3 Things You Should Know About Owning a Medical Franchise
By: Christine Dura
After years of training to be a doctor – through undergrad, medical school, residency, and landing the first job – are you fed-up with working for someone else? Opening a medical franchise is a great option if you’re interested in owning your own clinic.
A medical franchise provides numerous benefits that make it easier for you to be in control of your clinic. But before you put down your first payment, these are three things you should know.
- Fewer Doctors Own Their Own Clinics
The small doctor-owned clinics you may have frequented as a child are on the decline. According to the AMA, 2016 is the first year when less than 50 percent of physicians own their own practices. This is a far cry from 1983, where a similar survey found that more than 75 percent of physicians owned their own practices.
It’s not to say it’s impossible to own your own practice – just increasingly unusual.
- Owners Need Skills You Didn’t Learn in Medical School
Your medical training helped prepare you for a career in caring for patients and solving medical problems – not doing billing. Owning a medical franchise requires more than just medical know-how, you need to be informed about owning and managing a business. As owner, you’ll need to take on tasks such as marketing, hiring, bookkeeping, and more.
That’s where becoming a medical franchisee gives you an advantage over just striking out on your own. The franchise umbrella provides support and training to get you prepared to manage employees and customers alike. Owners learn important business skills that empowers them to combine the skills with their experience as a doctor to build a strong business.
Working as a franchisee also helps eliminate some red tape, giving owners better access to insurance companies or medical suppliers, proprietary software to manage patients, ongoing professional development, and more.
All of these things help physicians own a clinic, while still allowing them to spend a lot of time caring for patients, not filling out paperwork.
- Owning a Clinic is Rewarding
Surveys have found that entrepreneurs are some of the happiest people on earth. Owning your own business and providing the type of medical service you want to provide is extremely rewarding. Owning a medical franchise allows you to have control over your own future, and build a practice that you’re proud of.
Starting your own clinic could be just what you need to find the success and happiness you’re looking for. A franchise might be just right for you!
OrthoNOW is the first and only Orthopedic franchise. Contact Christine Dura at Christine@orthonowcare.com for more information about franchise opportunities.
Christine has over 25 years of quantifiable executive management and franchise related leadership experience within the US and internationally with notable franchise startups in the service, technology, retail, food, health and wellness, financial service, medical care, technology and professional services. As a Senior Franchise Executive and Entrepreneur, Ms. Dura has been both an individual contributor and has successfully led world-class teams.
Ms. Dura excels at partnering with all core business operations to significantly increase the company’s foot print, expand market share, and generate sustainable revenue and EBIT gains. Her proven successes, combined with her Master Degree in Training and Development, have shaped Ms. Dura’s uncanny ability to identify opportunities, build mutually rewarding partnerships and produce remarkable results.
In addition, as a four-time Master and Unit Franchise Owner, Ms. Dura is in a very unique position to leverage her experiences and reputation at all levels in franchising along with her vast personal and professional investor network to drive immediate and long term results. As OrthoNOW’s Chief Development Officer her role is to identify critical gaps in franchise growth and implement strategies to drive results. Her unique background allows her to leverage past experiences and solid reputation to spearhead OrthoNOW’s national expansion plans.