How did you get into the industry?
I started out managing the nation’s largest federal workers comp medical practice. As the director of operations, I met my partner Joe (he was one of my business consultants). After leaving there, Joe suggested that I might have a good business idea in federal workers comp and that we should get started. He introduced me to Tom and we started Future Healthcare Systems. We sold our system to doctors in 13 states as consultants and later as business partners, but recently I became frustrated with the partnership model and just before Thanksgiving of 2019, I started recreating our company so that it could be franchised. And here we are.
What’s New in the Business or in the Franchise Model?
The most important thing that is new in our business is our system for training doctors and staff. In our old model, training was done using an actual manual (paper). We gave it to offices in sections. Training started using phone calls and video conferencing and then we would spend 2 days onsite following that. Now, our entire training system is done virtually. We have an online training portal that walks offices through each section in great detail. This online portal will enable us to train hundreds, even thousands, of people at a time.
Where do you See Opportunities or Challenges for the Franchise/Business Moving Forward?
Opportunity: No one else is franchising federal workers comp and barrier to entry is a lack of understanding of how to be paid for services. Our training system unlocks this knowledge. Challenges: There’s a lot to learn and getting paid is hard work.
What is your Goal for the Business Moving Forward?
I want 200 locations within the next 5 years and I want all 2.8 million federal employees to have a trained doctor within driving distance from their homes.
Talk to us About Training and Support, How Do You Deliver?
We have an online training portal. We will couple this with webinars and scheduled online trainings with one of our experts.
Your most difficult moment at the Franchise Business?
Compliance is scary. Keeping all franchise locations compliant will be critical to our survival. But we have a massive compliance program and a built-in compliance lawyer that is part of the franchise group.
Define your Franchise Model:
A. Training and Support Model? Online and phone support
B. What is the Fee Structure? $45,000 franchise fee, 7% monthly royalties, 2% marketing fee, 8% billing fee
C. Territory Definition? Ideally, franchise locations will be 50 miles apart from one another.
D. Day in the life of a Franchisee? A busy practice will have 50 visits per week and 10 new patients per month. The patient load is not overwhelming, but when it is, that’s a great opportunity to hire more staff and help more patients. The critical component for success is the doctor’s ability to write great narrative reports to get the patient’s injury claims approved by the department of labor. Doctors focus is 80% on working towards getting claims approved. When they provide physical therapy, other licensed staff will treat those patients.
What does Your Franchisee Do in the Business Every Day?
Help get patients’ injury claims approved. Ideally, a good business person will train others to do critical functions of the job and oversee a successful operation.
Who is the Ideal Franchise Candidate?
Compliant, compassionate, patient-focused winners.
Success Stories and Failures with Franchisees?
None yet. We don’t have any franchisees yet.
What Goals Do You Have for the Franchise Model in the Future?
200 locations in 5 years.