With the ever-expanding medical franchise industry, business opportunities and growth in healthcare seems non-stop. One supporting factor in this assumption is that revenue in the orthopedic industry has reached an impressive $48.1 billion just last year. This overall 3.2 percent increase came as a result of every avenue product performance garnering growth over the previous year. From joint reconstruction to orthobiologics, each segment experienced an increase in revenue. But how is this growth being achieved?
Firstly, the major players in the orthopedic industry overall increased their revenue for 2016. The top five companies make up for 75 percent of the market share when it comes to the orthopedic industry. Companies like DePuy Synthes and Zimmer Biomet achieved growth in 2016 after seeing a drop in revenue the previous year. Leaders in the orthopedic industry are being forced to think outside the box when it comes to growing their businesses and specializing.
The future of orthopedic healthcare could very well lie in the medical franchise. Medical franchises are mostly associated with operations like urgent care centers or dental offices, but there’s great potential when it comes to the orthopedic industry. Though medical franchises have been in existence for decades, only recently are entrepreneurs truly discovering the benefits of opening their own.
Today’s increased demand for convenient, cost-effective, quality healthcare is serving as a boon for the medical franchise. Patients are interested in receiving healthcare on their terms and at reasonable costs. Nearly gone are the days of making a midday appointment with a primary care physician or heading to the emergency room for a couple of stitches or a cough. Urgent care franchises are filling the void that traditional healthcare practices are leaving. They provide quick and competent care at reasonable costs and convenient schedules.
The orthopedic industry, aside from developing new and better ways to treat injuries and ailments, can take note from the urgent care model when it comes to growth. The need for convenient and cost-effective specialized care, like orthopedics, is also increasing. If insurers allow, and many do, patients can cut out the “middle man” by going directly to the healthcare professional they truly need. As an example, if a child twists his ankle during soccer practice instead of going to the emergency room or waiting to get an appointment with his primary care physician only to be referred to a specialist, his parent can bring him directly to a certified orthopedist.
Franchises like OrthoNOW have already caught on to the trend in the medical franchise industry. OrthoNOW was founded by group of orthopedic surgeons in South Florida who recognized the increasing need for quick and convenient orthopedic care. By doing so, they’ve created a medical franchise that is industry-specific and looks to grow right along with the demand. Franchises like OrthoNOW can directly contribute to the growth of the orthopedic industry through evaluating and treating patients with orthopedic needs. Getting to the root of a patient’s issue more efficiently can not only impact the growth of the device industry, but also the healthcare industry as a whole.
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