Healthcare is an industry that knows no bounds when it comes to growth and opportunity. The global healthcare market is expected to reach $11 trillion in 2022. Currently, healthcare makes up about 20% of the gross domestic product in the United States. In 40 years, it will skyrocket to about 60%.
The future trajectory is incredible, which equals fantastic entrepreneurial opportunities in healthcare. Whether you’re an investor or aspire to be a medical entrepreneur, you should consider a business in one of the top five hot healthcare sectors.
Non-medical emergency transportation sometimes referred to as NEMT, is a new type of entrepreneurial opportunity in healthcare. Different from ambulance services, which provide mobile medical help to people with serious or life-threatening injuries and quick transport to hospital emergency facilities, non-medical emergency transportation helps people who need to travel to healthcare-related activities such as regular doctor’s appointments, post-surgery follow-ups, and outpatient surgery.
One example of the potential of this sector is Uber Health, the new medical arm of the popular ride-sharing service. According to Healthcare Drive, Uber Health grew 300% year-over-year since the nonemergency medical transportation platform’s launch in 2018.
The need for medical services is rising yearly thanks to an increasing number of patients needing medical care. As a result, there is a growing demand for medical billers.
Medical Billing is the process of submitting claims with health insurance companies so hospitals, doctors, and care facilities can receive payment for services they have provided. Many healthcare providers choose to outsource medical billing services to third-party medical billers.
The Bureau of Labor Statistics projects that healthcare services like medical biller jobs will rise by 13% through 2026 – at a faster rate than any other occupation.
Hospitals, nursing homes, and other healthcare agencies are constantly in desperate need of healthcare professionals. As a result, healthcare staffing is in high demand. This type of business helps medical facilities hire employees they would not otherwise be able to find on their own.
Healthcare staffing is an $11.1 billion industry with a projected annual growth rate of 7% over the next 20 years. Agency owners can generate revenue from a variety of sub-verticals within the medical staffing industry, including contract and per diem staffing, temporary contract employees, and traveling clinicians.
Senior Care Business
More thriving entrepreneurial opportunities in healthcare revolve around senior care – a $93 billion industry. This business model provides skilled nursing services, non-medical home care, or a combination of the two to older Americans. A silver tsunami is underway in the United States as the Baby Boomer generation continues to turn 65 at a rapid rate – as many as 10,000 a day, reports the U.S. Census Bureau. Most of these seniors prefer to age at home if possible – about 90%, according to AARP – rather than live in a nursing home or assisted living facility. The pool of clients in need of long-term care will balloon over the next few years, along with the demand for these services.
There is a shift in the medical community away from the traditional primary care model. Patients report dissatisfaction with wait times, weeks-long lag periods for an open appointment, and increased medical charges at the old-school family doctor. As a result, Americans want medical care that is fast, convenient, and cost transparent. Enter urgent care.
According to the Urgent Care Association, the number of urgent care clinics jumped 19% in recent years.
Consider an AFC Franchise
It may surprise some people to learn that urgent care is among the best entrepreneurial opportunities in healthcare. These facilities can be owned by business professionals and are not always affiliated with a large hospital network. The opportunity is even broader thanks to AFC, which allows people without a medical background the chance to own a clinic in the very lucrative urgent care industry.
Apply now to learn more information on the trending urgent care industry or to take the first step toward owning your own urgent care franchise.