20 Lucrative Medical Business Ideas For Healthcare Professionals
The healthcare and medical industry is an extremely large one with abundant business opportunities. From medical waste recycling to retail pharmacies, medical equipment supplies, child care centres, massage therapy, and many more, the vast business ideas and opportunities for healthcare professionals remain evergreen to new and existing players.
If you’ve ever wondered how people make money from the healthcare industry without owning hospitals or manufacturing drugs, here are 20 healthcare and medical business ideas and opportunities that are valid both in Nigeria, Kenya, the United States, and many other places in the world.
1). Child Care Centre:
Child care centres are pre-schools that care-for and supervise children usually between the age of 1 to 13; whether disabled or not. These centres can be run by anyone that has experience in caring for kids, and not restricted to healthcare professionals.
Finding a small apartment in a serene neighbourhood is a great way to start. As your child care or daycare centre grows overtime, you can move on to a larger environment that doesn’t just provide more convenient child care services, but also runs with the appropriate child care resources any parent would want to tap into.
2). Veterinary Clinic:
A veterinary clinic is simply a hospital for animals. Here, a veterinarian cares-for, prevents, diagnoses, and treats sick, disabled, diseased, injured, or generally unwell animals brought in for treatment. Also known as a pet hospital, a veterinary hospital can treat almost all ailments any domestic animal may experience.
With the rising ownership rate of pets in various parts of the world, a veterinarian with some experience can setup a veterinary clinic in a neighbourhood common with people who buy pets a lot, and also market their services through other regular hospitals that get patients that may largely own pets.
3). Drug Testing Centre:
Drug testing centres analyse biological specimens like sweat, hair, urine, saliva, blood, and more, to test for the presence or absence of some specific drugs in a person’s body system. These centres carry out drug tests for universities on new students, sports bodies on athletes, and even the police force on suspects.
Running a side drug screening centre as a certified medical laboratory professional, can create an alternative source of income that generates substantial revenues monthly, by carrying out drug tests on specific individuals demanded independently, or by specific bodies.
4). Non Emergency Medical Transport Services:
Emergency medical transport services are healthcare services dedicated for out-of-hospital medical care through the emergency transport & treatment of patients in critical need to reach hospitals as soon as possible.
Since regulations make it difficult for just anyone to offer emergency medical transport services, non emergency medical transport services are then exploitable opportunities. You could offer these services without paramedic care, by positioning your brand as a partner with several hospitals to get non critical clients to the hospitals as soon as possible.
Some ways to do this is through an air ambulance system, road ambulance system, and several other non emergency transportation means.
Before you take-off, first verify what is required of you to operate in the industry, so you don’t get to be on the wrong side of the law and lose your valuable investments.
5). Egg And Sperm Bank:
A sperm bank or egg bank is a facility that collects and stores human sperm and eggs. These sperms and eggs are usually provided by donors, and are used on ladies that have difficulties getting pregnant.
Everywhere in the world, the number of women with birth defects run into millions. The predicament largely not their faults, has created an industry that generates billions of dollars yearly.
By running a sperm bank that offers their services together with artificial insemination, you could solve a large problem in your country by helping ladies with difficulties getting pregnant without a sperm donor.
The same applies with egg donation. This works by the facility freezing eggs donated till a patient who needs them turns up.
Providing these services could help millions of women become mothers and also grow you a sustainable business.
6). Medical Waste Disposal:
Healthcare professionals have an obligation to dispose waste in the most efficient ways that would protect both the public and the environment. These wastes; largely hospital wastes, have difficulties being handled properly, because of the sensitive nature of their causes or potential effects.
Taking advantage of this by offering a medical waste disposal (inclusive of biomedical waste management or disposal) service to various hospitals can land you a great deal for a potential large business.
7). Skin Care Centres:
Skin care centres carry out services that help maintain the integrity of our skins through practices in nutrition, sun protection, cosmetics, skin relief treatments, and a lot more. The skincare doctors that generally handle skin related cases are largely called dermatologists.
By running a skin care centre, you could provide laser skin treatment, facial treatment, and a lot more. If you’re not a certified dermatologist, find one, and partner with the person as an investor.
8). Scanning Centres:
Scanning centres are too important to the effective treatment of several medical cases, ranging from bone fractures, pregnancy defects, and much more. Their crucial services makes them a top go-to by several patients for various issues. Even hospitals partner with various scanning centres to reduce the cost of their scanning services for all customers they refer to them.
As a healthcare professional, you could take advantage of the scanning industry by partnering with other certified individuals that can provide the service with an mri scanner, 3d scanner, a pregnancy scan, and a lot more.
9). Pharmaceutical Distribution:
Pharmaceutical distribution is the wholesale distribution of drugs to retail pharmacies. This business model can be carried out by almost anyone, as there’s no restriction to it in Nigeria, unlike the restrictions placed on running a pharmacy.
As a pharmaceutical distributor, you can trade wholesale medical supplies to pharmacies and hospitals.
10). Retail Pharmacies:
Retail pharmacies are largely roadside pharmacies people run to when they have a drug need, an ailment, or some other medical need. An average retail pharmacy usually caters to a specific neighbourhood and has a constant recurrent inflow of customers, as long as they mostly always have the drugs requested.
If you’re an inducted pharmacist, you can start up one after acquiring the required permits.
An example of a very successful pharmacy in Lagos, Nigeria, is the HealthPlus pharmacy. They’ve left a major imprint on the minds of Lagosians by running a large pharmacy chain with many branches, and are expanding rapidly across the country.
11). Medical Billing Companies:
Most hospitals and healthcare centres handle their billing in-house, with a medical billing software. While most physicians may argue that it’s best to handle it locally, a large sect also argue that it’s best to outsource their medical billing service to an external company, so they the experts can easily process their claims if the need arises.
Since the cost of managing the medical billing services in-house could cost as high as $60,000 a year in some countries, depending on the healthcare institution, outsourcing to a third party could bring the costs to as low as $4,000 yearly.
You could take advantage of this to help healthcare centres take care of much of their dirty work in the medical billing process.
If you’re a healthcare professional or an investor that can partner with one experienced in the field, you could startup a medical billing company.
12). Medical Laboratories:
A medical laboratory or clinical laboratory is a place where tests are carried out to get adequate information about the health of patients, to either diagnose, treat, or prevent a disease.
By partnering with a clinical laboratory scientist to set up medical laboratories, you can set up testing centres around the country that offer tests at extremely low prices in partnership with so many hospitals. Once they’re aware of your effective and affordable testing solutions, they’d refer clients that require serious testing needs to your medical laboratories.
13). Aerobics Centre:
Aerobic centres are places where people carry out rigorous exercises designed to increase cardiovascular efficiency. They cater majorly to people with weight issues, cardiovascular problems, and also people who need to undergo rigorous physiotherapy sessions.
Some hospitals usually do have aerobic centres, but a large population of hospitals refer their patients to places they can carryout aerobic activities.
You can start up an aerobic centre close to a government hospital, and seek the recommendation of the doctors. Asides taking advantage of the patient base as clients, you can also promote the centre through social awareness means and other strategic partnerships.
Dieticians, also known as nutritionists, are simply experts in dietetics. They primarily alter their patients diet to suit their conditions and medical needs. As a dietician, your primary focus is on human nutrition and the general regulation of a person’s diet.
Before you can take on the role of a dietician, you need to be a certified healthcare professional with a license to diagnose, assess, and also treat nutritional problems.
While the market for certified nutritionists may not be extensive in Nigeria, in America, the demand for their services are at an explosive rate.
15). Fitness Centre:
Fitness centres are places with various exercise equipments people use to workout, in other to build various muscles in their bodies or to also burn fat. People flock them on weekdays and majorly on weekends to keep fit and equally build a great physique.
You can tap into the fitness community by building a fitness centre where people would pay a certain sum monthly, weekly, or daily, to maintain their gym membership and also make personal training requests when they can’t always make it to the gym.
16). Home Care Service:
Home care services are provided by licensed healthcare professionals to people who require special care, directly at their homes. Depending on the country, you may require a licence or not, to run a home care service.
Home care agencies generally help adults, the senior citizens, and others, who require additional care at home without unnecessary hospitalisation.
As a certified healthcare professional, you could run a home care assistance service to help people in need of close care and attention, but don’t have anyone around to care for them.
17). Medical Supplies & Equipment Sales:
The medical supplies service in the healthcare industry is one of the most lucrative parts to venture into. Many hospitals require constant supply of some medical utilities like syringes, and a lot more. Some also require supply of medical devices & equipments once in a while, and these equipments could run into millions of Naira.
By building a networked relationship with the procurement officers of various hospitals, you can let them know of your medical supply chain business and how you can ensure they never run out of any medical item they need constantly in stock.
18). Weight Loss Clinic:
Weight loss is one of the biggest sectors in the healthcare industry. In America alone, the obese state of the citizens is getting alarming, while in Nigeria, many ladies worry about their over-weight status and are looking for every means to shed some weight. To burn off this excess fat, they visit gyms, aerobic centres, and much more in a desperate bid to build their self-confidence through a weight loss program.
You could take advantage of this desperation by setting up a weight loss clinic dedicated solely to helping ladies lose weight. The clinic could span through a lot of services, and must have all the resources required to help anyone shed any excess weight they find troubling, including the sale of effective weight loss pills, creating weight loss diets; especially low carb diets, and a lot more.
19). Massage Therapy Service:
Massage therapy is a process of manipulating the body tissues, which includes the muscles, ligaments, & joints, to promote and enhance a person’s well being and personal health.
People who experience a great deal of anxiety & stress, want to rehabilitate their injuries and reduce any pain they may be experiencing, are mostly referred by doctors to go for a massage therapy.
Although a much smaller industry, massage therapy can be a great business if run concurrently with spa services and a host of other services that focus on the general wellbeing of an individual.
20). Mobile Medical Screening:
This is pretty much a mini-health clinic in motion. With a moving medical screening van or some other mobile device, you can provide flu, eyesight, hearing, malaria, and blood sugar tests on the fly.
While this model may not be a norm in Nigeria, it’s growing in the western parts of the world and becoming a business model many venture into.
What are your thoughts on these 20 medical business ideas for healthcare professionals? Let me know by leaving a comment below.
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