The healthcare industry is a great sector for aspiring entrepreneurs to venture into. Provided you are passionate about improving patients’ health in your community, starting a healthcare-related business may be the best idea to implement right now amid the COVID-19 pandemic. There are vast opportunities for you to serve patients of all walks of life, ranging from the old to the young. The good news is that with new medical and technological tools, the healthcare industry will only get more efficient in the coming years. Here are a few ideas to consider.
1. Open an online pharmacy
You could consider starting an online pharmacy in the current circumstance. Recruit board-certified and licensed pharmacists and hire well-trained pharmacy technicians as well. Before shipping, the prescription will have to be checked by experts as required by regulations. Patients prefer timely medical services, so ensure that you plan your logistics carefully.
Your consumers (with the aid of their insurance) will pay for your prescriptions and supplements each month. On the other hand, if you are starting a private healthcare center involving anesthetics, you may want to partner with companies like Premier Anesthesia, which provides local practices, hospitals, and anesthesiologists with the national resources they need to serve their communities better.
2. Medical transcription services
Medical transcriptionists are responsible for transcribing healthcare practitioners’ voices into written documents as part of patient records. Thanks to advances in speech recognition technology, medical transcription has improved inefficiency. That said, it is yet to replace the need for manual transcriptionists fully. Medical transcriptionists can also review transcriptions to ensure that they are accurate. This could be a profitable business idea to launch and run within flexible hours. You can also do all of these digitally if you are tech-savvy.
3. Medical Transportation Business (Uber Health)
Uber Technologies is now a publicly-traded business entity. The taxi ride company is venturing into the lucrative healthcare industry in the hope of offering affordable rides to the doctor’s office. Uber Health works with healthcare institutions to render non-emergency medical transportation services for patients on a budget. As reported by The Wall Street Journal, Uber and Lyft intend to invest more in the health sector by working hand-in-hand with insurance companies and hospitals. Uber Health grew by 300% since its non-emergency medical transport platform was launched in 2018. Entrepreneurs can enter into this niche with relatively low overhead as compared to ride-share titans.
4. Home health care service
Your home healthcare business can provide in-house medical services for patients who have just been discharged from hospitals, people with chronic conditions, and seniors who need assistance with managing their health. In communities with rapidly aging populations, your healthcare business would greatly benefit your patients and allow you to earn a decent amount of money from your services.
There is a thriving market for health-related startups. Daring entrepreneurs may want to take advantage of the uncertainties in the world’s public health system to start a viable business. Hopefully, the above few ideas can help you launch a successful healthcare-related business right now.
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