Hospice, also known as palliative care, is a growing industry in the United States. It is a type of health care that focuses on the compassionate care of a terminally ill patient. Hospice focuses on comfort and quality of life by reducing the pain and suffering of people in the last stages of incurable illnesses.
If you are considering entering the hospice industry, a hospice franchise is a smart investment.
Between 2009 and 2018, the latest data available, 1.55 million patients were taken care of through hospice services in the U.S. Seven in 10 Americans would prefer to die at home with the help of hospice. This end-of-life care can also be provided in other settings, including a nursing home or assisted living facilities.
The hospice industry is recession-resistant. Baby boomers will guarantee future business. While hospice can be a fulfilling yet lucrative business, there are many challenges to opening an independent hospice business. This is where a hospice franchise can help.
Establishing an independent hospice business takes time. Many companies run out of money before they have a chance to become successful. The financial risks associated with starting a business are considerable. Fifty percent of all independent startups fail within the first two years. Some of the biggest disadvantages of striking out on your own are the high cost of equipment when buying it on your own, personnel management, and red tape with insurance and government programs like Medicare.
Going the franchise route comes with a lot of benefits. Here are five ways franchising makes business easier for aspiring entrepreneurs.
- Investing in a hospice franchise gives you entry into an established and recognized brand.
- Franchises are commonly recognized as a stable route into self-employment.
- A franchise provides you with a proven business model, buying power to reduce costs, a strong support system to help with any issues, solid training for both you and your staff, and a marketing program for you to connect with patients.
- It is easier to secure financing with a franchise. Banks and private financiers tend to consider franchises safer in terms of financial risk than companies set up from scratch.
- Your franchisor will help you navigate the licensing and accreditation processes — whether they are local, state, or federal — something you would otherwise have to figure out on your own.
In addition to hospice, the aging of America lends itself to many business opportunities in the healthcare industry targeted toward helping our older population.
There are 10,000 Americans turning 65 years old every day, and by 2030 one out of five people in the U.S. will be older than 65. Eighty to 86 percent of these seniors suffer from a chronic condition or disease, so affordable and accessible healthcare is key for older Americans.
Urgent care centers like American Family Care are starting to play an important role in the lives of seniors who need immediate care for these chronic conditions. Primary care physicians are harder to get into these days. Seniors sometimes need to be seen the day of — a situation primary care offices just are not set up to handle. Urgent care centers allow for walk-ins and the hours of operation are usually outside normal primary care office hours and usually include weekends.
If you are interested in learning more about a franchise that is firmly rooted in the healthcare industry and is committed to helping our aging population, click here to learn more about the urgent care opportunities with American Family Care.