The healthcare business is one of the evergreen and relatively recession-proof businesses. Because of the aging American population, chronic diseases, and increasing awareness amongst people about health, this sector opens a wide range of opportunities for aspiring businessmen. An aspiring entrepreneur can take advantage of many medical and technological advances in this field. Aspiring businessmen can consider one of the many below-mentioned best healthcare business ideas to get started.
22 Most Profitable Healthcare Business Ideas
1. Sole Practice Business
If you are a licensed healthcare professional then starting your own independent practice or any business related to your expertise is a better option. The sole practice can be your own medical, dental, optometry, chiropractic, and more. Once you become experienced in your field you can think of branching out to additional services related to your existing practice.
2. Home Care Agency
A typical home care agency offers nursing care to adults, people with severe illness, people recovering from surgery, or people who are in hospice. Home care agency also has facilities to attend to patients with illness at their homes or those who need long-term medical help. Other services related to disabled patients may include activities of daily living like bathing, dressing up, companion care, and more.
3. Medical Billing Service
There is a high demand for medical billing services these days. Medical billing requires performing complex coding related to insurance claims. Though bigger organizations always have their departments to take care of medical billing, smaller healthcare centers may not have a special department or team to manage the billing process. This is where the opportunity arises. You can target small establishments.
4. Medical Transcription Service
As a medical transcriber, you will transcribe voice recordings of a doctor, nurse, or any other healthcare practitioner into written documents for patients’ records. You will also have to review documents so that the records are accurately maintained. Smaller medical practitioners rely on external medical transcription services, because the big hospitals may have their own specialized teams.
5. Massage Therapy
To start your massage therapy business, you will need licenses. This is one of the lucrative business ideas because of the increasing stress because of a hectic lifestyle. Massage therapy helps relieve stress and strain. You can start a massage therapy center and can also provide massage services at customers’ homes.
6. Medical Equipment Rental & Maintenance Service
Medical equipment is expensive in nature. Many people find it difficult to purchase and hence prefer renting them. Renting medical equipment is a cost-effective option for people who are in need and can’t afford to purchase them. You can fill this gap and encash the big opportunity. You can also take care of equipment maintenance and repairs with your staff of trained technicians.
7. Medical Waste Handling
Medical waste handling is subject to extensive federal and state regulations. Medical waste includes used syringes, needles, tubing, soiled wound dressings, etc. Hospitals and smaller healthcare centers always require a reliable medical waste management service. You can definitely think of this business opportunity because it has a good demand.
8. Medical Apparel Sales
Healthcare professionals always need scrubs, white coats, comfy shoes, etc. in their daily life. You can manufacture this apparel and have an offline or online presence as a wholesaler. You can also choose to become a retailer of medical apparel. You can source the apparel from multiple places.
9. Dietician
You can choose to become a dietician to help people improve their nutritional intake and habits. Nutritionist or a dietician is a great business idea as people are becoming more aware of their food habits and nutrition intake. To start this business, you will need a license with the Commission on Dietetic Registration. Some states regulate nutritionists others do not.
10. Health Information Blogger
If you are a healthcare expert in a particular field, consider starting a blog related to your field. You can provide free access to people searching for specific information. You can also make other experts contribute to your blog in exchange for publicity. But you should research the market before you enter medical blogging. You can monetize your blog in several ways like advertisements, recommending products and services, and more.
11. Childbirth Services
Today’s expectant parents prefer a midwife or doula present at the time of childbirth. Midwives are trained healthcare professionals who provide assistance during childbirth. Doula is more like a pregnancy coach who helps couples arrange all aspects of childbirth and caring for a newborn. You can either become certified yourself or can start an agency with a team of midwives and doulas.
12. Rehabilitation Center
A rehabilitation center provides services to individuals recovering from injuries, illnesses, and substance abuse. Drug abuse is becoming a national crisis in the United States. The need for a legitimate place to get treatment for drug addiction is needed more than ever. You can specialize in a particular service.
13. Develop a Healthcare App
More and more people are turning to apps to track and record medical conditions. At the same time, service providers are also coming up with specialized apps for their offerings that include everything inbuilt like appointment dates, documents, record history, etc. You can always cater to healthcare providers and big organizations by showcasing your app development skills, there is a big market out there.
14. Diabetic Care Center
Diabetes is one of the most prevalent diseases in the United States. A diabetic care center can improve the quality of life of diabetic patients. The services can include nutrition counseling, diabetic foot care, and dialysis, to name a few. You can also teach healthy eating habits or support groups of diabetics.
15. Medical Staffing agency
Medical staffing agency acts like a matchmaker between medical professionals and health organizations that need them. Many hospitals often remain understaffed and they need health professionals quickly to fill the gap. It is quite critical for hospitals to shorten the time required to hire a health professional. It is a time-consuming process. Here comes the role of medical staffing agencies, as they provide the required professionals quickly and help the hospitals fill the gap quickly.
16. Medical Supply Courier Services
Medical supply courier services deliver medical equipment to hospitals, homes, and medical practices. Starting your medical supply courier service requires you to handle well delicate equipment and safe transport of equipment and supplies. Some states require you to have a pharmacy degree to start a medical supply courier service.
17. Medical Laundry Services
Hospitals and healthcare organizations need laundering services to take care of bedding, hospital gowns, and more. A specialized medical laundry service can meet this need and make a good income.
18. Medical Records Management
Maintaining all medical records efficiently is a hectic task for any healthcare organization especially when the data is more. As a specialist medical record manager, you definitely have a role to play. If you are a software engineer you can build a special inventory management software and sell it the hospitals, medical labs, and clinics.
19. Healthcare Digital Marketing Services
Digital marketing has become an indispensable part of business these days. Being a digital marketer, you focus on healthcare service providers like hospitals, clinics, home care agencies, etc to market their services and generate leads. Before consulting any medical expert, people tend to search online and here comes the role of a digital marketer. It’s a lucrative business idea.
20. Veterinary Clinic
For animal lovers veterinary clinic is a good business idea. You need specific education qualifications to venture into this business. You can also consider starting this business by attaching yourself to veterinary care providers.
21. Health Insurance Business
Health insurance is a lucrative business to be in. You can directly work with patients to provide guidance about various health plans.
22. Medical Cleaning Services
You can provide full cleaning and sanitizing services to hospitals, clinics, and other medical businesses. By specializing in medical cleaning services to cater to a niche market in the cleaning industry. Rewards are quite good compared to normal cleaning services.
Why should you consider starting a Healthcare Business?
The healthcare sector is the third largest industry in the US. The US spends more on healthcare than any other country in the world. By 2026 healthcare is projected to account for 20% of the Us GDP. The spending on health is projected to grow at an average rate of 5.5% annually through 2026. It is projected by the US Bureau of Labour Statistics that by 20230 fifth of the American population will be 65 and older, it will be in the first time in history that Americans over 65 will outnumber Americans under 18.
Before diving deep into the healthcare business ideas, let’s look at a few interesting healthcare statistics in the US.
| Healthcare Statistics for 2023 (US) | ||
| 1 | The US healthcare industry is worth (in 2021) | $808 billion |
| 2 | The share of The US healthcare industry in the US economy (2021) | 18.3% of the GDP |
| 3 | The expected growth in healthcare occupations between 2020 & 2023 | 16% |
| 4 | Healthcare employment in the US | 1 in the 8 people |
| 5 | Average healthcare employee salary in the US | $60,976 |
| 6 | Most expensive health conditions in the US | Average cost per stay |
| Heart valve disorders | $41,878 | |
| Heart Attack | $20,086 | |
| A complication of device, implant, or graft | $19,669 | |
| Coronary atherosclerosis | $19,657 |
Pros and Cons of Healthcare Business
| Pros | Cons |
| Fast growing industry | Extensive regulations & compliance requirements |
| Evergreen and recession-proof business | Substantial upfront investment |
| Health awareness among people is rising | Liability and risk |
| Fulfilling business | Highly competitive |
Frequently Asked Questions
1. What is the most profitable business in healthcare?
A few of the most profitable business ideas in the healthcare industry are home care services, drug abuse rehabilitation centers, medical records management, mobile apps, and medical staffing agency.
2. How do I start a healthcare business?
The first step of starting a healthcare business is writing a business plan. Then you should register your company. You should require the necessary licenses, permits, and forms of insurance. You should do thorough market research about the competition and weigh all pros and cons.
Conclusion
The healthcare industry offers a range of opportunities. But you need to possess the required certificates and skills. The key to your business lies in identifying unmet needs and leveraging technology. The utmost patient care takes center stage. It is very important to know the regulatory requirements and do thorough market research before you even think of starting a business in the healthcare industry.
Resources:
- https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/Downloads/ForecastSummary.pdf
- https://www.census.gov/newsroom/press-releases/2018/cb18-41-population-projections.html
- https://www.zippia.com/advice/us-healthcare-industry-statistics/
- https://www.zippia.com/health-care-provider-jobs/demographics/