The healthcare industry is one of the few industries with inexhaustible demand. Every day, people need its services, giving the healthcare market the potential to grow consistently.
The field has various big players such as hospitals, nursing centers, healthcare equipment manufacturers, medical laboratories, and pharmaceutical companies. However, because the industry is a big business, it also has opportunities for entrepreneurs who are non-medical experts.
Business people who want to grow with the industry don’t necessarily have to build clinics or medical equipment manufacturing companies from the ground up. They have the option to franchise medical-related businesses. These franchising opportunities not only provide a chance for them to grow financially but to learn how to run a healthcare business, as well, with the support of an established brand.
Here are some franchising opportunities entrepreneurs can invest in:
Senior Care Franchise
America is an aging nation, largely because of the Baby Boomer generation. The Boomers, according to a projection by the US Census Bureau, will all be older than 65 by 2030. Further, by 2035, there will be 78 million older adults in the country. This is a large market for the senior care segment, and entrepreneurs can take advantage of it by investing in an elderly care franchise opportunity.
This franchise can be an in-home service or a nursing center. If managed well, the business can grow alongside the population of Baby Boomers. Additionally, the availability of Medicare, a federal health insurance program for older adults, make senior care services accessible. With this government aid, Americans aged 65 and older are capable and less hesitant to get senior care services.
A nutrition franchise lets entrepreneurs help improve public health and lower the obesity rate of the country. The business offers services like the preparation of customized meal plans, such as vegan and vegetarian diets. It can also include providing healthy beverages.
A growing number of Americans interested in leading healthier lives helps nutrition franchisees find success in their businesses. A study by market research company Mintel found that in 2017, 55 percent of Americans who committed to living healthier lives were successful. Forty-five percent made changes to improve their health.
Medical or Dental Billing Franchise
The opportunity is a unique revenue-sharing model. Medical or dental billers process and follow-up on reimbursement claims from Medicare clearinghouses or health insurance providers. For this franchise, there are low overhead costs. Typically, a medical or dental biller needs only a computer and medical billing software to fulfill their major responsibilities.
The advantage of franchising a medical or dental billing business is that small and mid-sized health institutions find that they save more when they outsource their billing processes. Additionally, so long as there are patients and hospitals, there will always be medical bills to manage.
In many ways, the healthcare industry is recession-proof, which means even in the worst downturn of the economy, the segment would operate as usual. Investing in medical-related businesses and effective management can bring good profits to entrepreneurs. The entire population is basically the target market of the field, and entrepreneurs know that this kind of large market is not something they should let slip through their fingers.