The healthcare industry has proven over the years to be a lucrative one. There are many different moving parts that require time and attention in order for the industry to operate as a whole. It’s expected that spending in healthcare nationwide will continue to grow at an annual rate of 5.5% over the course of the next 6 years.
Employment in the industry is expected to grow right alongside it, creating a lot of projected opportunity for entrepreneurs considering moving into the industry. If you’re entering the healthcare industry and looking to start a business of your own, here are some options to get you started.
Medical Billing Service & Records Management
If there is one guarantee in healthcare, it’s the need for a proper medical billing service and records management program. Absolutely every practice, hospital, clinic, etc. have a need for these particular services in order to keep their day-to-day operations on track. It’s also nearly impossible for a business to run successfully without a legitimate payment system, opening the door for tech entrepreneurs in healthcare.
Developing a service of this nature is very complicated due to all the different aspects of insurance claims, but is nearly a guaranteed success if done correctly. These services should also allow users flexibility to use on mobile devices or even iPads to allow potential users even more advantages to accessing a streamlined system.
Home Healthcare Service
Another strong business prospect for the healthcare industry is Home Healthcare Services. There is no shortage of people who require help at home from nurses or doctors. Owning and operating a home healthcare service is an excellent option for a business, and will also actively improve the lives of many people you may be able to reach.
Currently, in the United States, we are facing a huge epidemic in drug use, which is now a national crisis. Because of this, there has been an increased need for drug treatment and rehabilitation centers all over the country. Studies have shown that more than 115 Americans die every day from opioid overdose. Opening a rehabilitation center in a highly impacted area can have a huge effect on the nearby community, and can help people get their lives back on track.
Dr. Arnold Peter Weiss is the R. Scot Sellers Scholar of Hand Surgery; Chief of Hand Surgery; Vice Chairman & Professor, Brown University.