For aspiring entrepreneurs looking to cash in on the hot healthcare industry, there are plenty of opportunities. Here are several business ideas for healthcare professionals that can help you invest in the industry:
Medical Waste Removal
According to the US Environmental Protection Agency, the United States generates an estimated 6.0 million tons of medical waste annually. Someone has to get rid of it — and in the right manner.
This is where medical waste disposal services come into play.
Medical waste is identified as sharp objects like needles, razors, ampules, infectious waste, blood products, gloves, hazardous meds, partial doses, pills, antibiotics, and radioactive waste. Medical waste disposal companies remove these items from hospitals, dental offices, laboratories, and clinics to keep the general public safe. There are various ways these in-demand companies dispose of medical waste, including incineration, thermal/autoclaving, non-incineration irradiative/microwave, systems chemical and biological/enzymes.
The global Medical waste management market was valued at $11.77 billion in 2018 and is expected to reach $17.89 billion by the year 2026, at a CAGR of 5.3 percent, thanks to the growing population, which in turn increases the number of patients, resulting in the rising volume of medical waste.
Community Retail Pharmacies
This is among the most flourishing and productive business ideas for healthcare professionals in the sector today. Community pharmacies are making a comeback. People are seeking a more personal experience, opting for smaller independent pharmacies over the big chains. In the latest revenue report, pharmacy and drugstore sales amounted to approximately 263.47 billion U.S. dollars.
People looking to establish a community retail pharmacy follow current regulations that manage and guide the stockpiling, sourcing supply, sales, and recordkeeping in regard to HIPAA compliance.
A community retail pharmacy business is the best for individuals planning to open a store in the vicinity of medical facilities since demand is higher in such locations and is convenient for the growing supply of customers.
Pharmaceutical distribution companies can be described as the middleman between the drug manufacturing company and the retail pharmacy or end-user. This industry is recession-proof, making it an incredibly advantageous business idea for healthcare professionals.
Nearly 96 percent of prescription drug sales are made through pharmaceutical distributors — totaling $440.2 billion in the last report from the HDA Research Foundation, and continues to rise year after year.
Unlike a pharmacist, a special degree or medical background is not required.
Home Health Care Agency
Every 13 seconds, someone in the U.S. turns 65. A survey by AARP reveals 90 percent of baby boomers wish to stay in their homes as they age, rather than move into an assisted living facility or nursing home. Many of these people will need some sort of help with activities of daily living, whether cooking and light housekeeping, bathing, or even just companionship. Businesses like in-home care agencies that provide the caregivers will be there to fill this need.
The global in-home care industry is anticipated to reach $515.6 billion by 2027, registering a CAGR of 7.9 percent — making it another profitable business idea for healthcare professionals.
In addition to the aging population, the growing prevalence of chronic diseases such as Alzheimer’s, dementia, and orthopedic conditions, is expected to drive market growth even more.
Urgent Care Clinic
Crowded (and expensive) hospital emergency rooms and primary care offices are increasing the demand for convenient and affordable healthcare options. Enter urgent care — the final option in the list of business ideas for healthcare professionals. The number of urgent care facilities increased from 6,400 in 2014 to 8,100 in 2018. Urgent care centers account for $27 billion in overall healthcare revenue.
Urgent care clinics handle about 89 million patient visits each year, which includes more than 29 percent of all primary care visits in the U.S., and nearly 15 percent of all outpatient physician visits. The UCA’s 2018 Benchmarking Report found that more than 70 percent of patients waited less than 20 minutes to see a provider at an urgent care center.
One of the bonuses of urgent care is the option to get into the business through franchising, such as American Family Care, the nation’s leading provider of urgent care.
The experts at American Family Care can successfully lead entrepreneurs with or without a medical background through the process of starting a business in this industry.For more information, visit www.afcfranchising.com/.