Travel down the road and you will see franchises of all sorts; pest control, work-out studios, pretzels and auto parts. Franchises have spread to practically every industry from fast foods to legal services. Today, one of the most important franchise segments is healthcare and it is booming. This segment can sometimes fly under the radar. Many people use the services of a healthcare franchise and aren’t even aware of it.
The rising cost of healthcare, as well as the millions of people beginning to seek services under the Affordable Care Act (also known as Obama care), are causing physicians, hospital systems and business owners to search for more efficient and affordable ways to deliver quality health care. Today there are profitable healthcare franchise models that can dispense routine medical care or provide home care services effectively and efficiently. There is a “gold rush” in the segment which includes franchised urgent care centers, dental clinics, chiropractors, hearing aid clinics, testing labs, billing services, home care services and massage clinics.
Consumers are looking for routine health care services that are both affordable and in close proximity to their homes. Today, there may not be enough physicians, including primary care, to cover the community need. Plus, there is little financial motivation for young doctors to go into primary care. The multitude of hours a physician must spend complying with the needs of insurance companies’ means they are not making enough money and spending less time doing what they like to do best, “practicing medicine.” This has resulted in medical franchises composed of urgent care clinics and primary health clinics stepping up to fill the gap.
Franchising as a healthcare model is a solution to the growing problem of lack of physician man-power and is also providing a solution to people who would prefer to receive care in their homes rather than moving into a nursing facility. Home healthcare franchises can meet the needs of a growing base of consumers who are rapidly aging. When purchasing a home care franchise, business owners and their staff are given extensive training on how to implement proven systems that deliver quality care at a cost that is lower, in most cases, than then traditional care facilities. The benefits for consumers are numerous.
One of the most promising of healthcare franchisee opportunities is in the home care industry, which is thriving due to a growing demand for services. Some of the reasons for this growth include…
- Demographic and economic factors
- Aging population
- Rising cost of traditional care
- Desire of patients to receive “in-home” care
Entrepeneur.com listed home care franchises for senior care as one of the hottest sectors to watch. Forbes magazine says that homecare is one of the top five most profitable franchises. The rapid growth will continue due to the increased aging population. According to iFranchise Group, the home healthcare franchise market will experience double digit growth over the next five years and beyond.
Elder care fills a drastic need for a longer living population that needs assistance with basic living functions. According to census data, there are 36.8 million people who are 65 and older and that will roughly double in the next 15 years. Providing care at home is also a way to reduce rising costs. Private home care is often the most cost effective solution.
All of these factors account for the boom of home care franchising. Smart entrepreneurs are entering this market. The time is right for individuals to get on the band wagon and take advantage of this growth. Additionally, the rewarding aspect of caring for individuals in the home environment makes this franchise one of the highest in terms of owner satisfaction. Home care franchises are a win-win for the consumer, family, caregiver and the owner.
The sky is the limit for the home care franchise industry.