10 Health-related Business Ideas
The healthcare sector is an amazing place for aspiring entrepreneurs to open up shop. Exploring healthcare business ideas is smart for lots of reasons.
One of the many reasons is that here are lots of new medical and technological advances, and widespread interest in health and wellness, too. And those are all great incentives for passionate entrepreneurs.
Plus, these factors combined mean there’s a thriving market for health-related businesses. Aspiring new business owners can turn one of many healthcare business ideas into a viable way to make a living.
1. Medical Transcription Services
Medical transcriptionists transcribe doctors’, nurses’, and other healthcare practitioners’ voice recordings into written documents for patients’ records.
Speech recognition technology has definitely improved the efficiency of medical transcription, sure. But it certainly hasn’t yet replaced the need for human transcriptionists to review and correct the transcriptions to make sure they’re accurate.
This is a great business to run from home because you can make your own hours, and all of the work can be done digitally. Plus, if you’re digitally savvy and can create an efficient way to share files, you can really one-up the competition.
2. Medical Records Management
Start a service that manages medical records for hospitals, clinics, and doctors’ offices. You can work with clients to identify the best records management systems, implement them, and provide their staff with training on how to use the systems.
Another approach? You can offer a full-service medical records management, and clients can outsource the work to you.
That would be helpful for boutique practices and sole practitioners, who need the organization but can’t afford the in-house staff.
3. Physical/Occupational Therapy Center
Physical therapists help patients recover from injuries to regain their full range of motion and reduce pain.
Occupational therapists provide more specific therapy to help patients perform tasks of daily living, such as dressing themselves or feeding themselves.
You can specialize in one or the other, or put both under one roof. Note that this does require certification.
4. Develop a Healthcare App
Both healthcare providers and individuals alike are increasingly turning to mobile apps to track, record, and manage medical conditions.
The world is your oyster if you’re skilled in app development, so you might want to consider developing your own healthcare app targeting these markets. Do some field research to find out where your skills can fit a need.
5. Diabetic Care Center
According to the CDC, 9.4% of all Americans either have diabetes or are prediabetic. Opening a diabetic care center can help diabetic patients improve their quality of life by providing nutrition counseling, dialysis, and other medical services.
You can also provide preventive help such as teaching healthy eating habits or providing support groups for diabetics.
6. Home Healthcare Service
A home healthcare service provides in-home medical care for recently discharged hospital patients, patients with chronic health conditions, seniors, and others who need assistance managing their health.
In states with rapidly aging populations, like Florida and California, not only could this be a benefit to the community but also a strong business prospect for you.
7. Childbirth Services
Today’s expectant parents want to control every aspect of childbirth, and that often includes having a midwife or doula present at the birth. The use of midwives is increasing, according to the American College of Nurse-Midwives.
Midwives are trained healthcare providers who assist women during childbirth, while a doula is more like a pregnancy coach who helps couples arrange all aspects of the birth and caring for the newborn.
You can either become certified yourself or open a business that employs contractors under your umbrella.
8. Health Information Website
If you have healthcare expertise or access to people who do consider starting a website to provide healthcare information and advice.
You can create all kinds of content, such as podcasts, YouTube videos, and even online classes, in addition to blog posts.
You might even be able to get healthcare experts to contribute content for free in exchange for the publicity your site offers.
There are a lot of options just make certain that you do some market research to figure out the white space to fill, and find viable revenue streams to make your business highly sustainable, too.
9. Medical Supply Sales
Seniors, people with disabilities, and others with chronic illnesses have an ongoing need for medical supplies and equipment.
This can include walkers, braces, bedpans, and more.
Although you can open a physical store, keep in mind that your target customers will often have difficulty getting to your location, so an ecommerce site is likely a better bet.
Again, research here will be key so you can make sure that you’re stocking the right products and marketing in the right places.
10. Stylish Uniforms for Medical Professionals
Medical professionals who wear scrubs to work are always looking for affordable and durable uniforms. They’re also looking for stylish uniforms and those aren’t as easy to find.
If you’re as into fashion as you as you are outfitting doctors, nurses, and medical staff, start a store selling scrubs, comfortable shoes, lab coats, and other gear for healthcare professionals.
You can design the goods yourself or source them from multiple places, and encourage your customers with word-of-mouth incentives to drive sales.