45 Best Healthcare Business Ideas For Aspiring Entrepreneurs

Interested to start a healthcare business but not quite sure what to start?

The good news is, there are so many opportunities to become an entrepreneur and build an innovative product/service in this line of work.

If you're looking to start your own healthcare business, there are several stunning options you can choose from.

We put a list together below of the most profitable healthcare business ideas you can start today!

Here they are:

1. Start a transcription business

A transcription service converts live or recorded speech into a written or electronic text document. Transcription service is in demand globally across industries.

Becoming a transcriptionist can be a side hustle or a full-time job, so long as you have the right gear.

Do you plan to become a transcriber ? Take an online transcriptionist course and work on your listening skills. To succeed, you need a good typing speed and excellent language command.

How much you can make: $100,000 — $200,000/month

How long does it take to build: 75 days (?)

business plan ideas in healthcare

How this founder started a $100K/month guaranteed transcription service for medical, legal, law enforcement, financial, academic and general business industries, winning the NASPO ValuePoint transcription services contract over 26 other companies and learning valuable lessons about getting a coach and getting as much PR as possible.

business plan ideas in healthcare

2. Start a medical software development business

Medical software development is a bustling industry that allows for innovative solutions for healthcare professionals and patients. The business entails designing, developing, and implementing software programs tailored to meet the needs of the medical field. This can range from electronic health records and patient management systems to diagnostic and treatment planning software and telemedicine platforms.

To run a successful medical software development business, one must first understand the healthcare industry and current technological trends. Keeping up with advancements in healthcare technology is paramount, as it allows for the creation of cutting-edge solutions that can significantly benefit healthcare providers and patients.

Additionally, it is crucial to establish a strong team of skilled developers and designers, as well as business-savvy individuals who can navigate the complex regulations and compliance requirements of the medical field. Collaborating with healthcare professionals and patients to gather feedback and improve the software is also essential.

Another critical component of a successful medical software development business is building lasting relationships with clients and maintaining a high level of customer satisfaction. This can be achieved through constant communication, transparent development processes, and offering ongoing support and maintenance of the software.

Lastly, a deep understanding of the business’s financial aspect is vital. Keeping track of expenses and cash flow, and creating effective strategies for pricing, invoicing, and payment collection is essential for scaling the business.

In a nutshell, the medical software development business is a fascinating and challenging field that offers the opportunity to make a real difference in healthcare while making a profit. It requires a thorough understanding of the healthcare industry, an innovative mindset and staying on top of technology trends, a strong team of developers, and a business-savvy mindset to navigate medical regulations and compliance. With the right approach, it can be an incredibly lucrative and gratifying venture.

How much you can make: $20,000 — $200,000/month

How long does it take to build: 700 days (?)

business plan ideas in healthcare

AdviNOW Medical uses artificial intelligence to automate clerical work, resulting in doctors being able to focus solely on patients and patients seeing more doctors every day, leading to increased profitability while solving healthcare issues.

business plan ideas in healthcare

3. Start a dermatology business

The beauty and wellness industry is booming all across the globe. Not only has the demand for skin care, nail care, hair care, and face care products increased, but also people are conscious of the benefits of consulting experts.

If you are enthusiastic about beauty and wellness and want to start a business, you may consider starting a dermatology business. Dermatologists specialize in skin, hair, and nails. They help patients who suffer cosmetic disorders like hair loss and scars.

Cases of skin disorders among the elderly and the need for skin care and beauty solutions among younger and middle-aged people are reasons services of dermatologists are in high demand. To start the dermatologist business, research the market and choose a niche that you may specialize in.

How much you can make: $1,000,000/month

How long does it take to build: 180 days (?)

business plan ideas in healthcare

ProMD Health is a rapidly expanding aesthetic dermatology business, boasting a CAGR of over 40%, with four offices, a franchise, a philanthropic initiative, a tattoo removal business, a telemedicine company, and more, all while giving power to their physicians through ProMD Development Group.

business plan ideas in healthcare

4. Start a blog

In recent years, blogging has become a highly sought-after & lucrative Business. This location-independent business is a creative outlet to reach a broader audience and even work at any time. According to Optinmonster’s list of blogging statistics and facts:

  • Blogs have been rated as the 5th most trustworthy source of gathering online information.
  • 77% of internet users read blogs.
  • Each month, approximately 409 million people view more than 20 billion pages.

Originally blogging started as an online journal, but today it is a highly profitable career option. Many people are choosing blogging as their full-time career and are earning their bread and butter from this profession.

If you want to start blogging as a side hustle or as a full-time profession, choose a niche you will enjoy writing about and have a content strategy ready. Then, create a mailing list, and decide on a good blog posting routine to keep your audience engaged.

How much you can make: $200 — $160,000/month

How much does it cost to start: $500 (?)

How long does it take to build: 37 days (?)

Time commitment per week: Min. 5 hours/week

business plan ideas in healthcare

Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.

business plan ideas in healthcare

5. Start a maternity store

Maternity wear is typically created with a loose, appropriate fit containing elastic, tabs, and stretchable fabric to provide extra comfort to the wearer. The demand for formal maternity wear is increasing, a trend that is because of an increasing number of working females.

According to records, the the number of pregnant working mothers is increasing tremendously, a trend that will continue for the next few years. Therefore, starting a maternity wear store at a strip mall or setting up an online shop can be a great business venture.

How much you can make: $1,500 — $5,000/month

business plan ideas in healthcare

Mamalates Birth Recovery Method has successfully built an e-commerce store and market by creating pilates based pregnancy and postpartum workout kits, DVDs, and training programs for birth and fitness professionals, combined with a prenatal/postpartum video streaming site, and has been able to create a profitable and sustainable business.

business plan ideas in healthcare

6. Start a health care training business

Health care training businesses provide a wide range of training programs to healthcare workers. They offer guidance on career preparation and assist workers in learning new skills to gain employment stability. The basic goal of healthcare training is to improve the performance of the employee and give the employer a trained and compassionate professional.

The health and wellness industry is growing rapidly especially after the global pandemic. There is never a shortage of challenges for the healthcare workers. Hence, continuous education is highly essential in health care sectors where there is high demand and growth in terms of new medical & technological advancement. Hence starting a health care training business can be highly profitable.

To start a healthcare training facility, you do not necessarily require a location, it can be set up virtually with proper planning, exposure, and advertisements, you can attract many customers. The customers may range from hospitals, medical schools, managed care companies, and national medical specialty societies.

There are several courses available online to learn how to deliver healthcare training. An ideal healthcare trainer should be excel in people management and should be able to plan, execute and manage to deliver training programs to a large group of participants. The average Healthcare Trainer's salary is $45,000.

How much you can make: $15,000/month

business plan ideas in healthcare

VORTTX Training and Testing is a virtual emergency response training system generating 1% of its market potential of one hundred million dollars a year in its second year of full-time operation through utilizing email marketing, trade shows, trade events, referrals, personalized LinkedIn messages, and featuring testimonials from early adopters.

business plan ideas in healthcare

7. Build a medical app

Medical apps are an integral part of any physician’s practice. Doctors need access to the latest reference materials and advances in healthcare technology. You might have a lot of medical experience, but creating a medical app can be daunting if you don’t know about coding and app building.

The medical apps market is expected to reach $314.60B in 2028 . The healthcare industry is sacrificing billions of dollars annually on paperwork, filing, and an inefficient system for sharing patient information. With today’s technology, healthcare professionals can streamline this process and will be able to keep track of their patient’s records through a secure information system.

How much you can make: $50,000 — $100,000/month

How long does it take to build: 282 days (?)

business plan ideas in healthcare

Conduct Science founder Shuhan He co-founded Qolty, a digital health software that tracks health and patient symptoms and provides electronic surveys for patients with geofencing capabilities installed on a patient's phone, used by practitioners at Children’s Hospital Los Angeles and shows promise with a 50% year-on-year growth target.

business plan ideas in healthcare

8. Become a nutritionist

As individuals seek to adopt healthier lifestyles, there is an increasing demand for professional nutritionists who can offer tailored advice.

A nutritionist offers personalized nutrition advice and guidance to individuals or groups, helping them achieve their health and wellness goals through dietary recommendations and education.

This may include creating meal plans, conducting assessments, and providing ongoing support to clients seeking to improve their nutritional habits.

To become a nutritionist, consider obtaining relevant certifications and gaining practical experience through internships or supervised practice.

How much you can make: $600 — $500,000/month

How much does it cost to start: $300 (?)

How long does it take to build: 60 days (?)

Time commitment per week: Min. 3 hours/week

business plan ideas in healthcare

RDRx Nutrition is a successful private practice that offers individual nutrition coaching, boasting profits of $1,800-$2,100 per month after just one year of business, and achieving a client base of over 2200 followers on Instagram alone.

business plan ideas in healthcare

9. Start a retail pharmacy

Starting your retail pharmacy can be a rewarding venture that offers you independence and the opportunity to define your work schedule. If you are considering starting a pharmacy, understand the licensing requirements and comply with the National Council For Prescription Drug Program.

Then, define the business model. You may opt to start an online retail pharmacy or a brick & mortar establishment. For a brick-and-mortar establishment, rent a physical location and take care of staffing costs and inventory keeping.

How much you can make: $515/month

How long does it take to build: 1 days (?)

business plan ideas in healthcare

Medical Bag Tags, LLC creates customizable medical and allergy awareness bag tags for personal items while raising awareness of medical and allergy conditions, all while overcoming personal tragedy and balancing being a single mom of 8 children, and is now in talks with a possible pharmaceutical investor to expand and grow the business.

business plan ideas in healthcare

10. Start a hospital equipment distribution

A hospital equipment distribution business involves sourcing and distributing medical equipment to hospitals, clinics, and other healthcare facilities. This can include everything from basic supplies such as gloves and bandages to specialized equipment like surgical instruments and diagnostic machines.

Running a successful hospital equipment distribution business requires a thorough understanding of the medical industry and the specific needs of healthcare providers. It is important to have a reliable network of suppliers to source high-quality equipment at competitive prices and to establish strong relationships with hospitals and other clients to ensure consistent and reliable delivery.

Adequate inventory and logistics management is also crucial to success in this business. This may include implementing systems for tracking and restocking supplies and coordinating with transportation companies to ensure timely delivery.

To start a hospital equipment distribution business, entrepreneurs should research the market and identify gaps in the current supply chain. They should also consider partnerships with established medical equipment manufacturers or distributors to access a broader range of products.

Finally, it is important to have strong communication and customer service skills to ensure that clients receive the products and support they need. This may include providing technical support or training on using specific equipment.

Overall, a hospital equipment distribution business offers a valuable service to the healthcare industry and can be a lucrative opportunity for entrepreneurs with the right skills and resources.

How much you can make: $30,000/month

How much does it cost to start: $7,000 (?)

How long does it take to build: 365 days (?)

business plan ideas in healthcare

KOGLAND Commerce Pvt Ltd is one of India's fastest-growing online surgical supply stores, with a ten-fold increase in revenues, steady growth in online traffic, aggressive hiring, and scaling up plans, following a hybrid model of stocking and selling fast-moving consumables and surgical products.

business plan ideas in healthcare

11. Start a health insurance business

Starting a health insurance business can be a lucrative and rewarding endeavor. As the healthcare industry continues to evolve, the demand for affordable and comprehensive health insurance plans is higher than ever.

To start a health insurance business, you must obtain a license to sell insurance in your state. This typically requires completing an insurance training program and passing an exam. You will also need to work with insurance carriers to create plans and negotiate rates.

To run a successful health insurance business, it is important to have a strong understanding of the healthcare industry and the various types of health insurance plans available. You should also be able to communicate effectively with clients and help them understand their options.

In addition to selling insurance, you may also need to manage claims and handle customer service inquiries. Strong organizational and customer service skills will be essential to running a successful health insurance business.

Starting a health insurance business requires a combination of knowledge, skills, and resources. With dedication and hard work, you can build a thriving business that helps individuals and families protect their health and financial well-being.

How much you can make: $7,160,000/month

How long does it take to build: 90 days (?)

business plan ideas in healthcare

Limelight Health, founded in 2014 and acquired by FINEOS in 2020 for nearly $100M, achieved success through building meaningful relationships, product research, executive and advisor hiring, and focusing on culture and authenticity to help life insurers provide excellent service to customers.

business plan ideas in healthcare

12. Start a veterinary clinic

Another thriving and profitable business is to open a veterinary clinic. This one of the most suitable business ideas for veterinarians to start.

If interested, make sure that you locate one near an area with lots of dog owners and animal farms. These people are your target market, and it's wise to take your business there. You’ll also need to learn how to market yourself so that you can reach out to those people who might need your services.

The average veterinarian salary in the United States is $100,000 annually or $51.28 per hour . Beginning salaries start at $70,783 annually, while most experienced workers earn up to $144,023 annually.

How much you can make: $200,000/month

business plan ideas in healthcare

Discover how Dr. Ellie Scott grew Stringtown Animal Hospital from a staff of four to a team of 23, with five veterinarians, and now has $200K in monthly revenue, by focusing on individual pet risks and the needs of the pet family.

business plan ideas in healthcare

13. Start a child care business

Starting a childcare business is a great way to build a steady income. You will have the opportunity to be your boss and set your hours even from home. You will have the satisfaction of building one-on-one relationships with children and watching them grow over the years.

A childcare business is an excellent idea. It is both a personal and economical investment for its owners. This is especially true if you are considering starting your non-profit organization or becoming licensed to provide child care. Running a childcare business allows you to help children develop while also making money. As with any business endeavor, running a childcare business has its ups and downs, but it can be very rewarding.

14. Start an in-home senior care business

With the busy lifestyle, family members are often absent and employ in-home caregivers to look after the elderly parents.

Caregivers assist the elderly with personal care routines, including bathing, grooming, dressing, toileting, and exercising. Caregivers also oversee medication & prescription usage and administer medicine.

Researchers anticipate a shortage of more than 100,000 caregivers for the elderly in the next decade. Therefore, starting an in-home senior care business is a great opportunity if you enjoy caring for the elderly and spending time with them. You can choose to work as an overnight caregiver or whichever work schedule suits you.

How much you can make: $250,000/month

How long does it take to build: 150 days (?)

business plan ideas in healthcare

The CareSide scaled to $5 million in revenue over 3 years by utilizing a data-driven approach to sales and marketing, with a focus on Google Adwords and Facebook ads, and implementing extensive automation into back end systems.

business plan ideas in healthcare

15. Start a medical scrubs business

Medical scrubs are typically used by doctors, nurses, and other medical professionals.

The medical industry is one of the biggest industries in the world. The medical clothing market is expected to reach $173B by 2029 .

This business can be started with a small investment and can prove to be an excellent source of income.

16. Start a wearable technology device business

How long does it take to build: 270 days (?)

17. Start a blood testing business

How much you can make: $20,000 — $45,200,000/month

How long does it take to build: 1700 days (?)

business plan ideas in healthcare

Bloom Diagnostics is a healthcare startup that developed a system allowing people to measure and track blood markers from home, and within the first month it won 8 pharmacies in and around Vienna, having raised $21 million to develop the product.

business plan ideas in healthcare

18. Become a physical therapist

Physical therapists are trained professionals who evaluate and treat abnormal physical function relating to injuries, disability, or other health conditions. The professionals can diagnose and treat various injuries and health conditions and improve a person’s range of movement and quality of life, preventing further injury or disabilities.

A licensed physical therapist works in various healthcare settings, including private practice and fitness settings. To become a physical therapist, earn a doctor of physical therapy education and pass the licensure exams. Then, you can register your business and focus on growing the business.

How much you can make: $8,800/month

business plan ideas in healthcare

Professional cuddler, Sam Varnerin, developed her successful one-to-one cuddle service, Snuggle with Sam, as a result of recognising the universal human need for connection and touch, which also led to her opening Sam’s Snuggle School, a course for aspiring professional cuddlers.

business plan ideas in healthcare

19. Build a health information website

According to CDC report , 74% of all U.S. adults use the internet, and 61% have looked for health or medical information online. Besides, 49% access the internet for information about particular medical conditions or problems.

So, starting a health information website is a brilliant idea!

Maybe you want to cover a specific health topic and provide readers with essential information on finding an ideal clinic, or perhaps you are starting as a health blogger. Whichever the route, you can earn commissions for referring your readers to clinics or healthcare consultants.

To get started, find a niche and consider how to grow traffic, consider email marketing and focus on increasing an emailing list. Publish credible and reliable health information and remember that consistency will help.

How long does it take to build: 120 days (?)

business plan ideas in healthcare

Founder and CEO of SelfDecode, Joe Cohen, explains how his company helps people discover personalized diet, supplement, and lifestyle recommendations based on DNA and lab tests; generating about $2.7 million in revenue over the past year and raising $8 million in a crowdfunding campaign, SelfDecode provides personalized health recommendations prioritized on unique genetic variants, marking the future of healthcare.

business plan ideas in healthcare

20. Start a diabetic care center business

How much you can make: $1,000/month

How much does it cost to start: $5,000 (?)

business plan ideas in healthcare

Type2Diet is a first-of-its-kind Meal Replacement company specifically focused on helping people beat their diabetes, using a proprietary blend specifically targeting healing diabetes that has helped thousands across the country put their diabetes in check, obtain energy and lower their blood sugar levels.

business plan ideas in healthcare

21. Start a home healthcare service business

Today’s lifestyle patterns have introduced new diseases, and the demand for healthcare services is rising. As we age, we develop different health problems resulting in medical services. Thus, starting a health service business can be a lucrative opportunity with the rising demand for healthcare.

Niche markets within the healthcare industry include:

  • Ambulatory surgery centers
  • Medical labs
  • Kidney dialysis facilities
  • Outpatient clinics
  • Mental health facilities etc.

To start a health service business, research the market and acquire all necessary medical equipment. You can choose a franchise or partnership or start your own health center from scratch.

How much you can make: $300,000/month

How long does it take to build: 135 days (?)

business plan ideas in healthcare

Healthsols Facilitators Pvt Ltd is a medical equipment and surgical items supplier to B2B entities such as hospitals and clinics that started around 6 months ago with an investment of INR 3000 and have now recruited 18 employees in 11 cities, while planning to establish their own manufacturing unit.

business plan ideas in healthcare

22. Start a waste disposal business

Starting a waste disposal business involves collecting, transporting, and disposing of various waste materials, including household, commercial, and hazardous materials. This business is essential for keeping communities clean and safe, and it is also a growing industry with increasing demand for sustainable waste management solutions.

To start a waste disposal business, you will need a reliable fleet of vehicles and appropriate equipment for collecting and transporting waste. You will also need to obtain the necessary licenses and permits and secure contracts with clients and waste processing facilities. Proper insurance coverage is also essential to protect your business from potential liabilities.

Successfully running a waste disposal business also requires maintaining a high level of customer service and adhering to local, state, and federal regulations for handling and disposing of waste materials. It is important to stay up-to-date on industry trends and invest in training and education for your employees to ensure the highest levels of efficiency and safety.

Starting a waste disposal business can be rewarding and lucrative, but it requires careful planning and a commitment to providing excellent service to your clients. By following these guidelines, you can be well on your way to building a successful and sustainable waste disposal business.

How much you can make: $4,000 — $37,000,000/month

business plan ideas in healthcare

This case study showcases the story of a locally owned and operated residential waste removal business based in Colorado Springs started with a pick-up truck and a $35k loan, which now has 51 dumpsters, two roll-off dumpster delivery trucks, two residential garbage trucks, and is projecting $700-800k in sales for 2020.

business plan ideas in healthcare

23. Become a wellness coach

A health and wellness coach is a supportive guide who helps clients set health goals such as weight loss, improved energy levels, stress management, etc.

Health and wellness coaching is becoming popular. Therefore, if you consider yourself an expert in health and wellness, starting your health and wellness coaching business can be a significant business venture.

Some business ideas and opportunities for wellness coaching include:

  • Corporate wellness coach
  • Yoga teacher
  • Personal trainer
  • Nutritional therapist
  • Weight loss coach

The route you choose as a wellness coach depends on your ultimate career goals, your budget, and the amount of time you intend to commit to a health coaching program.

How much you can make: $100 — $15,000/month

How much does it cost to start: $800 (?)

business plan ideas in healthcare

A board-certified coach built the Holistic Wellness Coaching Academy from her book, growing it into a six-figure business in two short years, without using ads or campaigns, and attracting more leads with custom, digital content.

business plan ideas in healthcare

24. Start a medicine distribution business

A pharmaceutical distributor purchases pharmaceutical products directly from manufacturers and sells them to pharmacies.

To start a pharmaceutical business, you can take three different options.

  • Begin a pharmaceutical business with a manufacturing unit
  • Market medicines under a franchise
  • Team up with an established drug manufacturer and become their distributor

Keep in mind that the drug and pharmaceutical industry is highly regulated, so you must meet all the licensing and permits to operate.

How much you can make: $500,000 — $800,000/month

Meet the 24-year-old self-made millionaire founder of Blessed CBD, a UK-based CBD production company that has supported clients worldwide since 2018 with CBD oils, gummies, capsules, and creams to improve people's health and wellbeing.

business plan ideas in healthcare

25. Start a drug testing business

Drug testing examines illegal or prescription drugs in urine, saliva, hair, or sweat. The purpose of drug tests is to look for drug abuse or misuse.

The drug testing profession is highly in demand at ports of entry and exit and the sporting sector. A drug testing business can be a lucrative business opportunity. You will need a fully equipped laboratory and an elaborate business marketing plan to reach the relevant customers.

How much you can make: $100,000/month

This case study showcases how an entrepreneur identified a gap in the market and built a successful business that generates $30k per month, by saving employers time and money on employee drug testing.

business plan ideas in healthcare

26. Start a drug rehabilitation center

Are you passionate about counseling drug users and helping them live meaningful life? Opening an alcohol and drug rehabilitation center is a noble idea.

Substance abuse, tobacco, alcohol, and drug addiction are rising globally. According to research, the addiction treatment market is approximately $35 billion a year and growing. Therefore, starting a drug recovery business can be rewarding.

If you plan to start the rehabilitation center, remember that rehab centers are comparable to private medical practices. So you are required to be licensed to operate the business in the addiction field.

Thus, you must attain legal licensure and all regulations and paperwork ready to operate as a drug rehabilitation center.

27. Start a health consultations business

Healthcare consultants share expertise, advise and guide healthcare organizations to make proper business decisions that promote growth and benefit their customers or patients.

To become a health consultant, you must have a related degree and earned experience. as a health consultant. You will focus on administrative efficiency, legal compliance, work environment, and procedural flow to help healthcare organizations thrive.

28. Start a medical records management business

29. start a medical billing service business.

How long does it take to build: 1095 days (?)

30. Start a hospital cleaning business

A hospital cleaning business provides professional cleaning services to hospitals, medical centers, and other healthcare facilities. The business entails cleaning and sanitizing various areas within the hospital, including patient rooms, waiting rooms, restrooms, and operating rooms.

To run a successful hospital cleaning business, it is essential to follow strict protocols and guidelines for cleaning and sanitizing to ensure that the environment is safe and hygienic for patients and staff. This includes using the right cleaning products and equipment, following proper infection control procedures, and maintaining accurate documentation of cleaning tasks.

It is also essential to have a reliable and dedicated team of employees trained in the proper cleaning techniques and protocols. Providing ongoing training and support to your team is crucial to ensure they can provide high-quality cleaning services to your clients.

In addition to providing cleaning services, it is essential to have strong communication and customer service skills to effectively work with hospital staff and address any concerns or issues that may arise. Building solid relationships with your clients is crucial to maintaining a successful hospital cleaning business.

Overall, a hospital cleaning business requires attention to detail, strong organizational skills, and a commitment to providing high-quality services to ensure the safety and cleanliness of healthcare facilities.

How much does it cost to start: $23 (?)

Discover how this founder turned a humble £20 investment in a hoover and some flyers into a multimillion-pound company winning multiple awards and servicing commercial buildings and educational institutions across south Wales and Bristol.

business plan ideas in healthcare

31. Start a blood bank business

32. start a marijuana dispensary design business, 33. start a childbirth service business, 34. start a medical foot care business, 35. start a hearing aid dispensary business.

Hearing dispensers interpret hearing assessments and use the information to select the best hearing aid possible for their patients.

The hearing aid dispensers are fully qualified clinicians who assess hearing and provide aftercare for hearing aids.

To start the hearing aid dispensing business, you need on-the-job training from an audiologist and apply for the audiologist license.

36. Become a medical equipment manufacturer

How much you can make: $258,333/month

How long does it take to build: 600 days (?)

Unlimited Tomorrow's TrueLimb is an affordable bionic arm for amputees, with $1.6 million raised in 2018 to fund production, costing $7,995 with upcycling component replacements available for about $4,000.

business plan ideas in healthcare

37. Start a medicine transportation business

A medical transportation business is a specialized service provider that offers transportation assistance to individuals who require help in reaching medical appointments, hospitals, or healthcare facilities.

This type of business typically involves the use of vehicles that are equipped to accommodate individuals with medical conditions or disabilities, ensuring safe and comfortable travel.

Entrepreneurs who wish to venture into this field can choose to provide non-emergency medical transportation services that can fill a vital gap for those who require assistance but do not need an ambulance.

Due to the increasing demand for healthcare services and an aging population, starting a medical transportation business can be a lucrative opportunity to cater to the growing need for reliable and compassionate transportation solutions in the healthcare industry.

38. Start an eye clinic business

39. start a pediatrician business, 40. start a herbal remedy business, 41. start a diagnostic center business, 42. start a pathological labs business, 43. start a nursing home/hospital business, 44. start an orthopedic supply store business, 45. start a sleep technician business.

business plan ideas in healthcare

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15 Business Ideas for Nurse Entrepreneurs

Sally Lauckner

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

For those with an entrepreneurial mindset, there’s an endless list of potential business opportunities and ways to build a side hustle. One of the keys to starting your own business and turning it into a successful enterprise is to play to your strengths. For those with a nursing degree, there are a number of business opportunities that you’ll have that aren’t available to others — you'll have the ability to leverage your medical degree, experience and skills to launch your own business.

A study by RN Network found that 50% of nurses consider leaving their jobs due to burnout, overwork and high-stress levels. Opening your own business and relying on your skills and certifications as a nurse, therefore, can be a new, refreshing opportunity. Looking for a place to start? In this guide, we've compiled a list of the 15 best business ideas for nurses — plus we'll break down some tips for choosing the right entrepreneurial path for you.

business plan ideas in healthcare

Top business ideas for nurse entrepreneurs

There are a number of different business ideas for nurses out there — whether you're looking for a home-based business idea or an idea that allows you to travel to different clients in your area, there are a variety of options that may align with your skills, interests and schedule.

1. Legal nurse consultant

For nurses who are detail-oriented and love to dive into the details of a patient file, becoming a legal nurse consultant, or LNC, can be a great business idea.

An LNC is a consultant that offers expert advice for legal cases. An attorney might consult with a legal nurse consultant to better understand the facts of their case or an LNC might be asked to analyze testimony in a legal case to look for errors.

There are a number of different ways in which legal nurse consultants can work within the legal system. One of the benefits of this position is that as a legal nurse consultant and business owner, you choose which cases you work on. Overall, this health care business idea gives you a lot of control over your schedule and how you spend your time.

2. Nurse health coach

Many nurses work in a clinical setting where they’re part of a team that treats and diagnoses patient symptoms. For some, this can feel limiting, as you only have so much say in how a patient is treated.

If this applies to you, becoming a health coach might be one of the best nurse entrepreneur business ideas for you. A nurse health coach is someone who helps people to assess their health goals and creates a plan to achieve them. This type of work takes a holistic look at a patient’s health and focuses not only on the symptoms, but also the broader picture.

As a nurse health coach, you might consult with doctor’s offices or hospitals. More often, nurse health coaches run their own practice and see patients on a one-on-one basis.

Seeing the long-term outcomes in patients’ health can be highly rewarding and is ideal for nurses who want to work closely with their patients to help them achieve their goals.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

3. Specialized care provider

Becoming a specialized care provider is a great business idea for nurses who have learned a specialized set of skills throughout their career and want to apply those skills in their own business. Similarly, becoming a specialized care provider can be one of the best small business ideas for nurse practitioners as well — especially if they want to branch out on their own and work in-depth in one area.

Some examples of specialized care provider businesses include:

Childbirth training.

Fertility consulting.

Lactation consulting.


In-home care.

Holistic or alternative medicine services.

Mindfulness and stress reduction.

There are a number of ways to take a nursing degree and pair it with a passion to turn it into a business. If there’s a specific aspect of nursing that you love or have extensive experience in, think about how you can turn it into a business. All you need is passion and the time and patience to turn your idea into a reality.

4. Wellness coach

As more and more patients move away from taking medication to solve their health issues, they’re looking for alternative methods and more holistic approaches.

By pairing a nursing degree with a holistic approach to health, you can become a wellness coach. Becoming a health coach will likely require additional training and certification , but it will pair well with the knowledge you already have as a nurse.

When it comes to business ideas for nurses, becoming a wellness coach fits the belief system and knowledge base of many nurses, making this a simple transition.

Moreover, becoming a wellness coach is a great home-based business idea for nurses — as you can opt to work with and see clients in your own space, or, if you choose, travel to meet them. Plus, a large part of wellness coaching often involves building and maintaining an online presence, something that can also be done from home.

5. Nurse blogger

Many people turn to the internet for information on anything, including (if not especially) medical ailments. And while there are plenty of helpful resources out there, there’s also a lot of misinformation — and in the medical field, this can be especially dangerous. As a nurse, you have a specific knowledge base that can be very helpful to a number of people. Thus, one of the best nurse entrepreneur ideas for you might be to start a blog using your nursing credentials and knowledge.

This is an especially easy business to start as a side hustle. In addition to your full-time job as a nurse, you can offer to be interviewed by reporters to provide a medical context to certain articles. You might also start your own blog to share your perspective on nursing and the medical industry.

Your blog can be your entire business or you can use blogging to grow your business. Plus, just like becoming a wellness coach, starting your own blog is a great home-based business idea for nurses, whether as a side hustle or full-time gig.

6. Freelance writer or editor

If you don't want to commit to starting your own blog, you might utilize your medical knowledge and expertise to write or consult for other publications. There are a number of medical sites that might be hiring freelance writers, as well as hospitals or other medical offices who are looking for copywriters or editors with a medical background to contribute to their websites.

In addition, you might find medical journals and academic research publications that could benefit from the expertise of a medical professional to help them with their writing, editing and publication. Again, offering up your services as a freelance writer or editor is a great way to start your own business as a nurse, from home, with significant flexibility and freedom.

Plus, once you've found a client or a handful of clients that use your services, you may be able to branch out into other types of writing and marketing to grow your freelance business.

7. Hospice caregiver

As the baby-boom generation ages, the demand for in-home senior care and end-of-life care will increase. Although the work of a hospice caregiver does deal with the end of someone’s life, it requires more skills than just nursing. Many hospice caregivers are focused on the wellbeing of the patient as the wellbeing of family members. Juggling the physical and mental wellbeing of multiple people doesn’t make this job easy, but it can be very rewarding.

Starting a business as a hospice caregiver can be hard work, not only as a business owner but as a person — as you might expect, the work of a hospice caregiver takes an emotional toll.

Therefore, before you invest in this business idea for nurses, it’s important to remember that if you choose to go into this line of work, you need to be aware of the business risks as well as the risks to your own health. However, if you excel at brightening people’s days and enjoy being able to improve this difficult part of a person’s life, then this could be the perfect fit for you.

8. Childbirth education or doula

On the other hand, you may choose a service-based business idea focused on the beginning of a person’s life, rather than the end. Many nurses choose to start a business as a doula, or someone who provides childbirth education to pregnant women.

Starting your own business as a childbirth educator can take a few different paths. Some doulas work one-on-one with pregnant women to prepare them for the birthing process. These doulas are on-call and are on-site for the birth.

Another option for this type of nurse entrepreneur idea is to offer classes to people who are preparing for childbirth. Teaching classes can be slightly less intense work than helping couples one-on-one and being present for the births themselves.

In either case, however, these business ideas allow you to utilize your medical background, as well as take part in an exciting and rewarding part of life — without requiring the strict, intensive schedule of a hospital or doctor's office.

9. Fitness nurse

Next, a top business idea for nurses that can be done from home or on-the-go, becoming a fitness nurse involves working with clients to create a personalized health plan that includes exercise, nutrition and lifestyle changes. This type of health care business is focused on preventing disease instead of treating it.

This new type of nursing might be just the right way to combine your skills with a passion and start a business — especially if you're enthusiastic about fitness and exercise. Of course, to best serve your clients, you may decide to obtain some additional certifications for nutrition and personal training specifically. Alternatively, you may decide to hire and work with people who specialize in these fields.

10. Medical product sales

While many of these business ideas for nurses have focused on using the skills you’ve acquired as a nurse, there is another option for using your knowledge of the medical industry as a whole. You can start a business selling medical products. This might include products for nurses or for the general medical industry. Some examples include selling scrubs, accessories, medical equipment or medicine.

Starting a business in medical product sales is a great way to use the skills you already have as a nurse. Familiarity with the tools used to treat patients and medications gives you firsthand experiences to help sell products.

Plus, starting your own medical sales business allows you to take advantage of the perks of entrepreneurship — like being your own boss and setting your own schedule.

11. Telehealth consulting

If you're skilled with technology, the best business for you to start, as a nurse, could be related to telehealth. Telehealth is becoming more and more popular within the medical field — allowing patients to converse with nurses and doctors through phone or video calls. This means patients don’t have to leave their homes to receive diagnoses and prescriptions, and medical professionals can see more patients in a day.

Starting a business as a telehealth consultant can allow you to practice as a nurse, just like you do now, but without the commute. As a telehealth consultant, you can also set a schedule that’s more flexible for both you and your patients — including early mornings or later at night, when regular doctors’ offices aren’t typically open.

Once again, like many of these ideas, telehealth consulting is a perfect home-based business idea for nurses as well.

12. Education specialist or course creator

Next, if you have a particular affinity for teaching others, the best nurse entrepreneur business idea might be for you to become an education specialist or online course creator. First, becoming an education specialist could involve a variety of different tasks. You might start as a teaching assistant at a nursing school, or acquire the credentials you need to become a full-time professor.

Similarly, you might work with schools, childcare centers or local government agencies to teach health classes or seminars, like CPR certification, when needed. Along these lines, you might also take advantage of an online class platform to develop and sell your own courses related to nursing, medicine and wellness. If you have particular expertise, you might be able to create a series of lessons dedicated to that subject.

As we've seen throughout our list of the best business ideas for nurses, this opportunity allows you to start something of your own that leverages your expertise. Plus, you have the flexibility to work from home or travel, or do a little of both.

13. Medical billing and coding contractor

If you're looking for a small business idea that's a little different, but still related to the medical field, you might become a medical billing and coding specialist. These individuals work with hospitals and doctor's offices to translate medical records for billing to insurance providers and other payers.

Although some employers may require a specific medical billing and coding certificate, as a nurse, you'll likely be familiar with the processes and be able to pick up the required skills very quickly. Additionally, medical billers and coders can operate as independent contractors, as well as find part-time or full-time positions with one employer.

Ultimately, it would be up to you to decide where you'd like to take this nurse business idea and how you'd like to operate your business.

14. Career coach

For nurses who enjoy mentoring others and offering job advice, the best business idea to start might be a career coaching business. Similar to any coaching business, you'd work with students, young professionals and other clients to help them apply for jobs, plan their career paths and prepare for interviews.

As a medical professional with experience in the field, you'd be able to serve as a great resource to those also looking to become nurses, nurse practitioners or doctors. You'll be able to offer general career and professional advice, as well as clue your clients into the details and nuances of the medical field.

In addition, as a career coach, you can operate your business virtually, have clients come into your home, or even open your own office — depending on what you'd prefer. Plus, as you work on your coaching business, gain clients and see success, you might be able to market your services on a larger scale to colleges, universities and other education organizations.

15. Child care provider

Finally, the best business idea for nurses with previous experience working with kids might be becoming a child care provider. As a medical professional, you could start a variety of childcare-related businesses — you might start a daycare center, become an in-home caregiver for children with specific medical needs, or serve as a medical consultant or resource for other childcare businesses.

Of course, certain ideas, like starting a daycare, will require special licenses and permits, whereas others may be easier to start from home or as a side hustle. In any case, your credentials as a medical professional will make it easier to market your services and work with different parents, caregivers and organizations.


Start Your Dream Business

How to choose the right nurse entrepreneur idea

As you can see, there are a variety of business ideas for nurses, however, before you invest time and money into a specific idea, you'll want to think about these three things to help you determine which idea is best for you:

Assess your skills

Ask yourself these questions to figure out your skills and passions:

What aspects do I like most about my current job or the health care system?

What aspects of my current job do I enjoy the least?

Is there a specific population of patients that I prefer to work with?

Do I enjoy sales?

Would I prefer a job that deals less with people and more with the background and administrative tasks of the health care industry?

Am I good at noticing problems and finding solutions?

What weaknesses slow me down at my current job?

What types of tasks am I best at and do I enjoy?

These questions are a good way to get a better understanding of what types of work you enjoy and what you’re especially good at. Use this information to inform what type of business you choose to start.

Align your schedule

Do you want to start your business as a side hustle or invest in your idea full time? If you're going to start a side hustle, you'll need to take your current schedule into consideration.

Starting your business as a side hustle and building it into a full-time endeavor is a good way to determine whether there’s enough demand for your business, as well as to work through any workflow or operational issues before you completely dive in. This way, you maintain the income from your current job while building your new business.

On the other hand, of course, you might decide to go all-in on your business idea — and in that case, you'll want to make sure you do your research beforehand so you have an idea of the amount of demand you can expect, who your market is, how much startup capital you’ll need, and more.

Feed your passion

While there are many reasons to start your own business, an important one to focus on is doing something that you’re truly passionate about. Operating your own business can certainly increase your income, but that shouldn’t be the sole reason you go into business for yourself. Focus on picking a business that will allow you to do more of the things you love and less of the things you don’t.

Choosing a business idea for nurses that meshes with your passion will make the long hours that you’ll inevitably work (at least when you’re first getting things off the ground) just a little bit easier.

On a similar note...

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business plan ideas in healthcare

Small Business Trends

21 healthcare business ideas for emerging market opportunities.

healthcare business ideas

The healthcare sector, a fertile ground for innovative healthcare business ideas, has undergone monumental transformations in the last few years. These dramatic changes have created numerous opportunities for creative entrepreneurs to establish unique niches that cater to the varying needs of patients and consumers.

If the idea of launching a healthcare business entices you, consider the following viable options that might align with your interests and skill set.

Relatedly, here are some health and wellness ideas by Business with Dave you can check out after reading:

What is a Healthcare Business?

  • In essence, a healthcare business can be defined as any organization or entity that offers medical services to patients or supplies products or services to providers in this industry.
  • The scope of a healthcare business can be expansive, covering everything from medical practices like doctor’s offices to businesses engaged in the sale of medical equipment.
  • The industry’s broad range creates diverse opportunities for potential business ventures.

healthcare business ideas

Private Business and the Healthcare Industry Today

Per worldwide management consulting firm, McKinsey & Company , the healthcare industry in the United States has evolved significantly as of 2023, reflecting changes in several key areas:

  • Overall Growth :  The healthcare industry’s profit pools are expected to grow at a 4 percent Compound Annual Growth Rate (CAGR) from $654 billion in 2021 to $790 billion in 2026. This growth, however, is challenged by high inflation rates and labor shortages, with improvement efforts projected to aid recovery post-2023
  • Payer Mix Changes : There’s a notable shift towards Medicare, driven by an aging population and the popularity of Medicare Advantage. Conversely, Medicaid enrollment might decline due to legislative changes. Commercial segments are expected to rebound and grow, influenced by shifts from fully insured to self-insured businesses?.
  • Impact of Endemic COVID-19 : Endemic COVID-19 could lead to annual healthcare costs of approximately $200 billion in the U.S., mainly for the prevention and treatment of COVID-19 cases and long COVID?.
  • Provider Segment : The growth forecast for provider profit pools has been revised to a 3 percent CAGR from 2021 to 2026, down from an earlier estimate of 7 percent, largely due to increased costs from inflation and labor shortages. Despite these pressures, a rebound is anticipated from 2023 to 2026?.
  • Healthcare Services and Technology (HST) : The HST sector is likely to see substantial growth, with a 10 percent CAGR from 2021 to 2026, making it one of the fastest-growing sectors in healthcare. This growth is attributed to the increasing adoption of technology by providers and payers, especially in software, patient engagement, and clinical decision support?.
  • Pharmacy Services : This sector is expected to continue growing, with profit pools reaching $65 billion by 2026, driven by the continued use of drugs and higher prices for specialty drugs. However, challenges include reimbursement pressures, reduced profit margins, and the growth of specialty generics and biosimilars. The sector also faces worker shortages and inflationary pressures, with some companies investing in technology to expand capacity and reduce costs?.

These developments highlight the dynamic nature of the healthcare industry, shaped by demographic trends, legislative changes, technological advancements, and ongoing challenges like inflation and labor shortages.

Our Methodology for Selecting Top Healthcare Business Ideas

In today’s rapidly evolving healthcare industry, entrepreneurs and small business owners are uniquely positioned to capitalize on emerging opportunities. At Small Business Trends, we understand the importance of making informed choices when it comes to selecting healthcare business ideas that not only promise growth but also align with individual business goals and capabilities. Here’s our methodology:

Criteria for Evaluating Healthcare Business Ideas

Market demand (weight: 35%).

  • Assess current and projected demand for the healthcare service or product.
  • Consider demographic trends, such as aging populations or increasing health consciousness.

Regulatory Compliance (Weight: 25%)

  • Understand the healthcare regulations and compliance requirements.
  • Factor in the cost and complexity of meeting these standards.

Profitability Potential (Weight: 20%)

  • Evaluate the revenue models and profit margins of the business idea.
  • Consider upfront investment vs. long-term financial gains.

Innovation and Scalability (Weight: 10%)

  • Gauge the potential for the idea to incorporate innovative approaches or technologies.
  • Assess scalability and the potential for expansion.

Social Impact (Weight: 10%)

  • Consider the potential positive impact on community health and well-being.
  • Evaluate the idea’s alignment with social healthcare needs and ethical considerations.

Best Profitable Healthcare Business Ideas

Healthcare offers a plethora of business opportunities for medical professionals and entrepreneurs interested in the industry.

The most suitable medical business ideas for you will depend largely on your specific qualifications, education, and training.

Therefore, to help you navigate your way, we present a broad range of options within the healthcare sector for your consideration.

1. Medical Equipment Sales

Medical equipment sellers offer invaluable support to the healthcare industry. These businesses provide health-related goods either to medical providers or directly to consumers.

For instance, a business might supply bulk products like syringes, gauze, or IV fluid bags to hospitals and clinics.

Alternatively, an entrepreneur might open a retail store that sells a variety of medical supplies like arm slings, walking aids, home health equipment, and more to the public.

21 healthcare business ideas medical equipment

2. Medical Billing Services

In the vast healthcare landscape, many hospitals and clinics have found efficiency by outsourcing their financial documentation and billing processes. This approach allows healthcare providers to focus their time and resources on what they do best: serving patients.

You don’t need specific medical training to offer this service, but you do need to be familiar with the healthcare industry’s billing practices and have access to HIPAA-compliant software and devices to handle sensitive patient data securely and professionally.

3. Medical Transcription Services

Medical transcription is another niche where healthcare providers often seek external expertise. These services involve listening to and transcribing medical professionals’ voice recordings into written reports, which then become part of patients’ medical records.

This service, which can often be carried out remotely, offers flexibility for both providers and transcriptionists.

4. Veterinary Clinic

A veterinary clinic is a fantastic business opportunity for those who love animals and want to contribute to their health and well-being.

Starting such a clinic requires either a formal education in veterinary medicine or strategic partnerships with qualified veterinary healthcare providers. Despite the required expertise, it’s a rewarding enterprise for animal lovers.

21 healthcare business ideas vet

5. Health Insurance Specialist

Health insurance specialists can bridge the gap between patients and the often confusing world of health insurance.

These professionals work directly with patients to provide guidance about the available health insurance plans, reviewing their options with them, and helping them choose plans based on their unique healthcare needs.

In a world where health insurance is a necessity, this role is becoming increasingly essential.

6. Online Healthcare Business

With the advent of digital technology, many healthcare professionals are transitioning towards a telehealth model. You could potentially establish an online clinic that connects with patients through video chats, offering convenience and flexibility.

Some innovative online healthcare businesses have gone further to enhance their value proposition by providing prescription delivery services and other complementary offerings, making healthcare access even easier for patients.

7. Medical Billing Software Development

In the technological realm, there’s a significant demand for software developers who can cater to the specific needs of healthcare providers. Creating software to streamline billing processes can be an invaluable service for medical companies.

These software programs need to adhere to stringent privacy and industry regulations, requiring continuous updates and upgrades – a lucrative opportunity for those with the right skills.

Table 1: Profitable Healthcare Business Ideas

To assist you in making an informed decision about entering the healthcare business sector, Table 1 outlines a variety of profitable healthcare business ideas. This table serves as a snapshot of each business idea, highlighting key aspects such as the nature of the business, skills required, and target market:

More Great Business Ideas in the Healthcare Sector

The healthcare sector presents an array of diverse and promising opportunities beyond the general ideas mentioned above. Here are some niche and emerging options that have considerable potential in the current healthcare landscape.

8. Medical Cleaning Business

healthcare business ideas - medical cleaning business

Cater to the unique needs of clinics, hospitals, and other medical establishments by providing comprehensive cleaning and sanitizing services.

This niche has gained importance in recent times, given its potential to reduce infection and disease transmission among vulnerable patient populations.

9. Telehealth Software Development

With the rising trend of telehealth services, healthcare providers require secure platforms to interact with their patients virtually.

Here lies an opportunity to develop software offering live chat, video and voice calling, and secure messaging facilities, enabling seamless remote patient-doctor interactions.

10. Retail Pharmacy Business

If you’re interested in a more traditional, in-person business model, a retail pharmacy could be a suitable option.

While you’ll need pharmacy professionals to distribute medication, these businesses also typically offer a variety of other products, from over-the-counter medicines to convenience items like food and greeting cards.

21 healthcare business ideas

11. Medical Lab

Medical labs collaborate with healthcare providers, conducting a wide range of tests on samples to provide accurate information for diagnoses.

This field requires some level of medical training, but the professionals usually don’t interact directly with patients, making it a unique blend of healthcare and laboratory work.

12. Medical Waste Disposal

Healthcare providers inevitably produce a significant amount of waste that needs careful and compliant disposal, such as syringes and expired medications. Offering safe and efficient disposal services to these medical facilities could fill a critical niche in the healthcare ecosystem.

13. Drug Testing Business

healthcare business ideas - drug testing

Drug testing clinics collect and process samples from individuals for employment screenings or court orders. These clinics operate similarly to medical labs but offer a more specialized service. As more businesses adopt stringent hiring policies, demand for these services is likely to grow.

14. Medical Massage Therapy

Massage therapy transcends the conventional relaxation experience. There are specialized therapists who focus on alleviating pain for patients battling cancer or chronic illnesses. Some offer additional services such as rehabilitative stretches or physical therapy options.

15. Dental Clinic

healthcare business ideas - dental clinic

Dental care is a critical aspect of overall health, presenting another avenue for healthcare business.

Opening a dental clinic requires specific educational credentials, but it provides an invaluable service by helping patients maintain good oral health and contribute to their overall wellness.

16. Pediatric Clinic

Pediatrics is a vital healthcare specialty, providing essential care to the younger population. A pediatric clinic can offer comprehensive services, from general health check-ups to specialized care like speech-language therapy, physical therapy, and occupational therapy.

healthcare business ideas

17. In-Home Healthcare Service

In-home healthcare services have gained considerable traction in recent years, offering a valuable alternative to traditional clinic-based care.

By taking healthcare to the patient’s home, these businesses provide essential nursing care and assistance with daily tasks, especially beneficial for the elderly or chronically ill. Given the aging American population, this business idea presents a promising opportunity.

  • READ MORE: 10 Tips for Hiring Staff with Great Bedside Manner for Healthcare Businesses

18. Personal Training

While personal trainers are typically associated with the fitness industry, there is significant potential to specialize in therapeutic physical training aimed at alleviating pain or symptoms stemming from chronic health conditions.

By incorporating a healthcare-oriented approach, you can offer a unique value proposition, supporting clients in managing their health conditions effectively.

21 healthcare business ideas

19. Mental Health Counseling

The emphasis on mental health has considerably increased in recent years, leading to a greater demand for mental health services. With the appropriate qualifications and training, you can offer mental health counseling services.

These could be offered in-person or online, making it a versatile option that caters to the growing need for accessible mental health support.

20. Health Care Providers Database

For entrepreneurs interested in leveraging technology to deliver value in the healthcare industry, creating a comprehensive database of healthcare providers could be a promising venture.

This online platform could encompass ratings, geographic locations, specialties, and other pertinent information that helps patients make informed choices about their healthcare providers.

21. Wellness Coach

healthcare business ideas - wellness coach

Wellness coaching is another individual-centric service that can make a significant impact on people’s lives. As a wellness coach, you can work one-on-one with clients to help them meet their personal health and wellness goals.

This role often entails conducting personalized sessions, offering guidance and support that cater to each client’s unique needs and aspirations.

Table 2: Additional Niche and Emerging Business Ideas in the Healthcare Sector

In Table 2, we provide a snapshot look at more niche and emerging business opportunities in the healthcare sector. Again, understanding the specifics of each business idea, including the required skills and target market, can guide you in selecting a venture that best aligns with your expertise and evolving market needs.

What Is the Most Profitable Healthcare Business?

healthcare business ideas - medical transcription or billing

While a number of healthcare business opportunities can be quite lucrative, the profitability largely depends on your service offerings, geographical location, and initial startup costs.

Many businesses that witness immediate profitability tend to focus on straightforward services such as medical transcription or billing, primarily because these services require minimal startup capital.

Which Business Is Best in Medical?

The best medical business would be contingent on your personal expertise, professional background, and overarching goals. For those with medical degrees, a traditional healthcare facility might be the most suitable.

However, if your primary objective is to capitalize on a lucrative venture, you might want to consider focusing on low-cost, high-demand services such as medical records management and billing outsourcing.

These sectors often provide steady revenue streams and have the added advantage of being operable remotely.

Conclusion: Navigating the Healthcare Entrepreneurship Landscape

The healthcare industry today stands at a crossroads of transformation, presenting an enticing terrain for visionary entrepreneurs. Whether you’re rooted in healthcare expertise or fueled by a passion for innovation, the healthcare sector offers a diverse range of opportunities to cater to the evolving needs of patients and healthcare providers alike.

At its core, a healthcare business encompasses entities that provide medical services to patients or furnish products and services essential to the healthcare ecosystem. The expanse of this industry is immense, spanning from conventional medical practices to groundbreaking medical technology startups.

In 2022, healthcare expenditure in the United States accounted for nearly 20 percent of the Gross Domestic Product (GDP), signifying its profound economic impact. This financial allocation is dispersed among a multitude of private businesses, each contributing vital products and services critical for patient care. From pharmaceutical giants to providers of hospital services and beyond, these enterprises are integral components of the healthcare landscape.

Image: Envato Elements

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I’m debating between buying it or renting it. On the one hand, it is much cheaper to rent. In addition, it helps to determine whether the equipment is worth the investment and whether you should buy it in the future. You can also give up equipment that is not in demand in a certain season and rent what is most needed. For example, flu season typically sees a big influx of patients experiencing respiratory issues, which increases the need for ventilators, respiratory equipment, and in some cases additional quantities of basic equipment to supply staff. On the other hand, the rented equipment will never become your property, so you will always have to pay for it. Anyone with experience in this have any suggestions?

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10 Startup Healthcare Business Ideas to Explore

Starting a business in the healthcare industry can be an exciting and fulfilling venture. With the increasing demand for quality healthcare services, there are numerous opportunities for entrepreneurs to make a positive impact while also generating profits. In this article, we will discuss 10 startup healthcare business ideas that are worth considering. We'll also provide examples of such businesses thriving in the healthcare industry, with strategies from which you can draw inspiration.

Why Should You Start a Business in the Healthcare Industry?

The healthcare industry is one of the fastest-growing sectors globally. The demand for healthcare services continues to rise, driven by factors such as an aging population, advancements in medical technology, and an increased focus on preventive care. The COVID-19 pandemic has also highlighted the importance of accessible and efficient healthcare systems.

The Healthcare Market: An Emerging Market

The healthcare industry is a rapidly growing sector, making it an attractive market for entrepreneurs. With advancements in technology and an aging population, the demand for healthcare services is on the rise.

In fact, data from the National Health Expenditure Trends (2022) of the Canadian Institute for Health Information suggests that the pandemic has significantly influenced the rise in healthcare expenditure, especially in the year 2020, with total health spending in Canada reaching $331 billion in 2022. This translates to approximately $8,563 per Canadian.

This presents a significant opportunity for startup businesses to tap into this emerging market and provide innovative solutions to meet the growing demand.

Respectable Line of Work

Another reason to consider starting a healthcare business is the respect and admiration associated with the industry. Healthcare professionals are highly regarded for their dedication to providing medical care and ultimately improving the lives of others.

By entering the healthcare industry as an entrepreneur, you have the opportunity to contribute to the well-being of individuals and communities. This sense of purpose and the ability to make a positive impact can be a driving force behind the success of your startup.

Helps for Self-Fulfillment

Healthcare startups have the potential to make a positive impact on people's lives by improving access to quality healthcare, enhancing patient outcomes, and driving innovation in the industry. Knowing that your products or services are making a difference in people's lives can be incredibly rewarding.

Whether you are offering home healthcare facilities, medical equipment, or healthcare blogging, each venture has the potential to improve the quality of life for individuals. This fulfillment can lead to a greater sense of satisfaction and motivation to continue growing your business.

Everyday is a Learning Experience

The healthcare industry is far from monotonous as it's constantly evolving, with new research, technologies, and treatments emerging regularly. Startups can leverage technological advancements such as artificial intelligence, telemedicine, wearables, and data analytics to develop innovative solutions that improve patient care, increase efficiency, and reduce costs.

As an entrepreneur in the healthcare sector, you will be at the forefront of these advancements, constantly learning and adapting to stay relevant. This continuous learning experience can be intellectually stimulating and keep you engaged in your business. It also provides opportunities for innovation and staying ahead of competitors by offering cutting-edge solutions.

10 Top Healthcare Business Ideas for Startups and Examples

When considering a startup business in the healthcare sector, it's important to research the market, identify gaps and needs, and create a business plan that aligns with your skills, resources, and interests. However, it won't hurt to look into some thriving healthcare businesses and draw inspiration from them. Here are some healthcare business ideas and their examples:

5 of the 10 top healthcare business ideas for startups and their examples

Home Healthcare Facility

With the growing preference for receiving healthcare services in the comfort of one's home, a home healthcare facility can be a promising business idea . This type of facility provides various medical services, including nursing care, physical therapy, and assistance with daily activities.

One good example of this business is Bayshore Healthcare , one of our employer partners in the Caring Support platform and one of the leading providers of home and community healthcare services in Canada. They're considered one of the best home healthcare providers in Canada due to several factors, including their commitment to excellence and their ability to effectively manage their operations, evident in their recognition as one of Canada's Best Managed Companies for multiple consecutive years and has achieved Platinum status for several years in a row.

Online Pharmacy

The convenience of online shopping has extended to the healthcare sector with the rise of online pharmacies. Starting an online pharmacy can be a profitable venture, allowing customers to order prescription medications and healthcare products from the comfort of their homes. To ensure regulatory compliance, it's crucial to obtain the necessary licenses and partner with reputable suppliers.

PocketPills , one of the most reputable and leading online pharmacies in Canada, is a good example of this type of business. This online pharmacy offers convenience to its customers due to free medication delivery within Canada and easy access to pharmacists, allowing customers to seek professional advice and guidance regarding their medications. They also emphasize a seamless and user-friendly experience, with a simple sign-up process and efficient medication preparation for next-day deliver

Telehealth Apps

Telehealth apps have gained significant popularity in recent years, allowing patients to consult with healthcare professionals remotely. Developing a telehealth app can revolutionize the way healthcare services are delivered, providing individuals with access to medical advice and consultations anytime, anywhere.

Maple is a good example of a popular and widely-used telehealth app in Canada. Maple's success lies in its ability to provide fast and convenient access to healthcare professionals, a wide range of services, and a positive user experience.

For one, Maple ensures the security and privacy of patient data by complying with healthcare laws. The app is secure and trusted, providing a reliable platform for virtual doctor consultations. Another thing is that it also offers a broad range of services 24/7, including mental health, dermatology, and pediatric primary care. Patients can receive treatment for various health conditions, and the app also provides access to specialty care.

Medical Tourism

Medical tourism involves travelling to another country to receive medical treatment. This industry has experienced substantial growth, with individuals seeking cost-effective and high-quality healthcare options abroad. Starting a medical tourism agency can involve organizing travel arrangements, coordinating treatment plans, and providing assistance throughout the process.

One example of a company that offers services as a medical tourism facilitator is Medibliss Tours , a Canada-based company. They aim to help people access world-class medical treatments abroad at affordable prices. They offer a range of destination-supported services, including assistance with visa formalities, airport pick-up, and accommodation.

They also have a network of reputable healthcare providers across the globe and prioritize selecting destinations based on rankings by the Medical Tourism Association.

Healthcare Blogging

If you have a passion for healthcare and writing, starting a healthcare blog can be an excellent business idea. This allows you to share valuable information, insights, and advice with a wide audience. This type of venture can be particularly beneficial due to the growing demand for reliable health information and the potential for monetization through partnerships, advertisements, and subscriptions.

One good example of this is a Canadian blog called Best Health Mag . It's a reputable health blog that provides valuable information on various health topics. It offers insights into the latest trends in healthcare, medical breakthroughs, exercise, diet, emotional health, and industry trends.

Next half of the summary of the 10 top healthcare business ideas for startups and their examples.

Medical Transcription Services

Medical transcription involves converting audio recordings of medical professionals into written documents. This service is vital for maintaining accurate patient records and facilitating communication among healthcare providers. Starting a medical transcription service can involve hiring trained transcriptionists and using specialized software to ensure accuracy and efficiency.

One good example of a reputable company that offers medical transcription services is the wholly Canadian company 2Ascribe . They prioritize the security and privacy of patient information, ensuring compliance with Canadian federal and provincial privacy requirements. They also have experienced Canadian medical transcriptionists who have an average of over 20 years of transcription experience, ensuring accurate and high-quality medical records and letters.

Medical Records Management

In today's digital age, managing medical records efficiently is crucial for healthcare facilities. Starting a medical records management business can involve providing electronic medical record (EMR) systems, training staff on record management best practices, and ensuring compliance with privacy regulations.

Record Storage & Retrieval Services Inc. (RSRS) is a good example of a company that offers medical records management services. It stands out as a reliable and efficient provider of medical records management services in Canada, offering comprehensive solutions, expertise, and a client-focused approach.

Medical Equipment and Supplies

The healthcare industry relies heavily on specialized equipment and supplies for diagnosis, treatment, and patient care. Starting a business that supplies medical equipment and supplies can be a lucrative venture. This can include providing durable medical equipment, such as wheelchairs and hospital beds, as well as disposable items like gloves and syringes.

One example of a company that thrives in this type of healthcare business is Home Health Store , one of our vendors in the Caring Support Marketplace . It stands out as a reliable and comprehensive provider of medical supplies in Canada, offering exceptional service and a vast selection of quality products. Since 2002, they have been committed to becoming a trusted partner for Canadian families and healthcare professionals.

You can also look for reputable online marketplaces like the Caring Support Marketplace to list the medical equipment and supplies that your company sells, which can help you increase your visibility and reach your target audience faster.

Health Logistics Services

Efficient logistics is essential for the smooth functioning of the healthcare industry. Starting a health logistics service can involve managing the transportation, storage, and distribution of medical supplies and equipment. This can include coordinating with healthcare facilities, suppliers, and transportation providers to ensure timely delivery and stock management.

Yusen Logistics is a good example from which you can draw inspiration in your health logistics business. It stands out as a top provider of healthcare logistics services in Canada due to its dedicated solutions, extensive experience, adherence to GDP standards, comprehensive services, and commitment to customer support.

Trendy Scrubs and Uniforms

While healthcare professionals prioritize functionality and comfort in their attire, there is a growing demand for stylish and trendy scrubs and uniforms. Starting a business that offers fashionable scrubs and uniforms can cater to this niche market. By sourcing high-quality fabrics, designing fashionable options, and providing customization services, you can create a brand that resonates with healthcare professionals while meeting their functional needs.

One of our vendors in the Caring Support Marketplace, Luuna Scrubs , is a good example of a thriving healthcare business selling trendy scrubs and uniforms. It's a top choice for trendy scrubs and uniforms for healthcare professionals in Canada because it offers trendy and functional options along with excellent customer service and a sustainable approach. It's also a fashion company founded by nurses who definitely know the needs of their fellow healthcare professionals.

List your healthcare business products and services with Caring Support today.

Caring Support: An Innovative Platform Supporting Healthcare Businesses

The healthcare industry offers a wide range of opportunities for entrepreneurs looking to start a business. Whether you choose to provide home healthcare services, develop software for telehealth services, or venture into medical tourism, it's important to understand the evolving needs of the healthcare sector to become innovative in your approach and build a successful startup that makes a meaningful impact on the industry.

At Caring Support, we're committed to helping healthcare businesses thrive by connecting them to their target audience in the healthcare niche. Start exploring these healthcare business ideas today and embark on an exciting entrepreneurial journey in the ever-growing healthcare industry. Contact us to start a meaningful partnership in our marketplace and grow your healthcare business with us.

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business plan ideas in healthcare

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Healthcare Business Plan Template

Written by Dave Lavinsky

Healthcare Business Plan

You’ve come to the right place to create your Healthcare business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Healthcare companies.

Below is a template to help you create each section of your Healthcare business plan.

Executive Summary

Business overview.

Riverside Medical is a family medical clinic located in San Francisco, California. Our goal is to provide easy access to quality healthcare, especially for members of the community who have low to moderate incomes. Our clinic provides a wide range of general and preventative healthcare services, including check-ups, minor surgeries, and gynecology. Anyone of any age or group is welcome to visit our clinic to get the healthcare that they need.

Our medical practitioners and supporting staff are well-trained and have a passion for helping improve the health and well-being of our clients. We serve our patients not just with our knowledge and skills but also with our hearts. Our clinic was founded by Samantha Parker, who has been a licensed doctor for nearly 20 years. Her experience and compassion will guide us throughout our mission.

Product Offering

Riverside Medical will provide extensive general care for all ages, creating a complete healthcare solution. Some of the services included in our care include the following:

  • Primary care: annual checkups, preventative screenings, health counseling, diagnosis and treatment of common conditions
  • Gynecology: PAP tests, annual well-woman exam, and family planning
  • Pediatrics: infant care, annual physicals, and immunizations
  • Minor procedures: stitches, casts/splints, skin biopsies, cyst removals, and growth lacerations
  • Health and wellness: weight loss strategies, nutrition guidance, hormone balance, and preventive and routine services

The costs will depend upon the materials used, the physician’s time, and the amount designated for each procedure. Medical bills will be billed either directly to the patient or to their insurance provider.

Customer Focus

Riverside Medical will primarily serve the community living and working within the San Francisco bay area. The city is diverse and growing and includes people of all ages, ethnicities, and backgrounds. Everyone is welcome to visit our clinic to receive the health care they need.

Management Team

Riverside Medical’s most valuable asset is the expertise and experience of its founder, Samantha Parker. Samantha has been a licensed family doctor for 20 years now. She spent the most recent portion of her career on medical mission trips, where she learned that many people are not privileged to have access to quality medical services. Samantha will be responsible for ensuring the general health of her patients and creating a viable and profitable business medical practice.

Riverside Medical will also employ nurses, expert medical staff, and administrative assistants that also have a passion for healthcare.

Success Factors

Riverside Medical will be able to achieve success by offering the following competitive advantages:

  • Location: Riverside Medical’s location is near the center of town. It’s visible from the street with many people walking to and from work on a daily basis, giving them a direct look at our clinic, most of which are part of our target market.
  • Patient-oriented service: Riverside Medical will have a staff that prioritizes the needs of the patients and educates them on the proper way how to take care of themselves.
  • Management: Samantha Parker has a genuine passion for helping the community, and because of her previous experience, she is fully equipped and overqualified to open this practice. Her unique qualifications will serve customers in a much more sophisticated manner than our competitors.
  • Relationships: Having lived in the community for 25 years, Samantha Parker knows many of the local leaders, newspapers, and other influences. Furthermore, she will be able to draw from her ties to previous patients from her work at other clinics to establish a starting clientele.

Financial Highlights

Riverside Medical is seeking a total funding of $800,000 of debt capital to open its clinic. The capital will be used for funding capital expenditures and location build-out, acquiring basic medical supplies and equipment, hiring initial employees, marketing expenses, and working capital.

Specifically, these funds will be used as follows:

  • Clinic design/build: $100,000
  • Medical supplies and equipment: $150,000
  • Six months of overhead expenses (rent, salaries, utilities): $450,000
  • Marketing: $50,000
  • Working capital: $50,000

The following graph below outlines the pro forma financial projections for Riverside Medical.

business plan ideas in healthcare

Company Overview

Who is riverside medical, riverside medical history.

Samantha Parker started the clinic with the goal of providing easy access to good quality health service, especially to those members of the community with low to moderate income. After years of planning, she finally started to build Riverside Medical in 2022. She gathered a group of professionals to fund the project and was able to incorporate and register Riverside Medical with their funding support.

Since its incorporation, Riverside Medical has achieved the following milestones:

  • Found clinic space and signed Letter of Intent to lease it
  • Developed the company’s name, logo, and website
  • Hired a contractor for the office build-out
  • Determined equipment and fixture requirements
  • Began recruiting key employees with previous healthcare experience
  • Drafted marketing campaigns to promote the clinic

Riverside Medical Services

Industry analysis.

The global healthcare market is one of the largest and highest-valued industries in the world. According to Global Newswire, the global healthcare services market is currently valued at $7548.52 billion and is expected to reach $10414.36 billion in 2026. This growth is expected to continue for the foreseeable future.

The biggest drivers of industry growth throughout the next decade will be a continual increase in illnesses and diseases as well as a quickly aging population. With more people aging and needing daily/frequent care, hospitals and medical clinics are bound to be in even more demand than they already are.

One obstacle for the industry is the rising cost of care. Though this results in greater profits, more and more Americans cannot afford basic medical care. Therefore, they are opting out of procedures they believe are unnecessary or unimportant.

Despite the challenges of the next decade, the industry is still expected to see substantial growth and expansion.

Customer Analysis

Demographic profile of target market.

Riverside Medical will serve the residents of the San Francisco bay area as well as those who work in the area.

The population of the area experiences a large income gap between the highest earners and the lowest earners. Therefore, it is hard for middle and lower-class families to find quality care that is affordable. As a result, they are in need of the services that we offer and are looking for accessible medical care.

The precise demographics of San Francisco are as follows:

Customer Segmentation

Our clinic is a general family practice and will treat patients of all ages, incomes, physical abilities, races, and ethnicities. As such, there is no need to create marketing materials targeted at only one or two of these groups, but we can appeal to all with a similar message.

Competitive Analysis

Direct and indirect competitors.

Riverside Medical will face competition from other companies with similar business profiles. A description of each competitor company is below.

City Medical

Founded in 2008, City Medical is a membership-based, primary-care practice in the heart of the city. City Medical offers a wide range of primary care services for patients who subscribe to the practice for an annual fee. Patients enjoy personalized care, including office visits, as well as the diagnosis and treatment of common health problems. The patient membership fee covers the services listed below, and most care is received in-office. However, some additional services, such as lab testing and vaccinations, are billed separately. Furthermore, though the annual fee is convenient for some, it is too high for many families, so many are priced out of care at this facility.

Bay Doctors

Bay Doctors is a primary care practice that provides highly personalized medical care in the office or patients’ homes. Bay Doctors includes a team of dedicated healthcare professionals with dual residency in Emergency Medicine and Internal Medicine. The practice offers same-day/next-day appointments, telemedicine, office visits, and home visits. Some of the medical care services they provide are primary care, urgent care, emergency care, gynecology, pediatrics, and minor procedures.

Community Care

Established in 1949, Community Care is a non-profit regional healthcare provider serving the city and surrounding suburbs. This facility offers a wide variety of medical services, including 24-hour emergency care, telemedicine, primary care, and more. In addition to their medical care, they have a wide variety of fundraising activities to raise money to operate the hospital and help families cover the costs of their care.

Competitive Advantage

Riverside Medical enjoys several advantages over its competitors. These advantages include:

Marketing Plan

Brand & value proposition.

The Riverside Medical brand will focus on the company’s unique value proposition:

  • Client-focused healthcare services, where the company’s interests are aligned with the customer
  • Service built on long-term relationships
  • Big-hospital expertise in a small-clinic environment

Promotions Strategy

The promotions strategy for Riverside Medical is as follows:

Riverside Medical understands that the best promotion comes from satisfied customers. The company will encourage its patients to refer their friends and family by providing healthcare benefits for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Direct Mail

The company will use a direct mail campaign to promote its brand and draw clients, as well. The campaign will blanket specific neighborhoods with simple, effective mail advertisements that highlight the credentials and credibility of Riverside Medical.


Riverside Medical will invest heavily in developing a professional website that displays all of the clinic’s services and procedures. The website will also provide information about each doctor and medical staff member. The clinic will also invest heavily in SEO so the brand’s website will appear at the top of search engine results.

Social Media

Riverside Medical will invest heavily in a social media advertising campaign. The marketing manager will create the company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Riverside Medical’s pricing will be lower than big hospitals. Over time, client testimonials will help to maintain our client base and attract new patients. Furthermore, we will be able to provide discounts and incentives for lower-income families by connecting with foundations and charities from people who are interested in helping.

Operations Plan

The following will be the operations plan for Riverside Medical.

Operation Functions:

  • Samantha Parker is the founder of Riverside Medical and will operate as the sole doctor until she increases her patient list and hires more medical staff. As the clinic grows, she will operate as the CEO and take charge of all the operations and executive aspects of the business.
  • Samantha is assisted by Elizabeth O’Reilly. Elizabeth has experience working as a receptionist at a fast-paced hospital and will act as the receptionist/administrative assistant for the clinic. She will be in charge of the administrative and marketing aspects of the business.
  • Samantha is in the process of hiring doctors, nurses, and other medical staff to help with her growing patient list.


The following are a series of path steps that will lead to the vision of long-term success. Riverside Medical expects to achieve the following milestones in the following twelve months:

3/202X            Finalize lease agreement

5/202X            Design and build out Riverside Medical location

7/202X            Hire and train initial staff

9/202X            Kickoff of promotional campaign

11/202X          Reach break-even

1/202X            Reach 1000 patients

Financial Plan

Key revenue & costs.

Riverside Medical’s revenues will come primarily from medical services rendered. The clinic will either bill the patients directly or their insurance providers.

The major cost drivers for the clinic will include labor expenses, lease costs, equipment purchasing and upkeep, and ongoing marketing costs.

Funding Requirements and Use of Funds

Key assumptions.

Below are the key assumptions required to achieve the revenue and cost numbers in the financials and to pay off the startup business loan.

  • Year 1: 120
  • Year 2: 150
  • Year 3: 200
  • Year 4: 275
  • Year 5: 400
  • Annual lease: $50,000

Financial Projections

Income statement, balance sheet, cash flow statement, healthcare business plan faqs, what is a healthcare business plan.

A healthcare business plan is a plan to start and/or grow your healthcare business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Healthcare business plan using our Healthcare Business Plan Template here .

What are the Main Types of Healthcare Businesses?

There are a number of different kinds of healthcare businesses , some examples include: Nursing care, Physical home health care, or Home health care aides:

How Do You Get Funding for Your Healthcare Business Plan?

Healthcare businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Healthcare Business?

Starting a healthcare business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Healthcare Business Plan - The first step in starting a business is to create a detailed healthcare business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your healthcare business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your healthcare business is in compliance with local laws.

3. Register Your Healthcare Business - Once you have chosen a legal structure, the next step is to register your healthcare business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your healthcare business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Healthcare Equipment & Supplies - In order to start your healthcare business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your healthcare business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Other Helpful Business Plan Templates

Nonprofit Business Plan Template Non-Emergency Medical Transportation Business Plan Template Medical Practice Business Plan Template Home Health Care Business Plan Template

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Healthcare Business Plan Template

Written by Dave Lavinsky

Healthcare Business Plan

There are several types of Healthcare businesses, from family medicine practices to urgent care centers to home health care agencies. Regardless of the type of healthcare business you have, a business plan will keep you on track and help you grow your healthcare business in an organized way. In addition, if you plan to seek funding, investors and lenders will use your business plan to determine the level of risk.

Download our Ultimate Business Plan Template here >

Below is the business plan outline you should use to create a business plan for your healthcare company. Also, here are links to several healthcare business plan templates:

  • Assisted Living Business Plan
  • Counseling Private Practice Business Plan Template
  • Dental Business Plan
  • Home Health Care Business Plan
  • Medical Practice Business Plan Template
  • Medical Spa Business Plan Template
  • Non Medical Home Care Business Plan Template
  • Nursing Home Business Plan Template
  • Pharmacy Business Plan
  • Urgent Care Business Plan

Finish Your Business Plan Today!

Healthcare business plan example outline, executive summary.

Although it serves as the introduction to your business plan, your executive summary should be written last. The first page helps financiers decide whether to read the full plan, so provide the most important information. Give a clear and concise description of your healthcare company. Provide a summary of your market analysis that proves the need for another healthcare business, and explain your company’s unique qualifications to meet that need.  

Company Analysis

Your company analysis explains your healthcare business as it exists right now. Describe the company’s founding, current stage of business, and legal structure. Highlight any past milestones, such as lining up clients or hiring healthcare providers with a proven track record. Elaborate on your unique qualifications, such as expertise in a currently underserved niche market.

Industry Analysis

The healthcare industry is incredibly large and diverse, but your analysis should focus on your specific segment of the market. Do you specialize in pediatric healthcare? senior healthcare? emergency medicine? family medicine? Figure out where your healthcare company fits in, and then research the current trends and market projections that affect your niche. Create a detailed strategy for overcoming any obstacles that you uncover.  

Customer Analysis

Who will your healthcare company serve? Are they families? The elderly? What is important to them in a healthcare business? How do they select a healthcare provider? Narrow down their demographics as closely as you can, and then figure out what their unique needs are and how you can fulfill them.

Finish Your Healthcare Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your direct competitors are those healthcare companies that fulfill the same needs for the same target market as yours. Your indirect competitors are healthcare businesses that target a different market, or other companies that fulfill a different need for your target market. Describe each of your direct competitors individually, and talk about the things that set your healthcare company apart. Categorize your indirect competitors as a group and talk about them as a whole.  

Marketing Plan

A solid marketing plan is based on the four P’s: Product, Price, Promotion, and Place. The Product section describes the healthcare you sell along with any other services you provide. Price will change according to the specifics of the property, but you can delineate your fees here. Promotion is your means of getting new business. Place is your physical office location, along with your web presence and the areas where you sell. Another category, Customer retention, refers to the ways you will build loyalty.

Operations Plan

Your operations plan explains your methods for meeting the goals you set forth. Everyday short-term processes include all of the daily tasks involved in servicing clients. Long-term processes are the ways you will meet your defined business goals, such as expanding into new markets or new types of service.  

Management Team

The management team section highlights the backgrounds of the key members of your team. Focus on those aspects that prove your team’s ability to build and run a successful company. A business mentor or advisor can help fill in any gaps, provided you can identify the specific ways that your advisor will influence your company’s growth.  

Financial Plan

Investors and lenders heavily scrutinize the financial plan, but it is often the most challenging part of the business plan to write. Healthcare is a strong market, it usually not subject to economic turns. The financial plan requires you to detail your individual revenue streams by implementation timeline and relative importance, and disclose any sources of outside funding. You also need to summarize your past and future Income Statements, Cash Flow Statements, and Balance Sheets, based on key assumptions that must be both reasonable and verifiable based on an analysis of similar companies. You should also provide a solid exit strategy that shows your understanding of the market and your desire to capitalize on profitability.  

Your full financial projections should be attached in the appendix along with any other documents that support your claims, such as letters from key partners.

Healthcare Business Plan FAQs

What is the easiest way to complete my healthcare business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Healthcare Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of healthcare business you are operating and the status; for example, are you a startup, do you have a healthcare business that you would like to grow, or are you operating a chain of healthcare businesses?

Don’t you wish there was a faster, easier way to finish your Healthcare business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how our professional business plan writers can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Business Plan Template & Guide For Small Businesses

Best Health Business Ideas & Examples in 2023

The health industry is all about helping people live healthier, happier lives, and it's constantly evolving as new technologies and treatments are developed. If you're looking to start a business in the health industry or want to expand your existing operation, you'll need to stay up to date with the latest trends and innovations. That's why we've put together a list of the best health business ideas and examples for 2023. From telemedicine platforms to fitness studios, these strategies will help you succeed in the competitive world of health. So get ready to help others improve their well-being and build a successful business with these innovative ideas!


Get worry-free services and support to launch your business starting at $0 plus state fees.

  • How to Form an LLC in Your State
  • Business ideas
  • Business cards
  • Registred agents
  • Business plans
  • Office space

List of Unique Health Business Ideas:

Ever thought about turning your passion for yoga into a profitable venture? Dive into this guide, as we unravel the secrets of starting a successful yoga mat business, making your entrepreneurial dreams a reality while spreading the zen!

image of a yoga mat business

Ever thought about turning your passion for health and wellness into a profitable venture? Buckle up, as we're about to guide you through the exciting journey of starting your own successful vitamin business.

image of a vitamin business

Ever dreamt of turning your love for relaxation and wellness into a profitable venture? Let's dive into the steaming world of sauna businesses, where we'll guide you step by step on how to transform this dream into a lucrative reality.

image of a sauna business

protein powder

Ever dreamt of turning your passion for fitness into a profitable venture? Dive into this guide and discover how you can make that dream a reality by starting your very own protein powder business, all while helping others achieve their health and fitness goals!

image of a protein powder business

mobile yoga

Have you ever dreamed of turning your passion for yoga into a thriving, flexible business that moves with you? Welcome aboard, as we unfold the mat to guide you on an exciting journey of starting your own profitable mobile yoga business, combining wellness, freedom and entrepreneurship.

image of a mobile yoga business

health and wellness

Ever dreamt of turning your passion for health and wellness into a profitable venture? Let's dive into the exciting journey of starting your own thriving health and wellness business, where you'll not only boost your bank balance but also make a positive impact on people's lives.

image of a health and wellness business

Ever dreamt of turning your passion for Crossfit into a thriving business? Dive into this guide and discover the rewarding journey of starting your own profitable Crossfit business, where fitness goals meet entrepreneurial dreams!

image of a crossfit business

personal training

Ever dreamt of turning your passion for fitness into a profitable business? Let's dive into the exhilarating journey of starting your own personal training business, transforming lives while making a good living.

image of a personal training business

essential oils

Are you captivated by the enchanting aroma of essential oils and dream of turning this passion into a profitable venture? Get ready to embark on an exciting journey as we guide you through the ins and outs of starting your very own essential oils business, promising not just profits, but also a lifestyle steeped in wellness and natural beauty.

image of a essential oils business

Ever dreamt of transforming your passion for fitness into a profitable venture? Let's dive into the rewarding journey of starting your very own gym business, where you can inspire others to get fit while making a healthy income!

image of a gym business

Ever dreamt of turning your love for fresh, healthy juices into a thriving business? Sit tight, because we're about to squeeze out all the juicy details on how to launch a profitable juicing business that'll keep customers coming back for more.

juicing business image

iv hydration

Ever dreamt of running your own successful business, helping people feel their best while also making a profit? Dive in as we unravel the secrets to launching a profitable IV hydration business, transforming lives one drip at a time.

iv hydration business image

weight loss clinic

Ever dreamt of turning your passion for health and fitness into a lucrative business? Let's dive into the exciting journey of starting your own profitable weight loss clinic, where you can inspire change, promote health, and fatten your wallet too!

weight loss clinic business image

tattoo removal

Have you ever thought about the number of people walking around with tattoos they wish they could erase? Welcome to the world of tattoo removal business, a lucrative venture that not only helps people rewrite their stories but also offers you a chance to make a substantial profit.

tattoo removal business image

Ever dreamed of turning your passion for self-care into a thriving, profitable business? Let's dive into the exciting journey of transforming your love for wellness into a successful entrepreneurial venture that not only enriches your life but also promotes health and happiness in others.

self care business image

Imagine turning your passion for inner peace into a profitable venture, helping others find tranquility while filling your pockets. Welcome to the journey of launching a successful meditation business - a path filled with personal growth, financial rewards, and the joy of making a real difference in people's lives.

meditation business image

laser hair removal

Ready to say goodbye to the 9-5 grind and embrace the thrill of being your own boss? Dive into this guide and discover how you can carve out a lucrative niche in the beauty industry by starting your own laser hair removal business.

laser hair removal business image

Ever thought about turning your passion for health and wellness into a profitable venture? Dive into this guide and discover how you can start your own foot detox business, helping others cleanse their bodies while filling your pockets!

foot detox business image

crystal healing

Ever dreamt of turning your passion for crystal healing into a profitable venture? Get ready to embark on an exciting journey as this article guides you step-by-step on how to establish your very own thriving crystal healing business.

crystal healing business image


Ever thought about diving into the rapidly growing wellness industry with a business that's as cool as ice? Let's embark on a thrilling journey to discover how you can start your very own profitable cryotherapy business, and become a pioneer in a field that's chillingly lucrative!

cryotherapy business image

body contouring

Imagine sculpting bodies into their best versions and making a profitable living out of it. Dive into this article and learn how you can turn this dream into a reality by starting your own successful body contouring business.

body contouring business image

What are the most profitable business in healthcare?

The most profitable businesses in healthcare can vary depending on a number of factors such as the specific products or services being offered, the target market, and the overall demand for healthcare. Some healthcare businesses that may be more profitable than others include:

  • Specialty clinics or hospitals: Clinics or hospitals that specialize in a particular area of medicine, such as oncology or cardiology, may be more profitable than more general facilities because they can charge higher fees for their specialized services.
  • Pharmaceutical companies: Pharmaceutical companies that develop and sell patented drugs can be highly profitable, provided they are able to bring new products to market and protect their intellectual property.
  • Medical device manufacturers: Medical device manufacturers that produce high-demand products such as pacemakers or joint replacements can also be highly profitable.
  • Healthcare consulting firms: Healthcare consulting firms that provide strategic planning, operations improvement, and other services to healthcare organizations can also generate substantial profits.

There are many other types of healthcare businesses as well, and the most profitable ones for you will depend on your interests, skills, and resources.

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Vitamin Business Plan Template & Guidebook

I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

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Why should a healthcare business need a solid business plan

business plan ideas in healthcare

By Jamie Frew on Feb 29, 2024.

Fact Checked by Ericka Pingol.

business plan ideas in healthcare

Starting a healthcare practice

Starting a healthcare business practice can be a bit of a tricky thing, as there are a lot of aspects involved in its operations. Without a business plan, it can get complicated very quickly, so to avoid becoming entrapped in the common pitfalls of healthcare, it’s best to plan out every process and procedure. Making a plan is essential, and quite simply, is part of healthcare startup 101 . With techniques such as predictive modeling , you can have more effective preparations in place to face any challenge posed to you, as well as better understand where to make adjustments, improvements, and allocate your resources. With the right plan implemented, you can take off in no time, and work on expanding and prioritizing growth in addition to your client's needs. 

Reasons why your healthcare business must have a strong business plan

There are multiple reasons why your healthcare business should have a strong business plan in place, including the following. 

To understand your step-by-step strategy for future

A business plan outlines all the resources you need across business operations and can provide a solid backbone to prepare you for potential future challenges. A plan provides a clear direction for all business areas and allows you to know what steps to take in regard to growth and expansion. 

To effectively manage your cash flow

Every healthy business needs a positive cash flow to secure investments and ensure there’s enough to be able to supply resources to meet client needs. A business plan can help you avoid breaking even and allow more transparency when it comes to seeing money flows, and can also improve your receivables and payables. Any delays can be accounted for, and when it comes to external financial services, you can appropriately receive reimbursements on time. 

To get additional funding for expansion

Continuing with the theme of finances, if successful, you’re likely to face important investment decisions to promote growth and expansion within your business. Sometimes cash flow isn’t enough, and additional funding is needed to accommodate more resources, such as a data warehouse . Having a detailed, and well-outlined business plan can contribute to a higher likelihood of being awarded the right funds to generate higher cash flows through expansion. 

To help identify any potential weaknesses

Plans are a great way to outline all your ideas and resources, and presenting information through this clarified format can often highlight areas that you may need to spare additional attention to. Using plans can identify areas of weakness that you may need external support and advice on, and having everything viewable from one place can allow for more valuable discussion. 

To communicate your ideas with stakeholders

Businesses are highly concerned with stakeholders and investors, and having a business plan in healthcare serves as a great communication tool for liaison with important institutions. You can use it to hire additional staff, as well as apply for credit and loans for investment purposes. This doesn’t need to be a complicated plan, but if stakeholders are to have a share in your operations, having an outline of your ideas and plans is the least you could do for their peace of mind. 

What should your business plan include?

You may be wondering about what needs to be included in a business plan; after all, they can be very detailed, and serve very different purposes depending on your business. Fortunately, we’re here to help, and every business plan should include the following. 

Executive summary

Your executive summary should be a concise description of your plan, including summarized details of every core aspect. This may include short descriptions of your market analysis, your value set, as well as finances. Keep in mind that this is a summary, and so it should be written after the plan is fully completed. 

Marketing strategy

Your marketing strategy should focus on answering the four Ps of product, price, promotion, and place. You should clearly describe the product or service that you are selling, in addition to the fees you charge. Promotion should outline all the marketing healthcare strategies that you’ll employ, and the place describing where you’ll be located.  

Competitive analysis

One of the most important aspects of a plan is considering your competitors, and how your service offers value that differentiates and sets you apart. Ideally, you should discuss your direct competitors and your indirect competitors, or those who target a different market within the same realm of healthcare. 

Description of your healthcare practice

Naturally, you should describe your healthcare practice in terms of its operations, mission, and how you’ll run. It should cover all the basics, so all clients and stakeholders who read it can grasp the essentials of what you’re about. 

Financial goals

Because investors and lenders will need to see evidence of your financial plans, it’s absolutely vital that you include this aspect. This is one of the most important sections of any business plan, as information such as income and cash flow statements, as well as balance sheets, all need to be included. Profitability should be emphasized at every point, and in regard to a future exit strategy. 

Organization and management policies

You should include details concerning your management teams, or any managerial type staff, as well as outlines concerning how you will manage your business data. Data security solutions are important , and so it’s important to make sure that you have considered this in regard to every operation. Regulatory compliance also ensures that you have the right organizational policies in place. 

Customer analysis

Similar to a target market, you need to crack down on the specifics of your service, and what exact demographic you’re catering to. 

Healthcare business plan template

To help you get started, we’ve covered all of the basics and compiled it into one business plan for you to follow and implement in your business practice and overcome revenue . For success in your business, consider expanding on the following aspects. 

1. Executive Summary

  • Business Overview
  • Products Served
  • Customer Focus
  • Success Factors
  • Financial Highlights

2. Company Overview

  • Who You Are
  • Your History
  • Your Products/Services

3. Industry Analysis

4. Customer Analysis

  • Demograpic profile of target market
  • Customer segmentation

5. Competitive Analysis

  • Direct and Indirect Competitors
  • Competitive Pricing
  • Compeitive Advantage 

6. Marketing Plan

  • Promotions Strategy

7. Operations Plan

  • Functional Roles

8. Management Team

  • Management Team
  • Hiring Plan

9. Financial Plan

  • Revenue and Cost Drivers
  • Capital Requirements and Use of Funds
  • Key Assumptions

Take home message

Every successful healthcare business must implement a business plan to be held accountable and to have a clear direction for the future of its services. Plans can help you have an outline according to your resources and aids in a better understanding of where to allocate your time and energy in improving business operations. You can identify your strengths and weaknesses, and gain a closer relationship with your business procedures and processes to further growth and expansion in the future. Additionally, having a business plan can help you understand your target market, and prioritize client needs. Plans enable you to do what you do best and capitalize on healthcare technology trends to promote growth and learning in the long term.

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Further reading:

  • How to Start a Healthcare Business: The Ultimate Guide
  • Four Reasons Why Your Company Must Have A Strong Business Plan At Any Phase

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The future of healthcare: Value creation through next-generation business models

The healthcare industry in the United States has experienced steady growth over the past decade while simultaneously promoting quality, efficiency, and access to care. Between 2012 and 2019, profit pools (earnings before interest, taxes, depreciation, and amortization, or EBITDA) grew at a compound average growth rate of roughly 5 percent. This growth was aided in part by incremental healthcare spending that resulted from the 2010 Affordable Care Act. In 2020, subsidies for qualified individual purchasers on the marketplaces and expansion of Medicaid coverage resulted in roughly $130 billion 1 Federal Subsidies for Health Insurance Coverage for People Under Age 65: CBO and JCT’s March 2020 Projections, Congressional Budget Office, Washington, DC, September 29, 2020, cbo.gov. 2 Includes adults made eligible for Medicaid by the ACA and marketplace-related coverage and the Basic Health Program. of incremental healthcare spending by the federal government.

The next three years are expected to be less positive for the economics of the healthcare industry, as profit pools are more likely to be flat. COVID-19 has led to the potential for economic headwinds and a rebalancing of system funds. Current unemployment rates (6.9 percent as of October 2020) 3 The employment situation—October 2020 , US Department of Labor, November 6, 2020, bls.gov. indicate some individuals may move from employer-sponsored insurance to other options. It is expected that roughly between $70 billion and $100 billion in funding may leave the healthcare system by 2022, compared with the expected trajectory pre-COVID-19. The outflow is driven by coverage shifts out of employer-sponsored insurance, product buy-downs, and Medicaid rate pressures from states, partially offset by increased federal spending in the form of subsidies and cost sharing in the Individual market and in Medicaid funding.

Underlying this broader outlook are chances to innovate (Exhibit 1). 4 Smit S, Hirt M, Buehler K, Lund S, Greenberg E, and Govindarajan A, “ Safeguarding our lives and our livelihoods: The imperative of our time ,” March 23, 2020, McKinsey.com. Innovation may drive outpaced growth in three categories: segments that are anticipated to rebound from poor performance over recent years, segments that benefit from shifting care patterns that result directly from COVID-19, and segments where growth was expected pre-COVID-19 and remain largely unaffected by the pandemic. For the payer vertical, we estimate profit pools in Medicaid will likely increase by more than 10 percent per annum from 2019 to 2022 as a result of increased enrollment and normalized margins following historical lows. In the provider vertical, the rapid acceleration in the use of telehealth and other virtual care options spurred by COVID-19 could continue. 5 Bestsennyy O, Gilbert G, Harris A, and Rost J, “ Telehealth: A quarter-trillion-dollar post-COVID-19 reality? ” May 29, 2020, McKinsey.com. Growth is expected across a range of sub-segments in the services and technology vertical, as specialized players are able to provide services at scale (for example, software and platforms and data and analytics). Specialty pharmacy is another area where strong growth in profit pools is likely, with between 5 and 10 percent compound annual growth rate (CAGR) expected in infusion services and hospital-owned specialty pharmacy sub-segments.

Strategies that align to attractive and growing profit pools, while important, may be insufficient to achieve the growth that incumbents have come to expect. For example, in 2019, 34 percent of all revenue in the healthcare system was linked to a profit pool that grew at greater than 5 percent per year (from 2017 to 2019). In contrast, we estimate that only 13 percent of revenue in 2022 will be linked to profit pools growing at that rate between 2019 and 2022. This estimate reflects that profit pools are growing more slowly due to factors that include lower membership growth, margin pressure, and lower revenue growth. This relative scarcity in opportunity could lead to increased competition in attractive sub-segments with the potential for profits to be spread thinly across organizations. Developing new and innovative business models will become important to achieve the level of EBITDA growth observed in recent years and deliver better care for individuals. The good news is that there is significant opportunity, and need, for innovation in healthcare.

New and innovative business models across verticals can generate greater value and deliver better care for individuals

Glimpse into profit pool analyses and select sub-segments.

Within the context of these overarching observations, the projections for specific sub-segments are nuanced and tightly connected to the specific dynamics each sub-segment is currently facing:

  • Payer—Small Group: Small group has historically seen membership declines and we expect this trend to continue and/or accelerate in the event of an economic downturn. Membership declines will increase competition and put pressure on incumbent market leaders to both maintain share and margin as membership declines, but fixed costs remain.
  • Payer—Medicare Advantage: Historic profit pool growth in the Medicare Advantage space has been driven by enrollment gains that result from demographic trends and a long-term trend of seniors moving from traditional Medicare fee-for-service programs to Medicare Advantage plans that have increasingly offered attractive ancillary benefits (for example, dental benefits, gym memberships). Going forward, we expect Medicare members to be relatively insulated from the effects of an economic downturn that will impact employers and individuals in other payer segments.
  • Provider—General acute care hospitals: Cancelation of elective procedures due to COVID-19 is expected to lead to volume and revenue reductions in 2019 and 2020. Though volume is expected to recover partially by 2022, growth will likely be slowed due to the accelerated shift from hospitals to virtual care and other non-acute settings. Payer mix shifts from employer-sponsored to Medicaid and uninsured populations in 2020 and 2021 are also likely to exert downward pressure on hospital revenue and EBITDA, possibly driving cost-optimization measures through 2022.
  • Provider—Independent labs: COVID-19 testing is expected to drive higher than average utilization growth in independent labs through 2020 and 2021, with more typical utilization returning by 2022. However, labs may experience pressure on revenue and EBITDA growth as the payer mix shifts to lower-margin segments, offsetting some of the gains attributed to utilization.
  • Provider—Virtual office visits: Telehealth has helped expand access to care at a time when the pandemic has restricted patients’ ability to see providers in person. Consumer adoption and stickiness, along with providers’ push to scale-up telehealth offerings, are expected to lead to more than 100 percent growth per annum in the segment from 2019 to 2022, going beyond traditional “tele-urgent” to more comprehensive virtual care.
  • HST—Medical financing: The medical financing segment may be negatively impacted in 2020 due to COVID-19, as many elective services for which financing is used have been deferred. However, a quick bounce-back is expected as more patients lacking healthcare coverage may need financing in 2021, and as providers may use medical financing as a lever to improve cash reserves.
  • HST—Wearables: Looking ahead, the wearables segment is expected to see a slight dip in 2020 due to COVID-19, but is expected to rebound in 2021 and 2022 given consumer interest in personal wellness and for tracking health indicators.
  • Pharma services—Pharmacy benefit management: The growth is expected to return to baseline expectations by 2022 after an initial decline in 2020 and 2021 due to the COVID-19-driven decrease in prescription volume.

New and innovative business models are beginning to show promise in delivering better care and generating higher returns. The existence of these models and their initial successes are reflective of what we have observed in the market in recent years: leading organizations in the healthcare industry are not content to simply play in attractive segments and markets, but instead are proactively and fundamentally reshaping how the industry operates and how care is delivered. While the recipe across verticals varies, common among these new business models are greater alignment of incentives typically involving risk bearing, better integration of care, and use of data and advanced analytics.

Payers—Next-generation managed care models

For payers, the new and innovative business models that are generating superior returns are those that incorporate care delivery and advanced analytics to better serve individuals with increasingly complex healthcare needs (Exhibit 2). As chronic disease and other long-term conditions require more continuous management supported by providers (for example, behavioral health conditions), these next-generation managed care models have garnered notice. Nine of the top ten payers have made acquisitions in the care delivery space. Such models intend to reorient the traditional payer model away from an operational focus on financing healthcare and pricing risk, and toward more integrated managed care models that better align incentives and provide higher-quality, better experience, lower-cost, and more accessible care. Payers that deployed next-generation managed care models generate 0.5 percentage points of EBITDA margin above average expectations after normalizing for payer scale, geographical footprint, and segment mix, according to our research.

The evidence for the effectiveness of these next-generation care models goes beyond the financial analysis of returns. We observe that these models are being deployed in those geographies that have the greatest opportunity to positively impact individuals. Those markets with 1) a critical mass of disease burden, 2) presence of compressible costs (the opportunity for care to be redirected to lower-cost settings), and 3) a market structure conducive to shifting to higher-value sites of care, offer substantial ways to improve outcomes and reduce costs. (Exhibit 3).

Currently, a handful of payers—often large national players with access to capital and geographic breadth that enables acquisition of at-scale providers and technologies—have begun to pursue such models. Smaller payers may find it more difficult to make outright acquisitions, given capital constraints and geographic limitations. M&A activity across the care delivery landscape is leaving smaller and more localized assets available for integration and partnership. Payers may need to increasingly turn toward strategic partnerships and alliances to create value and integrate a range of offerings that address all drivers of health.

Providers—reimagining care delivery beyond the hospital

For health systems, through an investment lens, the ownership and integration of alternative sites of care beyond the hospital has demonstrated superior financial returns. Between 2013 and 2018, the number of transactions executed by health systems for outpatient assets increased by 31 percent, for physician practices by 23 percent, and for post-acute care assets by 13 percent. At the same time, the number of hospital-focused deals declined by 6 percent. In addition, private equity investors and payers are becoming more active dealmakers in these non-acute settings. 6 CapitalIQ, Dealogic, and Irving Levin Associates. 7 In 2018, around 40 percent of all post-acute and outpatient deals were completed by an acquirer other than a traditional provider.

As investment is focused on alternative sites of care, we observe that health systems pursuing diversified business models that encompass a greater range of care delivery assets (for example, physician practices, ambulatory surgery centers, and urgent care centers) are generating returns above expectations (Exhibit 4). By offering diverse settings to receive care, many of these systems have been able to lower costs, enhance coordination, and improve patient experience while maintaining or enhancing the quality of the services provided. Consistent with prior research, 8 Singhal S, Latko B, and Pardo Martin C, “ The future of healthcare: Finding the opportunities that lie beneath the uncertainty ,” January 31, 2018, McKinsey.com. systems with high market share tend to outperform peers with lower market share, potentially because systems with greater share have greater ability not only to ensure referral integrity but also to leverage economies of scale that drive efficiency.

The extent of this outperformance, however, varies by market type. For players with top quartile share, the difference in outperformance between acute-focused players and diverse players is less meaningful. Contrastingly, for bottom quartile players, the increase in value provided by presence beyond the acute setting is more significant. While there may be disadvantages for smaller and sub-scale providers, opportunities exist for these players—as well as new entrants and attackers—to succeed by integrating offerings across the care continuum.

These new models and entrants and their non-acute, technology-enabled, and multichannel offerings can offer a different vision of care delivery. Consumer adoption of telehealth has skyrocketed, from 11 percent of US consumers using telehealth in 2019 to 46 percent now using telehealth to replace canceled healthcare visits. Pre-COVID-19, the total annual revenues of US telehealth players were an estimated $3 billion; with the acceleration of consumer and provider adoption and the extension of telehealth beyond virtual urgent care, up to $250 billion of current US healthcare spend could be virtualized. 9 Bestsennyy O, Gilbert G, Harris A, and Rost J, “ Telehealth: A quarter-trillion-dollar post-COVID-19 reality? ” May 29, 2020, McKinsey.com. These early indications suggest that the market may be shifting toward a model of innovative tech-enabled care, one that unlocks value by integrating digital and non-acute settings into a comprehensive, coordinated, and lower-cost offering. While functional care coordination is currently still at the early stages, the potential of technology and other alternative settings raises the question of the role of existing acute-focused providers in a more integrated and digital world.

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Healthcare services and technology—innovation and integration across the value chain.

Growth in the healthcare services and technology vertical has been material, as players are bringing technology-enabled services to help improve patient care and boost efficiency. Healthcare services and technology companies are serving nearly all segments of the healthcare ecosystem. These efforts include working with payers and providers to better enable the link between actions and outcomes, to engage with consumers, and to provide real-time and convenient access to health information. Since 2014, a large number and value of deals have been completed: more than 580 deals, or $83 billion in aggregate value. 10 Includes deals over $10 million in value. 11 Analysis from PitchBook Data, Inc. and McKinsey Healthcare Services and Technology domain profit pools model. Venture capital and private equity have fueled much of the innovation in the space: more than 80 percent 12 Includes deals over $10 million in value. of deal volume has come from these institutional investors, while more traditional strategic players have focused on scaling such innovations and integrating them into their core.

Driven by this investment, multiple new models, players, and approaches are emerging across various sub-segments of the technology and services space, driving both innovation (measured by the number of venture capital deals as a percent of total deals) and integration (measured by strategic dollars invested as a percent of total dollars) with traditional payers and providers (Exhibit 5). In some sub-segments, such as data and analytics, utilization management, provider enablement, network management, and clinical information systems, there has been a high rate of both innovation and integration. For instance, in the data and analytics sub-segment, areas such as behavioral health and social determinants of health have driven innovation, while payer and provider investment in at-scale data and analytics platforms has driven deeper integration with existing core platforms. Other sub-segments, such as patient engagement and population health management, have exhibited high innovation but lower integration.

Traditional players have an opportunity to integrate innovative new technologies and offerings to transform and modernize their existing business models. Simultaneously, new (and often non-traditional) players are well positioned to continue to drive innovation across multiple sub-segments and through combinations of capabilities (roll-ups).

Pharmacy value chain—emerging shifts in delivery and management of care

The profit pools within the pharmacy services vertical are shifting from traditional dispensing to specialty pharmacy. Profits earned by retail dispensers (excluding specialty pharmacy) are expected to decline by 0.5 percent per year through 2022, in the face of intensifying competition and the maturing generic market. New modalities of care, new care settings, and new distribution systems are emerging, though many innovations remain in early stages of development.

Specialty pharmacy continues to be an area of outpaced growth. By 2023, specialty pharmacy is expected to account for 44 percent of pharmacy industry prescription revenues, up from 24 percent in 2013. 13 Fein AJ, The 2019 economic report on U.S. pharmacies and pharmacy benefit managers , Drug Channels Institute, 2019, drugchannelsinstitute.com. In response, both incumbents and non-traditional players are seeking opportunities to both capture a rapidly growing portion of the pharmacy value chain and deliver better experience to patients. Health systems, for instance, are increasingly entering the specialty space. Between 2015 and 2018 the share of provider-owned pharmacy locations with specialty pharmacy accreditation more than doubled, from 11 percent in 2015 to 27 percent in 2018, creating an opportunity to directly provide more integrated, holistic care to patients.

Challenges emerge for the US healthcare system as COVID-19 cases rise

Challenges emerge for the US healthcare system as COVID-19 cases rise

A new wave of modalities of care and pharmaceutical innovation are being driven by cell and gene therapies. Global sales are forecasted to grow at more than 40 percent per annum from 2019 to 2024. 14 Evaluate Pharma, February 2020. These new therapies can be potentially curative and often serve patients with high unmet needs, but also pose challenges: 15 Capra E, Smith J, and Yang G, “ Gene therapy coming of age: Opportunities and challenges to getting ahead ,” October 2, 2019, McKinsey.com. upfront costs are high (often in the range of $500,000 to $2,000,000 per treatment), benefits are realized over time, and treatment is complex, with unique infrastructure and supply chain requirements. In response, both traditional healthcare players (payers, manufacturers) and policy makers (for example, the Centers for Medicare & Medicaid Services) 16 Centers for Medicare & Medicaid Services, “Medicaid program; establishing minimum standards in Medicaid state drug utilization review (DUR) and supporting value-based purchasing (VBP) for drugs covered in Medicaid, revising Medicaid drug rebate and third party liability (TPL) requirements,” Federal Register , June 19, 2020, Volume 85, Number 119, p. 37286, govinfo.gov. are considering innovative models that include value-based arrangements (outcomes-based pricing, annuity pricing, subscription pricing) to support flexibility around these new modalities.

Innovations also are accelerating in pharmaceutical distribution and delivery. Non-traditional players have entered the direct-to-consumer pharmacy space to improve efficiency and reimagine customer experience, including non-healthcare players such as Amazon (through its acquisition of PillPack in 2018) and, increasingly, traditional healthcare players as well, such as UnitedHealth Group (through its acquisition of DivvyDose in September 2020). COVID-19 has further accelerated innovation in patient experience and new models of drug delivery, with growth in tele-prescribing, 17 McKinsey COVID-19 Consumer Survey conducted June 8, 2020 and July 14, 2020. a continued shift toward delivery of pharmaceutical care at home, and the emergence of digital tools to help manage pharmaceutical care. Select providers have also begun to expand in-home offerings (for example, to include oncology treatments), shifting the care delivery paradigm toward home-first models.

A range of new models to better integrate pharmaceutical and medical care and management are emerging. Payers, particularly those with in-house pharmacy benefit managers, are using access to data on both the medical and pharmacy benefit to develop distinctive insights and better coordinate across pharmacy and medical care. Technology providers, together with a range of both traditional and non-traditional healthcare players, are working to integrate medical and pharmaceutical care in more convenient settings, such as the home, through access to real-time adherence monitoring and interventions. These players have an opportunity to access a broad range of comprehensive data, and advanced analytics can be leveraged to more effectively personalize and target care. Such an approach may necessitate cross-segment partnerships, acquisitions, and/or alliances to effectively integrate the many components required to deliver integrated, personalized, and higher-value care.

Creating and capturing new value

These materials are being provided on an accelerated basis in response to the COVID-19 crisis. These materials reflect general insight based on currently available information, which has not been independently verified and is inherently uncertain. Future results may differ materially from any statements of expectation, forecasts or projections. These materials are not a guarantee of results and cannot be relied upon. These materials do not constitute legal, medical, policy, or other regulated advice and do not contain all the information needed to determine a future course of action. Given the uncertainty surrounding COVID-19, these materials are provided “as is” solely for information purposes without any representation or warranty, and all liability is expressly disclaimed. References to specific products or organizations are solely for illustration and do not constitute any endorsement or recommendation. The recipient remains solely responsible for all decisions, use of these materials, and compliance with applicable laws, rules, regulations, and standards. Consider seeking advice of legal and other relevant certified/licensed experts prior to taking any specific steps.

Before the COVID-19 pandemic, our research indicated that profits for healthcare organizations were expected to be harder to earn than they have been in the recent past, which has been made even more difficult by COVID-19. New entrants and incumbents who can reimagine their business models have a chance to find ways to innovate to improve healthcare and therefore earn superior returns. The opportunity for incumbents who can reimagine their business models and new entrants is substantial.

Institutions will be expected to do more than align with growth segments of healthcare. The ability to innovate at scale and with speed is expected to be a differentiator. Senior leaders can consider five important questions:

  • How does my business model need to change to create value in the future healthcare world? What are my endowments that will allow me to succeed?
  • How does my resource (for example, capital and talent) allocation approach need to change to ensure the future business model is resourced differentially compared with the legacy business?
  • How do I need to rewire my organization to design it for speed? 18 De Smet A, Pacthod D, Relyea C, and Sternfels B, “ Ready, set, go: Reinventing the organization for speed in the post-COVID-19 era ,” June 26, 2020, McKinsey.com.
  • How should I construct an innovation model that rapidly accesses the broader market for innovation and adapts it to my business model? What ecosystem of partners will I need? How does my acquisition, partnership, and alliances approach need to adapt to deliver this rapid innovation?
  • How do I prepare my broader organization to adopt and scale new innovations? Are my operating processes and technology platforms able to move quickly in scaling innovations?

There is no question that the next few years in healthcare are expected to require innovation and fresh perspectives. Yet healthcare stakeholders have never hesitated to rise to the occasion in a quest to deliver innovative, quality care that benefits everyone. Rewiring organizations for speed and efficiency, adapting to an ecosystem model, and scaling innovations to deliver meaningful changes are only some of the ways that helping both healthcare players and patients is possible.

Emily Clark is an associate partner in the Stamford office. Shubham Singhal , a senior partner in McKinsey’s Detroit office, is the global leader of the Healthcare, Public Sector and Social Sector practices. Kyle Weber is a partner in the Chicago office.

The authors would like to thank Ismail Aijazuddin, Naman Bansal, Zachary Greenberg, Rob May, Neha Patel, and Alex Sozdatelev for their contributions to this article.

This article was edited by Elizabeth Newman, an executive editor in the Chicago office.

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business plan ideas in healthcare

  • Startup Ideas

40+ Profitable Healthcare Business Ideas in 2024

Healthcare is a dynamic industry and hiding a lot of future opportunities. But the concerns of cost, complexity, and uncertainty can make this industry an unnerving one ( Mckinsey ). Whether you’re an investor, businessman, entrepreneur or innovator, you should try your luck because the healthcare opportunities are about to grow exponentially in the future.

Here, I’m going to share a list of healthcare business ideas that may inspire you to start innovative tech-based healthcare startups and become rich in a short time . Before I start delving into the list, let me share you with some important healthcare statistics for better understanding.

According to the Global Healthcare Industry Outlook (2018) report, the global healthcare sector will enjoy a 4.82% growth rate during 2018 and it is expected that the growth rate will increase in the upcoming years. In the report, it is concluded that Artificial intelligence, Big Data Analytics, the Internet of Medical Things (IOMT) and robotic inventions will bring innovation and reshape the healthcare industry.

According to WEF, leveraging innovation will assist healthcare practitioners to assist more patients in the future. In this regard, the Word Economic Forum highlighted 5 key trends that will reshape the future of healthcare such as Immuno-oncology, Gene Therapy, Personalised medicine, AI, and Wearable digital devices. Similarly, The wearable market is exploding these days. Statista reports that the wearable market is expected to increase 5.3% in 2021 and it is expected to hit 4.8% by 2024.

It means that the future of healthcare is bright. New opportunities will come for medical as well as for tech entrepreneurs.

Let’s start and discuss healthcare business opportunities one by one.

32 New HealthCare Business Ideas

25+ Profitable Healthcare Business Ideas for Aspiring Entrepreneurs

1. Medical Transcription Services

The internet has opened a lot of gates for people to make money online. From freelancing to setting up your own eCommerce site , you can do it all with the help of the internet.

Similarly, you can also start a home-based medical transcription services business. All you need is to become a virtual assistant and turn the doctors’ and nurses’ prescriptions into digital notes. Patients can easily save these digital prescriptions for their medical records.

At the same time, you can also develop similar apps for medical transcription services. You can make money through selling your subscription or you can sell your app on a one-time bases.

2. Connecting Doctors and Patients

Uber and Airbnb are businesses that are based on sharing economy models. These are internet applications that connect buyers and sellers at their platforms and they charge nominal commissions from each transaction.

You can also make similar applications where local doctors, physicians, ambulances can be listed, and patients can easily explore and acquire their services.

3. Medical Record Management

Maintaining a medical record is hectic work. If you are a good software engineer and able to build good medical record management software, then you can sell it to hospitals, clinics, medical labs and even sole practitioners.

At the same, you can also get complete outsourcing projects because it is difficult for sole practitioners to bear inhouse costs.

4. Introducing New Medicines

With the arrival of Ebola, bird flu, swine flu and zika viruses, doctors, professors and chemists introduced new vaccines to protect patients from deadly viruses.

If you are a good chemist or biologist, then you can do research and introduce new formulas, vaccines and even medicines to cure diseases. All you need is to conduct great research and patent your research work so that you can reap the reward in the future.

There are still some diseases such as cancer that need new medicines and vaccines at an affordable cost.

5. Medical Billing Services

According to Market Research Engine , the market size of Medical Billing outsourcing will be increased to $16 billion by 2024.

Medical Billing is a payment process/practice in the United States. The healthcare providers submit and follow up their claims from health insurance companies in order to get their payments against medical services rendered to patients. There are several tech companies offering their medical billing services by selling their medical billing software in the United States.

This market still needs improvement in the billing process and more tech entrepreneurs can bring innovative solutions. For big software houses and tech companies, it is a golden opportunity to start a new med-tech product.

6. The Supplies of Medicines & Equipment

Do you know that the market worth of Medical Supplies will be $136.63 billion by 2021? It’s true. The report of Medical supplies revealed that the market worth of this industry will be increased to $136.63 billion by 2021. It will be a tremendous expansion of this industry.

People with disabilities, seniors, and other patients having chronic illnesses have an ongoing need for medical equipment and supplies. Medical equipment and supplies may include braces, walkers, bedpans and more.

There is also a market in offering health tests to consumers to help them understand their own health needs without requiring a doctor’s visit. An example of this type of company would be BodyHealthIQ.com .

7. Health care Business Ideas in Manufacturing

Apart from the blend of medical and tech business, there is still a growing need of healthcare products such as Aloe Vera Gel, body oil, coconut oil, diaper, disposal injection syringe, empty gelatin capsule, hand wash products and healthy drinks. You can also produce/manufacture or supply these items to buyers and grow your business.

8. Healthcare business opportunities in Retail

As the population is increasing day by day, the health-related issues are also increased. This trend created a rise in the demand for quality healthcare services.

To fulfill these demands governments from all around the world spend and grant millions even billions of dollars but still, the demand is not fulfilled. If you have a medical background, you can fill this gap by starting the following healthcare businesses:

  • Diagnostic Centre
  • Fertility Clinic
  • Medical Equipment Store
  • Medical Shop

The above businesses you can start from small to medium investments.

9. Alternative Healthcare Startups

Apart from normal healthcare businesses, there are other alternatives and traditional healthcare startups i.e. massage therapy and acupuncture, which you can launch in your area. Please note that the requirements for starting these types of healthcare practices may vary from state to state.

10. Big Data & Analytics

The business and financial industries are already enjoying the big data revolution. Similarly, big companies are also investing on big data to revolutionize the health-related industries. Try to figure out gaps in this niche.

11. Drug Development

Conducting research is time-consuming as well as it requires a lot of funds. If you are running a pharmaceutical company and share your data with new researchers, then it can decrease the cost of research and help them to develop new drugs. It will be a win-win situation for both parties i.e. small players as well as for big companies themselves.

12. Figuring out and Predicting Patients’ medical needs

Medical Business ideas

For Physicians and healthcare providers, it is difficult to figure out and predict the patients’ needs in some cases. It is time-consuming work.

With the use of some big data tools, physicians can not only highlight the risk factors associated with the health of the patients, but they can also monitor the health condition of patients. Like Optum, there is a still need of other big data tools to predict the patient’s medical need.

13. AI and HealthCare

Just like other fields, artificial intelligence is also helpful for the healthcare sector. Numbers of startups are using artificial intelligence-based software to improve healthcare services.

They are using AI tools with machine learning features to detect complex diseases. It is a growing niche and techpreneurs can disrupt the market.

14. Improve Medical Research

From the last few decades, a number of new diseases are coming and affecting people. Medical research is very important to find solutions to the problems.

If you are a good researcher, you can contribute to medical studies. You can also patent and sell your research to medical organizations.

At the same time, you can also a start medical research Centre to improve the healthcare sector.

15. AI and Insurance Fraud Detection

As mentioned above, artificial intelligence is improving the business, finance and healthcare centres. Similarly, AI is also helpful for fraud detection in the insurance industry. Sometimes, it becomes difficult for insurance experts to detect fake claims and frauds.

Employing AI tools with access to all data i.e. what information should be used/crawled for analysis and delivering results, can greatly help the insurance companies to detect fake claims and frauds. These types of tools will be a great demand in the upcoming years.

16. Blockchain and Smart Contracts

healthcare business opportunities

Likewise, in AI and machine learning, Blockchain is also disrupting almost every industry. It is also possible to integrate new technology i.e. smart contracts to improve drug testing for both practitioners and patients.

With highly secured technology and encrypted with blockchain, companies can attract and motivate employees to participate in drug testing trials with privacy and fairness. There is also a great demand for such tools which much be encrypted with blockchain.

  • 5 Reasons why Blockchain Adoption will be Huge
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More Business Opportunities in Heath Sector

Similarly, there are also other healthcare / medical business ideas and opportunities you can pursue with little to high investment. Some are mentioned below:

17. Building 3D Printing Specialized Equipment’s for surgery

There is an inclining demand for medical equipment, especially during these COVID times. This demand cannot be completely fulfilled by using traditional methods. This situation requires a more fast and cost-effective method for equipment manufacture. 3D printing is the latest and most efficient method so far.

Retractors, forceps, hemostats, scalpel handles, medical clamps, needle drivers, are some of the surgical instruments been produced through 3D printing. The demand for 3D printing is increasing day by day.

18. Blood testing and bank

Blood testing holds a pivotal position in medical diagnosis and treatment. Doctors reply on blood tests to ensure patients well being or to confirm any disease. Blood testing and storing blood in blood banks require high professionalism. Accurate and precise results need proper technicians.

To have a successful entrepreneur lab for blood testing besides the actual work, focus on the lab’s financing, taxing, and business planning.

19. Building Robots To Manage Medical Tasks

Robots are taking over almost every field of life. In medicine, it may improve the certainty of a successful operation. Many robots, such as da Vinci, the TUG, the CyberKnife, the PARO Therapeutic Robot , are being used in highly specialized surgeries. They can change the course of human surgeries by providing more accurate, precise, and life-saving work.

If you are good in both medical and engineering, you can try out your luck in this field. Remember that you will require a good knowledge of programming and engineering as well as medical.

20. Healthcare Finance Planner

Healthcare professionals have quite a lot of load over their shoulders. The responsibility of taking care of other people’s health is not an easy task. Moreover, they also need to take care of their own financial problems. Here the need for a financial planner arises.

A financial planner will look after their financial issues such as paying the debt to manage salary. If you have studied finance, this is a profitable field to get started.

21. Starting a Health Insurance Agency

Insurance agencies earn quite an amount of money by investing their premium amounts. Health insurance is one of the most common insurance domains. People realizing the importance of health as well as insurance definitely opt to have health insurance.

If you have good business knowledge along with your medical knowledge, this field can prove really profitable.

22. Making Wearable Technology Devices

Wearable technology devices have become the new hype in the town. Besides tech knowledge, one also needs a good grip over the medical field because these wearable devices work by interacting with the human body.

If you are good both in medicine and advanced technology get into this field to gain high profits.

23. Opening of Childcare & Eldercare Centre

Opening z childcare centre or an eldercare centre is a good option. Besides providing them other life facilities, taking good care of their health will also be your responsibility.

When opening a care centre, make sure that you have proper knowledge of business planning and implementation. Moreover, you should know how to take care of financial issues.

24. Veterinary Clinic

Veterinarians work for animal care. For opening a veterinary clinic, you should be good around animals. It is a great opportunity for all those animal lovers. Vets are responsible for your pet’s health and will treat him in any case of injury or disease.

Opening a veterinary clinic will demand more than a degree. You must have good entrepreneur skills and business planning skills.

25. Starting a Retail Pharmacy Store

Pharmacy stores are highly profitable if managed properly. For opening a pharmacy retail store, you will need good capital for investment and also a permission permit from the state.

Those interested in pharmaceutical-related jobs and having business plans in their minds should definitely go for it.

26. Opening a Maternity Centre

There are many areas that lack proper maternity centres or also known as birth centres. When in labor, women prefer the nearest maternity centre. Go for areas that lack birth centres around large circumferences. This will attract a higher no of patients.

There are strict rules and regulations for opening maternity centres. Follow them when opting for a business start-up in this field.

27. Start Blogging, discuss medical issues and make a living

Bloggers are earning a handsome amount of money and some are even exceeding the limits. Having a good medical approach gives you the opportunity of writing a medical blog.

Take ideas from different currently well-established bloggers. Establish your blog and keep writing without any gaps.

You can also hire web developers for developing a professional-looking blog. This is one of the entrepreneur ideas that does not require much investment.

28. Medical Cleaning & Waste Disposal Business

Medical waste contains high amounts of toxins and pollutants. If not disposed of properly, it pollutes the environment. Hence, there are strict restrictions regarding medical waste disposal. Every hospital contacts different waste management companies to get rid of their waste.

For a business start-up for medical waste management, get familiar with the rules.

29. Start a Healthcare Management Organization (HMO)

Healthcare Management is a wide business range. There are various opportunities to avail yourself of. Pick a specific and microdomain to focus on your clients and your services in a better way.

For Healthcare MBA graduates, this kind of startup will prove to be much profitable considering their immense knowledge regarding this field.

30. Starting a Wellness Centre

Wellness centres are different from hospitals. Here, medical professionals provide mental and physical healthcare services to their clients in a more casual way.

For starting a wellness centre build a professional and highly coordinated team. Focus on a good business plan. Build a quite attractive and relaxing business place.

31. Starting a Medical Waste Recycling Centre

Medical waste is recycled to make different items that do not require much hygiene, such as urine bags. Hospitals dispose of their medical waste with the help of different medical waste management companies. Coordinated with such companies and recycle the obtained waste.

Build a recycling plant and a team that will take care of every step from collecting waste to delivering the recycled products.

32. Healthcare / Medical Consultancy Business

There are various healthcare professionals running their own independent clinics. Besides keeping an eye on their medical services, they have to supervise their financial and business issues.

Medical Consultants provide services in this regard. They advise medical professionals to take important steps that will increase their patient care and business. Medical consultancy requires good business knowledge as well as medical knowledge.

Here are 20 more new healthcare startup ideas you can consider in 2024:

33. AI Powered Personalized Virtual Health Assistant

34. Building an AI Powered Diagnostic tool

35. Mental Health & Wellness Applications

36. Virtual Reality Rehabilitation

37. Patient Advocacy Services

38. Genetic Health Services

39. Mobile Health Clinics

40. Drug Recovery with the Help of AI

41. Healthcare Data Analytics

42. Fertility & Reproductive Health Services

Wrapping Up

No doubt there are numbers of other healthcare business ideas and medical business opportunities you can pursue, but investment, skills and licenses/certifications are required to start a business . The outcome of this article is that the tech based healthcare businesses will enjoy more success in the upcoming years as compare to traditional ones.

So, what type of business you’re going to start?

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  • 32+ Profitable Healthcare Business Ideas in 2024


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I thought having my own office meant I'd 'arrived,' but it was depressing. Here's why open-plan office layouts are best.

  • Jennifer Moore has worked in financial services, tech, and SaaS for 20 years. 
  • During that time, she's worked in cubicles, open plan offices, and has had her own office spaces.
  • The open plan concept is her winner due to the natural light and varying spaces for work. 

Insider Today

This as-told-to essay is based on a transcribed conversation with Jennifer Moore, 43, from Salt Lake City, about her experience working in different office spaces. The following has been edited for length and clarity.

I was a summer intern with a small desk in a hallway when my career began in 2003.

There was another intern who had her own cubicle with high walls that kind of looked like a mini office. I really loved my makeshift workspace, but I'll be honest — I was jealous. It was like I was an afterthought.

I've spent 10 years in financial services , where I worked in everything from high-walled cubicles to open office floor plans to eventually having my very own office. I also spent 10 years in B2B tech and software-as-a-service companies , where there's nothing but open office plans.

Cubicles are good for deep work and privacy, but they can be isolating

I've found that the true cube farm — with four high walls and a doorway — can be really helpful for deep work and conducting short one-on-ones.

I think privacy is another pro. In 2006, when I was working at Wells Fargo , I received an email telling me someone I was very close to in high school had died. I remember having a very loud reaction. My co-workers heard me but didn't necessarily see me burst into tears. It was a blessing to have a bit more privacy at that moment.

Related stories

The cons of cubicles is that they were somewhat isolating. There was no sunlight. The executives and leaders all got these fantastic offices that had windows, so you could tell immediately who the head honchos were.

Having my own office was depressing and soul-crushing

Having your own office is associated with prestige and privacy, but my first experience of this was horrible.

In 2015, I thought I had arrived. I had officially made it into product management at a financial services company and was given my very own office with a door. I had a furniture budget and everything, but I was absolutely miserable.

There was no natural light, only dim fluorescent lights, so I'd try to get out in the sunlight every day. There wasn't any foot traffic passing by my area because it was in a weird corner. It was isolating — I could go an entire day and not see or talk to a soul if I wanted to.

It was really depressing and soul-crushing.

One thing I would say is, at the time, I was doing some physical therapy, and it was really nice to be able to shut the door and close the shade on my tiny window so I could do stretches in complete privacy.

I learned that the overall workplace environment is more important to me than whether I had achieved having my own office.

You can say you believe in teamwork and collaboration but if you haven't designed an office space that encourages this, people are going to struggle to embrace it daily.

I think open-office plans are the clear winner, as they allow for different types of work

After I left my previous company in December 2023, I decided to focus full-time on my own consulting business.

I work in a coworking space for a company I consult for. It has an open floor plan with several conference rooms, telephone booths, and seating areas.

I think open office plans are the clear winner in a modern workplace, but their weaknesses should be augmented by using aspects of cubicle design that allow for areas of privacy and for different types of work.

Managers still need privacy. In a place where I worked recently, an executive would regularly conduct all their one-on-ones in the open seating area, and several people commented how awkward it was to hear highly personal information being discussed on a daily basis.

In open-floor plans, you can find spaces for deep work, collaboration, and large and small meetings. They can have soundproof booths in a hallway for privacy. Cubicles take up so much real estate, making it hard to create these options.

Another pro of open floor plans is natural light. I've noticed that in newer buildings, everyone has access to sunlight, rather than just the senior and executive leaders in their offices.

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Biden Administration Finalizes Rule Curbing Use of Short-Term Health Plans

The new regulation reverses a Trump-era policy that expanded access to health plans with fewer benefits than those sold on the Affordable Care Act’s marketplaces.

A man rides a bicycle on a street past signs advertising Obamacare and insurance.

By Noah Weiland

Reporting from Washington

The Biden administration announced on Thursday that it had finalized a new regulation that curbs the use of short-term health insurance plans that do not comply with the Affordable Care Act, reversing a move by the Trump administration to give consumers more access to cheaper but skimpier plans.

Under the new rule , the short-term plans will be able to last for only 90 days, with an option for a one-month extension.

In 2018, the Trump administration issued a rule allowing the plans to last for just under a year , with the option of renewing them for a total duration of up to three years. Previously, under an Obama-era policy, the plans were required to last for less than three months.

The plans, often with lower premiums than those found on the Affordable Care Act’s marketplaces, do not have to cover people with pre-existing conditions. They are also free from the health law’s requirement that plans offer a minimum set of benefits, like prescription drug coverage and maternity care.

Democrats deride the so-called short-term, limited-duration plans as “junk” insurance, and the Obama-era policy was meant to ensure that healthy consumers could not use that option to sidestep the Affordable Care Act’s marketplaces, leaving a sicker pool of customers enrolling in the comprehensive plans offered under the health law.

The White House cast the new rule as a way to fortify the marketplaces. In a briefing with reporters on Wednesday, Neera Tanden, President Biden’s domestic policy adviser, said that 45 million Americans were now covered through the marketplaces or the expansion of Medicaid under the Affordable Care Act. More than 20 million people signed up for plans on the marketplaces during the most recent open enrollment period.

“President Biden is not taking his foot off the gas,” Ms. Tanden said.

Supporters of the short-term plans have said that the less expensive options are well suited for people who are unable to afford a marketplace plan. Brian Blase, who worked on the 2018 rule as a White House official under President Donald J. Trump, said the plans were also ideal for contract and self-employed workers, including those with incomes too high to qualify for more generous subsidies on the Affordable Care Act’s marketplaces.

Mr. Blase said the new rule could cause insurers offering marketplace plans to face less competition. Sick consumers buying a three-month plan could also lose coverage without a better immediate option, he added.

“Nobody benefits,” he said.

But critics of the short-term plans have warned that insurers can mislead consumers who enroll in them, including people who might be eligible for free coverage through the marketplaces. The new regulation requires insurers to provide a disclaimer explaining what the short-term plans cover.

In its announcement on Thursday, the White House cited a man in Montana who accumulated over $40,000 in health costs because his cancer was considered a pre-existing condition, and a woman in Pennsylvania who underwent an amputation and received roughly $20,000 in bills that her plan would not cover.

Sabrina Corlette, a research professor at Georgetown University’s Center on Health Insurance Reforms, said the plans often showed up prominently when consumers searched online for health insurance, with deceptive advertising.

“Often the marketing materials say they cover hospitalizations and prescription drugs,” she said. “To the average consumer it looks like a real health insurance plan.”

Georgetown researchers last year conducted a so-called secret shopper study , calling 20 sales representatives to ask about health plans for people who had lost Medicaid coverage and were eligible for free marketplace plans. They found that none of the representatives mentioned the availability of the free plans. The brokers often used aggressive and misleading tactics to sell short-term plans without providing written plan information, the researchers found.

Ms. Corlette said that brokers typically received higher commissions for selling short-term plans than they did for more comprehensive options.

As a consumer, she said, “you have to be so savvy and careful.”

After the Trump administration issued its rule in 2018, some states moved on their own to limit the sale of short-term plans. Democratic lawmakers urged the Biden administration to reverse the regulation, and the administration issued a proposed rule to do so last summer.

Noah Weiland writes about health care for The Times. More about Noah Weiland

business plan ideas in healthcare

Biden Administration Clears Rule on Short-Term Health Plans

By Sara Hansard

Sara Hansard

The Biden administration Monday cleared a final rule governing short-term limited-duration insurance plans, which critics say are a cheaper but lower-quality offering that diminishes the consumer protections in the Affordable Care Act.

The final rule cleared review by the White House’s Office of Management and Budget. It can be issued at any time.

The administration proposed restricting the length of the initial short-term limited duration contract period to no more than three months, and the maximum coverage period to no more than four months, taking into account any renewals or extensions.

That reduces the current maximum length of short-term coverage ...

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Steward Health Care has deal to sell doctor network to UnitedHealth

Insurance giant’s optum unit is already a major player in physicians’ offices.

Holy Family is among Steward's Massachusetts hospitals.

Troubled hospital operator Steward Health Care, grappling with a financial crisis that’s engulfed its eight Massachusetts hospitals, has struck a deal to sell its nationwide physician network to insurance giant UnitedHealth’s Optum unit.

The proposed sale of the doctors group, called Stewardship Health, is part of Steward’s plan to shore up its finances and bolster its nationwide network of 33 hospitals after the Dallas-based company last year fell behind in paying bills and rents.

The sale will be reviewed closely in Massachusetts, where policy makers are looking for a potential leverage point to force Steward to plow the proceeds into its struggling hospitals and to prevent closure of crucial facilities. Already, some elected officials who have repeatedly accused for-profit Steward of prioritizing shareholders over public health are sounding warnings about the sale of the physicians practice.


“After years of gross profiteering and mismanagement, Steward’s latest plan raises more serious questions about the future of the Massachusetts health care system,” Senator Elizabeth Warren said in a statement. “My top priority is ensuring Steward’s Massachusetts hospitals remain open. But Steward executives have no credibility, and I am concerned that this sale will not benefit patients or health care workers, or guarantee the survival of these facilities.”

On Tuesday, a subsidiary of Optum, called Collaborative Care Holdings, filed notice with the Massachusetts Health Policy Commission over the sale. A price tag was not included in documents filed with the state, and Optum officials did not immediately respond to comment.

Steward did not respond to requests for comment.

The commission’s executive director, David Seltz, said the agency would examine the impact of the deal on health care costs, quality, access, and equity before the sale can be completed. The commission will have 30 days after receiving the required information to assess the impacts of the transaction, but could conduct a more extensive review. If it finds the sale would worsen quality or drive up health care costs, the commission can refer its findings to the Massachusetts attorney general.

The deal may also be scrutinized by other state regulators or federal antitrust authorities.

“This is a significant proposed change involving two large medical providers, both in Massachusetts and nationally, with important implications for the delivery and cost of health care across Massachusetts,” Seltz said.

But Julie Pinkham, executive director for the Massachusetts Nurses Association, said state officials might not have enough authority to stop or influence the deal.

”While it is essential that the Health Policy Commission conduct a thorough review of this sale and its impact on the Commonwealth, the key question is if the HPC or other agencies of the state have the requisite authority to reject the proposal or assign any obligations to the proposal to protect the public,” Pinkham said in a statement.

Under the proposed deal, Optum would acquire Stewardship Health, a Steward affiliate that includes the company’s primary care doctors and other clinicians in nine states, as well as its contracting network for physicians. It was unclear whether the sale might alter the value of the hospitals, which Steward has also been trying to sell.

Massachusetts political and community leaders said they worried about whether the deal would further weaken Steward hospitals in the state because its former physicians could soon refer patients to other hospitals.

Boston City Councilor Liz Breadon, who represents the Brighton neighborhood of Steward’s flagship Massachusetts hospital, St. Elizabeth’s, said she wants to study the Optum deal but is worried that UnitedHealth may be “cherrypicking” Steward’s more profitable assets at the expense of vital community hospitals.

”We need quality hospitals that deliver comprehensive care,” Breadon said. “But I’m not sure they want to take hospitals.”

Noting that the hospital buildings are saddled with rent obligations to an out-of-state landlord, Medical Properties Trust, she said, “When you don’t own the buildings and you’re going to be liable for a lot of rent,” the hospitals become less attractive to another prospective operator.

Others worried about the growing market power of Optum.

“Optum is particularly aggressive, and they’re growing their footprint in Massachusetts in a significant way,” said John McDonough, professor at the Harvard T.H. Chan School of Public Health. “It’s not a good sign with where we’re headed with Steward, and we need to hear from state government about what their strategy is, what are they trying to achieve.”

David E. Williams, president of Health Business Group, a Boston management consulting firm, said Optum is focused on buying more profitable physicians practices rather than brick-and-mortar hospitals.

“They don’t want the facilities,” Williams said. “They want to control more primary care, control the patient flow.”

The purchase of Stewardship Health could potentially be challenged on antitrust grounds, since Optum’s doctor network — the largest employer of physicians nationally — is also one of the largest in Massachusetts.

The Justice Department is investigating the relationship between UnitedHealth’s insurance unit and its doctor networks for potentially anticompetitive practices, the Wall Street Journal reported last month.

Optum has already expanded its Massachusetts presence through two major acquisitions. In 2018, Optum bought Reliant Medical Group, a nonprofit network with more than 500 care providers, for $28 million plus agreements to pour more resources into the network. And in 2022, Optum paid $236 million for nonprofit Atrius Health and its network of close to 1,000 doctors and providers.

Nationwide, the unit includes 90,000 doctors, a major pharmacy benefits manager, surgery centers, and a health data business.

Optum’s Change Healthcare unit, which processes insurance payments at pharmacies and other providers has also caused headaches in Massachusetts. Due to a cyberattack last month, Change was unable to process payments , forcing doctors and patients to scramble for coverage of prescriptions.

Steward Health was formed in 2010 when chief executive Ralph de la Torre led an effort to convert what was then a chain of financially shaky Catholic hospitals to a for-profit system backed by a private equity firm. In the years since, the company, with de la Torre at the helm, sold Steward’s hospital buildings to Medical Properties Trust, freeing capital to expand nationally but saddling its hospitals with large rent payments.

He also moved Steward’s headquarters from Boston to Dallas, bought out its private equity investor, and went on a personal spending spree , buying a Dallas mansion, a super yacht, and a high-end sports fishing boat.

Steward’s financial crisis has prompted lawsuits from suppliers and the loss of leased medical equipment. In October, a woman died after giving birth at St. Elizabeth’s , where a vital device called an embolism coil had been repossessed by creditors.

Last month, Steward obtained new loans from its landlord, MPT, and other creditors as part of a plan that depended on selling assets such as its physician network. Other hospital operators in Massachusetts are also in the running to take over Steward facilities . Governor Maura Healey and other politicians have called for Steward to leave the state.

Aaron Pressman can be reached at [email protected] . Follow him @ampressman . Jessica Bartlett can be reached at [email protected] . Follow her @ByJessBartlett . Robert Weisman can be reached at [email protected] .

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Biden-Harris Administration Protects Consumers from Low-Quality Coverage by Limiting “Junk” Health Plans

These actions build on the Biden-Harris Administration’s effort to eliminate hidden fees and consumer traps in every sector of the economy.

Today, the Biden-Harris Administration is taking yet another action to lower health care costs and protect consumers from being scammed into purchasing lower quality insurance, or “junk insurance”. The Biden-Harris Administration is closing loopholes to prevent health insurance companies from misleading consumers into buying health plans that discriminate based on pre-existing conditions and that provide little or no coverage when consumers need it the most. Today’s action will protect families from receiving thousands of dollars in health care bills.

Specifically, the Departments of Health and Human Services, Labor, and the Treasury (collectively, the Departments) are releasing the Short-Term, Limited-Duration Insurance and Independent, Noncoordinated Excepted Benefits Coverage, or “Junk Insurance”, Final Rules. Short-term, limited-duration insurance (STLDI) is a type of health insurance that is typically designed to fill temporary gaps in coverage when an individual is transitioning from one source of coverage to another. Unlike most health insurance plans, STLDI plans are not subject to the Affordable Care Act’s (ACA’s) critical consumer protections, including guaranteeing coverage for people with pre-existing conditions and prohibiting discrimination based on health status, age, or gender. Today’s final rules will limit these “short-term” plans to truly short time periods, no more than four months instead of three years.

In addition, the final rule will require health insurance companies to be clear and up front with what consumers are buying. Short-term plans, as well as “fixed indemnity” insurance policies that provide a fixed, cash payment for a health care event, will have to include a clear, easy-to-understand consumer notice on marketing, application, enrollment, and reenrollment materials, so that consumers can make informed coverage purchasing decisions. The final rules increase transparency while helping to ensure that consumers do not mistakenly enroll in these types of insurance plans as substitutes for comprehensive coverage.

“HHS is cracking down on junk insurance plans to help consumers make informed choices and avoid mistakenly paying for a plan that does not provide them the coverage or protection they expect,” said HHS Secretary Becerra. “Over the past three years, we have helped more people gain access to high-quality, affordable coverage — and more than 300 million Americans are covered for the first time ever. We want everyone to have the peace of mind that comes with having coverage that includes the protections and benefits they expect.”

“CMS is committed to furthering the promises made by the ACA 14 years ago,” said CMS Administrator Chiquita Brooks-LaSure. “By increasing consumer understanding of short-term, limited-duration insurance and fixed indemnity excepted benefits coverage and making short-term plans truly short term, people will be more informed about the risks associated with these types of coverage and their options for comprehensive coverage.”

For more information on the final rules, you may read the fact sheet, here .

To view the final rules, visit the Federal Register .

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