The unexpected onslaught of the coronavirus pandemic plunged the world into another global recession in 2020. However, insightful entrepreneurs leveraged COVID-19 into several lucrative opportunities. The healthcare industry contains different marketable departments such as medical insurance, manufacture of drugs/PPE, and clinical services, among many others. This industry ensures the general well-being of a community by curbing the spread of diseases/ailments. So, which imaginative and money-making ideas can entrepreneurs implement in today’s world? We shall explore some health-related business schemes here that aren’t just much-needed but innovative enough to survive in our post-COVID future.
Health-related business schemes for 2021
As people make plans to terraform Mars while cryptocurrency slowly takes over the world trade, innovation also dominates the healthcare industry. Within an ongoing pandemic, a thriving market exists for any health-related business proposal. But what do you need to establish these soon-to-be-suggested ideas? You must initially register your company before obtaining permits from different departments. So, let’s explain some of the most profitable business ideas in the healthcare industry for entrepreneurs:
- Rehab center:-
Nearly 15% of Americans abuse drugs and require immediate treatment. Establishing a rehab center doesn’t just like a useless proposal anymore! But should you pursue entrepreneurial ventures with no formal education at all? Don’t stay under the impression that a college education isn’t fruitful in 2021. Distance learning has changed the academic environment throughout the country. So, students can leverage e-learning opportunities to improve their business capabilities within the hemisphere of healthcare. Consider getting yourself an online MBA healthcare education to understand how to establish a “healthy” business. This degree combines business acumen with medical know-how.
- Medical transcription:-
One of the biggest trends right now when it comes to health-related business (if you have a medical background) is for sure the IV hydration business. Another bumbling health-related business suggestion today involves converting voice recordings of healthcare practitioners into written documents. It’s based on speech recognition technology. But clinics/hospitals still require someone to proofread these transcripts and ensure they’re accurate. Therein lies the business potential for aspiring entrepreneurs. You can work from home, make your hours, and operate this business digitally. Just remember to look out for potential competitors.
- Wellness blogs:-
Searching the keyword “coronavirus” shows several well-established websites that provide pieces of information regarding the pandemic. You can also start a blog and publish health-related content for interested audiences. Even if you aren’t well-versed in content writing skills, there’s always another option of hiring ghostwriters to produce informative articles. If you can write well enough, hire someone with SEO-related skills. Publish your content, share your articles, and become profitable.
- Childbirth services:-
It’s a service-based idea where pregnant women can find midwives for prenatal/postnatal care. This idea has become a reality with Birth Freely Childbirth Services, providing services for ladies in their third trimesters. This proposal seems more effective when established locally to offer some personalized experiences as well. Female entrepreneurs should invest in this scheme after pursuing some additional schooling. In the future, more expectant mothers will demand online midwives.
- Diabetic care:-
Besides rehab, you can also establish a center for diabetic patients. In 2017, CDC reported that over 9% of Americans suffered from this disease. With lockdowns implemented all over the world, there are concerns about people contracting non-communicable diseases. A sedentary lifestyle has also contributed to why we need more care centers for diabetic patients. You can hire professionals to teach patients healthy eating habits while providing group therapies and other treatment options such as counseling. Moreover, experts have estimated that the diabetes diagnosis rates will grow by 165% among Americans in the next 50 years. So, here’s the motivation to go with this proposal!
- Medical transportation:-
We already have Uber and Lyft investing in health-related services. This potentially profitable design involves giving patients rides to clinics/hospitals. With over 300% annual growth since its launch, we can see how Uber Health enables elderly and low-income riders to access non-emergency medical services. With this relatively new technology, entrepreneurs can improve it and devise better solutions for patients looking for affordable transportation to see their doctors.
- Health shows:-
The entertainment industry has become digital in the 21st century. YouTube and Facebook are the most dominant platforms to attract people’s attention. Creating another podcast about health-related issues during the pandemic isn’t just a financially-rewarding scheme. It can become a valuable source of information for laymen as well! Once you’ve attracted the audience’s attention, sponsors and advertisements will come on their own. We count this among cost-effective business schemes.
- Manufacturing products:-
Manufacturing business-related products will require putting some initial investment for making raw materials available. With the rising shortage of PPE in clinics/hospitals, healthcare practitioners need more masks, gloves, and uniforms. This idea seems profitable enough for young entrepreneurs to fulfill the highest standards expected from companies today. There’s no limit to the categories of products you can produce as a manufacturer. Among the items we’ve mentioned, there are:
- ECG machines
- Sanitary napkins
- Surgical bandages
- Syringes and injections
- Sanitizers and disinfectants
In 2018, the Global Healthcare Industry Outlook report revealed that the healthcare discipline enjoyed a 4.82% growth rate internationally. Also – with automation, artificial intelligence, and IOMT (the internet of medical things) – this progress won’t stop even in this decade. Statista has also predicted a 5% growth in the American healthcare industry between 2019 and 2024, with much MedTech and medical information technology improvement. That’s why we believe the medical industry constitutes the perfect playground for aspiring entrepreneurs. With proper planning and genius implementation, your idea can become the next revolutionary transformation in the healthcare industry for humanity’s benefit.