The healthcare industry can be very perplexing, but it can also be quite lucrative. Many business-oriented people launch startups that are geared toward specific health-related topics and concerns. Venture capitalists, like Xfund Patrick Chung, are always looking to pour their resources into businesses that focus on science, health, and medical technology. Here are ten health-related fields entrepreneurs can explore.
1. Physical Therapy
Physical therapy involves helping injured people manage their pain and restore their range of motion. A large number of entrepreneurs have established mobile physical therapy businesses. They send practitioners to people’s homes to conduct physical therapy sessions. These sessions may target issues such as back, neck, joint, and muscle pain or soft-tissue, sports-related, and work-related injuries. Consumers schedule these sessions online, using a desktop computer or smartphone.
2. Massage Therapy
Massage therapists help their clients relieve stress and decrease muscle tension by applying pressure to various parts of their bodies. Businessmen have erected brick-and-mortar establishments that provide a plethora of massage therapy services. Such services include Swedish, deep tissue, warm oil, prenatal, and postnatal massages as well as craniosacral and myofascial therapy. Customers book appointments in-person or online.
3. Medical Supplies
A large portion of the general population needs access to homecare medical supplies. The elderly and people with physical disabilities use canes, walkers, and mobility scooters. Those with chronic illnesses use catheters, blood pressure monitors, blood glucose monitors, and pulse oximeters. Since the demand for medical supplies is high, several entrepreneurs have founded medical supply companies. Some of these companies stock one specific piece of medical equipment while others stock various forms of medical supplies.
Those looking to start a health-related business have plenty of options in regard to the type of business they can establish. If they research the field they choose to go into and remain consistent, they should achieve a fair amount of success.
4. Talk Therapy
More and more people are choosing teletherapy sessions over in-person ones. This is why creators have designed online talk therapy businesses. These businesses allow patients to connect with therapists that can meet their unique needs and communicate with them via audio, chat, and video messaging systems. Some creators charge patients a monthly membership fee while others require them to pay for each session they attend.
There are several avenues business-minded people can take if they want to build a platform or provide a service that centers around nutrition. Some have developed sports nutrition programs that help athletes enhance their performance and achieve optimal health. Others have developed holistic nutrition programs that highlight foods that can facilitate physical, mental, and emotional healing. These programs may consist of coaching and meal planning services.
6. Drug Rehabilitation
There are entrepreneurs who have opened drug treatment and rehabilitation facilities to help people combat their addiction to harmful substances like alcohol, heroin, and cocaine. These facilities may offer detoxification programs, cognitive behavioral therapy sessions, twelve-step programs, or medication-based treatments. Some drug treatment centers focus on specific populations like people under the age of eighteen or people with children.
7. Auditory Rehabilitation
Many entrepreneurs have invested in hearing aid dispensaries. These dispensaries provide patients with a wide range of services, including hearing tests, hearing loss assessments, hearing aid fittings, and hearing aid repairs. People who already use hearing aids benefit from these services as well as those who are thinking about getting hearing aids. Certified audiologists and hearing aid specialists manage most of the activities that take place in a hearing aid dispensary.
8. Medical Records
Currently, a multitude of clinics and hospitals are looking for better ways to manage their medical records. This is why a significant number of entrepreneurs have built platforms and developed software that effectively and efficiently organizes and processes medical records. Medical management teams pay to use these systems and train staff members on how to use them. In the area of medical records, security plays a big role–federal law stipulates that a patient’s health information must be kept confidential.
9. Medical Billing
Medical billing can be a very tedious and time-consuming affair because it involves coding and sending claims to insurance companies. Oftentimes, small-scale medical facilities lack the funds and resources needed to maintain an in-house medical billing team. It is worth noting that medical billing can be outsourced. Businessmen have created medical billing companies, presenting their services to the practitioners who need them. Several of these companies handle claims submissions, denial management, and patient inquiries.
10. Medical Transcription
Medical transcription is a much-needed line of work. Healthcare workers like doctors and nurses produce audio recordings that need to be transcribed so that they can appear in a patient’s medical files. Medical transcriptionists convert those voice-recorded reports into written documents. Due to the fact that medical transcription can be performed virtually, many have started online transcription businesses, offering their services to medical professionals who do not have the time nor the capacity to transcribe their own recordings.