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The healthcare industry is worth more than 10 trillion US dollars and this number is only going to increase. There are several avenues of healthcare, all of which presents a range of opportunities for entrepreneurs.
Whether you have a medical background or not, you can thrive in the healthcare sector by providing in-demand services to consumers and patients. With the rise in the incidence of disease, the need for treatments and therapies has never been higher.
There is also an increasing concern over the cost of medical care around the world. Creating a business that offers affordable healthcare services will help you to stand out above your competitors.
If you’re a start-up in the medical world and you’re not sure which route to take, here are four great healthcare business ideas for you to consider.
Medical Supply Sales
Every healthcare facility requires a supplier for its equipment, tools, and commercial cleaning supplies. You can set up a business to sell these medical supplies to hospitals and primary care practices on a local or nationwide scale.
You can also provide medical supplies for individuals with disabilities or chronic illnesses who require ongoing treatments and home aids, such as walking frames and handrails. Your business can either be a brick-and-mortar store or you can sell your supplies exclusively online.
Medical Transcription Service
Medical professionals, such as doctors and nurses, often dictate their findings into a voice recorder after their consultations. The audio clips must then be transcribed to produce written letters that can be stored in a patient’s medical record files.
There is software that uses speech-to-text technology. However, this software is often inaccurate and does not understand a wide variety of accents.
To overcome this problem, set up a medical transcription business. Your employees can work remotely to transcribe medical letters for healthcare professionals from their audio dictations.
Medical Records Management
Your medical start-up could focus on managing medical records for healthcare facilities. You can provide an effective management system for hospitals and clinics to use and store their patients’ records.
You have two options with this business model. You can either work with them to create an organized method of patient record storage on-site or you can take all of their medical record management into your own hands, so the healthcare facility doesn’t need to do anything themselves.
If you choose the latter option, you will need to buy or lease a large warehouse where you can store all of your client’s patient records. It’s important to keep your warehouse organized so that your staff can quickly and easily find the right records when one of your clients requests them.
Physical Therapy Services
People of all ages can require physical therapy services if they have been injured or are chronically ill. Physical therapists work to help patients establish better movement patterns and increase their range of motion in order to reduce pain.
Physical therapists also work with patients in the community to help them with their daily living activities, such as feeding, dressing, and washing. Your business model can focus on providing these services to patients either in a clinic or on a home-to-home basis.