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Owning a Medical Clinic Franchise: The Pros & Cons
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If you are thinking about owning a medical clinic franchise, it’s a great time to make that investment. Here’s why. Based on figures from the U.S. Bureau of Labor Statistics, healthcare is forecast to remain one of the fastest-growing industries through 2029. Healthcare occupations, and those associated with healthcare, account for most of the 20 fastest-growing occupations from 2019 to 2029. Additionally, team-based healthcare models are increasingly used to deliver healthcare services. Let’s take a look at the pros and cons of this business venture.
The Pros
One of the biggest advantages of working with a medical clinic franchise is that you lower your risk when you invest in a franchise compared with starting from scratch. You won’t go it alone. The franchise brand is your safety net, allowing you to follow a proven franchise model, with a recognized brand giving you a solid customer base right off the bat. Franchise support means you hit the ground running with a quicker ramp-up, speeding up your profit potential. You have franchise experts assisting you with all the details of opening your medical clinic, including marketing, training, and guidance. Owning a medical clinic franchise allows you the freedom to be your own boss, with the support of industry leaders.
This business opportunity will also bring personal and financial fulfillment. There’s been a tremendous increased demand for specialized care, so you are likely to grow your franchise location with the opportunity for expansion through multi-unit development.
Based on the franchise brand you choose, focusing on a fee-for-service/cash-only practice model could eliminate the red tape of healthcare insurance giving you greater flexibility in patient care and treatment options.
No matter how you choose to go into business — either as a franchisee or sole proprietor, partnering with a franchise brand gives you greater access to procuring funding from third-party lenders.
Yet another advantage of investing in a medical clinic franchise is the opportunity to take advantage of the franchise’s mass buying power for products and supply costs. Outfitting your clinic could cost less, thanks to bulk purchasing options.
The Cons
There are a few disadvantages when owning a medical clinic franchise. Research goes a long way to avoiding the pitfalls of business ownership. For example, find out if the particular clinic you want to open is even needed in your community. If you cannot attract patients, this is not a feasible option.
Find out about the competition. Will you constantly be struggling to stay afloat or out-promote the competition? Do some feasibility studies to determine what you are facing in the marketplace.
Although you may be a talented physician, you may not know how to run an office, take care of budgets, or hire and retain staff. Will you have a business partner to handle the day-to-day operations?
You will need substantial capital to pay franchise fees. While the upfront costs are significantly lower than if you had to invest in a start-from-scratch clinic, how will you bankroll these initial fees? Although many franchisors will give you a leg up on third-party lenders, no loan is guaranteed.
As a franchisee, you must adhere to the limitations set by your franchisor. Choose the franchise brand you invest in carefully. Ask yourself if you can be compliant with the rules of the brand? You don’t have complete freedom; you will need to measure risk-reward.
One of the challenges you will face is understanding the laws that govern healthcare in your area. There are stringent regulations in healthcare. Not only will you need to comprehend these laws, but you will need to follow them. Research the laws.
QC Kinetix Franchise
As you look into medical clinic franchises, know that your venture in a franchise is a popular investment option. The franchising industry and businesses employ 21 million people and generate $2.3 trillion of economic activity. A new franchise business opens every eight minutes of every business day.
If you want that next franchise that opens to be yours, take a look at a medical business specializing in the cutting-edge technology in regenerative medicine — QC Kinetix.
You will own your own innovative regenerative medicine clinic, using leading-edge equipment, in a patient-centered environment, where you provide quality care. QC Kinetix uses regenerative medicine to improve our patients’ musculoskeletal pain and injuries with natural treatment options that prolong or eliminate the need for drugs or surgical intervention.
This concierge-style medical clinic franchise provides freedom from the red tape of insurance companies. You maintain a high quality of life with an enviable work-life balance.
The total investment necessary to begin operations is approximately $250,000, including an initial franchise fee of $55,000, for a single clinic.
Regenerative medicine is expected to be a nearly $50 billion industry by 2025. If you are ready to be a part of this expanding medical field with the proven business concepts of QC Kinetix, let’s get started.
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