10 Healthcare Business Ideas

Nationwide spending on health is projected to grow at an average rate of 5.5% annually through 2026. That’s one percentage point faster than the national GDP is projected to grow during that same time. Wow. By 2026, healthcare is projected to account for nearly 20% of the GDP. Employment in healthcare-related occupations is projected to grow 18% from 2016 to 2026, much faster than the average for all occupations, according to the U.S. By 2030, the Census Bureau projects, approximately one-fifth of the population will be 65 and older. This will be the first time in history that the number of Americans over age 65 will surpass the number of Americans under 18. These reasons tell you why the healthcare care industry is a huge opportunity.

10 Healthcare Business Ideas:

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.
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.
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. 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 in managing their health.
7. Medical Foot Care – A growing population of seniors and diabetics means more need for foot care services. Something as simple as trimming toenails can be impossible for seniors and overweight patients who can’t reach their feet. You can either open a foot care clinic or save patients a trip to the podiatrist by providing mobile foot care services in their homes or in a van. You’ll need to train as a podiatrist or hire one.
8. Drug Treatment and Rehabilitation Center – As drug use has escalated to become a national crisis in the United States, legitimate places for people to help overcome their addictions and rebuild their lives are needed more than ever. Every day, more than 115 Americans die after overdosing on opioids, according to the National Institute on Drug Abuse.
9. 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.
10. Medical Billing Services – Although big hospitals and healthcare organizations often have in-house staff, small medical practices that don’t have time to manage billing and coding themselves are an ideal market for medical billing services. Acquire and learn medical billing software, get trained in proper coding, and target these smaller medical practices to take medical billing hassles off their hands. And you can even do your certification online.