With the recent passing of legislation that is flooding the healthcare sector with more funding, there is plenty of growth potential for the entrepreneur looking for a new area to invest in. The nationwide spending is projected to increase at an average rate of about 5.5% a year through the year 2026. This is faster than the entire national GDP is expected to grow at the same time. In fact, by 2026, the healthcare industry is expected to account for about 20% of the nation’s gross domestic product. Employment will continue to grow the field directly and also within the related occupations by about 18% within that same time frame. This is much faster than the national average of all occupations. Ten of the top 20 occupations expected to have the highest employment increases by 2020 will be found in the healthcare field. The surge in healthcare spending is partially responsible for the increase in opportunity. As healthcare entrepreneur and successful businessman Harry Stylli knows, you need to seize the opportunity of new business potential when it comes around. Here are several businesses that you could pursue if you want to get in on the healthcare market where there is still plenty of room.
1. Medical Transcription
There is an opportunity in the field of medical transcription services, where healthcare professionals voice record their notes and patients to later be transcribed into written documents. Although speech recognition technology has made improvements in how efficient medical transcription is, there is still the need for a human component. Transcriptionists still have to comb through the document to edit and review the pages for accuracy. If you are tech-savvy, you can create an efficient way to both complete the transcription and send the files to your clients.
2. Medical Records Management
The amount of data moving between the patient, practitioner, and healthcare facility is overwhelming, and healthcare providers are often looking to outsource the management of medical records. With the software developments that have been released to the market and cloud-based storage, you can easily start a records management service. You can train medical staff on how to use the documents systems, or you can become a consultant and work with doctors, clinics, or hospitals on how to implement management systems. You can also market your services to small businesses that need help organizing their documents and paperwork but can’t afford to hire full-time staff.
3. Therapy Center
As an aging demographic is going to become one-fifth of the American population, the need for assistive and rehabilitation services will continue to increase. Physical therapists work with patients who assist patients with recovering from injuries to regain a full range of motion. Occupational therapy addresses tasks of daily living, such as feeding and clothing. While this does require a certification, it is possible to find employment in a number of areas or start your own therapy center. A growing concern is that there will not be enough focused services for the aging population in the coming years, the population will outgrow the millennials.
4. Healthcare App Development
The prevalence of smartphones presents app development as a field that has a lot of job security. Various industries are taking advantage of the use of apps for data relay and information, and healthcare is no different. Many providers and individuals are turning to mobile apps as a way to manage their medical conditions. This is so much room for expansion in these areas, as the Internet of Things is projecting a significant increase in the number of new devices that will be released into the market over the next coming years. With some research and skill in app creation, you can explore areas of needs that the healthcare industry is going to experience and get a jump on development.
5. Drug Treatment Facilities
The opioid crisis is just one area of substance abuse threatening the citizens of the United States, and there is a growing need for legitimate centers that can help people overcome their addictions. The current statistics show that almost 115 Americans die every day from an overdose on opioids, and the national crisis the country is experiencing needs proactive attention. Partnering with the right agencies or establishing a non-profit center can be a great way to get into a business that works to make a difference in the lives of others.
6. Health Information Website
Many people are turning to the internet for information about items that deal with healthcare, and running a website that disseminates health information is one way to take part in the explosive growth of the industry. Even if you don’t have healthcare expertise, you can access people who do and offer informative content, online classes, links to insurance providers, and other vital information.
Being an entrepreneur in the healthcare field can take many forms. Starting your own business allows you to become financially dependent on yourself while working independently. The coming years show a lot of potential for those willing to work hard and explore untapped areas of business potential.