We all need healthcare at some point—and with over 350 million people in the United States, there are plenty of opportunities for entrepreneurs. With hundreds of startups launching every year, the future looks bright indeed. Read on to get a few business ideas for healthcare company owners.
Home Healthcare
Home health workers offer medical services that meet the short- and long-term needs of those recovering from illness or injury. When finding the best medical staff for home health positions, entrepreneurs must focus on training and certification.
As the country’s population ages, it will need more home healthcare services—giving startup owners a chance to increase profits while helping others. If you have great interpersonal skills and want to help clients get the care they deserve, the home health field is a rewarding one.
Medical Accounting Firms
The most profitable businesses in the healthcare industry focus on helping facilities and practitioners outsource crucial tasks like accounting. If you’re a CPA (certified public accountant) and an entrepreneur with health insurance knowledge, you can start an accounting service that helps providers manage finances. With the ability to work remotely, healthcare accounting is a flexible, lucrative business idea.
Medical Billing Services
Although large facilities usually have in-house billing departments, many providers work independently and in small clinics. The need for outsourced billing services is expected to grow over the next few years, and it’s time for entrepreneurs to capitalize on the trend.
Medical billing is a complex field that requires certification from AHIMA (the American Health Information Management Association) or another accrediting body, along with in-depth knowledge of insurance reimbursement and billing processes. If you’re considering starting a medical billing service, you can get certified online and work with small- to mid-size medical practices.
Industry Marketing
If you’re already a marketer, get into the healthcare field by starting a business that helps doctors reach new audiences. Small clinics and independent providers, for example, often need promotional support that only niche marketers can provide.
Transcription
Some facilities allow providers to make recordings of patients’ information—a time-saving approach that requires a transcriptionist’s support. Medical transcriptionists turn audio recordings into written records that patient medical teams can access. As telehealth becomes more common, the need for medical transcription services will increase, making it a profitable option for startup owners.
Medical Supplies
Although most of the ideas on this list are service-focused, many entrepreneurs are also starting B2C or business-to-consumer companies that sell bandages, braces, wheelchairs, and other medical supplies to patients. A medical equipment sales and rental service will help you make money while assisting those in recovery from surgery, sickness, or injury.
Professional Apparel
Another great healthcare startup idea is to target healthcare providers and team members by selling functional apparel like shoes, scrubs, and lab coats. By promoting the use of stylish, comfortable, and functional apparel, you’ll boost the bottom line and help providers help their patients.
Insurance Specialization
Health insurance specialists help patients navigate the complexities of coverage, offering administrative support and counseling services. As a health insurance specialist, you may assist with plan selection, benefits education, and provider communication. Whether partnering with HR departments or individual clients, a career as an insurance specialist can be a profitable one.
Summing It Up
Starting a healthcare business is a good idea because there are many ways to meet patients’ and providers’ needs. Whether you use technology to help clients find the right insurance plan, sell professional apparel to providers and staff members, or rent medical equipment, these and other ideas address some of the most crucial factors in modern healthcare.
