10 Healthcare Business Ideas for Young Entrepreneurs

The 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on the phone to schedule an appointment with the doctor, stand in line at the pharmacy, or book vaccinations through outdated systems.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.

For example, 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.

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 with daily life while earning a living.

3- Home Healthcare

It’s an 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.

The best 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 over-the-counter medicines.

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 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. 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 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 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.

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 types of 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 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

As an 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!