Medical franchises have exploded recently, and experts predict the industry could earn $100 billion in 2024. Franchises offer healthcare professionals greater freedom in charting their professional path on their terms while providing patients with a superior level of personalized care in high-demand specialties.

Medical franchises offer a variety of opportunities for healthcare providers with a passion for: 

• Regenerative medicine
• Urgent care
• Home health care 
• Senior services 
• Diagnostic and medical laboratories
• Physical therapy

Medical franchises provide opportunities for business ownership with less risk than starting a private practice. Franchises offer a familiar brand with a proven operation system. Most offer training and ongoing support to make the start-up process easier. Franchise owners also benefit from the purchasing power of a larger network that ensures better pricing on supplies and equipment. 

Medical franchising may be the wave of the future, but it is not without risk. Physicians and entrepreneurs interested in franchising need to understand these five innovative trends that are driving the health and wellness market to increase their odds of success. 

1. Regenerative Medicine

Regenerative medicine uses technology and innovative treatments to help the body’s ability to ease damaged cells, tissue, and organs. The approach focuses on healing the source of the injury or illness rather than merely treating symptoms. A variety of treatment options have been introduced under the umbrella of regenerative medicine, which may be useful for the following conditions: 

• Musculoskeletal injuries
• Type 1 diabetes
• Cardiovascular disease
• Skin wounds
• Some cancers
• Brain injuries 
• Organ transplants 

Regenerative medicine may be used alone or with traditional medical treatments like medication and surgery. Studies have found it minimizes recovery time and reduces inflammation and pain. It is a natural form of therapy with minimal risks and side effects. The regenerative medicine market is expected to grow by more than 25% from 2023 to 2028, making a regenerative medicine franchise a profitable choice.

2. Personalized Health 

Personalized medicine, also known as precision medicine, is in high demand today as it has proven more effective than the one-size-fits-all approach. It considers individual factors, such as genes, lifestyles, and environments. Personalized treatments precisely target a patient’s needs, often leading to better outcomes. 

Personalization has been challenging in the past due to the time and cost restraints of addressing the entire patient population. However, technology, including artificial intelligence (AI), offers a personalized approach without breaking the bank. Technology such as genomic testing, AI gut health analyses, and AI-driven fitness provides the personalization patients want in a format physicians and other healthcare professionals find easier to use. 

Personalization has been challenging in the past due to the time and cost restraints of addressing the entire patient population. However, technology, including artificial intelligence (AI), offers a personalized approach without breaking the bank. Technology such as genomic testing, AI gut health analyses, and AI-driven fitness provides the personalization patients want in a format that physicians and other healthcare professionals find easier to use. 

3. Holistic Solutions 

In our stressed-out world, holistic care has found a critical place at the medical treatment table. Holistic care focuses on the entire patient with the goal of optimal overall health. When a patient is unwell in one area, it also affects the rest of the body. By supporting the body’s ability to heal itself, holistic medicine lets patients take control of their health and well-being.

Contrary to popular opinion, natural medicine is one of many options in holistic care. Holistic providers may combine traditional treatments with natural remedies and innovative technology to offer their patients the most effective care. Patient education equips the patient to make the best decisions for optimal wellness.

Patients have moved beyond the goal of reducing symptoms to a desire to treat the cause of whatever is ailing them. For some, this might include regenerative medicine. Others might seek a healthier lifestyle approach to build their resiliency against disease. Medical franchises that incorporate holistic care into their framework will more effectively meet the needs of their patients. 

4. Digital Health 

The pandemic left the healthcare industry scrambling to find ways to care for patients from a distance, and telehealth became the norm. Telemedicine allows patients to seek numerous medical services from the comfort and convenience of home, including: 

• Consultations
• Urgent care
• General check-ups
• Surgery follow-ups 
• Mental health therapy 
• Physical therapy 
• Chronic disease management
• Medication management

Providers can enhance telehealth services with innovations like at-home diagnostic testing, remote monitoring, online classes, and remote medication pick-up. By combining virtual services with the latest technology, physicians can rest assured that their patients are receiving the highest level of care with better access to providers and health records. 

Telehealth services keep sick patients out of your office while allowing you to care for them safely. They are convenient for patients and cost-effective for providers. Franchises that offer telehealth services provide a valuable healthcare model many patients want today.

5. Wearables and VR 

FitBits and Apple watches paved the way for biomonitoring on a whole new level. Today’s wearables include biometric rings that monitor a patient’s sleep quality, glucose monitors that constantly manage blood sugar levels, and smart clothing to personalize exercise programs. 

According to some surveys, as many as half of all consumers have purchased fitness wearable devices. New modalities and innovative technology have renewed interest in these products, and the industry has continued to grow. Despite the broadening market, there is still room for expansion in devices that track vitals like stress hormone levels, cholesterol, or weight management. 

The popularity of devices provides a distinct opportunity for physicians to incorporate wearables into their practices. The medical franchise is an ideal environment to introduce this integration to patients. Providers that use technology to empower patients to take charge of their health are in high demand now and in the future. 

While a medical franchise offers numerous advantages over investing in private practice, preparation and education are essential elements to increase your odds of success. By understanding the current trends driving the healthcare industry today, you can incorporate the right tools into your own franchise to set you up for a profitable business venture.