Baby boomers are getting older—the oldest of this demographic are heading toward 70 now—and they want to stay in their own homes as long as possible. Moving into an assisted living or rehabilitation facility isn’t always the best option for the elderly, but neither is living at home alone. While young parents are busy working and taking care of their own children, their parents might need extra help with daily activities like making meals, remembering to take medication, or taking care of personal hygiene. Non-medical home health aid and advocate franchises are the solution to this problem.
America’s Best Franchises has teamed with a large number of non-medical home health franchises:
With so many options, it can be hard to tell which one is right for you. Although you should always look at your strengths and weaknesses and how these fit with different franchisors and resources they provide, there are some specific things to consider when thinking about opening a home health franchise:
Is the culture of the franchise highly competitive?
Home healthcare franchises that specialize in working with seniors need to have a high-quality and personalized service. As changes in Medicare decrease the amount of money available for care and lifespans increase, franchises will probably face more competition in the market. Since this is a highly active market with lots of competition, ensuring that the franchise you’re considering has more than just the basics or has a business model with more resources to do a better job than the next franchise is important. Be sure to look at the competitive advantage the franchise offers and how it’s different from the competition in your area.
What would happen in a merger?
Mergers are common in the healthcare industry, so knowing what would happen if your franchise merges with another is important. Be sure to consult with a franchise attorney about your options should a merger occur and ask the franchisor questions about the potential of merging with other companies. While they might not say outright they plan on selling their franchising company to another, it’s important to gauge their response.
How are liabilities and staff handled?
Two aspects every franchise should address are how liabilities are handled to reduce potential lawsuits and how staff is managed and trained. While staff is an integral part of home health agencies, you might not have the ability or certifications to train staff to your state’s standards. Be sure to be aware of the laws in your state—then check to make sure your franchisor knows the rules too. In terms of liabilities, if your franchisor isn’t aware of regulations in your particular area, it might prove problematic in the future.
If you’re considering a home health franchise, be sure to look at industry specific issues as well as general business matters.
This article was originally published by America’s Best Franchises
Published: September 25, 2013
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