Hospital Franchise: Can You Invest in One?
A hospital franchise opportunity is uncommon, but there are other related businesses you can consider instead. Learn more about the different options available in healthcare and why investing with a home care franchise may be your best choice.
What is a Hospital Franchise and Can You Own One?
The short answer is no. Hospitals don’t offer franchise opportunities. Therefore, a hospital franchise business is more likely to be an urgent care facility. Primary care doctors are busy and tend to have limited hours, and emergency rooms can be quite expensive. Urgent care facilities offer an intermediate option for those seeking fast, non-life threatening care. Some people even use urgent care in lieu of a primary care physician.
Urgent care centers are able to handle a number of situations, including treatments for:
- Cold, flu, and strep throat
- Urinary tract infections (UTI)
- Mild allergic reactions
- Stomach aches or vomiting
- Ear infections
- Minor injuries like burns, cuts, sprains, and broken bones (excluding compound fractures)
Many also offer physical exams required by schools and sports teams, in addition to testing for COVID-19.
It’s important to note that while the revenue potential is strong due to the multitude of services offered at urgent care centers, they can be expensive to start. Initial startup costs can range anywhere from $100,000 to over a million dollars. Part of the reason these franchises are more costly is because they require a large space with multiple exam rooms. Plus, they also need equipment – like X-ray machines – to be able to treat patients.
Why Consider Home Care as an Opportunity
Home care presents itself as a strong investment opportunity due to the growing older population across the U.S. According to the United States Census Bureau, the 65-and-older group makes up 16.8% of the nation’s population. From 2010 to 2020, the senior population grew at the fastest rate the country has ever seen – mainly due to the aging of the baby boomer generation. After watching nursing homes become hotspots during the pandemic, the growing senior population wants to age at home. High quality home care allows them to do so safely.
Additionally, home care businesses offer varied services, much like urgent care centers. Home care can range from companionship and assistance with daily tasks to medication management and skilled health care. The best part? Home care businesses don’t carry the same financial burden urgent care facilities do. Since care services are conducted in clients’ homes, there isn’t a need for a large office space. You may choose to operate your business in an office outside of your home, but it doesn’t need to be a sizable building like an urgent care.
Own a Home Care Franchise with HomeCare Advocacy Network
If helping others is something you’re passionate about, you may want to look into senior care franchises. With an established franchise brand, you’ll be able to get your business started without the hassle and guesswork of doing it all alone. At HomeCare Advocacy Network (HCAN), “we’re dedicated to pursing the genuine success of others.” To us, it’s paramount that we provide our franchisees with a complete business blueprint to follow. Our team of industry professionals will be able to guide you through every step of starting and operating your franchise business.
With home care, you’re not just another health care business, you’re a people business, too. Quality care begins with compassion and that comes from great caregivers. That’s why our brand has extensive, caregiver-centric training to ensure the best for our clients.
HomeCare Advocacy Network offers a cost-effective opportunity, with startup costs ranging between $116,650 and $161,000. We also allow franchisees to have exclusive ownership of more than one franchise territory.
To learn more about our franchise opportunity, contact us today, and one of our development representatives will be in touch with you soon.