The past decade has seen some of the most significant changes in demographics. The baby boomers generation are in the age of their retirement, thus giving way to generation x and the old and new millennials. According to an article, by 2020, people in America aged 65 and above are going to outnumber children aged five and below for the very first time in history. Because of this, the healthcare sector has been, and is still thriving with thousands of jobs and new career opportunities.
At almost 3 trillion, the state healthcare industry in the united states has been stronger than most people have expected. It may also help to know that it continues to be one of the fastest growing industries in the country. In the last ten years and at present, the health sector proves that it can adapt and keep up with disruptions in the economy and global innovations, whilst showing that both the private and public sectors can join together to further market forces at a pace nobody had seen coming but most definitely many people benefits from.
The Bureau of Labor Statistics said that healthcare industries are going to have “the fastest employment growth and to add the most jobs between 2014 and 2024.” By the looks of it, that statement continues to hold true since more and more people are becoming aware of their healthcare needs. A report from the Employment Projections released almost four years ago also predicted that by 2024, healthcare and the medical world will be able to provide over five million job openings. By those numbers, it is safe to argue that people who wants a place in the medical business, will be in a good position, granted they know how to deal with everything that comes with being in the industry.
More than any other field in the economy, the medical industry and social services sector together created more than a whopping 3.8 million jobs. So yes, now is a good time to jump into the medical business if you aren’t already in. Before you get excited, you would want to know where exactly you would fit in this business and how you can take advantage of the growing demand in healthcare by clients in an area.
If you do not have a degree in the medical field, it’s not a reason for you not to consider joining in, especially if you are already an entrepreneur open to risks and willing to challenge himself whilst making sure his business would grow. If you are a doctor, it makes sense to really have your own practice for obvious reasons even if you know very little about marketing business.
Now is a good time to weigh your options and you will realize a lot of things will be in your favor, especially if you buy an existing medical business instead of starting from scratch. Sure you want to be your own boss. Acquiring an already established practice can be prove to be more profitable for obvious reasons. Along with your medical expertise (or lack thereof), you get to have a team that has experience handling the patients, ergo the people, the ones that you inherit as clients to manage and take care of. You would want to keep that steady flow of patients coming, and more.
That is the nagging question. To start from scratch seems like a great adventure, but the greater the adventure, the greater the risk. What if you don’t have enough managing skills to go with your medical expertise? While it is true that entrepreneurship can be learned, it is also better to have a business where the flow of clients or in this case, patients, along with procedures, already in place.
Having a successful medical business is not impossible. The thriving healthcare sector is already a given. You just have to take advantage of that in the best way possible. Financially, it is wiser to buy an existing one. Building your own practice makes you have a sense of fulfillment but the risk is bigger. You have to find your market, reach out to potential clients and you won’t have to go to all that trouble when you already have your hands full learning more about both its medical and business aspect, which would be of great help when it comes to creating and signing proposals in acquiring a medical practice.
Thankfully though, there is enough demographics demanding and wanting more in healthcare as previously mentioned. You won’t have to worry about having a market, you only have to make that market grow and at a time like this, you have the advantage, no matter how little or big the competition is. If you do this properly, and with an experienced team you will have acquired, there is a lot that can go in your favor and this will become one major worthy investment.
Establishing a medical business can save you a lot of trouble and money but choosing one with terms and conditions that suits your business goals and needs, would take some effort. It can also prove to be a very good investment for a young businessman whether or not you are already part of the medical world by profession. The good thing is you can either join one as a partner or as a buyer. Whichever fits your budget and whichever feels comfortable enough and won’t be like a risk you will always stay up late thinking every night.
It also means having an existing line of clients. You wouldn’t have to convince people, do some marketing on your own, draft your proposal as soon as possible, because somebody already did that for you. So then you have to make sure that the one you acquire is in close proximity to the kind of community you are comfortable working for and with. Of course, that doesn’t mean other practices for sale on the market are bad. You just have better chances of expanding an already established one. The best way to do that is not to be a complete stranger to everything and everyone. Once you get a proposal, before signing it, actually read the terms first.
The quantity of patients (or lack thereof) will give you an idea on what kind of situation the practice is in. The lack of patients cannot be considered alone as a deal breaker. There may be more than you think can handle and so you’ve got your hands full even before starting. Then again, you will have also inherited a team who can work with you and share what they know regarding the demographics. This way, you can establish trust both with the team and with the clients from working on the sidelines while being in charge.
Of course, buying a medical business which had fared well among its clients doesn’t mean there will be no challenges. You should have a good understanding about the industry and its demands, as well as the responsibilities that goes with finally being your own boss. Nothing comes easy. But some things, such as a career in the medical business can make you prosper as a person, a medical practitioner and a businessman. Strive, so you can thrive.