Franchise opportunities abound, including in long-term care. We have them for home care, adult day care and assisted living. Some are a bit more seasoned, having served the business community for years while others are more embryonic, still finding their way. If you are considering a franchise opportunity in care, you need to make sure of a few things.
What are those?
A new business must focus on marketing aggressively. A franchisor needs to have a demonstrated national, if not regional campaign that will help promote your growth. The campaign should have penetration in the market you plan to operate. If not, can you negotiate spearheading it in partnership with the franchisor, necessitating a second agreement? Otherwise, how are you being helped to grow?
A new care provider may need to navigate direct purchase of service agreements with Medicaid waiver agents. There could be a need to prepare for Medicare certification, integrate the business into the long-term care community so case managers are aware of this new service provider, etc. There needs to be a clear process for how the franchisor is going to help accomplish this.
The new provider may want rather specialized agreements with referral sources. Will the franchisor provide leadership in this arena? Does the franchisor have experience dealing with referral agreements?
There will be a need to negotiate best prices on liability insurance, real estate, worker’s compensation insurance coverage and more. A care provider also needs a regulatory compliant staff training and development program. This program has to be one that meets with licensing standards in your jurisdiction and not only prepares your people but reduces liability.
In the absence of these ingredients, prospective franchisees must ensure you are buying more than a logo and a handshake.
Let us hear your thoughts.
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