Nurse practitioners are not only delivering great care in hospitals, clinics, and private practices but are now frequently becoming entrepreneurs themselves. They do this by applying their clinical experience and combining it with knowledge of patient care. It may sound complicated but with a little creativity and a lot of hard work, nurse practitioners are becoming owners of various types of successful businesses.
One clear business opportunity for nurse practitioners is to open up their own practice. However, this is only an option in states that allow for full practice authority. The first step in starting a practice should be to do a bit of research. To own a stand-alone practice comes with other challenges and costs. It is important to have support services such as: a business and malpractice lawyer, a certified public accountant (CPA) who will help manage expenses, taxes and payroll, as well as reliable staff. There is a ton of work associated with opening up and running a practice, similarly to other businesses. Therefore, it is of vile importance to invest the time and resources to ensure its success.
Below are some business ideas for nurse practitioners looking to open a practice:
- Chronic Care Services – Nurse practitioners can easily serve patients who cannot physically get to the doctor’s office by bringing the healthcare to them! For example, assessments and diagnosis of chronic or homebound patients could take place in the comfort of the home and follow-up care could be more easily scheduled for patients who do not readily have transportation available.
- House Call Services – In addition to serving those with chronic needs, nurse practitioners with a house-call practice could provide customized services by developing a concierge service for these types of patients.
- Certification Services – Many NP students are looking for convenient and practical ways to review for board exams. Nurse practitioners could create in-person and online reviews for certification exams. In this case, nurse practitioners would set up review sites on social media for those that cannot travel to specific locations for several days to review for board exams. They could create online tutoring sessions for recent graduates who need one-on-one instruction. Certification Services could be a great route for NP’s who enjoy teaching and mentoring future healthcare providers.
- Consulting Services – Nurse practitioners can act as health consultants for independent businesses by consulting and performing screenings. In addition, they can provide pre-employment screenings for current and future employees.
These are just a few of the many ways in which nurse practitioners can be business owners! Owning a business can be very rewarding experience if the initial process is well thought out and creative. If you are interested in starting your own practice, it is important to check out the requirements in your state. Have a health-related business idea? Make sure to research your potential market and check laws and regulations in your area.