-in basis. With this type of model, patients don’t have to sacrifice the quality of care by enduring long wait times at the emergency room but also don’t have to pay high prices by seeking a typical orthopedic practice physician. The opportunity for growth in the medical franchise industry lies in branching out in the types of services offered, as well as entering underserved markets.
Entering the world of medical franchising is a rewarding and lucrative option for medical professionals and entrepreneurs alike. The demand, combined with the opportunity to serve the public, makes for a smart and personally fulfilling business choice.
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