According to Firstpost, India’s healthcare industry at present is worth a staggering Rs. 60,860 crore. Further, Invest India, a national agency, estimates that the healthcare sector will grow to a whopping Rs. 27,843 crore by 2022. As a medical professional, the favourable time is a golden opportunity for the health and wellness business ideas you may be nursing. With funding options like Bajaj Finserv Business Loan offering collateral-free financing of up to Rs. 50 lakh, all you need to do is build on your medical business to offer something truly unique in the Indian market.
10 booming healthcare business ideas for 2020
Medical transcription service
According to a 2018 Financial Express report, the ratio of allopathic government doctors to patients stands at around 1:11,000. While this reflects the dire need for medical professionals, it also highlights doctors excessive workload each day. In such a situation, medical transcription services that provide an alternative to patient-related paperwork come as a welcome solution. The fact that doctors can focus on their surgeries and core duties while making reports of patients by simply creating an audio file is what makes this an attractive health business idea today. Essential services here include proofreading, quality assurance and speedy turnaround times.
Future demand of medical transcriptionists
Medical transcriptionists listen to voice recordings made by doctors, nurses, medical researchers, and other healthcare professionals and then convert them into written documents. However, the recent advances in speech recognition software and text to speech technology are likely to affect the future of medical transcription jobs. One of the best business ideas for healthcare professionals and medical startup could be to tap into these emerging technologies and disrupt the existing industry.
Develop a holistic healthcare app
Among the best and untapped business ideas for healthcare professionals is creating a comprehensive smartphone app. Today, patients have many apps to deal with: one for course reminders, another for checking symptoms and a third to book medicines. However, providing a holistic app is the need of the hour. Ideally, the app should provide information about diseases, facilitate telemedicine via communication with doctors, give patients regular medication reminders and even provide quiz-based services to evaluate mental and emotional health. This comprehensive and non-fragmented approach to personal health will benefit both your business and patients alike.
One of the best future business ideas for the healthcare/ medical industry is to start a website to provide healthcare information and advice. With the growing trend on health consciousness amongst individuals, more people seek quick tips to stay healthy or the uses of medicine. The website can have multi-format content such as blogs, podcasts, infographics, videos, tutorials, etc.
With the awareness and number of lifestyle diseases on the rise, one of India’s top healthcare business ideas is setting up a nutrition clinic. A nutritionist or dietician helps individuals regulate their intake, helping them realise the effects of various foods on their health. The role of a nutritionist goes beyond counselling to avoid harmful foods to aligning the patient’s diet to their metabolism. Nutritionists have an essential role to play, whether it is in weight loss or disease prevention. With more Indians becoming aware of the adverse effects of packaged foods, a nutrition clinic makes for a winning healthcare business idea.
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Expecting parents today want to control every aspect of childbirth, which often includes having a midwife or doula present at the birth. As per the American College of Nurse-Midwives, the use of midwives is increasing. Trained healthcare providers and midwives assist pregnant women during childbirth, while a doula is more like a pregnancy coach who helps couples arrange birth aspects and care for the newborn. Maternity services can hence prove to be a good business idea for healthcare professionals.
Whether meeting the needs of a large elderly population or helping one recover from a severe accident, in-home medical services have a big role in contemporary society. Your business can venture into providing skilled physiotherapists to deal with cardiac and post-pregnancy problems or provide round-the-clock nursing services to the sick. Similarly, the services could include simple doctor consultations or extend to providing medical beds as well. What makes this one of the best healthcare startup ideas is that you meet the patients where they are and provide them with an unparalleled degree of convenience.
One of the best healthcare startup ideas could be to start a service for hospitals, clinics, and doctors’ offices to help them manage their medical records. You could assist your clients in identifying the best records management systems, implementing them, and providing their staff with training on how to use their systems. You could alternatively offer full-service medical records management, and clients can outsource the work to you. That would be helpful for boutique practices and sole practitioners, who need the organisation but can’t afford to hire in-house staff.
One of India’s best healthcare business ideas is opening a physical therapy centre and hiring certified therapists to help patients reduce pain, recover from injuries and regain their full range of motion. You could also have occupational therapists provide more specific therapy to help patients perform day-to-day activities such as feeding and dressing.
With air travel getting cheaper and the world becoming more of a global village, international holidays and business trips are common today. However, overseas travel also opens new doors to the healthcare business. From offering remedies to high-altitude sickness, and jet lag to advising customers on essential practices and providing required vaccinations, a travel clinic can be a one-stop-shop for all international sojourners. This pharmacy-related business idea makes great sense if you intend to start your venture in a city that has a large influx of global travellers.
Diabetes has been a growing trend in the last couple of years. One of the medical business ideas can be starting a diabetic care centre where diabetic patients could be provided dialysis, nutrition counselling and other medical services.
Now that you know some of the top ideas and have started a medical business consider funding options. The Bajaj Finserv Business Loan is a solution as it offers unsecured financing up to Rs. 50 lakh coupled with swift processing and speedy disbursal times. Here, you can also avail of the Flexi loan facility, a feature that allows you to pay interest-only EMIs through the tenor and the principal at the end. Opting for this can tip the math in your favour as your instalments get reduced by up to 45%.
To get started, check your pre-approved business loan offer from Bajaj Finserv. You get instant approval via a customised deal by sharing basic details and putting yourself on course to translate your healthcare business ideas into reality.
- Health Information Website
- Advise people on daily nutrition
- Maternity/ Child Birth Center
- Provide In-Home Medical Services
- Medical Records Management
- Physical Therapy Center
- Set up a travel medicine clinic
- Diabetes Care Center
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