10 Healthcare Business Ideas for Young Entrepreneurs

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10 Healthcare Business Ideas for Young Entrepreneurs

If you are a businessperson, it might interest you to know that the healthcare industry is estimated to be worth more than $10 trillion by the year 2022.

Since this industry requires support from a broad array of other industries to function, the opportunities are nearly limitless. You do not need a medical background to get into the healthcare industry and its evolution and opportunities.

You may find that the range of healthcare support that require other areas of professional proficiencies and educational requirements quite surprising. There is much potential in healthcare business opportunities whether you are a newbie entrepreneur or a successful businessperson with a large portfolio.

The following will discuss the 10 top trends related to healthcare business opportunities that may spark your interest.

1) HealthcareIT Support

HealthcareIT

IT support in healthcare is huge because of the overwhelming amounts of data produced from the medical industry.

Most people who join the ranks of those who work in the medical care arena are people who desire to help people. They are less interested in handling issues with data, technology, or compliance in the day-to-day tasks. While technology helps them do their jobs, they are thinking about the technical, logistic, or legal areas of its use.

The issue of HIPAA compliance is one area that needs support since medical personnel and medical support personnel already have enough on their plate. Experts in data compliance and security have a grand opportunity for ensuring the safety, compliance, and storage protocols of handling patient files.

2) Mobile Apps

Healthcare Mobile Apps

Yes. Mobile apps fit into the healthcare industry and can be a successful business venture for you. People today are busy, and scheduling is a problem for them. Most people do not have the time or patience to wait on the phone to schedule a doctor’s appointment, book vaccinations, or stand in line at their local pharmacy. They want instant gratification and quick pickup.

One example of a healthcare business opportunity here would be an app that allows people to schedule their appointments, medication orders, and other tasks right from their phone. Include reminders of these appointments and pickups to further make the app appealing.

3) Home Healthcare

Home Healthcare

Everyone ages and most people develop medical problems that require extra care. Instead of spending that time in a hospital or nursing rehabilitation facility, people are choosing to stay home longer nowadays. Home healthcare businesses help people stay home while getting the medical and/or emotional support needed during their recovery or for a better quality of life.

States with higher populations of elderly people is a great place to start. Florida and California are prime retirement states to consider.

You may require some healthcare certificates, licensing, or other medical requirements to perform some tasks in home healthcare. However, there are other avenues of support like general housecleaning, errand running, grocery shopping, bill paying, etc.

4) Transcription Service

Transcription is a role where you type information from recordings by doctors or other medical personnel for a written patient record. Mostcompanies require that you have medical transcription training/certifications to perform this role. However, online training is easily accessible and low-cost in most instances.

Speech-to-text technology is okay, but it not always available and not always accurate. Mistakes in transcription can cost doctors and hospitals a lot of money. You can also offer correction of speech-to-text files as a business.

Transcription requires very little overhead or investment to get started. You can work from wherever you choose, make your own hours, and make a good living.

5) Retail Pharmacy

A niche that is profitable and easy to get into is retail pharmacy. People will always need medications, creating a consistent and constant demand for your services. Besides medications, you may also keep other necessities in stock such as over-the-counter medicine and lotions at your pharmacy.

This is a business that requires some startup costs like rent/lease/buy a building for a retail location as well as licensing to offer this service. Staff must be licensed pharmacists with the appropriate education and pharmacy techs will also be needed. Because you will be handling patient records, HIPAA regulations and compliance is required.

6) Medical Supplies

Medical Supplies

Another consistent and continual need in the medical arena involves medical supplies. Patients, medical professionals, hospitals, and other medical facilities always need supplies.

You can open a brick and mortar store or an online store for this healthcare business opportunity. Keep in mind that an online store comes with lower overhead and better accessibility for disabled people.

Market research will be required before undertaking this business opportunity in the healthcare industry.

7) Health Information Website

Health Information

If you have a background in healthcare or access to healthcare providers and a network of medical professionals at your disposal, you can create a viable healthcare authority website.

The goal of such a website is to inform visitors through blog posts, online classes or workshops, podcasts, or videos.

You will want to offer some free content on your site. You can help your network of medical professionals get publicity through your site with free content.

8) Records Management

Small to large medical offices, hospitals, and other medical facilities find keeping their medical records a challenge. They lack the efficiency that you can provide with a records management service. How can you reduce their challenges?

  • Create an effective and efficient medical records system, or health care inventory management software. Teach and train the staff how to use it.
  • Create you own outsourced records management service and take the whole ordeal off their hands.

Small practices can operate with a lower staff, saving money and eliminating the challenges of records management.

9) Drug Rehabilitation Center

It is unfortunate that the United States has such a drug problem within its borders. Much like the idea of starting a home healthcare service, opening a drug rehabilitation center will not only be a profitable endeavor for you, but a gracious way to improve the community by fulfilling the need for support in these cases.

Additionally, you can include programs that help them reenter the workplace and life so that they can better manage their lives, be productive, and have an overall better quality of life.

10) Marijuana Dispensary

Marijuana Dispensary

If you live where marijuana is legal for recreation or medical purposes, you can consider opening a marijuana dispensary. Nowadays, marijuana is fast becomingan accepted essential and alternative to pharmaceutical medications.

The problem with it is that marijuana is still illegal at the federal level in the United States, so you could face trouble in the future. The certainty and longevity of this business is in question.

Summary

Whether you are new to entrepreneurship or an old hand at it, the healthcare industry opportunities are boundless. This list is only a few of the business opportunities you can consider. Use these to brainstorm more ideas.

Some may require that you have some background in medical or healthcare roles, but there are plenty of healthcare business opportunities where you just need to have some common sense, know HIPAA laws, and be enterprising.

How will you choose to support your local community with a healthcare business?

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The Small Business Blog was started in 2009. Aiming to help SME businesses. With that in mind, we are always looking for talented writers to write for us and add to the blog.

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