Everybody needs access to healthcare, and access to medical and psychiatric treatment should be available to all who need it. Thanks to the modern healthcare system and general improvements following scientific research, the average life expectancy is a lot higher than it has been in previous centuries.
Without healthcare, some people with medical conditions would be unable to survive, and we would not be able to access medical assistance when needed. Access to healthcare and treatment is something that is a right by law in many countries, and it should be treated as such.
Within the modern world, there is a great amount of things that we often overlook and take for granted. The healthcare system is something that is underfunded or is not functioning as efficiently as it could be within a lot of countries.
This means that we should focus our efforts on maximizing the attention of governments towards healthcare by using it as a platform for business. Not only will this be an effective use of the resources available to you, but it also has potential to increase demand for better research to be done within the healthcare industry and specific fields.
Healthcare systems differ significantly around the world, and it is still an important mission of healthcare charities to provide access to medical treatment, emergency surgeries, and access to a local doctor when needed.
It is not a commodity that should be seen as a luxury, but for some places around the world it remains just that. Working within the healthcare field can allow you to raise awareness of this and how accessible it should be for everybody.
There are a lot of reasons why you might be considering setting up a business, and there is no better time to start taking the first step. Entrepreneurs have already begun to use the healthcare system to their advantage, and it can be a great source of additional income for those who are wanting to set up their own business or even begin saving for retirement.
Making the moves now to setting up a brand of your own within the healthcare industry is never a bad thing, because of the reliance of the modern world on the healthcare system as a whole, there is an element of financial security that comes with it.
Creating your own business within the healthcare field can open a lot of doors for you. That is why this guide has been created to help you learn everything you need to know about starting a healthcare business. It has been aimed at people who want to get started on a new project that will eventually allow them to build a reputation as a local entrepreneur.
What is Healthcare?
Healthcare has been defined as “Efforts made to maintain or restore physical, mental, or emotional well-being especially by trained and licensed professionals” and is more commonly known as preserving a person’s health and state of well-being by preventing illnesses from getting worse and treating them.
Dentists, psychiatrists, doctors, and surgeons are all considered healthcare professionals because they have had specific training and education over a prolonged period of time to know how to find the best course of action and figure out the best treatment for a patient.
Innovative Healthcare Business ideas for 2023
While there are a lot of ways you can start creating your own business within the field of healthcare, it could be worth doing some research about how similar brands have grown and created a reputation for themselves. These are some ideas that you can use to create your own business, and how you can use your skills to offer a service to clients and patients.
Table of Content
- 1. Nutritionist
- 2. Childbirth Service
- 3. Hearing Aid Dispensary
- 4. Medical Foot Care
- 5. Develop a Health Care App
- 6. Home Health Care
- 7. Drug Treatment/Rehabilitation Center
- 8. Open an Alternative Health Care
- 9. Develop a Health Information Website
- 10. Open a Diabetic Care Center
- 11. Become an Occupational Therapist
- 12. Deliver Medical Supplies
- 13. Maintain Medical Records
- 14. Become A Caregiver
- 15. Medical Marijuana Dispensary
- 16. Start A Medical Billing Service
- 17. Become a Physician
- 18. Develop a Medical Software
- 19. Start a Health Care Training Service
- 20. Start a Blood Bank Business
- 21. Medical Wig Business
- 22. Adult Daycare Business
- 23. 3D 4D Ultrasound Business
- 24. Dental Laboratory Business
- 25. Non Emergency Medical Transportation
- 26. Non Medical Home Care Business
- 27. Elderly Group Home
- 28. Medical Spa Business
- 29. Medical Waste Disposal Business
- 30. Medical Cannabis Delivery Business
- 31. Medical Laboratory Business
- 32. Medical Commodities Business
- 33. Medical Device Development
- 34. Medical Transcription Business
- 35. Medical Practice Business
- 36. Medical Claims Processing Business
- 37. Medical Scrub Business
- 38. Hospice Agency
- 39. Medical Supply Business
- 40. Teeth Whitening Business
- 41. Home Infusion Therapy Business
It can be surprising how many people don’t know how to keep track of their diet, and what they can do to implement healthier eating habits. Providing a nutritionist service can help people learn about their bodies needs and how to keep themselves fuelled correctly. You will need a license to practice as a nutritionist or dietician with the Commission on Dietetic Registration (CDR).
2. Childbirth Service
Contraception and family planning to helping support patients during childbirth, there are a lot of ways that you can create a business to assist with childbirth service. You could train as a midwife, doula, or even begin to outsource and train new recruits under your business’ brand. There is an increased need for midwives, which is why it would definitely be worth finding a way to integrate this into your business.
3. Hearing Aid Dispensary
A great deal of hearing services are not covered by insurance, which is why there could be a gap in the market for hearing aid dispensary services. You could set up your own private business to provide a complete service, or even work on carrying out repairs or hearing aid tuning at customers’ homes. This mobile option is unique and, if you can find the right audience, has potential to shape the market.
4. Medical Foot Care
You could consider getting training in medical foot care in order to get a better appreciation for the service and to gain the knowledge that is required. This can allow you to research similar brands that offer specific medical foot care, and see what techniques they used to grow their business.
Senior citizens and diabetics are particularly vulnerable to foot issues, which is why it is likely that there will be a high demand for medical foot care services.
5. Develop a Health Care App
Being able to provide patients with online health care through an app is a great way in which the twenty-first century has integrated modern technology into the healthcare system. For those who are particularly skilled in technology, and setting up apps, you could consider developing a health care app that can put patients in contact with specialists.
This can be highly useful for patients who have recently been discharged from the hospital and still need a little extra assistance. Older patients might need a little more help but be unable to leave the house, so you could consider setting up a business plan that provides at-home care to those who need it.
Daily tasks such as washing and getting dressed to making meals and planning outings can all be things that someone might appreciate some extra assistance with.
7. Drug Treatment/Rehabilitation Center
A growing issue that could be an area for your business to take off is providing help to people struggling with addiction or substance abuse. There is a national need for more rehabilitation centers in order to tackle the growing problem of addiction.
Being able to recondition the mind within a supportive environment can be highly beneficial to individuals suffering with addiction, or even those who have a history of substance abuse.
8. Open an Alternative Health Care
If you are someone who prefers holistic and alternative methods of treatments, you could consider starting a business that provides patients with alternative medicine services. These include aromatherapy, reflexology, acupuncture, and even herbal remedies.
Depending on what you already know about each of the alternative methods, you could set up a business that offers one or several services.
9. Develop a Health Information Website
This can be a great way to integrate professional advice with your computer skills, because you could create a website that brings healthcare professionals and specialists together to answer frequently asked questions. It can follow whatever style of format you like, but some people choose to include a similar structure to a blog.
10. Open a Diabetic Care Center
A lot of people are unaware that they might be prediabetic, and need to be educated about the risks that come with their current lifestyle. Diabetic care centers can be a great place to teach people about diabetes and how it can be prevented. Support groups are also perfect for a diabetic care center, and it can encourage a better sense of community among members of the local area.
An occupational therapist is someone who provides help to patients who are unable to carry out some of their daily tasks. These include dressing, brushing their teeth, and feeding themselves. Specific training is required in order to become an occupational therapist, but it could be worth it in the long run if this is something that you can see yourself doing in years to come.
12. Deliver Medical Supplies
A lot of people have difficulty getting out of the house in order to get their medicines and additional supplies. Depending on your desired audience, you could set up an online store where you offer delivery of items like braces, bandages, walkers, and medication.
You could also consider delivering medical supplies to private doctors, specialists, or even hospitals. Acting as a go-between resource can be beneficial for those who need access to medical supplies on a regular basis.
13. Maintain Medical Records
In spite of the medical field being relatively modern, there are a lot of systems that are somewhat outdated. One of these is the medical record system, because a great deal of hospitals and other healthcare providers still rely heavily on physical paper records.
If you are particularly skilled with technology, then you could approach local medical centers and try to offer your services. You could try to come up with a new filing system or run their patients’ medical records for them.
14. Become A Caregiver
If you have a particular passion for kindness, you could consider becoming a caregiver. Depending on where your interest lies and where help is needed, you may be helping an elderly person with daily tasks, or caring for a child on a regular basis. You could even consider setting up a daycare if you find a particular skill with children.
15. Medical Marijuana Dispensary
Depending on the state that you are planning to work in, and what the current legalities are, your bank account could benefit from setting up a business within the field of medical marijuana dispensary. There is currently an increased interest in the role of medical marijuana, and the role that it plays in chronic pain.
In order to help patients in need to access the recommended treatment, you could consider setting up a dispensary. This can be mobile or from within a store base, however, it is more likely that being able to deliver to patients’ homes would be more beneficial in the long run. This is because the people who need it the most are often the most immobile, so would benefit from a service that comes to them.
16. Start A Medical Billing Service
Insurance policies can often be confusing to those who have less experience with it, which is why you could create a website that allows patients to pay their doctors for treatments. Precision and coding are needed in order to make something like this a reality, which is why you might want to consider practicing your skills beforehand.
17. Become a Physician
Accessing the right training can seem difficult at first, but it is definitely worth persevering. This is because physicians make a respectable salary, and you can work independently or within any hospital once you have been trained.
It takes a little longer to get into, which is why becoming a physician isn’t for everyone because of the time investment. Unfortunately, this option takes the longest amount of time because there are years of training and education required.
If you have the time, passion, and drive, then you could consider training as a physician and creating a business plan along the way.
18. Develop a Medical Software
You could create something that allows patients to speak with doctors from the local area, or even a site where patients from the area are able to review doctors or specific treatments. Depending on where your main interests lie, it could be worth developing a medical software to help in your business ideas.
While this might seem like an umbrella term for creating a medical app or filing system, it can be effective to create something more global that can be accessed by patients, doctors and researchers alike.
19. Start a Health Care Training Service
Training other people can be another great way to develop a business. This is because as the owner, it will be your responsibility to train individual candidates, or find a mentor with an impressive reputation, and then eventually set them up with potential clients.
These can be hospitals, specialists, private businesses, or even individuals who need assistance from home. This can act in a similar way to a recruitment service, and it could be worth taking a closer look at recruitment schemes to get a better idea of how they work and what they do to draw people in.
There is a huge need for blood to allow safe treatment and ensure that as many people are helped as possible. Make sure that you carefully research what is required of you, and how you can keep everything as safe and secure as possible.
Like some of the other ideas, this might need a little extra work to ensure that you have the right permissions and training, but it could see you earning higher amounts of money in the long run than some other options.
A good number of cancer patients experience hair loss, also referred to as alopecia, as a result of undergoing treatment. Wigs used by cancer patients are most often purchased from specialized wig stores. Have it in mind that this type of business has low competition, and it’s one you may be able to operate part-time if you wish. If you intend to startup in a busy city, then your chances of acquiring more customers are increased.
An adult daycare center is a non-residential daycare facility that provides support in the areas of health, nutrition, social, and daily living needs of adults in a professionally staffed, group setting. Adult daycare is designed to provide adults with transitional care and short-term rehabilitation especially when they are discharged from the hospital or when their family members are not around to take care of them.
The major drivers of this business are the growing incidence of target disease, the growing number of diagnostic centers, and a general preference for minimally invasive procedures. In addition, progress in 3D imaging has genuinely helped to boost diagnosis by offering immediate clinical information and also helped in reducing healthcare costs.
Dental laboratories manufacture or customize a variety of products to assist in the provision of oral health care by a licensed dentist. These products include crowns, bridges, dentures, and other dental products. Dental lab technicians follow a prescription from a licensed dentist when manufacturing these items.
The Non-emergency Medical Transportation Services comprises both private and municipal operators that provide basic transportation alongside medical care for patients either by ground or air. These services are provided during a non-emergency situation, but they are not restricted to such instances.
The ambulances or vehicles as the case may be are usually equipped with lifesaving equipment operated by medically trained employees i.e., nurses and doctors et al.
Non-medical home care is a business that is involved in providing non-medical care to elderly or disabled persons. They cater to activities of daily living (ADLs) and instrumental activities of daily living (IADLs). This care is provided by people who don’t have formal training as medical personal but are exposed to basic health care and first aid tips.
27. Elderly Group Home
An elderly group home is a facility or business that provides a comfortable living environment that is restricted in the kind of care they provide. This means that an elderly group home does not provide the high level of care provided at nursing homes, but they give elderly people the option to live among peers. It is also important to state that personal care is not done at an elderly group home, as residents are expected to manage their personal care.
A medical spa is a business that offers medical spa treatments. Like regular spas, medical spas pay detailed attention to more difficult issues like widespread discoloration and wrinkles. Their treatments include deeper chemical peels, injections (such as Botox), and laser treatments.
A medical waste disposal company disposes medical waste, and medical waste is basically comprised of wastes generated in hospitals, laboratories, clinics, diagnostic centers et al and this waste can be harmful to human beings if not properly handled.
A medical cannabis delivery company is a business that delivers cannabis for medical purposes only to approved organizations, stores, or patients with medical prescriptions. Cannabis which is also referred to as marijuana is a mood-altering drug that can induce calm and is sometimes used medicinally as a form of pain relief.
A medical laboratory which is also known as a clinical laboratory is a laboratory where tests are carried out on clinical specimens to obtain information about the health of a patient to aid in the diagnosis, treatment, and prevention of disease.
As long as people continue to live, grow and fall sick, there will always be an encouraging demand for medical commodities. Have it in mind that these commodities are necessary to both doctors and other medical professionals to enable them to treat patients.
Note that a good number of medical commodities are sourced from niche companies that specialize in a certain type of product. While there are many large medical commodity companies all over the United States, it is still very possible for independent businesses to find success in this industry.
A medical device company is a business that produces different designs and types of medical devices (diagnostic ultrasound products, x-ray machines, medical lasers, syringes and needles, test kits, blood glucose meters, forceps et al). A medical device can be any instrument, apparatus, implement, machine, appliance, implant, software, material, or other similar or related products.
While larger healthcare facilities like hospitals make use of electronic medical records to keep track of patients, a good number of smaller facilities, such as private physicians’ offices, still make use of paper-based forms and recording devices to document doctor-patient interactions. Such medical records, most often, will have to be converted into electronic format to make interactions with insurance companies, pharmacies, and hospitals easier.
A medical practice business involves three or more physicians that are engaged in the practice of medicine as a legal entity sharing business management, facilities, records, and personnel. This line of business comprises groups of physicians of various disciplines, including primary care physicians and specialist doctors.
Starting a medical claims processing business can be an interesting and profitable opportunity for different types of professionals. Medical claims remain one of the most valuable sources of data for healthcare organizations. All-payer claims tend to feature detailed diagnosis and procedure information for any billable patient visit.
A medical scrub business is a business that produces different designs and types of medical scrubs. Medical scrub is a protective garment designed to be worn by the doctor, nurse, and others in the operating room. The garment was originally a gown. Scrubs now include the shirt and pants worn by those who scrub in for surgery.
38. Hospice Agency
Hospice service businesses offer clients a safe and caring environment as they edge closer to passing on. They ensure terminal patients are comfortable, feel loved, and get round-the-clock medical attention. Family members also get support and education as they prepare for the passing of a loved one. Note that the hospice business is perfectly ideal for people who are passionate about helping others.
A medical supply company is a business that purchases medical and surgical equipment, instruments, and supplies, stores these items at distribution centers, and delivers these products to medical practitioners, clinics, hospitals, etc.
Recent data made available online shows that the global medical supplies market was worth USD 80 billion in the year 2019 and it is projected to reach USD 95.04 billion by 2026.
Indeed, cosmetic dentistry remains a billion-dollar industry expected to sustain its incredible growth potential. If you are eager to start a business in a lucrative industry, then consider starting a teeth whitening business. In 2020 alone, the global teeth whitening market reached $6,140.75 million and it is expected to attain $8,207.2 million in 2026.
A home infusion therapy business is involved in providing health care or supportive care in the home where the patient or client is living. This business also includes nursing services that provide, train, and educate patients about the safe intravenous administration of drugs. The U.S. home infusion therapy market size was USD 16.22 billion in 2020.
How to Start a Healthcare Business in 2023
If you have taken the time to carefully research your business idea, and have decided which direction you’d like to go down, then it is time to start thinking about how you want to go about creating your healthcare business. These are some of the steps that you should take on your journey to setting up your business, and some key things to think about.
1. Conduct Your Own Market Research
Firstly, an essential first step when it comes to creating any kind of business is the market research. This step cannot be stressed enough, and you should carefully consider whether there is a gap in the market for your product or service.
Luckily, within the healthcare industry there is often a lot of room for improvement, so you could use this as an opportunity to provide something that you think your local healthcare system needs.
2. Create a Business Plan
Try to be as specific as possible in order to know what direction you plan on taking your business down. This can allow you to approach local funders who might be interested in helping you out, because they will know where their money will be going as well as the fact that you have worked hard to find a gap in the market.
It is better to be over prepared, because it allows you to adapt without worrying about the consequences as much. In addition to this, creating a more detailed business plan can help you follow an appropriate time frame, and encourage you to stay passionate about your agenda.
3. How Will You Fund Your Business?
If you are new to the world of entrepreneurship, you might not know that businesses can cost a lot of money. Creating brands and advertising alone can be very expensive, which is why you should allow the time to think about how you intend to fund your business.
This can be using your savings account, or even asking local investors or other entrepreneurs if they would like to invest in the set-up of your business for a certain percentage of revenue once you begin to see profit.
If this isn’t an option for you, then you should consider applying for a loan. Schedule a meeting with your bank supplier in order to see what your options are, and what kind of interest rates you would face during the repayment period.
4. Will You Have a Designated Business Location?
Some people find it easier to imagine their business in a physical location, whether that involves a small store or setting up a stall at the next community event. However, it largely depends on the service offered.
For example, if you are providing at-home care or online services then there is less need for a store, whereas you might want a business location if your business involves a personal touch. This can include selling medical supplies, or specially designed uniform for hospital workers.
5. Identify Your Business Structure
This is something that new business owners tend to overlook, but it is important to think about your business structure because it will determine how your business functions legally.
From taxes to workers’ wages, the business structure is an important part of any business when it is in its early stages. Ensuring that you have taken the time to carefully consider business structure can allow you to focus on generating clients and a customer base during the later stages.
6. Decide On Your Business’s Name
This can be more challenging than you might have anticipated, because a catchy name can be a little difficult to come up with. Try to find something unique to you and your business that isn’t too long. A good business name is easy to remember and say. It is also worth avoiding using a name that already exists because this can cause confusion as well as legal complications.
7. Register Your Business
Once you have a unique name and rough idea about your branding, you should register your business. This can help to legally protect your brand name, and make it feel more legitimate. Registering your business can allow you to claim ownership of your brand name and ensure that nobody else can use it for their business.
8. Apply For The Correct Taxes
You do not want to get into legal trouble within the first few weeks of business, so you should apply for the correct taxes that agree with your business structure as soon as possible.
When completing forms like these, it is worth doing your own research in order to figure out which taxes you need to pay and what to apply for. Another thing that you can do is speak with a lawyer about what steps you need to take in order to make your business legal.
9. Open A Business Bank Account
This can be done using an Employer Identification Number (EIN), which is also needed to deal with the taxes of your business. Opening a business account can allow you to apply for more benefits within your bank supplier, as well as using it to apply for business loans if you need one.
Once you get to the stage of growth that you can hire additional employees, you will want to use your business bank account in order to pay wages as well as your own income.
10. Apply For Your Business License And Permits
Make sure that your business is running legally in order to prevent additional challenges from arising. This can be a complex process, and it could be worth consulting a lawyer about what licenses and permits you will need. Because the requirements differ between state, industry, and location, it is definitely worth seeking appropriate advice before applying for the right permits and licenses.
How to Build a Sustainable Healthcare Business
In order to ensure that your business will stay as active as it can be over a long period of time, you should consider some of the following things. This can allow you to continue to make money, and keep investors as well as your clients happy.
Some businesses tend to hit the ground running for several months, and then begin to plummet. Try to do some of the following things in order to keep your business gaining momentum for as long as possible.
a. Keep Yourself Educated
Always understand what is happening in your business and industry as a whole. This can allow you to anticipate your business’ next moves as well as figure out how you can adapt to the changing market. Take the time to learn about how current affairs are affecting the healthcare industry as a whole, because it can help you to make predictions and figure out what you should do to stay on top of your business.
b. Know Your Competitors
They always say to keep your enemies close, and it’s mostly so that you can figure out what they might be planning next. Keep a close eye on your competitors and try to figure out how their marketing strategy differs from yours. You could also compare their branding and target audience, depending on the specific service provided.
c. Build a Strong Business Plan
This can be something that sets you apart from other businesses on the horizon, because a good quality, strong business plan allows you to stick to your guns and focus on the moment. Rather than worrying about what your next moves are or what you need to change, you can rest easy knowing that you have already created a comprehensive business plan.
d. Build a Strong Branding Strategy
Try to think about how you can make your brand stand out from the crowd. Create a dilemma that needs to be solved, and offer a solution through your business. Try to use this to generate local interest, because these will be your main clients unless you set up an online site.
e. Build a Strong Marketing Strategy
Again, try to present your business as a solution to a problem, whether that is a hole in the market or lack of resources. Try to do your own research in order to figure out how different businesses in the past have failed, and which were more successful.
Make your research more specific by comparing your competitors’ marketing strategies and think about how you can adapt that and make it stronger.
f. Know Your Target Audience
This depends largely on the type of service your business provides, but it is worth knowing your target audience so that you know how to reach them. In addition, it is worth changing your language, tone, and advertising platform depending on your audience.
For example, younger people might not want to receive a pamphlet in the mail, whereas older audiences might not appreciate digital marketing as much.
g. Always Stay Passionate
This is something that cannot be underestimated. Try to focus on your audience, competitors and do what you need to do to stay motivated.
Setting up a business can be challenging, which is why a lot of people need to be reminded to stay passionate about their brand. It can be easy to lose sight of what is important to you, so you should try to keep some level of perspective and stick to what works best for you.
There is a great deal of information available nowadays within the healthcare industry, that it is worth careful consideration of your business options. Try to avoid creating a service that is already available in abundance, because you might find yourself occupied with competition and aiming to make yourself stand out rather than your business’ principles necessarily.
Depending on what you want to get out of this, your business could easily become your main source of income. After careful development and marketing, you might find that you are more invested in your business than your main job. This is why some individuals enjoy leaving their full-time employment once their business is at a stage where they can use the revenue generated to support themselves.
It’s equally important to roll with the punches, and remember that the market is always changing. As long as you are accepting of this and appreciate the role that advertising and promotion plays on your clients, you should try not to take any changes with the market too seriously.
If your agenda changes over time, then there is nothing wrong with that. Try to be flexible and kind to yourself, because you might find that some tasks take significantly longer than others.
In summary, there are a lot of things that you should consider carefully before trying to set up your own business within the healthcare industry. Try to find a gap in the market that you can use your talents within. This can allow you to reach the right target audience and begin generating the appropriate clientele.