The healthcare industry is vast, which offers a lot of opportunities for those who wish to be part of it. One doesn’t even have to work in the hospital. Here are four ideas:
1. Start a Healthcare Business
Healthcare spending in the United States has been exploding over the years. According to the Peterson-KFF Health System Tracker, the total expenditures reached only $74.6 billion in the 1970s. By 2000, though, it grew to over a trillion dollars. Eighteen years after, it doubled to nearly $4 trillion.
This makes starting a healthcare business attractive. For those who like to be entrepreneurs, they can begin from scratch or apply for a franchise. A suitable option is an in-home care franchise.
This franchise appeals to a growing number of older adults now aging in place. While they value independence, they might need medical help in other activities. These include mobility, physical and occupational therapy, or medication compliance.
2. Work as a Travel Nurse
Nursing is one of the most in-demand healthcare professions in the United States. According to the Bureau of Labor Statistics, the country will need 3.4 million in 2026. That’s an increase of over 12% compared to 2016. Around the same period, healthcare facilities have to replace 203,000 nursing jobs because of retirement.
Nurses, though, need not spend their entire career in only one hospital as they can also work as a travel healthcare professional. It allows them to work in different states and clinical settings. These include private clinics and even companies—anywhere that needs short-term staffing.
Travel nurses can also enjoy free private housing and referral bonuses. Some claim it promotes work-life balance because of the fresh challenges, skills, and people they meet.
For those who like to be a travel nurse, they can work with staffing agencies. They can also search for jobs beginning with compact states. These are areas with fewer nursing requirements. Thus, potential workers need not secure additional state licenses or certifications.
Besides nursing, the United States deals with a critical shortage of other healthcare professionals, especially doctors. By 2032, it needs to fill over 100,000 jobs. The Association of American Medical Colleges (AAMC) also foresees the growth rate to be significantly faster than the supply.
Despite this, the number of medical schools is low, while those that operate need more healthcare professionals to teach. Those who like to take a breather from the hospital setting can consider working in this area.
According to Salary.com, medical school professors could earn up to $272,000, although the median salary is $159,000. On average, doctors in the United States could receive $294,000 a year.
However, working as a medical school teacher can be less stressful than being in the hospital. Work-life balance can be easier to achieve.
4. Design or Create Healthcare-related Products
Healthcare professionals can also use their knowledge and expertise to design healthcare-related products, particularly supplements and medical devices. KPMG-US forecasts that the demand for medical devices will increase by 5% annually until 2030. By the end of the forecast period, the market size will reach almost $800 billion.
They can start a business, or they can work with well-known companies. They can bring their skills to the pharmaceutical industries.
Being in the healthcare industry need not mean spending a lifetime in hospitals. One can practice their profession in many ways.