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Health care franchises: Why should Medical Professionals care?

  • Highlights

  • Franchising: A watchword in healthcare

  • India is yet to catch up on the franchising trend

  • Huge opportunity for medical professionals

  • How franchises score over stand-alone businesses

Healthcare is one of the major sectors in India in terms of revenue and employment generation. According to LSI financial services, Deloitte, the health care industry in India is expected to touch USD 280 Billion by the year 2020.
Franchising is the watchword in the health care sector the world over. However, in India the franchising concept in health care is still in a nascent stage. According to the Confederation of India Industry, 17% of the global healthcare business is done through franchising while in India, less than 3% of the industry follows the franchisee model.
The franchisee model offers numerous conveniences to medical professionals who wish to step into the healthcare business:

1. Brand name

Associating with a well-known brand gives you the advantage of instant visibility and reduces your risk. It equips you to offer excellent facilities without having to invest a fortune. In India franchising with a reputed brand costs around Rs.10 to Rs.20 lakh. The required financing can be arranged by availing lending facilities like business loan for doctors up to Rs.35 lakh and loan against property for doctors up to Rs.2 crore which are gaining popularity in the market today.

2. Business ownership

You remain the business owner and can utilise your entrepreneurial capabilities within the comfort of an established system. You also get tremendous support in setting up the outlet.

3. Expertise and domain knowledge

The franchisor company brings with it years of experience and domain knowledge which will help you immensely in running the business.

4. Marketing support

The franchisor offers you support in marketing and promotional activities. With the kind of experience that they have, they will be in a position to guide you in taking marketing decisions.

5. Training

Most well-known brands offer professional training to the franchisee staff. These training programs are very effective and come to you at an affordable cost.

How doctors can take their practice to the next level

How your practice can benefit from Business Loan for Doctors

Your practice can manage its day-to-expenses like paying staff, maintaining a health cash flow, etc. and meet expansion needs such as upgrading to the latest equipment and technology, buying a new clinic space, etc. with a Business Loan for Doctors offering capital up to Rs.35 lakh.

6. Technology

The franchisor would offer technological and value-added services to all the franchisee units. You can have the advantage of running a technologically advanced healthcare unit providing world class facilities to your customers.

7. Success rate

Since you will be implementing a tried and tested model, the risk of failure is minimised. The success rate in franchisee business is high due to support from the parent company. Franchising in India has been tremendously successful with a success rate of 85%.

Bearing in mind the inadequacies of the public health care system in India, it would be a wise move to explore franchisee opportunities with health care brands in India or abroad. It can throw open a world of opportunities for you and propel you to success.

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