Healthcare professionals who want to leave the headaches of large medical practices and hospitals behind may find medical franchises offer a viable alternative. Medical franchising often features a better work/life balance and financial independence in an environment that allows providers to do what they do best—care for their patients.
There are also challenges to starting a medical franchise that can make the process seem daunting. Adding the responsibilities of running a business to an already full plate of patient care may seem impossible, but that is precisely why the franchise model is so appealing. By partnering with a franchise that offers the training, guidance, and ongoing support necessary to run a successful business, healthcare professionals can focus on patient care while improving their odds of a successful practice.
Before diving into the world of entrepreneurship, it's also critical to develop an effective business strategy. These five steps can help you launch your franchise while providing a recipe for long-term success.
1. Draw from entrepreneurial experience
Successful entrepreneurship involves vision, innovation, risk tolerance, and discipline. While you are an expert in patient care, you may not have the entrepreneurial expertise to create an independent practice and market it to your targeted patient base. A franchise brings providers, patients, and investors together to create a blueprint that launches your practice and keeps it profitable.
From developing an effective marketing plan to creating an efficient revenue and fee structure, your franchisor should help you lay the correct building blocks to start your practice strong.
While franchise support does not guarantee success, it does offer the guidance needed to grow within a competitive landscape.
2. Navigate the Healthcare Franchise Landscape
The healthcare franchise landscape differs from other types of start-ups, presenting unique challenges, including federal and state regulatory compliance and the potential inclusion of third-party payers. In a constantly evolving industry, you also need to stay up-to-date on the latest changes and trends. Specific concerns might include:
Corporate Practice of Medicine and inclusion of licensed physicians
Involvement of third-party payers or focus on preventative and elective care
Compliance with HIPAA and Data Protection statutes
Requirements of safe harbor protection to avoid Anti-Kickback Statute
Stark-Law and Self-Referral compliance if referring to labs or pharmacies
A successful franchise will also provide in-demand services for patients based on current trends and developments in the healthcare industry. From pain management to cosmetic dermatology, the services patients are looking for are the services you want to offer. To establish patient relationships and predictable income, continued care services should be essential to your business model.
Working with a reputable franchisor will address many of these concerns. The franchisor will also assist with the complexities of processes like patient payments and record keeping. This is a substantial benefit of purchasing a franchise rather than starting a sole proprietorship for your independent practice.
3. Adapt a Patient-Centric Approach
A patient-centric approach establishes a partnership between medical professionals, patients, and their families, ensuring patients take an active role in their own healthcare decisions. The concept was introduced in 1982 and benefits patients and providers alike. While most patients prefer this approach, it requires time and effort on the part of providers to educate patients so they can make informed decisions about their care.
One reason patients look to franchised practices for their healthcare needs is because of the focus on patient-centered care. Larger practices and facilities often don’t have the bandwidth to provide the attention patients need to feel confident in making healthcare decisions. By adapting a patient-centric approach, you provide a significant differentiator between your practice and larger facilities in your community.
4. Take Advantage of Franchisor Support
Operating your own practice requires you to balance patient care with business management. As the practice grows, so does the list of management responsibilities and duties. Franchisors understand this challenge and provide ongoing support to help practice owners navigate the ever-changing landscape of a healthcare franchise. Some of the available support services might include:
Training to prepare you to launch your franchise with confidence
On-site support during your grand opening to ensure a smooth start
Coaching and continuing education to build your expertise
Updated information to keep you abreast of changes to regulations, billing, and patient care
Practice reviews to evaluate your operations and show areas for improvement
Branding and marketing guidelines to build your online and community presence
The proper support will ensure your practice continues to operate at peak efficiency even as it grows, allowing you to focus on providing your patients with the highest level of care.
5. Achieve Operational Excellence
While your franchisor will play an essential role in supporting your practice, operational excellence provides the roadmap you need to constantly improve and grow. This business strategy ensures your entire team is invested in your practice's mission and receives the coaching they need for individual and company success. Operational excellence opens up your practice to ongoing change without compromising patient care or business success.
Some of the benefits of operational excellence include:
A healthy company flow from the top down, and the bottom up empowers every employee
Regulatory compliance and transparency builds investor and patient confidence
Optimized workflows teach addressing obstacles as they arise and finding solutions
Collaboration between staff and departments creates seamless service for patients
Standardization of processes increases efficiency and improves practice outcomes
A holistic approach focuses every team member on creating value for patients
From a practical standpoint, operational excellence helps practices optimize the patient experience with shorter wait times, user-friendly patient portals, and improved patient outcomes. It also provides the scalability needed to maintain quality even as the practice grows.
Healthcare franchise opportunities can take your career to the next level, providing the opportunity to elevate your patient care, stabilize your income, and improve your work/life balance. Franchising is the wave of the future in healthcare as patients and healthcare professionals see numerous benefits from this practice model. When you choose a high-quality, reputable franchisor, you can rest assured you will have the guidance and ongoing support you need for long-lasting success.