If you are considering a move to healthcare entrepreneurship, this is a great time to do it. Healthcare is a lucrative industry.
Healthcare spending is forecast to grow at an average rate of 5.5 percent annually through 2026 — one percentage point faster than the projected growth of the national GDP during that same time. Healthcare is anticipated to account for nearly 20 percent of the GDP in the next seven years. Urgent care centers like American Family Care make up a $27 billion part of that pie.
Advances in modern medicine are helping people live longer — fueling the surge in healthcare spending. According to the Census Bureau, approximately one-fifth of the population will be 65 and older. This marks the first time in history that the number of Americans over age 65 will surpass the number of Americans under 18. This growing group will be more reliant on healthcare as they age.
All those facts and figures add up to a lot of opportunities for entrepreneurs like you interested in starting a medical business.
What does it take to be a successful healthcare entrepreneur?
There are some necessary qualifications you need if you are to be a successful healthcare business owner.
- A motivated self-starter
- 100 percent committed to the business
- A people person
- Communicative — they reach out and ask for advice
- Understands and executes marketing
- Passion for helping others
There are a wide variety of entrepreneurial opportunities in healthcare available to you — from home health care to retail pharmacies. There are also several approaches necessary for you to be successful.
Research the Market
First, you will need to research the market to learn who your customers are, what they lack in medical care, and whether you are equipped to start a medical business to meet that need.
For example, if there is a large elderly population in your area, you might consider opening a home health care business to meet their specific needs. Or, if the area you want to open your business in is growing, an urgent care would make sense to meet the needs of the expanding population.
Rules and Regulations
Licensing is another challenge for many healthcare entrepreneurs. If you are going it alone, you should take plenty of time to research your state’s regulations, inspection timelines, and any other laws that could impact your business operation.
Adopt New Technology
You will also need to be open to new technology. Whether it is a customer-facing app or an internal medical documentation system, technology allows for easier appointment scheduling, record keeping, and reputation management.
The coronavirus pandemic revealed just how important technology can be in healthcare. Many people needed medical attention but were fearful of physically going to a healthcare facility. Facilities that had a telemedicine portal in place were able to engage with patients more efficiently and, in some cases, grew their business.
During the COVID-19 crisis, the number of telehealth visits increased dramatically. One report from the Centers for Medicare and Medicaid reports a whopping 2,532 percent increase in telehealth visits delivered from March through June of 2020 compared to the same period in 2019.
Why is franchising one of the best entrepreneurial opportunities in healthcare?
Starting a business can be daunting, especially if someone doesn’t have experience. Starting a medical business can be even more intimidating. Because of this, some healthcare entrepreneurs prefer to start a franchise rather than an independent business. In fact, one out of every 12 businesses in the United States is a franchise.
Franchising is a business expansion strategy where a franchisor gives a franchisee the rights to use its procedures, business model, and brand while selling its product or service. Healthcare franchises, such as American Family Care(AFC), are no different. AFC is the nation’s first and only network of franchise urgent care clinics and the fastest-growing privately owned urgent care company in the country.
You maybe surprised to learn more than 60 percent of AFC franchise owners do not have any background in healthcare. One reason is that AFC provides all necessary training. Conversely, a franchise is one of the best options for those who do have medical experience — such as doctors and other healthcare professionals who want to be healthcare entrepreneurs. This is helpful since the gap between medical training and business experience can hinder healthcare professionals from becoming successful entrepreneurs.
AFC’s turnkey formula covers everything — from site location and build-out to software installation, integrated payroll/benefit services, and staffing assistance. Franchise business consultants with extensive sales and marketing backgrounds will assist you at every stage of the process. The framework also provides a comprehensive marketing roadmap to maximize your exposure and brand awareness in your area. Our thorough training programs and support system will make your franchise startup experience smooth and give you the confidence you need to succeed in your new career.
The AFC Difference
Since their inception in the 1970s, urgent care clinics in the healthcare franchise industry number more than 10,000 locations and growing. AFC is a leading provider of urgent care in the U.S., with more than 240 centers and 600 in-network physicians across 27states.Backed by the leadership of 30-plus years of experience operating a successful urgent care center business; AFC provides a proven model for new franchisees of all backgrounds to follow.
This strength was on full display during the height of the pandemic. Thanks to strategic shifts and progressive ideas such as telecare and rapid COVID-19 testing, AFC provided patients a safe option to seek treatment — while securing a steady stream of record-setting business for franchisees. Something healthcare entrepreneurs operating solo could not match easily, if at all.
To find out if your start as a healthcare entrepreneur should begin with American Family Care, reach out to us today to learn more about the opportunities.