Are you interested in starting a business in the healthcare industry? Be sure to check out these healthcare entrepreneurship ideas.
Healthcare spending is out of control in the U.S. And the worst part of it isn’t the lost value to the economy. It’s the fact that we aren’t getting our money’s worth.
Far and away, Americans spend more than other countries despite the fact that Americans are much sicker and have poorer health outcomes than similarly developed countries.
The need for healthcare entrepreneurship to mix things up for the better has never been more needed.
But where to start?
Here’s a rundown of the best places to put your time and investors’ money to drive value on both sides of the equation.
Over the last 10 years or so, venture capital has dumped more cash into the healthcare industry than ever. There are more deals and more money going to healthcare ventured with 2017 seeing $14 billion invested.
That goes to show that there is an appetite on the part of investors to put their money to where 18 percent of the American GDP is being spent.
But of all that money, as much as 25 percent of it could be considered wastefully spent.
Healthcare occupations, including medical customer service, is a booming investment hotbed that is desperate for innovation.
As much as 90 percent of healthcare spending goes to treating those with chronic conditions such as heart disease, obesity or diabetes.
Many of these diseases can be prevented, reduced or cured with improved fitness.
For entrepreneurs, this means developing new and innovative ways to help people get moving. Sure, investing in gyms and related services are a reliable way to go. But developing a business that’s not burdened by a physical plant expense, such as an app, website or service will be default be more profitable.
For the next several years, 10,000 people will turn 65 every day. Already, there is a large population of seniors that are living longer but not living any healthier.
By 2035, there will be more seniors than there will be youth (people 18 years or younger) in the U.S., according to a U.S. Census estimate.
Adult daycares and respite care centers give places where the family and friend caretakers of these seniors can take their loved one to get care when they can’t during daytime hours. It’s an odd comparison, but adult day care and respite care is very similar to daycare for children, but with people with severe health problems or advanced age.
You may need online courses to do the work yourself as you get started.
The U.S. is also facing a current and projected shortage of healthcare workers
Further, the Bureau of Labor Statistics projects that occupations such as licensed practical nurses have a much higher projected demand than all other occupations.
The largest providers of healthcare — traditional providers such as hospitals, nursing homes and provider offices — site workforce concerns as among their top concerns for their businesses.
There are opportunities aplenty for innovators in healthcare. And the best part of it all is that the needs for innovation are in the sectors that don’t require advanced degrees. Healthcare providers are great at providing care, but not so good at keeping people healthy or providing services.
Keep it tuned here for your next self-employment idea.
By Sophie Turton