The healthcare industry is projected to be worth over $10 trillion by 2022. Obviously, this space is extremely lucrative, and the ever-increasing list of healthcare business ideas may interest you as a budding business person looking to make a name for yourself.
Are you an aspiring entrepreneur looking to get into the healthcare industry?
Well, here’s good news! Even without a medical background, there are still plenty of ways you can get in on the healthcare industry. Since the healthcare industry requires various other industries to function as it does, there are numerous opportunities for people with different academic qualifications and professional expertise.
Whether you are a first-time entrepreneur or already have a successful venture in your portfolio, the healthcare industry has a lot more potential than you can think of.
This article will discuss the top 12 trending business ideas you won’t want to miss out on in the healthcare industry.
Top 12 Trending Healthcare Business Ideas
1. Mobile Apps
People have busy schedules, so they can’t afford to wait around holding on the phone to schedule an appointment with the doctor, stand in line at the pharmacy, or book vaccinations through outdated systems. A low-cost investment you can make is into medical mobile apps.
For example, you can schedule appointments and order medication with the tap of a button. Then, all they’d have to do is show up at the doctor’s office or pharmacy.
2. Transcription Services
If you want to work from the comforts of your home, look into healthcare transcription services. Many medical professionals need voice recordings to be converted into written records to be placed into patient files.
While there is voice-to-text technology available, it can still have errors; these can be costly in the medical world. Not only can you offer your transcription services from home, but you can also review and correct voice-to-text files.
With little overhead and the ability to work anywhere you wish, being a transcriptionist enables you to carry on daily life while earning a living.
3. Home Healthcare
It’s an undeniable fact that we all age and develop one sort of medical condition or another. For this reason, going into home healthcare is a wonderful idea. Not only can you create a stable business, but you can also do some good for the local community.
The best places to open a home healthcare business are states with a population in the higher range for age, such as California and Florida.
4. Retail Pharmacy
This is a niche that’s very safe to get into. The best thing about it is people will always need medications, which means there will be a continual demand for your services. You can even stock other daily necessities, such as lotions and over-the-counter medicines.
Please note that even though it’s a retail business, you still have to abide by HIPAA regulations since you’re dealing with patient records. Since you’ll be transferring prescriptions to and from medical practices, make sure you are completely compliant.
5. Records Management
Whether it’s a small practice or a big hospital, many medical offices struggle to manage their medical records efficiently. So here, you can eliminate their obstacles in two ways.
The first is to create an effective medical records system, i.e., a healthcare inventory management software, and teach hospital staff to use it. The second is to become an outsourced records management service, so the medical establishment doesn’t have to deal with this area at all. That way, small practices can run bare-bone staff with less trouble.
6. Drug Rehabilitation Center
Unfortunately, there’s a drug epidemic in our country. Like with the home healthcare idea, opening a drug rehabilitation center would be filling a community need, and improving things for everyone.
Not only can you help those with substance problems become sober, but you can also create programs to help them regain control over their lives.
7. Health Information Site
You may need a background in healthcare or access to a network of healthcare providers to carry out this idea. This website’s purpose would be to inform users through videos, blog posts, podcasts, and online classes.
Even if you have a medical background, it’s still good to reach out to other professionals. You’ll get more (free) content on your site, and you can help publicize their services.
8. IT Support for Healthcare
Healthcare IT support is definitely an area to get into. With so many records, the medical industry is overwhelmed with data.
These people are in the medical care field because they want to help others, not spend their time dealing with data and compliance. Help them leverage technology by taking this off their hands so they can focus on their passion.
Plus, there’s the issue of HIPAA compliance. As experts in data security and compliance, you can ensure their patients’ files are secure and follow all storage protocols.
9. Marijuana Dispensary
If you live in a jurisdiction where marijuana is legal for either medical or recreational use, you can think about starting a marijuana dispensary. Today, marijuana is becoming an acceptable alternative to pharmaceutical drugs, which means you’ll have plenty of customers.
However, marijuana is still federally illegal, which means you may run into some trouble in the future. Even state law may change, so the longevity of your business may not be so certain.
10. Medical Supplies
This business idea is very straightforward. As all medical professionals and patients will need supplies, your stock can be as broad or focused as you want.
With medical supply sales, you’ll have two options: open a brick and mortar store or an online one. With an online store, not only will you have less overhead, but it’ll be more accessible for people who are disabled.
To successfully run this type of business, you’ll have to do some market research to find out what locals need.
11. Medical Equipment Sales
When it comes to the healthcare industry, many components make hospitals and practices run smoothly. One of those things is the sheer amount of medical equipment needed. As we mentioned before, you could always start a business that makes these supplies, but an easier (and less capital-requiring) option is medical sales.
Suppose that a couple of biomedical companies develop similar new products that can be used in a dental practice. For example, we’ll call it a non-invasive cavity-detecting tool. They all might be great products, but dental or orthodontic practices can only afford to partner with one company. This is where you come into the picture!
As a medical salesperson, you need to know how to get what you want and create a win-win situation. The great thing about medical sales is that it’s a merit-based system once you get your foot in the door.
Have confidence in yourself and the products you sell, and you could make some serious money on commission.
12. Medical Uniforms
If you are looking for a way to break into the healthcare industry and be creative at the same time, you could help out medical workers by manufacturing their uniforms. Often, uniforms will be reused due to the myriad bacteria and/or viruses they encounter regularly. So, what better reason to start a business than manufacturing an always-in-demand product?
If you make medical uniforms, the main focus will be on the effectiveness of the material, simple design, and most importantly, the wearer’s protection. This is a great space to start if you know the ins and outs, want to help those who protect us, and/or want to take on healthcare business ideas with minimal risk.
Take Advantage of Healthcare Business Opportunities
Well, there you have it! This was a list of the top 12 business ideas for breaking into the healthcare industry. No matter what level of healthcare industry knowledge you start with, if you do a little research, you should be well on your way to getting in while the market’s still hot.
Note: if you’re a reader who has decided to take one of these ideas and make something good, update us on your journey in the comments below! If you’ve already had success in healthcare or have any other interesting suggestions, be sure to post them.