Every domain has certain gaps that can be filled only through out-of-the-box solutions. The field of medicine is no exception. Doctors and other practitioners in every capacity and designation can also come up with innovative ways of earning cash through secondary sources. These alternate methods if given the time and dedication, can eventually become a primary income source.
"The concept of entrepreneurship and startups is only for those dealing with technology."
This is not true anymore. The above statement was good to be true if these were earlier times when startups just getting into the market. Now it all depends on how creative and ingenious an individual is.
Startup Ideas for Medical Practitioners
Here are some startup ideas for medical practitioners to introspect on and realize their dream of starting their own venture.
1. Online Consultancy
People are actually busy these days, they are so busy that they tend to not go to the doctor, till it's necessary. It’s common for people to look up their symptoms and identify probable diagnoses using the power of the internet and the countless health-related websites it has to offer. A doctor specializing in a domain of medicine such as cardiology can leverage this trend in today’s generation. By starting a website, he or she can provide online consultation services at a lower cost than what it’d take to visit a practitioner in real.
2. Medical Prescription Query Services
A lot of patients end up not being able to purchase medicines due to an incomprehensible doctor’s prescription. While pharmacists are there to help you out, won’t it be a plus if someone could suggest you generic medicines instead of the expensive ones that health specialists usually recommend? Mind you, in order to be able to cater to a variety of prescriptions, it is suggested a group of medical specialists start such an initiative as a team in order to cover as many health domains as possible (cardiology, dentistry, orthopedic, etc.)
3. Online Medicines Store
The following is the lifeline of many people in urban areas. Especially, for elderly people, as they are not able to go to medical stores often. For this purpose, this online medical store is getting on-trend. You will be able to get all kinds of medicine, at a cheaper cost and at your doorstep. Easy-peasy right? Hence, these online medicines store a good form of a startup in the medical field.
4. Consultant to Big Pharmaceuticals
Companies such as Pfizer, Sun Pharma, Ranbaxy, and many others need expert advice from medical practitioners when it comes to drug trials. As a strategist to these big-shots, doctors can earn good money without working for long hours. Moreover, getting to be a part of something that’s likely to affect the lives of many in the form of medicines is worth the effort!
5. Reviewing Health Insurance Claims
Insurance companies don’t want to spend a lot but still protect people. The job requires time and a laptop to review the insurance claims. Medical specialists can take advantage of this kind of outsourcing that big insurance companies usually indulge in. While the idea is great for a startup venture but is a great way to earn some extra income in addition to the primary job for any doctor.
6. Opening a Fitness Center/Spa
Ordinary spas are in abundance. But if you’re a GYN/OB, then you can utilize the knowledge of yours to provide special treatment. Physiotherapists and orthopedic specialists have a large consumer base to tap into if they decide to open such kind of startup—fitness enthusiasts are willing to splurge cash to get into shape. This kind of setting is a glimpse of the future; fitness trainers will soon be accompanied by medical experts!
7. Becoming a Tutor
The number of aspirants aiming to get into medical universities for education is staggering. The blossoming of coaching institutes means that the demand & supply is not entirely balanced. Moreover, the quality of educators is not of the standard at all institutes. If you had an exceptional preparation phase while attempting the medical competitive examinations and finally end up studying at a prominent institute solely on merit, then helping students in the same by teaching them is a proven way of making a good income.
8. Facilitating Sale of Medical Equipment
A doctor makes innumerable contacts, be it during practice hours or after that. These include pharmacists and medical items, vendors. Patients often lookout for medical equipment at cheap rates—oxygen cylinders, wheelchairs, etc. By leveraging their connections, practitioners can open online platforms dealing in the buying and selling of such items.
9. Opening a Private Clinic
This is by far the most common one and a sure-shot case of success. There will be maintenance costs, staff salaries, and other kinds of initial investment expenditures but once the clinic takes off, there's no looking back. The point to consider is that opening a private practice is possible only after gaining significant experience either in public or private hospitals/institutions. Moreover, the location where the clinic would be set up is also decisive; if the locality is one where medical assistance is rare and not accessible to everyone for whatever reason, then even a small practice can generate significant revenue. But then if the same is to be established in a place already teeming with hospitals and clinics, then experience and popularity as a practitioner decide the level of success that is achievable.
10. Healthcare Apps
We love different apps for different services. Also, people are actually concerned about their health but lack of time, concentration makes it difficult for them to keep track of their health. Hence, a good healthcare app is the need of the time. A complete app that provides all health care benefits like a nutritionist calorie counter, footsteps counter, etc. If the features include, a consultancy with a certified nutritionist, dietician, trainers then it is the perfect icing on the cake.
11. Rehabilitation Center
Substance abuse or commonly known as drug abuse is a common problem in today's generation. To get away from such habits, parents, guardians, NGOs are constantly looking for a rehabilitation center. Hence, this area is also an area to have a startup. It's not a niche area to work but it serves both public service and private profit. Make sure the center has good doctors, good medical staff, and moral support to the addicts, for their good recovery.
12. Skincare Line
This is not a very familiar startup in the medical field but trust me it is a very effective startup. You are not believing me, check Dr. Barbara Streum. She is a trained dermatologist who crafted plenty of skincare products used by celebrities, common people across the globe. Hence, if you tried a dermatologist who has come up with a new formula, different textures treating people's issues then you should start your own skincare line Of products. It sounds like a new concept but it is an extremely profitable startup idea if been created with innovation.
How do I start a healthcare startup?
To start a healthcare startup follow these steps:
- Create a business plan.
- Register with the state.
- Obtain Medicare and Medicaid certifications.
- Hire a great staff.
- Get your clients.
How many healthcare startups are there?
There are approximately 2,500 startups in the healthcare sector right now, split into 34 categories. If you can successfully navigate the healthcare landscape, your startup will reign supreme.
How can I start a healthcare company in India?
If you are planning on starting a healthcare business in India that will have Application based Services which includes telemedicine services, you will be required to be registered as an 'Other Service Provider' (OSP) with the Department of Telecommunications. All drugs must be sold under a license.
Why do digital health startups keep failing?
A miscalculated profit margin, a too high or too low price tag, and a generally misplaced pricing strategy could mean the end of a promising digital health start-up.
Is healthcare a profitable business?
According to a 2015 Forbes report, healthcare was projected to be one of the most profitable industries of 2016. Perhaps not surprising, though, since the healthcare market is such a large part of the national GDP.
Doctors are uniquely qualified to be excellent healthcare tech founders and even operators as they are more familiar with the domain. They are famously termed as entrepreneurs with medical degrees who will drive much of the healthcare innovation to come in the next few years. These medical practitioners might not be immediately familiar with the startup world but they bring invaluable knowledge of the complex healthcare system to the table. They are familiar with how money moves internally, how incentives work inside the organization, and which regulations apply in which circumstances under the healthcare domain.
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