7 Booming Healthcare Business Ideas You Can Try

My name is Matthew Speiser and I am a staff
writer here at Fundera. In my role, I write a lot about how to start
new businesses. 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. First of all, America is getting older. By 2030, the Census Bureau projects one-fifth
of Americans will be 65 or older. That will be the first time in history the
number of Americans over 65 will surpass the number of Americans under 18. This has caused a spike in healthcare related
jobs. In fact, these types of jobs are expected
to grow by 18% from 2016 to 2026, which is much faster than the average for all occupations. There have also been a lot of new developments
in the healthcare industry, be it through medical and technological advancements, more
interest in health and wellness, or services like ZocDoc and Flatiron Health. 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 video, 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. Let’s get started. Our first idea is to start a drug treatment
facility or rehabilitation center. Sadly, drug treatment and rehabilitation centers
are sorely needed as America faces the scourge of the opioid epidemic. Every day, over 115 Americans die after overdosing
on opiods, making this one of the worst national health crises in American 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. You’ll have to make a significant initial
investment in your facility and staff, and these costs vary depending on the location
of your facility, the type of
treatment you are offering, and other factors. Next, you’ll need to obtain a license to
provide treatment in your state. 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 HeadSpace, 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
entrypoint 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. Every day in the United States, 10,000 seniors
turn 65 years old, and many of them want to stay in your 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 the 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 state. Similar to opening a rehab center, this typically
requires you providing your state with a set of policies and procedures. Depending on your state, you may also need
to go through a training program. If you want to be able to charge higher rates
for your services, you can obtain Medicare and Medicaid certifications from your state. Then it’s just a matter of advertising your
services. The National Home Care Association of America
and the National Association of Home Care and Hospice are good places to start. Personal training is a $9 billion dollar industry
with a low bar for entry and a lot of flexibility. If you’re passionate about fitness this
may be the perfect healthcare business idea for you. As a personal trainer, you’ll work one-on-one
with a client to develop and implement a fitness training regimen that helps them lose weight,
get stronger, improve physical performance or maintain their health. What’s more, most personal trainers charge
between $40 and $70 per hour. To develop your market as a personal trainer,
pick a speciality such as occupational therapy or strength and conditioning. This will help you develop your market. Next you’ll want to get credentialed from
the American Council on Exercise or National Academy of Sports Medicine. Then it’s all about perfecting your routine
and building out your roster of clients. 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, an acupuncturist commands an
annual salary north of $70,000 per year. It is a virtual requirement in any state to
graduate from an accredited school of acupuncture with a Masters Degree in Acupuncture or Acupuncture
and Oriental Medicine in order to become an acupuncturist. And take note that these programs can last
3-4 years. Once you have your degree, 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 like the VA. Our last idea is to open a medical marijuana
dispensary. New state laws legalizing the usage of marijuana
have helped generate a rosy outlook on the future of this industry. In fact, the legal marijuana industry is expected
to grow nearly 24% by 2025. However, there are still a considerable amount
of hurdles to overcome if you wish to operate your own dispensary. First of all, you need to understand all your
state laws regarding recreational cannabis, medicinal marijuana, and CBD products down
to a tee. Going in uninformed is a surefire way to get
you into legal trouble. Next you’ll need to obtain a retailer license
from your state’s regulatory agency in order to sell marijuana products. Similar to liquor licenses, most states usually
cap the number of marijuana licenses they will distribute. If they do, you’ll have to try and buy a
retailer license from an existing business. There are also state laws around security,
advertising, transporting your product, and where a marijuana dispensary can be located. And if that’s not enough, keep in mind that
startup costs are steep, and banks are often hesitant to issue loans for these types of
businesses. But if you’re passionate about pot and its
healing abilities, this can be a fun and rewarding industry to work in. And that wraps up our list of healthcare business
ideas. We hope we’ve helped you get the wheels
turning on your own healthcare business idea. 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. Check out fundera.com/blog for more tips on
starting and maintaining a business, and subscribe to our YouTube channel for more videos. Thanks for watching!

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