Healthcare Franchise Ownership Essentials and Tempting Product Deals

Clinics and nursing homes have already been an integral part of the healthcare industry. They are significant for providing regular medical facilities to people to ensure their good health and overall well-being.

The healthcare industry of our country is growing at a CAGR (Compound Annual Growth Rate) of around 22% since the year 2016. If it continues to grow at this rate, then it is expected to reach USD 372 Billion by the end of this year. Healthcare is currently one of the largest sectors of the Indian economy, in terms of revenue as well as employment.

The healthcare segment comprises medical equipment, hospitals, medical devices, medical tourism, health insurance, clinical trials, outsourcing, and telemedicine. This sector is growing at a swift pace owing to its strengthening coverage, quality services, a large pool of well-trained medical professionals, and increasing expenditure by public as well as private players. Also, the medical services and supplies in India are cost-competitive in comparison to other Asian and Western countries.

In the year 2020, the Indian medical tourism market was valued at US$ 2.89 billion and it is expected to reach US$ 13.42 billion by the financial year 2026. According to a trusted report, approximately 697,300 foreign tourists came for medical treatment in India in FY19. India has been ranked 10th in the Medical Tourism Index (MTI) for 2020-21 out of 46 destinations by the Medical Tourism Association.

The e-health market size in India is estimated to reach US$ 10.6 billion by the year 2025.

A pandemic, a growing middle-class population, and rising health issues such as hypertension, depression, anxiety, obesity, etc. are boosting the market for quality healthcare, which is poised to expand in the coming years.

This also makes India a suitable place for clinics and nursing home franchises. There are many well-reckoned brands in the healthcare sector like Apollo Clinic, Dr. Batra, Thyrocare, Ranbaxy Pathology Lab, etc. that are willing to expand and are looking for franchisees.

Why should you consider availing clinics and nursing home franchises of a well-known brand?

Owning this type of franchise requires an initial investment which is usually reasonable
Here, the franchise owners need to use their skills to run an already-established business instead of building it from scratch
Taking up the franchise of a well-established medical organization means owning a business whose risks have already been dealt with by the parent company
Franchisees get immense growth opportunities, exposure, and huge profit margins
No need to set any kind of standards or frame any policies as it is already done by the parent company
Franchisees can get help in market study, acquiring medical equipment, training programs, etc.
Franchisees are assisted by the parent company in site selection, getting in the finances
Assistance is also provided on doing up the interiors of the site, hiring manpower, making innovative marketing plans, branding, and launching the medical services

Key points before getting a clinic and nursing home franchise in India

Suitable place

A spacious area to set up your business is very crucial as it is the foundation of any business. It should be easily accessible.

Having proper industry knowledge, and required licenses

To run the business in a smooth and hassle-free way, interested people should have in-depth knowledge about the industry and should own the necessary licenses.

Employing an adept team

Health care is one of those sectors which needs to be managed by skilled and preferably, experienced medical professionals. Interested franchisees need to be careful before hiring manpower.

Things that are usually expected from a franchisee:

Franchisees should have enough information about the brand which they will represent in their area of operation
They should always be honest with their franchisors and work in close coordination with them
As they represent their franchisors, they should never fail to follow their policies
They must ensure that the reputation of their franchisor remains intact
They should always ensure that their team remains productive, and is enthusiastic about meeting the pre-set goals
The franchisees should have a positive attitude and should behave responsibly toward ensuring the parent company’s growth and expansion in their territory

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