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The healthcare industry is growing rapidly in the country
Medical transcription and app services promise good returns
In-home services, travel- and nutrition-clinics are good business avenues
Avail up to Rs.20 lakh with Bajaj Finserv Business Loan
According to Firstpost, India’s healthcare industry at present is worth a staggering 81.3 billion USD. Further, Invest India, a national agency, estimates that the healthcare sector will grow to a whopping 372 billion USD by 2022. As a medical professional, there’s no time like now to ride on the favourable economy and bring to fruition some of the health and wellness business ideas you may be nursing for a while. In fact, with funding options like the Bajaj Finserv Business Loan offering collateral-free financing of up to Rs.20 lakh, all you need to do is build on your medical business ideas and develop them so that you can offer something truly unique in the Indian market.
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 the excessive workloads doctors carry 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 and create patient reports by simply making an audio file is what makes this an attractive health business idea today. Essential services here include proof reading, quality assurance and speedy turnaround times.
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 is likely to affect the future of medical transcription jobs. One of the best business ideas for healthcare professionals and medical startups could be to tap into these emerging technologies and disrupt the existing industry.
Among the best and untapped business ideas for healthcare professionals, is the creation of a comprehensive smartphone app. Today, patients have a plethora of 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 for one 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 healthcare/ medical industry is to start a website to provide healthcare information and advice. With the growing trend on health consciousness amongst individuals, more and more people are seeking out 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 the number of lifestyle diseases on the rise, one of the top healthcare business ideas India is setting up a nutrition clinic. A nutritionist or dietician helps individuals regulate their intake, helping them realise the effects that various foods have on their health. The role of a nutritionist goes beyond simply counselling one to avoid harmful foods to optimising aligning the patients diet to his/her metabolism. Nutritionists have an important role to play, whether it is in weight loss or disease prevention. With more and 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, and that 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, midwives assist pregnant women during childbirth, while a doula is more like a pregnancy coach who helps couples arrange all aspects of the birth and caring for the newborn. Maternity services can hence prove to be a good business idea for healthcare professionals.
Whether it is meeting the needs of a large elderly population or helping one recover from a serious accident, in-home medical services have a big role to play 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 start-up ideas is that in every case, you meet the patients where there are and provide them 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 a 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 organization but can’t afford to hire in-house staff.
One of the best healthcare business ideas in India can be opening a physical therapy centre and hire certified therapists to help patients reduce pain and recover from injuries and regain their full range of motion and. 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 a common occurrence 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 the one-stop-shop to 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 travellers from around the globe.
Diabetes has been a growing trend in the last couple of years. One of the medical business ideas can be starting a diabetic care center where diabetic patients could be provided dialysis, nutrition counseling and other medical services.
Now that you know some of the top ideas and how to start a medical business consider funding options. The Bajaj Finserv Business Loan is a top solution as it offers unsecured financing up to Rs.20 lakh coupled with swift processing and speedy disbursal times. Here, you can also avail 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 installments reduced by up to 45%.
To get started, check your pre-approved business loan offer from Bajaj Finserv. On sharing basic details, you get instant approval via a customised deal and put yourself on course to translate your healthcare business ideas into reality.
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