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The healthcare industry is worth over US$10 trillion and that number will only grow. There are several avenues of healthcare, all of which present a range of opportunities for entrepreneurs.
Whether you have a medical background or not, you can thrive in the healthcare industry by providing on-demand services to consumers and patients. With the increasing incidence of disease, the need for treatment and therapy has never been greater.
There is also growing concern about the cost of medical care around the world. Building a business that offers affordable healthcare services will help you stand out from your competition.
If you’re a startup in the medical world and aren’t sure which way to go, here are four great healthcare business ideas to consider.
Sales of medical supplies
Every healthcare facility needs a supplier for their equipment, tools and commercial cleaning products. You can start a business to sell these medical supplies to hospitals and primary care practices locally or nationally.
You can also provide medical supplies to people with disabilities or chronic illnesses who require ongoing treatment and home aids, such as walkers and handrails. Your business can be a physical store or you can sell your supplies exclusively online.
Medical transcription service
Healthcare professionals, such as doctors and nurses, often dictate their findings into a voice recorder after their consultations. The audio clips must then be transcribed to produce written letters that can be stored in a patient’s medical records.
There are software programs that use text-to-speech technology. However, this software is often inaccurate and does not understand a wide variety of accents.
To overcome this problem, start a medical transcription business. Your employees can work remotely to transcribe medical letters for healthcare professionals from their audio dictations.
Management of medical records
Your medical start-up could focus on medical records management for health facilities. You can provide an efficient management system for hospitals and clinics to use and store their patient records.
You have two options with this business model. You can either work with them to create an organized method of storing patient records on-site, or take over all management of their medical records, so the healthcare facility doesn’t have to do anything on its own.
If you choose the latter option, you will need to purchase or rent a large warehouse where you can store all of your clients’ patient records. It’s important to keep your warehouse organized so that your staff can quickly and easily find the right records when one of your customers requests them.
People of all ages may need physiotherapy services if they have been injured or have a chronic illness. Physiotherapists work to help patients establish better movement patterns and increase their range of motion to reduce pain.
Physiotherapists also work with patients in the community to help them with daily activities, such as feeding, dressing, and bathing. Your business model may focus on providing these services to patients, either in a clinic or at home.