Franchising Today - Summer 2016 - 16

HEALTHCARE

Column by John Richards

plex healthcare system, they can offer
affordable pricing that consumers pay
directly - often at a lower cost than an
insurance co-pay. This payment model
makes these franchises even more attractive to consumers who are tired of
fighting insurance companies over every nickel, as well as those who had to
cease regular treatments because their
insurance only covered a few visits.

MANAGEMENT ADVANTAGES
Entrepreneurs investing in a healthcare
franchise must be committed to being
present to achieve its rewards.

HEALTHY FRANCHISING
CONVENIENT, AFFORDABLE AND CUSTOMER-FRIENDLY ARE
OFTEN ASSOCIATED WITH RETAIL BUT RARELY WITH HEALTHCARE.

CONSUMERS
ARE
RELYING LESS
Consumers are relying less
on
the paternalistic model of the past in
which doctors make all the decisions
and patients just go along. Instead,
consumers are starting to take active
control of their healthcare choices.
Treatment for back pain is a good
example. Rather than making an appointment with a doctor weeks in
advance, consumers can obtain the
same service on a walk-in basis while
running errands or during their lunch.
Changes in insurance are also driving consumers to look at healthcare
differently. Many services that were
once fully covered under employer
insurance plans may only be partially covered, if at all, under plans
purchased through the exchanges
created by the Affordable Care Act.
Higher co-pays and deductibles also
have consumers looking for less expensive alternatives.
16

franchising-today.com

SUMMER 2016

HEALTHCARE FRANCHISING

All of these factors have led to the explosive growth of healthcare franchising over the past few years. The key is
finding practices that occur routinely,
are self-contained, simple and discrete, and require only a modest investment in equipment.
Healthcare franchises that meet
these criteria are well positioned to
meet consumer needs in a changing
marketplace. One of the biggest is
convenience. Healthcare franchises
are often located in high-traffic areas
and do not require appointments,
making it easy for patients to drop in,
obtain services and return to their day,
even during evenings and weekends .
Franchises that offer simple, lowcost, routine services often have the
ability to bypass insurance completely.
Because they're not tied to the com-

For the franchisee, one of the most
significant advantages of a healthcare
franchise is the workforce is typically
made up of well-educated service providers and other professionals. The
service providers are licensed, which
reduces risk. Their professional nature coupled with the fact that there
are fewer employees makes the workforce easier to manage.
The service delivery model for
a healthcare franchise is relatively
simple. There is minimal inventory
to manage and few concerns about
spoilage. Another advantage for the
entrepreneur is that most healthcare
franchises can be launched for a relatively small up-front investment. Additionally, it typically takes a year or
less from the time the franchise agreement is approved to the time the doors
open, which can help franchisees
achieve a faster return on investment.
Entrepreneurs investing in a healthcare franchise must be committed to
being present and hands-on. For those
willing to make the commitment, the
rewards - both financial and the personal gratification that comes from
helping people - can be outstanding.
John Richards is former Star-

bucks president of North American
operations and currently the CEO
of The Joint Corp., a national operator, manager and franchisor of chiropractic
clinics He can be reached at john.richards@
thejoint.com.


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Table of Contents for the Digital Edition of Franchising Today - Summer 2016

Contents
Franchising Today - Summer 2016 - Cover1
Franchising Today - Summer 2016 - Cover2
Franchising Today - Summer 2016 - 1
Franchising Today - Summer 2016 - Contents
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