Healthcare Entrepreneurship
Healthcare Entrepreneurship
June 7, 2021 by eMedEvents

Healthcare Entrepreneurship

Did you know that healthcare is a booming industry in the United States? A significant increase in scholarly research and innovations in the healthcare sector in the past two decades have opened many avenues and prospects for healthcare entrepreneurship. 

This boom, aided by improved and extensively available technology, have convinced many companies and entrepreneurs to invest in the healthcare industry, or related fields, as they see it having high growth potential.  This increase in attention, energy, and investment, has added a new layer of competition to the market.

 

What is Healthcare Entrepreneurship?

Healthcare Entrepreneurship can be defined as a field of study and  practice of: 

  1. Developing of existing healthcare organizations & practices
  2. Creation of new organizations and developments
  3. Improving all the stakeholders of an organization’s health with prime focus on healthcare practices.  

 

 

Why Healthcare Entrepreneurship?

One of the main reasons behind the increase in healthcare entrepreneurship is that, per the Census Bureau, one-fifth of the U.S population will be 65 and older by 2030. For the first time in American history the population of older people (65 and over) will outnumber the population of children below 18.  As the population gets older, more healthcare is generally required. 

 

Healthcare Business Perspective

According to a “Health Insights” 2017 year-end report, digital health entrepreneurs received  $11.5 billion in 2017 funding,  as compared to $6.2 billion in 2015 and $8.2 billion in 2016.  The total national spending on the healthcare sector is estimated to increase between 2018-27 at an average rate of 5.5% per annum and may reach $6.0 trillion by 2027, as per the Center for Medicare and Medicaid Services.

The total cost of healthcare in the USA last year was approximately $4 trillion, highlighting the importance of improving, creating, and perhaps even revolutionizing potential business avenues in the healthcare sector. Moreover, according to The U.S. Bureau of Labor Statistics, employment opportunities in the healthcare industry are expected to grow up to 18% by 2026.   Healthcare  is displaying a very bright scenario and the latest technological advancements have made it easier for healthcare companies to step in. More and more healthcare companies are emerging on a regular basis along with the success in current companies as well. 

If you are considering stepping into healthcare entrepreneurship, consider the following things before you devise your business plan.

 

1.  Know Your Competition

“Knowing the market” is a fundamental principle of business. So, before entering the mix, be aware of who else is already there, and understand the space that they hold.  How long have they been in business?  Who are their customers?  Will you have any overlapping areas?  How are they a threat to what you do?  Acknowledging and Answering these questions is the first step to success. 

 

2.  Find Your Niche

One of the more important entrepreneurial processes is “finding your niche”.  After properly becoming aware of your market and our customers, you should be able to see any “holes” in the marketplace.  Having the ability to fill those holes is what will create your niche position.  While not all niches will remain a competitive advantage, they can help you plant your position in the maret.

 

3.  Extend on a competitor’s niche

While it may be a stronger strategy, it is not mandatory to start your venture solely on a new idea.  There are times when you can scan the marketplace and ask the question, “what can I do better than someone else?”  If you alter, extend, or expand on an existing product, or service, it may have similar results to creating your own niche.

 

4.  Know the Industry TrendsTechnological and scholarly advancements happening in the healthcare industry can be impactful on your business venture. Make sure to follow and keep a close watch on those developments.  Remember that “getting started” is just the beginning.  After that, it’s all about maintaining and/or growing.

 

 

Some of the current popular areas for healthcare entrepreneurship are:

  1. Occupational and Physical Therapy Center
  2. Healthcare Applications for Mobile Devices 
  3. Health Information Websites 
  4. Home Healthcare Service
  5. Center for Diabetic Care  
  6. Medical Billing Services
  7. Medical Records Management
  8. Childbirth Services
  9. Rehabilitation or Drug Treatment Center
  10. Medical Transcription Services

eMedEvents creates and hosts many events and webcasts for healthcare professionals and entrepreneurs that cover this and other topics. The events below are opportunities that can help advance your knowledge base, while networking with other healthcare professionals in your field.

 

  1. Entrepreneurship in Pharmacy Education

Organizer: Connect Educate Impact (CEI)

Start Date: Jul 09, 2019

End Date: July 09, 2022

Credits: CEU 0.1

Ticket Cost: $10

  1. Implementing the Spirit of Entrepreneurship in Your Practice

Organizer: Connect Educate Impact (CEI)

Start Date: Apr 24, 2019

End Date: Apr 24, 2022

Credits: CEU 0.1

Ticket Cost: $10

  1. Disrupting the Culture of Nursing: Educating Psychiatric Nurses in the Whole Health and Entrepreneurship Connections to Address Health Disparities in the 21st Century

Organizer:  American Psychiatric Nurses Association (APNA)

Start Date: Mar 01, 2021

End Date: Nov 30, 2022

Ticket Cost: $8

 

 

 

References:

  1. https://www.cnbc.com/2021/04/01/biden-considers-health-care-public-option-in-economic-recovery-plan.html
  2. https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/Downloads/ForecastSummary.pdf
  3. https://www.frontiersin.org/research-topics/18837/creativity-innovation-and-entrepreneurship-in-healthcare-and-service-systems#overview
  4. https://www.mdlinx.com/article/money-lessons-from-5-doctors-who-became-billionaires/1EYEGKvNVaEJIev7ua75ZM
  5. https://online-learning.harvard.edu/course/innovating-health-care?delta=1
  6. https://healthcaremba.gwu.edu/blog/healthcare-entrepreneurship-at-the-speed-of-light/


 


 


 


 


 

 

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