Healthcare is one of the fastest-growing industries, even more so in recent times thanks to the COVID-19 pandemic. Healthcare is one sector that is continuously in demand since medical care has now become everyone’s priority. This has also increased the market for franchise opportunities across all segments of the healthcare industry.
Here are some of the best medical franchises you could invest in:
Medical billing is a popular segment of the medical franchise industry. The model of a medical billing business lends itself well to franchising. There is an increased need for support and administrative services in the medical industry. Medical providers who don’t have a proper in-house financial office can outsource billing needs to reliable and proven medical billing franchises.
A medical staffing franchise is another in-demand segment of the healthcare industry, providing health care institutions with clinical staff to provide health care services to their patients. The healthcare staffing industry in the United States is a $14 billion sector and is expected to rise at a compound annual growth of over 13 percent by 2021.
With more than 40,000 laboratories across the country collecting blood and urine samples for medical testing, diagnostic franchises are one of the most highly fragmented segments of the healthcare industry and bring in close to $60 billion a year as a whole. The market has been growing at about 15 to 20 percent.
Retail Pharmacy Franchise
Pharmacy and drug store franchises involve operators that retail a range of prescription and over-the-counter medications that are not considered optional items for patients — leading to a steady and stable business. The industry has grown at an annualized rate of 1.1 percent to $5.8 billion in 2021.
Home Health Care
While this segment of healthcare franchising isn’t new, home health care is certainly one to watch — both for families wanting the best for their older relatives and business owners looking for a morally fulfilling way to generate income. Thanks to an aging population expected to triple by 2050, the in-home care sector is one of the fastest-growing segments within the healthcare industry. And, survey after survey shows older Americans want to age at home rather than live in a nursing home or assisted living facility.
Visits to primary care have been declining for the last decade due to frustrations with wait times and sometimes the need to wait months for an appointment, opening the door for urgent care to pick up the slack and patients.
According to the Urgent Care Association (UCA), the number of urgent care clinics jumped nearly 20 percent in recent years, logging more than 89 million patient visits. American Family Care (AFC) recorded a 60 percent increase in patients visits in the same time period between 2019 and 2020.
Many urgent care centers like AFC are considered an affordable and accessible alternative to primary care doctors and emergency rooms. These centers provide x-rays, lab work, and prescriptions, all in one visit under one roof.
For more information on how to take the first step toward owning your own urgent care franchise, fill out our contact form.