Top Business Ideas for the Healthcare Industry Today

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The healthcare industry opens up a variety of possibilities for aspiring entrepreneurs. With the population continuing to grow, medical technology continuing to advance, and the continuous need for healthcare across America, opening a healthcare business is an amazing way to help others while also investing in a business long-term.

Why Explore Business in Healthcare?

There are many reasons entrepreneurs should think about exploring healthcare-related business ideas. One of those reasons is that the healthcare industry is currently thriving. The healthcare industry has seen a significant increase in business in the past few years, and it’s only continuing to grow. U.S. healthcare spending grew 9.7% in 2020 alone.[1](2021). NHE Fact Sheet. Centers for Medicare and Medicaid Services. https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/NHE-Fact-Sheet

Another big reason investors are looking into the world of healthcare is because of the age of America’s population. By 2030, around 20% of the population will be 65 and older.[2](2019). 2020 Census Will Help Policy Makers Prepare for the Incoming Wave of Aging Boomers. United States Census Bureau. … Continue reading This is a massive number for this age group, and it’s the first time that they will be surpassing the amount of people 18 and under. Because of the size of this group, healthcare industries related to assisting elderly people are also expected to see a dramatic increase.

On top of those aspects, healthcare will always be essential. Because of this, there will always be a market for these services and people who need care. This helps to bring you much more security in your investments, knowing they will be successful long-term. With healthcare businesses, passionate entrepreneurs can invest in a flourishing industry while helping people along the way.

Best Business Ideas for Healthcare in 2022 and Beyond

Here are some of the best ideas for healthcare industry-related businesses:

1. Medical Transcription Services

Medical transcription services are a crucial part of healthcare that is only becoming more popular. Medical transcription is the act of transcribing what a doctor says in their voice recordings into a document that can be added to the patient’s records. While some professionals in the industry have been trying voice-recognition technology, there are still many errors here, making real people much better for the job.

2. Drug Treatment and Rehabilitation Centers

Over the years, drug use has become an epidemic in America and has only continued to worsen. This has made the need for accessible drug treatment and rehabilitation centers imperative. More than 100 people per day die from an opioid overdose in the United States.[3](2021). Opioid Overdose Crisis. National Institute on Drug Abuse. https://nida.nih.gov/drug-topics/opioids/opioid-overdose-crisis Opening a rehabilitation center in your town could not only help save someone’s life but offer accessible help and healing for anyone in need of it.

Drug treatment and rehabilitation centers offer a variety of opportunities by allowing entrepreneurs to specialize in certain types of rehabilitation, issues, age groups, and more. Drug treatment and rehabilitation centers are an amazing way to help your community while growing your business.

3. Medical Records Management

Medical records management is another great business to think about exploring. No matter what the healthcare facility is or where it’s located, it is going to need to manage its records. You can create a business that helps to organize records for hospitals, doctor’s offices, and other healthcare professionals.

Medical records management is also important as more healthcare businesses have started practicing telehealth. With many healthcare practices operating online and in person, the number of clients and visits continues to grow, along with the amount of new information.

4. Physical and Occupational Therapy Facilities

Physical and occupational therapy are both highly in-demand practices that are especially popular with older age groups. Physical therapy assists patients recovering from injuries by helping them regain their full range of motion while also reducing pain. Occupational therapy focuses on the specialized needs of an individual and assists patients in re-learning and performing everyday tasks like putting on clothes. Physical and occupational therapy have no age limit and can flourish in a variety of circumstances, making them another great healthcare facility to think about opening.

5. Healthcare Apps

New Healthcare Apps

Telehealth has become a crucial part of healthcare across the country. Because it allows patients to see their doctors and healthcare providers online, telehealth has created the need for a more advanced online presence of healthcare providers. This is where the development of apps comes in. Applications are a convenient way for doctors and patients alike to be able to track medication, progress, symptoms, and more. If you know a thing or two about app development, applications in the healthcare world are growing quickly.

6. Online Pharmacies

With the dramatic increase in telehealth services over the past few years, there has also been a large growth in demand for things like online pharmacies. With therapists, doctors, and other healthcare personnel now operating online, the entire healthcare experience can be moved online with the addition of an online pharmacy. This is a convenient way for patients to get their medication sent directly to their residence. An online pharmacy is especially helpful for the elderly, disabled, or sick patients that are unable to leave their homes.

7. Medical Billing Services

Medical billing is a service that is often outsourced, meaning that it’s done by a company outside of the healthcare practitioner. This is because billing each patient, especially when it’s a big healthcare provider like a hospital, can be extremely time-consuming and complicated. Medical billing often involves coding, as well as insurance claims, of the different patients and the services they receive. To start a medical billing business, you do need to receive certification. But starting a medical billing business is a great way to invest in the healthcare industry.

8. Healthcare Information and Blogging

Healthcare information sites, along with healthcare blogging, have gained massive popularity over the past few years and are starting to earn a great deal of profit for those who work with them. Whether it’s fitness and health tips or sharing the latest news on viruses, people are always interested in their health and how they can protect it. Sharing healthcare expertise is another business within the healthcare industry that has seen immense growth in the past decade, and it isn’t expected to stop any time soon.[4](2021). Occupational Outlook Handbook. U.S. Bureau of Labor Statistics. https://www.bls.gov/ooh/healthcare/home.htm

9. Medical Supplies Services

The medical supplies area of healthcare is always busy. Whether it’s gloves, masks, plastic syringes, or specially made garbage liners, the continuously growing healthcare industry always needs supplies. Because of this, starting a medical supply business can be a great way to make money and operate a useful business for many. A medical supplies service could be online or in-person, depending on your preference. It can also easily follow trends in the market, helping to avoid any slow periods in the business.

What Kinds of Healthcare Businesses Can I Start in 2022?

Healthcare Businesses Can I Start in 2022

We provide consultation to rehabilitation facilities, other businesses and entrepreneurs interested in providing health and medical services. We help you create the best business strategy possible. With decades of experience in everything from hiring to record keeping, we can lend the insight to help grow your plan into a thriving business.

Sources:

Sources:
1 (2021). NHE Fact Sheet. Centers for Medicare and Medicaid Services. https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/NHE-Fact-Sheet
2 (2019). 2020 Census Will Help Policy Makers Prepare for the Incoming Wave of Aging Boomers. United States Census Bureau. https://www.census.gov/library/stories/2019/12/by-2030-all-baby-boomers-will-be-age-65-or-older.html
3 (2021). Opioid Overdose Crisis. National Institute on Drug Abuse. https://nida.nih.gov/drug-topics/opioids/opioid-overdose-crisis
4 (2021). Occupational Outlook Handbook. U.S. Bureau of Labor Statistics. https://www.bls.gov/ooh/healthcare/home.htm


Author: James Haggerty
Experienced Chief Executive Addiction Recovery and Mental Health Professional Business professional in the Addiction Recovery and Mental Health industry for the past 26 years. Caring, compassionate and strongly motivated to make a difference in the organizations I am affiliated with and welfare of the population we serve. Currently focused on advocating, educating and developing projects leveraging evidence based, real time technology to support individuals in recovery. JamesHaggertyRecovery.com

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