Not many entrepreneurs are able to boast immunity to the business cycle, but ambulance business owners may be among the elite few who can. Ambulance drivers recently made Time Magazine’s “150 Best Recession-Proof Jobs” – and, when ambulances are in demand, it means ambulance business owners are getting paid. While the healthcare industry might not be 100 percent recession-proof, the non emergency transportation business features some key characteristics that make it particularly enticing to entrepreneurs.
An Aging Population
Not only do older people need more medical care than the average citizen, they also need more assistance with transportation. People who are elderly or disabled frequently rely on rides for transport to medical appointments, clinics, and assisted living facilities. It just so happens that the nation’s largest generation – the 78 million-strong Baby Boomer segment – began turning 65 in 2011. By 2030, it’s estimated that one in five Americans will be 65 years or older, according to the Institute of Medicine. As innovations in health care prolong lives, this large demographic of aging citizens will live longer and, as a result, require more medical treatment.
Low Overhead Costs
Many businesses come with overhead expenses like rent or a large amount of depreciable equipment. Ambulance businesses have lower than average overhead for several reasons. When you buy an ambulance company for sale, you can choose to operate rent-free as a home business. Your only necessary equipment is a vehicle (which may be gently used), medical equipment, and gas. If a business owner doubles as the ambulance driver, salary costs are reduced. Industries with low initial startup costs are considered less of a risk, which can make them more appealing to lenders and investors.
As the population ages, it is also expanding thanks to vaccines and antibiotics capable of eliminating many life-threatening conditions. However, our growing population means more people are living with chronic but treatable ailments such as diabetes, obesity, heart disease, hypertension, kidney disease, and arthritis. According to the Centers for Disease Control, nearly one in every two adults is currently living with a chronic condition. Meanwhile, the large exodus of residents into rural and suburban regions over the past few decades has reduced access to public transport, making non emergency medical transportation increasingly important. Often times this segment of the population does not have health insurance but is able to use Medicaid ambulance coverage.
Few businesses come with such easy access to built-in customers and market demand. Non emergency medical transportation business owners who distinguish their company with an ambulance business plan of quality care, friendly customer service, and positive brand recognition can take advantage of this dynamic and economically-resistant industry.