The healthcare industry should not primarily be about turning a profit; after all, it is reprehensible, to say the least, to profit off of other people’s illnesses and suffering. This may seem like a naive take, but there are a lot of good and passionate entrepreneurs who genuinely want to make a difference in the lives of patients while still earning a living. And the healthcare industry is a great place to explore because, for one, country-wide spending on health services is projected to advance at an average rate of 5.5% every year until 2026—which is faster than the national gross domestic product is expected to increase during that time. By the year 2026, the healthcare industry is projected to account for nearly 1/5 of the nation’s GDP. This number may be higher, given the current COVID-19 public health crisis.
Here are some healthcare-related business ideas for entrepreneurs who want to explore business opportunities by helping the ageing American population and those struggling with various diseases.
Physical or occupational therapy centre
Contrary to popular belief, physical therapists don’t just help patients recover from injuries and help them reduce pain and regain their full range of motion; occupational therapists also provide specific kinds of therapies to help patients and clients perform daily tasks like eating or changing their clothes by themselves. A therapy centre can specialise in one area or have both.
Healthcare apps and software
As technology continues to advance, so do opportunities to make life easier and more convenient for patients across the globe. Healthcare apps are a constructive and practical way for patients to record, track, and manage their medical conditions. If you have a background in app development or work with another person or a team that does, you can consider developing your own healthcare app since there will always be a growing need for it. Don’t neglect to do a thorough field market research to know what else is needed and if there is a gap in the market.
Home healthcare service
The Bureau of Labor Statistics projected that the demand for home healthcare would continue to increase to as high as 41% by the year 2026. The demand for nurses and caregivers will continue to grow, as well. As loved ones continue to age and as more people find themselves with debilitating illnesses, there will always be a demand for excellent home healthcare facilities that can help usher patients to recovery or help them feel more comfortable in the twilight of their lives.
If you have a residential property that you don’t know what to do with yet, consider transforming it into a comfortable hospice facility equipped with the most excellent healthcare equipment like patient care lifting machines, portable and fixed hoists, and bariatric solutions. These patients deserve the best and most top-of-the-line facilities and equipment as they spend the last few months of their lives.
Drug rehabilitation centre
Another healthcare service that will most likely see an uptick in the coming years is the demand for more drug treatment and rehabilitation centres. Since drug addiction is a public health crisis of national proportions, the solutions should be medical, concrete, and lasting. The American Addiction Centers estimated in 2016 that about 21 million people from ages 12 and above, or approximately 1 in every 13 people in this particular age group, needed substance abuse treatment. Only an estimated 3.8 million people from that age range received treatment, which means only about 18% of those in need of medical solutions could have access to it.
There is so much demand for more rehabilitation facilities and experts to help facilitate the addicts’ road to recovery, but there are also many limitations and barriers. There is a need for a wider range of addiction treatment programs in the U.S., so consider opening a rehabilitation and drug treatment centre to help ease the burdens of those working in this field.
Care service for caregivers
“Who’s caring for the caregivers?” is a good question to ask ourselves. Caring for severely ill people and ageing patients is an incredibly stressful job, and many of our caregivers are already reporting caregiver and compassion fatigue, especially in the time of COVID-19. A business idea with potential is respite care services for caregivers, which can allow caregivers and nurses to come in for a few hours or a few days to find time for themselves to rest and relax.
There is a lot of need in the healthcare industry—you only need to know where to look. So do thorough market research and partner up with skilled and compassionate people from the medical field to start a business that runs on compassion and profit.