When new nurse practitioners graduate from school, they’re ready to hit the ground running and find jobs in their respective areas of specialization. It’s an exciting time when an NP can finally strut their stuff and work as the medical providers they’ve trained to become.
We find NPs in acute care, family practice, cardiology, neurology, and all clinical settings. Many doors have opened for NPs in recent years, and there are countless choices for where they can hang their hat.
While many NPs are likely salaried employees, what are the possibilities for NPs who have an entrepreneurial mindset and want to start their own business or launch an independent practice?
The Door to NP EntrepreneurshipÂ
Hanging one’s shingle as an NP presents many hoops to jump through. The clinical aspects of independent practice are significant, but one must also consider bookkeeping, business structure, marketing, and more. This may seem daunting to some, but others may be ready to dive right in.
In the current state practice environment outlined by the American Association of Nurse Practitioners, NPs can practice independently without physician oversight in a growing number of states. In states like California and Texas, where practice is restricted, starting a business can be done but requires a consulting physician.
Whether an NP launches a business in one of the states with restricted practice or where independence is the name of the game, coming up with a business idea is a big piece of the puzzle. Here are five ideas for nurse practitioners keen to be their own boss.
Idea #1: Mobile Infusion
Mobile infusion is an interesting possibility for an NP who wants to create a business that can serve patients in various settings.
Mobile infusion isn’t new, and many patients have the financial means to enjoy concierge-style medical services that come to them. These types of patients might request home infusions of vitamins and minerals, immunoglobulins, or perhaps IV fluids for hydration or even getting over a hangover.
Blood products, TPN, dobutamine for heart failure, and other therapies can be administered in hospices, nursing homes, assisted living and memory care facilities, and other settings. For an NP interested in providing this type of service themselves or training staff to actually perform the infusions, there are many possibilities for creating a successful business.
Idea #2: Concierge Medicine
Concierge medical practices provide a range of services beyond just infusion therapy and are becoming increasingly popular. Notable publications like Forbes Magazine and reputable organizations such as the National Institutes of Health have discussed the rise of concierge care, highlighting the rapid growth of these types of practices.
In what some might call “membership medicine”, patients pay a flat monthly fee or retainer to have unlimited access to their provider(s) via telehealth or in-person visits. Circumventing long waits for appointments and the bureaucracy of traditional medical practices, concierge patients pay out of pocket for the convenience of easy access to care.
For an NP who would rather not deal with the nightmare of insurance and instead offer highly personalized services, concierge medicine is a viable business option.
Idea #3: Skin Care
Skin care is big business. Whether it’s narrowband UVB light therapy, tattoo removal, Botox injections, fillers, and other aesthetic treatments, there are potential clients seeking skilled providers.
Nurse practitioners with an interest in dermatology, medical aesthetics, and related services can capitalize on the current popularity of anti-aging treatments that clients of all ages seek out.
These practices can potentially be offered to patients through mobile in-home services, a stand-alone practice or clinic, or through various franchise-based opportunities currently on the market.
Idea #4: Medical Weight Management
With obesity being an international health problem with far-reaching consequences for hundreds of millions of people, weight management and weight loss are practice areas begging for empathic, skilled providers.
A weight management clinic could bill insurance or provide services that clients pay for out of pocket. Offering a holistic and comprehensive approach to obesity and its many medical complications could involve a team of NPs, RNS, mental health professionals, dietitians, and other specially trained professionals.
Idea #5: Gerontology Consultant
As the society continues to see the rapid population growth of Americans over 65, the need for NPs specializing in geriatrics will expand. An NP-run practice focusing on the needs of older adults could bill insurance or be run on a concierge basis.
A geriatric practice could offer services through a brick-and-mortar location, via mobile services, through telehealth, or any combination of the three.
The so-called “silver tsunami” isn’t going away any time soon, and forward-thinking NPs can serve the complex health concerns of these individuals.
The Doors of Possibility
Nurse practitioners have an open door to numerous business opportunities, including those outlined above. While clinical services may come most easily to mind as business ideas, NPs can also work as independent health coaches, medical writers, CEU content creators, and in many other creative non-clinical roles.
Nurse practitioners enjoy fully independent practice in many states, and it’s likely that more states will open up in the future.
In the big picture of the world of business and entrepreneurship, the opportunities for NPs are boundless for those willing to roll up their sleeves and walk through the doors of possibility.
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