A healthcare franchise is in a win-win situation as in the first place he is an entrepreneur and can put to use his business skills to leverage and grow in the market.
The healthcare industry is showing great growth prospects, thanks to Franchising. Options like causality, assisted living facilities, mobility equipment used by patients, medical billing services, therapies, etc. in the franchising segment are portrayed to provide great employment opportunities that will gradually lead to the growth in the healthcare segment.
Benefits of Franchising in the healthcare segment
A healthcare franchise is in a win-win situation as in the first place he is an entrepreneur and can put to use his business skills to leverage and grow in the market. Secondly, as he has taken the franchise of a reputed medical brand, the risks involved in the business are mitigated. They have access to the domain knowledge and expertise and hence virtually are running a big brand business without investing a huge wealth.
Additionally, with many companies in the healthcare segment carrying a legacy and implemented standardized systems in place, the franchisees are almost spoon-fed everything and aren’t required to spend time on every vertical. They can start on creating awareness in the market instead of first focusing on what is being provided as that is already set and ready to kick start.
Franchisees are assisted by the companies in market study, site selection of the company, getting in the finances, doing up the interiors of the site, procurement of the equipment in the healthcare segment, hiring manpower, the various marketing plans and launching the various activities.
Returns owing to Franchising
The healthcare industry has an important requirement of being present in prominent locations as well as remote locations so that people can make the most of it when in need. Leasing premises for clinics or home care centres will require a minimum of at least 5,000 sq ft and with the prices of real estate soaring high. Next, the income generated by the healthcare industry like diagnostics, pharmacy, day clinics, emergency centers, etc. are so much that one might break even in the first few years of business. Finally, the franchising option also can bail out the person lending in times of trouble.
The best opportunities that can explore for Franchising
1) Administration services: In the healthcare segment, there is a lot of backend work including assimilating information and records of the patient, medical billing, miscellaneous billing, etc. Medical billing franchises are a popular form which is one of the pillars in the healthcare industry.
2) Home care services: With the costs in the mind, lots of big brands franchise their operations in the segment of home care that includes causality services. This is one of the best options to expand the services in the healthcare segment as emergency services are always in demand.
3) Supplies: Safety accessories form a major part in the healthcare industry. Medical instruments, the supply of drugs, clothing, foot-ware, bed, and beddings, etc. is one division that will always be in demand and a franchisee of the same will be profitable.
4) Technology: Today, technology is the backbone of everything and this holds for the medical segment too. From providing diagnostics to patients to printing the real-time patient reports everything is tech-enabled and is a good franchise model that will always have a customer. Hospitals, home care services, etc. depend on these healthcare technologies providing franchises giving this segment a gamut of opportunities.
Expectations from a Franchise
Franchisees should be well aware of the brand and the reputation it has and should work in sync with the ethos of the company. Since they represent an organization, they should adhere to the HR policies, service qualities that the brand is known for. Hiring and training the right people also is a part of this as any failure in the above mentioned will directly impact the brand name. If the franchisee is the right choice, everything clicks for the brand and if not, no rules and regulations can get them straight.
Finally, people licensing their model to expand their business in the healthcare segment should design their business format in such a way that all decisions- client-related, professional, organizational, etc. are all achieved and franchising proves to be indeed one of the biggest advantages in business expansion.
This article is contributed by Dr Atish Laddad, Founder & Director, Docterz