Modern Profitable Healthcare Business Ideas You can Try
A question I often get asked by prospective business owners is which industries are the most profitable when it comes to launching a new business—and I frequently tell them healthcare.
There have been a lot of new developments in the healthcare industry, be it through medical and technological advancements, more interest in health and wellness. Because of these factors, global healthcare spending is expected to rise 5.4 percent annually to just over $10 trillion by 2022. That’s one percentage point faster than the national GDP is projected to grow during that same time.
In other words, there’s a TON of opportunity here. In this article, we’re going to provide you with 7 different healthcare business ideas that will help you get a foothold in this booming industry. All of these ideas represent a viable way to make a living, and some can even be performed from the convenience of your own home.
Our first idea is to start a drug treatment facility or rehabilitation center. Sadly, drug treatment and rehabilitation centers are sorely needed as Pakistan faces the scourge of the opioid epidemic. Every day, over hundred Pakistanis die after overdosing on opiods, making this one of the worst national health crises in Pakistan history. Clearly there is a need for rehab and drug treatment facilities. And if you’re motivated to help others, there are few occupations more personally fulfilling. Now, opening a drug treatment center won’t be easy. Next, you’ll need to obtain a license to provide treatment in your province. Licensing heavily takes into account your facility’s policies and procedures, so make sure you have an in depth plan on how you will provide treatment. Finally, you’ll need to market your facility. At first, you’ll probably do this through traditional advertising. But if you provide quality care, your clients will end up referring others to your rehab center.
Operating a drug treatment facility is complex, so let’s dial it back and provide you with a much simpler healthcare business idea: Medical Transcription Services. Medical transcriptionists listen to voice recordings from doctors and nurses and turn them into written documents for patients’ records. Medical transcriptionists can work in a hospital, a doctor’s office, or their own home. Plus, there is no formal education needed beyond a high school diploma, although previous writing or transcription experience doesn’t hurt. While not required, it might help your job prospects to earn a credential as a Registered Healthcare Documentation Specialist or Certified Healthcare Documentation Specialist. To earn the Registered Healthcare Documentation Specialist certification, you’ll need to take an exam that tests your basic knowledge of medical terminology, as well as your English language abilities. You’ll need two years of work experience to receive your Certified Healthcare Documentation Specialist credential.
If you’re looking for a more tech-forward approach to healthcare, consider launching your own healthcare app. This is perhaps one of the most lucrative sectors of the healthcare industry. A recent study found that the mobile healthcare app industry is expected to grow from $8 billion in 2018 to over $111 billion by 2025. This explosion in growth is being led by consumer healthcare apps like FitBit, which helps users track their daily physical activity. There’s also Space, a popular app for guided meditation. If you have a background in technology and an original idea for how to help users take care of themselves, this could be your perfect entry point into the healthcare industry. Just make sure you know who your target audience is, and that the app is simple and intuitive.
Don’t have a revelatory idea for an app? That’s okay. There are a lot of opportunities to help doctors digitize their infrastructure. For instance, you could design an app that provides a mobile view of a healthcare provider’s patient portal. This allows patients to access valuable healthcare information on the go. Just make sure your app is safe and secure, especially because you will be dealing with medical records.
As we grow old, we may need someone to take-care of us. That’s the idea behind our fourth healthcare business idea—senior home care services. We have lot of old population in Pakistan, many of them want to stay in their own home rather than go to an assisted living facility. This opens up plenty of opportunities for nurses, therapists, and personal aides. In fact, this is one of the fastest growing industries in our country, with the number of jobs expected to rise 41% by 2026. In order to provide senior care services, you’ll need to obtain a license in your Province. Similar to opening a rehab center, this typically requires you providing your Province with a set of policies and procedures. Depending on your Province, you may also need to go through a training program.
If you’re passionate about fitness, this may be the perfect healthcare business idea for you. As a private trainer, you’ll work one-on-one with a client to develop and implement a fitness training regimen that helps them reduce weight, get stronger, improve physical performance or maintain their health. To develop your market as a personal trainer, pick a specialty such as occupational therapy or strength and conditioning. This will help you develop your market. Many personal trainers start by working at their local gym, as this is a great way to meet prospective customers. It would also be wise to market your services on social media.
Are you afraid of needles? Then our sixth healthcare business idea, acupuncturist, probably isn’t for you. Acupuncture utilizes tiny needles carefully placed at specific pressure points on the patient’s body to relieve a variety of physical and physiological issues. And there is a growing demand for this form of alternative medicine: Acupuncturist jobs are expected to increase at a rate of 9% over the next few years. What’s more, you can open up your own acupuncturist business in your own home, or go to work in clinics, cancer treatment facilities, or in large medical systems.
Remember: If we don’t have our health, we don’t have anything, so helping others get healthy and stay healthy is a commendable business venture. Thanks for reading this article.