In the franchise world, the number of medically related franchises is vast and diverse. One of the fastest growing segments is the medical equipment business.
Even this subcategory of franchises can have a lot of leeway in what they offer. Medical equipment businesses include everything from sterile hospital products like IV bags and syringes to things used for patient intake, like blood pressure cuffs and infrared thermometers. Universal equipment needs such as PPE, or hospital beds, ultrasound machines, hospital room furnishings, surgical lighting, sterilization equipment… It’s all included in the medical equipment business.
Or, medical equipment franchises can be patient-centric, supplying patients with walking aids, braces, at-home oxygen, or C-PAP and Bi-PAP machines and supplies. Nearly anything you can think of that equips a medical office or hospital, there’s a business that supplies it.
The Rise of Medical Equipment Businesses
Medical equipment businesses are rising in popularity for several reasons.
- Chronic diseases are of increasing concern in the United States. 6 in 10 Americans live with at least one chronic disease, such as heart disease, diabetes, stroke, or a form of cancer. As their care becomes increasingly complex, so do their medical equipment needs.
- The population of the US is also aging, as the size of one of America’s biggest generations, the Baby Boomers, enters their sunset years. Alongside the onset of chronic diseases becoming more prevalent between the ages of 45 and 54 and growing in complexity with age, these are the demographics most likely to need what medical supply franchises are offering.
- COVID-19 contributed to the needs of PPE for a greater population, including supplies like masks and gloves, as well as other items like pulse oximeters and infrared thermometers. Initially, lockdowns reduced the need for medical equipment as elective and cosmetic procedures were put on hold. Lately, however, with more people becoming vaccinated and government incentives taking effect, these elective procedures are ramping back up. New strains of the disease are also not as severe, resulting in more hospitals having room for patients seeking routine medical treatments rather than dedicated COVID spaces.
- Health insurance and Medicare partially or completely covers costs for many of the supplies for patients, which offers medical equipment businesses a legitimacy not found with many other franchise categories. Patients receiving help shouldering the costs of the supplies makes the products more affordable and the business steadier even in a wavering economy.
The Complexities of Running a Medical Equipment Business
As one might imagine, running a medical equipment business can be quite technical, particularly if the products are specialized equipment for complex medical procedures. Many of those who start medical equipment businesses already have inherent knowledge or experience with the manufacture of the equipment they’ll be supplying to hospitals or patients.
Others with unique medical equipment business ideas have specialized medical training who see a void in the medical industry and have devised a piece of machinery, equipment, or technology that will solve a problem they’ve experienced in the medical field. In these instances, they’ll patent their new technology to ensure they recoup their investment during the invention, development, engineering, and initial manufacturing processes. It’s not every day these types of medical equipment businesses are created and become franchises for investors to get in on the ground floor.
Keeping a large supply of inventory can also be a significant investment in starting a medical equipment business. Suppliers, of course, want a diverse array of clients and customers so that if they lose one, they can still weather hiccups in the market and remain a viable business. This means carrying enough inventory to actually supply multiple clients who may place simultaneous orders. Being unable to do so with an unexpected spike in demand can mean losing business, but it can also be very expensive to maintain high amounts of inventory.
Big medical equipment franchise opportunities also require a number of employees, which, along with the inventory costs, can mean high overhead expenses. Those investments may limit the number of franchise owners who qualify for those franchise awards.
Why a Medi-Weightloss Franchise is a Better Alternative to a Medical Equipment Business
1. Franchises for medical equipment aren’t the only growth industry in the medical sector of the franchise world.
Weight loss is also big business around the world, with a $3.68 billion market size that’s forecast to grow to $4.99 billion by 2028. A Medi-Weightloss franchise is an opportunity to remain in the medical segment of franchising and help countless people while meeting demand from consumers of all ages who are seeking ways to get healthier. Weight loss is often the first strategy people turn to for a healthier lifestyle.
2. Medical equipment business requires a lot of logistics
No one brand has yet to corner the weight loss franchise market. Medi-Weightloss franchises have built strong brand recognition across the US because our weight loss programs are physician supervised and backed by clinical research. Opening a medical equipment business requires a large retail operation with a wealth of choice for the type of equipment being supplied. Inventory ranges from top-of-the-line surgical equipment to basic PPE and even furniture. It’s complex and frankly, a little daunting.
Medi-Weightloss changes lives for the better, and does so by interacting directly with the patients. The Medi-Weightloss franchise model is built on a turnkey operation that’s been tested as a solid alternative to other medical franchise opportunities. Franchise owners have everything they need to begin their operations quickly and with the firm backing of the Medi-Weightloss franchise development team.
It also takes fewer employees to run a smooth Medi-Weightloss clinic than a large medical equipment business. With less inventory and a smaller staff, the overhead expenses are lower.
3. Unsure how to start a medical equipment business?
You won’t have that problem with a Medi-Weightloss franchise. From the moment you’re awarded your Medi-Weightloss franchise, you become part of the Medi-Weightloss team, and we ensure you have everything you need to operate your clinic on a daily basis.
We start with guidance and advice from our experienced corporate team on site selection and build-out. Then we continue with on-site training, educational programs, and eLearning. Next, you’ll be given access to cutting-edge methods and technology that are the cornerstone of the daily operations of Medi-Weightloss, including our practice management system, online ordering, EMR and prescription labeling, and training and protocol support. Everything is fully HIPAA compliant and web-based.
Medi-Weightloss franchises are becoming available across the US. Find out if you have what it takes to become a Medi-Weightloss franchise owner in your area and begin making a difference in patients’ lives!