3 Healthcare Startup Ideas that New Entrepreneurs Can Follow
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- May 20,2019
- 9 Mins Read
The healthcare industry is one of the thriving sectors in India. The main factors that lead to growth in the healthcare sector are a social impact, which the healthcare startups create by helping diseased individuals and secondly, and a wide range of healthcare services, which the healthcare companies offer, in turn, making profits.
Considering these factors, it is essential for new entrepreneurs to initiate healthcare startups. By entering the healthcare industry, entrepreneurs will be contributing to society by introducing user-friendly healthcare devices and at the same time, generating profit.
Healthcare Business Startup Ideas for Entrepreneurs
Since there is a wide range of healthcare startups in the industry, entrepreneurs have an ample of startups to choose from. Some of the prominent healthcare business startups ideas are:
- Medical Transcription Services Business
In the healthcare industry, medical transcription is written in two forms—oral and written. The latter type of medical transcription (written) is easily available from hospitals or doctors, whereas for the former type of medical transcription (oral) the medical transcriptionist is employed to convert the orally dictated transcription to the written form.
Hospitals commonly outsource vendors for medical transcriptions and pay them in accordance with the number of transcriptions completed. Like other medical transcriptionists, an entrepreneur can also start a low-budget medical transcription services’ business. The entrepreneur does not have to spend a lot while establishing the business.
- Create a Healthcare Application
Nowadays, hospitals, as well as people, are using healthcare applications to monitor one’s medical records a lot, medical treatments and other relatable medical conditions. Furthermore, healthcare apps help individuals to manage their weight, diet and exercising routine.
So, viewing uptrend of healthcare apps in the market, the entrepreneurs can utilize this opportunity and start healthcare apps. After researching in the medical sphere and knowing problems of the masses, the entrepreneurs can find the right business idea and accordingly, create the healthcare business.
- Home Healthcare Services’ Business
There are lots of patients who are unable to receive proper medical services after discharge from hospitals. Considering the needs of those patients, healthcare services are providing at-home services at reasonable costs.
These kinds of services create a social impact and they also become a source of revenue for people. By implementing the same idea, entrepreneurs can start their own venture and begin serving diseased, old patients. Before running the business, an entrepreneur needs to ensure that the company meets the needs of patients, has employed trained staff and also has the latest medical equipment.
These healthcare business startup ideas are viable and low-cost business models. Any entrepreneur can initiate the aforementioned business ideas and earn a decent amount of profits.
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