Get our top 10 business ideas for healthcare. Learn how to start a business in the healthcare industry.
Top 10 Business Ideas For Healthcare: Healthcare entrepreneurs have an amazing opportunity to take advantage of the system in order to help people, make money, and even improve the health of their community overall. Many business ideas are more than worthwhile ventures; they’re also of great benefit to society as a whole.
Top 10 Business Ideas For Healthcare
That’s why we’ve decided to compile this list of top business ideas for healthcare, based on how beneficial they are to the population and how likely they are to succeed as businesses in their own right. We hope you find it helpful when choosing your next venture!
The healthcare industry, by nature, is highly regulated. This means that new technologies can take a long time to reach patients and other healthcare professionals. With telehealth, doctors have access to patient information in real-time, meaning they can offer quick diagnoses and quicker treatment plans.
Telehealth can also make it easier for patients to seek second opinions from specialists who may not be available locally—and it all adds up to less hassle and a better experience overall. And, of course, there are also savings on transportation costs.
2) Real Estate
An obvious choice but often overlooked, real estate has been a cornerstone of American economic growth since colonial times. Many leading entrepreneurs such as Andrew Carnegie, JP Morgan, and John D. Rockefeller started out by building their fortunes in real estate. Today’s innovators are also stepping into real estate, from crowdfunding platforms to online apartment finders and virtual home tours, there are plenty of opportunities to start small and grow big!
And some trends show that investors will continue to buy (and rent) with gusto: Zillow reports that 44 percent of homeowners view selling their homes as the next step after buying a new one. In fact, 82 percent of Americans—including Millennials—are interested in or considering buying investment property over time. The National Association of Realtors says that 1 in 4 buyers is looking to purchase an investment property. So if you want your business idea to really take off, consider jumping on board. Here are ten ideas to get you started:
- Real Estate Crowdfunding Platforms
- Virtual Home Tours
- Online Apartment Finder
- Property Management App
- Apartment-Finding Service for Renters
- Property Listing Website/Mobile App
- Rental Search Engine/Mobile App
- Rental Property Web Portal/Mobile App
- Online Neighborhood Guide
- Local Real Estate News Site / Mobile App
3) Data Analytics
Data analytics can help you get a better grasp of how your business is functioning. Understanding your bottom line will help you determine which strategies are working and which ones aren’t, as well as allow you to forecast future performance. More specifically, it will allow you to detect patterns in patient behavior, such as what days and times they are most likely to visit or offer insights into areas of clinical improvement and employee satisfaction.
Whatever your primary focus is, there are opportunities to use data analysis in healthcare. For example, if you want to reduce wait times at an urgent care center, data analytics could provide insight into when patients typically arrive so that staff can be prepared. If you want to improve employee satisfaction at a hospital or clinic, you could survey employees about their work experience and find out where there might be room for improvement.
4) Medical Education
Having studied healthcare and education, I know many of you are interested in opening a school. With nearly half of all high school students taking at least one Advanced Placement course, you may be considering opening a charter or private school. The startup costs can range from $10,000 to $100,000 depending on what type of curriculum you choose.
Regardless of your decision, realize that running a private school is extremely challenging and takes an enormous amount of time and energy–expect about 50 hours per week for all things related to schooling if you open a full-time program with 30 students. If you’re looking for a way to make money while helping people, consider tutoring or teaching online courses instead.
5) Wound Care Management Services
This is an area where there’s a strong need, but few solutions. Nurses, physical therapists, and other healthcare professionals have become extremely good at treating acute wounds (ones that happen after a surgery or accident). But it’s more difficult to manage chronic wounds (ones that develop slowly over time), which are typically diabetic-related.
Wound care is complicated and requires a team approach, including specialists in infection control, wound-care specialists, and even dietitians who can help patients make adjustments to their diets. If you have experience as a healthcare professional in any of these areas or are able to work with existing teams to coordinate patient treatments for diabetics, starting your own wound care management business could be lucrative—and satisfying.
6) Physical Therapy
Physical therapy is one of the fastest-growing healthcare professions, with an average salary of over $76,000. It’s also a great opportunity for entrepreneurship, as there’s plenty of room to get into business on your own and there are few requirements or educational prerequisites. You don’t need a medical degree to become a physical therapist; rather, you just need to take some classes at your local college or university.
You’ll also need to pass an exam administered by The Federation of State Boards of Physical Therapy (FSBPT). But in terms of education required before getting started, that’s about it. If you’re interested in starting your own physical therapy practice, check out our guide to opening a PT clinic.
7) Evidence-Based Medical Information
We live in an age where a person can, with a few clicks on their phone, get an answer to nearly any question about health. That said, it’s also true that there is more misinformation available than ever before. And how do we decide which is which? As obvious as it sounds, doctors and medical professionals should be who we turn to. This doesn’t necessarily mean that every single thing they say is going to be accurate or useful—it might just be great to know information—but still, doctors should play a big role in guiding your healthcare decisions.
The best way to make sure you have access to good evidence-based information is by working with your doctor directly. If you don’t have one already, consider making an appointment with a primary care physician so that you can start getting answers from someone who knows what they are talking about. If possible, try to work with a doctor who is affiliated with a hospital or clinic so that you can receive second opinions if necessary.
If not, check out some of these websites: Healthline, Mayo Clinic, WebMD. While these sites aren’t run by doctors themselves (and often contain sponsored content), they do provide valuable resources like news updates and detailed guides to common ailments and diseases. They’re also very easy to navigate if you’re looking for something specific!
8) Patient Engagement Platforms
It’s no secret that personalized healthcare experiences are vital to positive patient outcomes. With many consumers seeking alternatives to traditional healthcare experiences, it’s also clear that new technologies and methods need to be implemented as a way of improving efficiency. Patient engagement platforms offer healthcare providers an opportunity to reach patients at critical times throughout their care process.
By providing key data points at pivotal moments in their treatment, these tools not only help keep patients updated on current processes but can also help gather information about their needs and improve outcomes. Ultimately, patient engagement platforms empower providers with real-time information—which results in better care options and improved patient experience. This is a clear win-win situation for all parties involved in medical care.
9) Allied Caregiver Services
In today’s modern healthcare environment, it is no longer enough to be a doctor or nurse. With an increasing focus on prevention and wellness and major advancements in technology, allied caregivers are needed in order to provide assistance with everything from patient transport to monitoring vital signs through wearable devices. As a caregiver, you can work directly with patients and clients or work behind-the-scenes doing essential administrative tasks like billing or scheduling.
And since there is such a growing need for healthcare services, allied caregiver jobs are expected to see massive growth in 2019. In fact, as much as 15% of all U.S. jobs will be generated by health care industries in just 2 years! So if you want to enter one of America’s fastest-growing sectors, then consider becoming an allied caregiver.
10) Home Healthcare Services
The baby boomer generation is retiring in droves, but that doesn’t mean they’re ready to give up on living their lives to the fullest. Plenty of seniors want to remain in their homes and maintain an active lifestyle—and thanks to home healthcare services, many can. These services can include everything from transportation assistance and personal care (dressing, bathing) to 24-hour monitored care (such as help with medications).
When you become a home healthcare worker, you’ll meet both seniors who need occasional assistance and others who require full-time aid. Either way, it’s a rewarding line of work that enables you—whether by choice or not—to stay close to loved ones when your help is most needed. According to Indeed, there are currently more than 25,000 job openings in-home healthcare.
As more boomers retire and demand for these services increases, opportunities will only grow. And although pay varies widely depending on location and type of employment (independently contracted vs agency), there are plenty of opportunities for those who are willing to start at entry-level positions.
With little formal education required and high turnover rates common among staff members, there’s never been a better time to get into the business of helping people live well at home while earning some extra cash along the way!
There are a wide variety of business ideas in healthcare, and each can be highly rewarding if done correctly. If you are looking to start a business in healthcare, it is important to find a niche that will work well with your individual skillset, experience, and goals.
The three main things to consider when starting a business include finding an underserved niche, considering your current skill set, and identifying what you can do better than competitors. After discovering these aspects, there are many factors that must be considered before deciding on which business idea to pursue.
Such as researching market trends and population statistics or determining which industry is likely to grow or decline during different times of the year.