Sooner or later, everyone needs health care. This means there’s a US heath care market of more than 330,000 million—a market rife with opportunities for aspiring entrepreneurs.
Indeed, the number of health care startups in the US health care market has steadily increased during the past decade, with nearly 600 launched in 2022 alone. Here’s what industry experts predict for the future of the health care industry, plus medical business ideas for startups to inspire you today.
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Why entrepreneurs start healthcare businesses
Analysts expect the healthcare market to grow—both in total dollar value and as a share of gross domestic product (GDP). As of 2023, the healthcare sector accounted for more than 18% of US GDP, and healthcare expenditures are forecast to exceed 20% of GDP by 2031, according to the Peter G. Peterson Foundation.
At the same time rising costs and technological advances are driving change within the industry. Deloitte predicts healthcare organizations will combat declining profit margins by outsourcing labor to third-party service providers. Large healthcare systems will also continue to explore the potential for next-generation digital technologies to transform business operations, manage medical information, communicate with patients, and deliver care.
As the healthcare industry expands, aspiring entrepreneurs can earn money by helping healthcare organizations and independent service providers boost profits, reduce operating costs, and provide quality care.
Health care business ideas
- Medical accounting service
- Medical billing service
- Health care industry marketing
- Medical transcription service
- Home health care service
- Medical records management
- Medical supplies
- Medical apparel
- Health insurance specialist service
- Health care blogging business
- Medical cleaning
Health care is big business, meaning there are plenty of ways for you to earn money by meeting market needs. Here are some of the top medical business ideas to inspire your own health care business:
1. Medical accounting service
Many profitable health care business ideas focus on helping medical practices outsource key business tasks, including accounting services. If you’re a certified public accountant (CPA), you can start a business that helps health care providers manage their finances and file taxes. You’ll need expertise in industry-specific skills like navigating private and government insurance programs. You can provide accounting services remotely, making this a flexible online health care business idea.
2. Medical billing service
Although large health care organizations typically have internal billing departments, many health care providersoperate independently or out of smaller clinics—and small private medical practitioners often outsource medical billing processes to third-party service providers.
Medical billing is a specialized field that requires certification by an accredited body like the American Health Information Management Association (AHIMA) as well as an advanced understanding of insurance billing, reimbursement, and related processes.
Billing specialists file insurance claims, collect payments from insurers and patients, and help practices use and maintain medical billing software systems. If you’re interested in a medical billing business, you can obtain certification online and offer your services to small and mid-size practices.
3. Health care industry marketing
If you’re into marketing, start a company that helps health care providers reach their target audiences and attract new patients: Smaller clinics and independent health care providers frequently retain third-party service providers for this type of support.
Consider also developing your expertise in a particular niche. For example, you might position your company as a marketing service for dental offices, veterinary clinics, or providers of alternative health care services like acupuncture or massage therapy.
4. Medical transcription service
Some health care organizations let medical professionals make audio recordings of patient chart information—an approach that can save time but requires the support of a medical transcriptionist. These specialized transcriptionists type up the audio recordings to include in written patient records that are easily accessible by all members of a patient’s health care team.
Start a medical transcription business offering this service to medical service providers. The increasing popularity of telehealth services can also increase the demand for transcription services. Many telehealth software solutions automatically generate transcripts that require a check for accuracy by a knowledgeable reviewer.
5. Home health care service
Home health care workersprovide medical services and care for temporary or long-term health care needs, such as patients recovering from surgeries or other medical treatments, patients with severe or chronic health care conditions, or senior citizens. The training requirements for home health care providers vary by state, but in most cases, care providers must complete a certification program and pass a test.
If you have strong interpersonal skills and want to support positive health outcomes for clients, you can earn money as a home health care provider. The need for home health care services is expected to increase as the US population ages, so you have the opportunity to start a successful business that can scale over time. As your business grows, you might consider hiring employees to provide care, allowing you to serve a larger client base and freeing you up to focus on business operations.
6. Medical records management
Medical records management is a time-intensive task, and many health care organizations need specialized support. Start a medical record-keeping business to help independent medical providers and small medical practices manage their patients’medical records effectively.
You can also offer your services as a consultant, working with organization leadership to develop electronic health record management systems and support staff through the implementation process.
7. Medical supplies
Although many health care business ideas focus on business services, you can also start a business-to-consumer (B2C) ecommerce company selling medical supplies like braces, wound care supplies, or wheelchairs directly to patients.
Consider starting a medical equipment rental service. Individuals recovering from injury or invasive medical procedures often have a temporary need for expensive medical equipment, meaning there’s a consistent rental market for big-ticket items like oxygen concentrators, scooters, and hospital beds.
8. Medical apparel
Other B2C health care startup ideas can include targeting health care professionals by selling comfortable, functional apparel, such as scrubs, lab coats, and footwear. You might create a line of stylish, durable shoes for hospital workers or curate a selection of products designed to meet the needs of busy health care workers.
9. Health insurance specialist service
Health care insurance specialists help patients understand and navigate the health care insurance landscape. They can offer administrative support and insurance counseling services, assist with selecting health insurance plans, help patients understand benefits, and communicate with insurance companies and care providers.
Start your own health insurance specialist business and serve individual clients or partner with corporate HR departments.
10. Health care blogging business
If you’re knowledgeable about health care and the health care industry, earn money with a blogging business aimed at a target audience of industry professionals or health-conscious individuals.
Depending on your interests, you might focus on a specific niche such as mental health, medical technology, medical tourism, drug addiction and treatment, or even veterinary medicine. Help readers keep up with industry news, access resources, and find answers to common questions—and once you’ve developed a following, you can earn money by selling advertisements on your site.
You can also offer your expertise as a health care writer to industry publications, medical product makers, or even medical practices interested in developing a content marketing strategy.
11. Medical cleaning
Earn money by offering professional cleaning services to health care facilities such as medical labs, clinics, and offices. Medical cleaners follow specific protocols for disposing of medical waste and sanitizing facilities and equipment.
You can also offer medical-grade cleaning to business owners eager to curb the spread of viruses and other seasonal or infectious diseases so leadership can assure employees and clients that their spaces have been cleaned and disinfected by a trained sanitation team.
Health care business ideas FAQ
How do I start a small health care business?
Here’s how to start a small health care business:
- Conduct market research.
- Identify your target audience.
- Develop your unique value proposition.
- Obtain any necessary training or licensing.
- Design and launch your website or online store.
- Market your business.
How do you grow your health care business?
Here are three strategies to help you grow your health care business:
- Start a referral marketing program.
- Build your social media presence.
- Use outbound sales strategies.
Do you need a medical background to start a health care business?
No. Many health business ideas sell supplies or provide business services to health care organizations, neither requiring specific medical training.
