Home Healthcare Franchise Cost: How to Budget & Save on Expenses
How much does a home healthcare franchise cost? Here’s how to find the price of different franchises, along with some less expensive options.
What Does a Home Health Franchise Cost?
Buying a home healthcare franchise can be a rewarding investment, both financially and personally. However, the estimated startup costs can vary significantly based on a number of factors.
- Payroll: Keep in mind that home healthcare franchises provide medical aid and therefore need to employ medically licensed professionals – such as registered nurses and speech or occupational therapists to treat patients. Franchise owners need to be mindful of how many employees they need on staff along with their wages, given the extensive education required for the position.
- Inventory and equipment: Given the services home healthcare franchises provide, specialized equipment, like stethoscopes, vital sign monitors, blood glucose meters, etc., are needed in addition to basic office supplies, computers, and software programs to keep track of patient data.
- Real estate: Unlike live-in care facilities, medical aid is being delivered in the homes of patients, home healthcare franchises don’t need a lot of real estate. A simple office space for employees to complete any charting or pick up supplies from is acceptable.
- Territory size: Some franchisors charge based on the size or potential of the territory granted to franchisees. A larger or more densely populated territory might be more expensive. However, with more client potential, the additional cost could be worthwhile.
- Advertising and marketing: In addition to contributing to a national or regional advertising fund, franchise owners may also want to look at local advertising opportunities to spread the word about their business.
- Licensing and permits: Franchise owners of home health businesses will need make sure their staff has the appropriate licenses before treating patients. Also, franchisees need to understand how to navigate the complexities of medical regulations to ensure compliance.
- Insurance: All businesses, especially those working with patients in their homes, should have insurance that protects both the business itself and its employees.
To get a true understanding of what a home healthcare franchise costs, be sure to thoroughly review the brand’s franchise disclosure document (FDD). This is a legal document that all franchise brands are required to update annually and share with potential franchisees. The FDD includes pertinent information like initial investment costs, any litigation history, financial representations, and more. You should consider hiring a franchise lawyer to review the FDD so you have a full understanding of the franchise opportunity.
Why Consider Home Care Over Home Healthcare
A home care franchise may sound similar to a home healthcare franchise, but it’s actually quite different. While home health focuses on providing medical aid to patients, home care specializes in non-medical assistance. Home care franchise services are conducted by trained caregivers and include tasks such as light housekeeping, errands/transportation to appointments, pet care, personal care (grooming, hygiene, etc.), assistance with daily living activities, and companionship. Home care franchises aren’t as heavily regulated as home healthcare franchises and don’t require an inventory of medical equipment, or staff of registered nurses and licensed therapists.
Franchise with HomeCare Advocacy Network
Considering buying a home care franchise? HomeCare Advocacy Network (HCAN) is a reliable franchise brand in the senior care industry. At HCAN, we’re committed to fostering the true success of everyone involved in our franchise, from our caregivers and team members to our franchisees. We understand that quality care comes from well-trained caregivers. Our team of industry professionals provide caregiver-centric training to ensure the best care.
We offer an affordable home care franchise opportunity, with initial investment costs ranging between $116,650 and $161,000. Plus, we allow our franchise partners to have exclusive territorial rights to more than one market.
To get started with our franchise opportunity, contact us today, and one of our representatives will be in touch soon.