For NPs ready to take charge of their future and be part of the growing community of nurse entrepreneurs, here are 12 ideas to consider.
1. Independent Primary Care Practice
Independent primary care practices (ICPC) offer a patient-centered approach to care and can be particularly profitable due to the patient experience, shorter wait times, and individualized treatment plans.
Other benefits, like servicing rural or underserviced areas and more cost flexibility, mean starting an IPCP as an NP is a smart move. As the healthcare landscape evolves, the independent practice model may be a valuable option for nurse practitioners interested in business.
Nurse Entrepreneurs NPs can start their primary care practice, by providing healthcare services such as physical exams, diagnosing and treating common ailments, and managing chronic conditions. Medical oversight from a licensed medical director is usually required to support the medical compliance aspect of this business. Other areas of primary can include family practice, pediatrics, or geriatrics.
2. Telemedicine Services
Many medical centers shifted to telemedicine to provide patient care throughout the pandemic. This shift necessitated the growth of better telemedicine software, a service that was underdeveloped but essential given the rise in population care and limited physician resources.
There are many ways that NPs can leverage this evolving technology to grow a thriving business. While compliance is required, with the help of a knowledgeable medical director, Nurse Entrepreneurs can consider offering valuable remote services, including remote consultations, good faith examinations, diagnosing, prescribing, patient follow-up, treatment plans, and much more.
This business model is profitable and will provide a valuable population healthcare service to rural settings and help reduce emergency room wait times.
3. Home Healthcare Services
Home healthcare services have become an essential part of the modern healthcare system as they allow for proper treatment from one’s home, increasing the rate at which individuals seek and receive proper care.
There are several benefits to starting this kind of business. The first is that while its demand is increasing, there will always be a need for more home healthcare services to offset the costs of hospital stays and limited doctor access.
Additionally, NPs find competition with other home healthcare businesses rare since the services can vary. Instead, Nurse entrepreneurs can consider partnering with other specialty home health businesses to provide comprehensive, targeted services for elderly patients, patients with disabilities, and patients with chronic illnesses.
4. Urgent Care Or Walk-In Clinic
When feeling under the weather, the last thing anyone wants to do is wait days for an appointment with their primary care doctor. That’s where urgent care and walk-in clinics come in.
With no appointment necessary, patients can see a medical professional quickly and efficiently. These clinics are especially helpful for those unexpected illnesses or injuries that require attention but aren’t life-threatening.
Establishing an urgent care or walk-in clinic can provide a convenient option for patients seeking immediate medical attention for non-life-threatening conditions. While the demands may differ from other practice types, this model is profitable and fulfilling. With the help of a licensed medical director, NPs could be well on their way to becoming an established walk-in clinic.
5. Occupational Medicine Nurse Practitioners
One additional route NPs can consider is the Occupational Medicine Nurse Practitioner (OMNP). Using the standard nursing degree, NPs can offer occupational health services to individuals who get hurt at work. This can be targeted as a business benefit and expanded to focus on workplace safety, health promotion, and employee wellness programs.
The OMNP does not need a brick-and-mortar business to operate, which makes the upfront cost of starting up in occupational medicine very amenable.
NPs considering this route could build a program targeted to businesses that support employee health and productivity through annual health screenings, ergonomic assessments, and injury management programs. A remote medical director can also be hired to oversee medical compliance operations and provide a better value product to the clientele.
6. Health Coaching and Wellness Services
Taking care of our physical and mental health has never been more important than it is now. NPs who want to feel like they are positively impacting the growing mental health epidemic can provide health coaching and wellness services remotely or in person as part of their own business. They can also consider the route of the Psychiatric Mental Health Nurse Practitioner.
NPs can use their expertise, communication skills, knowledge of mental health conditions, and clinical skills to provide health coaching, nutrition counseling, and wellness program development for individuals, groups, or corporations. This can also be expanded to fitness, stress management, or healthy eating programs.
7. Medical Spa, Aesthetics, or IV Hydration
Medical spas are healthcare facilities that combine traditional spa services with medical procedures to improve a patient’s overall health and appearance. They usually require a medical director or nurse practitioner to facilitate the services.
Medical spas are becoming increasingly popular as more people seek non-invasive treatments to help them look and feel their best. And it’s not just about looking good; many treatments can also have therapeutic benefits, such as reducing stress and anxiety. In their own unique way, medical spas also provide a luxurious experience with a calming atmosphere AND the expertise and medical oversight of a licensed healthcare professional.
Examples of services provided at a med spa include dermal fillers or Botox, laser hair removal, chemical peels, microdermabrasion, and body contouring. Similarly, aesthetics practices and IV hydration clinics are also well-suited for NPs.
With a remote medical director supporting the compliance oversight, NPs can start a med spa, aesthetics clinic, or IV hydration, offering services such as injectables, dermal fillers, laser treatments, and other non-surgical aesthetic treatments.
8. Medical Consulting
Another unique area NPs can enter is medical consulting. Medical consultants work collaboratively with doctors and other healthcare providers to assess patient needs and develop customized care plans. Whether seeking guidance on a chronic condition, offering a second opinion, or optimizing overall patient health, a medical consultant can provide invaluable support and guidance.
NPs should consider putting their valuable skillset into medical consulting (as a sole proprietor or corporation), especially in areas needing medical staff. Businesses looking to hire a medical consultant include healthcare providers, hospitals, clinics, and insurance companies.
At its core, medical consulting allows healthcare practices to improve patient care at affordable rates or as needed. And the other benefit is that NPs can tailor this service to their skillset or desired practice. Healthcare facilities love this option because it can provide their patients access to specialty expert advice, better quality care, compliance support, and/or personalized treatment plans.
9. Continuing Education and Training
Americans need more qualified medical professionals, so NPs do very well providing continuing education, training, or teaching in medicine.
NPs can develop and offer continuing education courses, workshops, or seminars for other healthcare professionals through online training, workshops, seminars, apprenticeships, podcasts, or content marketing.
This is a valuable market opportunity because ongoing education will always be a requirement for nurses worldwide, and it can also be leveraged for job advancement.
10. Medical Writing and Content Creation
You may be a shoo-in for medical writing if you’re an NP who knows how to write nurse duty reports, patient care reports, or articles explaining complex medical knowledge. Content creation in the medical industry can be highly prolific, ranging from clinical reports to research papers, regulatory documents, or educational materials.
To be successful in medical writing, NPs must have a thorough understanding of medical terminology and scientific concepts and be able to communicate complex information clearly and concisely. Medical writers may work closely with researchers, doctors, and other medical professionals to ensure their writing is accurate and up-to-date.
11. Health-Related Product Development
The medical industry is always in need of product advancement. Therefore, NPs with a mind for product development or innovation would be well-suited in product development.
Health-related product development involves research and product innovation to drive healthcare quality and outcomes. NPs with a mind for creativity and innovation can use their expertise to create, test, or improve medical devices, software applications, or wellness products.
NPs understand the target users’ needs and can work alongside development firms to ensure their products meet the highest safety, efficacy, and quality standards.
One of the best parts of this business is the satisfaction of knowing the final product will be actively improving the healthcare industry, whether it is to enhance accessibility, effectiveness, affordability, or innovative care models.
12. Mobile Clinics or Travel Nursing
Mobile clinics, or clinics on wheels, are fully equipped with medical staff and equipment that provide services to those who may not have access to traditional healthcare settings. From preventative care to chronic disease management and dental care, mobile clinics are helping bridge the healthcare disparities gap.
This is another viable business opportunity NPs can consider. By establishing a mobile clinic and providing healthcare services to patients in remote or underserved areas, NPs may find great success with this business idea. Only a little overhead is required, and our remote medical director can handle compliance.
Travel nursing is another great option for NPs not interested in following the mobile clinic path. By selling services as independent contract travel nurses, NPs can find greater financial opportunities.
What Nurse Entrepreneurs Should Consider Before Starting a Medical Business
It can be exciting to learn what is possible as a nurse entrepreneur. Before jumping into any of these ideas, prepare for the work ahead.
In addition to reading some of the leading guidelines from nursing and medical associations, here are a few things to consider when starting as a nurse entrepreneur. Many of these things will need to be developed while creating a business plan:
Conduct Market Research to Assess the Demand
With the demand for medical businesses increasing, NPs will want to conduct market research before finalizing a business choice or target audience. This will help narrow down an ideal patient population, potential competitors, and existing gaps the business can fill.
It’ll be important to demarcate some geographical boundaries, even for remote businesses. The location is vital for understanding the capital costs, target demographic, and legal requirements.
Identify the Necessary Scope of Practice, Regulations, and Legal
Each medical practice will be regulated by state, federal, and medical laws, so it is very important first to identify the scope of practice for compliance.
A medical director can help you out here, but they cannot research on behalf of the business. It may be advantageous to hire a lawyer or legal consultant to advise on these matters and other business legal requirements like licensing, certifications, and obtaining liability and malpractice insurance.
Company Development and Marketing Plan
Once the market potential and legal requirements are identified, it’s time to hash out the business itself. This includes branding, name registration, and choosing the appropriate legal structure for your business, such as a sole proprietorship, partnership, or limited liability company (LLC).
Once again, consider consulting an attorney or legal advisors to draft the necessary contracts and partnership agreements. NPs can consider building partner networks with other healthcare professionals, like medical directors, pharmacists, or specialists, to grow their network and improve their patient care and business model.
Financing and Capital Investment
Of course, every business comes with its costs. So financing or capital investment is a big consideration. With a developed business plan, it’s time to calculate startup costs, operating expenses, and financing options.
Build Your Nurse Entrepreneur Enterprise Today
Nurse practitioners can apply their skills to enter the business world in many ways, including opportunities that did not even make the list!
Research suggests that nurses are (and will continue to be) drivers and leaders in population healthcare and are pivotal movers in facilitating equal access to healthcare services. They are well-positioned to consider new businesses, technology initiatives, and ways of working and innovating.
If you’re interested in starting a business as a nurse, now is the best time. There is plenty of online support through platforms like our Guardian MD service that can help you develop, grow, and operate your business fully compliant. With careful planning and dedication, you’ll soon find yourself at the helm of a successful new enterprise.