healthcare industry is projected to be worth over $10
trillion by 2022.
Obviously, this area has lots of money surrounding it, which may interest
you as a business person.
Even without a medical background, there are still plenty of ways you can get in on the healthcare industry. Since, the healthcare industry require support from various other industries in order to be functional, there are numerous opportunities for people with different academic qualifications and professional expertise.
Whether you are a first time entrepreneur or you already have a successful venture in your portfolio, healthcare industry has a lot more potential than you can think of. But, this article will discuss top 10 trending healthcare business opportunities you won’t want to miss out on.
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on the phone to schedule an appointment with the doctor, stand in line at the pharmacy, or book vaccinations through outdated systems.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.
you can make it so people 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.
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.
overhead and the ability to work anywhere you wish, being a transcriptionist
enables you to carry on with daily life while earning a living.
3- Home Healthcare
undeniable fact that we all age and will 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 business that’s stable, but you can also do some good
for the local community.
places to open a home healthcare business are states with a population that’s
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
Do 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
5- Records Management
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
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. The purpose of this website 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
8- IT Support for Healthcare
IT support is
definitely an area to get into. With so many records, the medical industry is
overwhelmed with data.
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.
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
protocol for storage.
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.
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
business idea is very straightforward. As all types of medical professionals
and patients will need supplies, your stock can be as broad or focused as you
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 run this
type of business successfully, you’ll have to do some market research to find
out what locals need.
Take Advantage of Healthcare Business Opportunities
entrepreneur, you’re probably used to thinking outside of the box to seize
opportunities. By looking into the healthcare business industry, you’re sure to
do that. So take the above 10 ideas and tap into a previously unknown resource!
About Author: Salwa Awad Quraishi
Writing marketing research reports, documenting the identified business problems and organizational change requests is often difficult for people within organizations. This is what I help them with. Join me on Linkedin.