HomeFeaturesEntrepreneurship & Business Ideas for NPs

Entrepreneurship & Business Ideas for NPs

The field of nursing offers a diverse range of career opportunities. One of these opportunities is entrepreneurship. Being a nurse prepares nurse practitioners to create their own businesses. NPs have critical thinking skills and are able to multitask. In fact, NPs have many entrepreneurial traits. They are determined and devoted to their line of work. They are detail-oriented and passionate. They can also be creative and design a vision for their business. Most importantly, NPs are flexible and can pivot their business as needed.

Some business ideas for NPs include starting a private practice such as a medical spa, concierge medicine office, or telemedicine practice. They can also start an intravenous infusion center, an online scrubs store, or a home health agency. NPs can use their experience to become nurse coaches or craft NP student education resources.

Start a Med Spa

Medical spas have become popular over the last several years and can generate plenty of income. These are clinics where customers can receive aesthetic services such as botox and filler, and weight loss treatments. These spas are operated under medical professionals’ supervision, allowing them to offer medical-level anti-aging treatments, rejuvenation treatments, and skincare.

Med spas can focus on complex skin issues such as acne scarring, age spots, deep wrinkles, and loose skin. Procedures done include injectable fillers, laser therapies, chemical peels, cell freezing, and muscle-relaxing wrinkle smoothers.

NPs have the opportunity to open med spas catering to cosmetic procedures. In many states, NPs have the autonomy to start their own practice and can work independently. However, NPs will have to supervise the nurses and aestheticians they employ. With the popular use of GLP-1 injectables such as Ozempic and injectable Lipo-C, NPs are able to offer weight loss services at their med spas. They can partner with a compound pharmacy to obtain these medications at an affordable rate for their patients.

Start an IV Infusion Clinic

IV infusion clinics offer vitamin therapy in the form of intravenous treatment. IV therapy can restore health and revitalize the physical body. These clinics offer personalized IV drip treatments, including high doses of essential vitamins, minerals, and electrolytes. They are specifically formulated to help customers feel mentally, physically, and emotionally reinvigorated. IV therapy is a safe way to replenish the body and boost the immune system.

Vitamins provided via IV fusions include various vitamin B derivatives, vitamin C, zinc, an essential blend of amino acids, glutathione, magnesium, copper, and selenium. Compound pharmacies create IV bags with the right mixture of vitamins and minerals. Many health conditions can be treated with IV therapy. Some examples include poor memory, chronic pain, infertility, and skin conditions.

IV therapy can be used for clients who are dehydrated from exercise or excessive alcohol intake; athletes; patients with low immune systems; patients recovering from chronic or viral illnesses; and customers looking to lose weight and become healthier. Benefits of IV infusion therapy can include reversing dehydration and pain; reducing cold and flu symptoms; providing hangover and fatigue relief; improving mood; revitalizing hair, skin, and nails; preventing and reversing illness; detoxifying body and cells; strengthening immune system; and aiding in weight loss.

Owning an IV infusion clinic can be lucrative because it provides instant and lasting results. There will typically be repeat customers and services can range from $100 to 200 per IV treatment.

Depending on state regulation, NPs can open an IV infusion clinic and hire an LPN or RN to do the IV infusions. The NP can create a standing order allowing the LPN or RN to provide treatment. This type of business can be a nice form of passive income.

Start a Scrub Store

Back in the day, nurses had to wear all-white uniform dresses with stockings and a hat. Eventually, nurses began to wear scrubs as their work uniform, just like other healthcare professionals, including physicians, x-ray techs, and scrub techs. Medical scrubs have advanced from the plain white or green scrubs of the 1950’s. Today, scrubs have various colors, patterns, and designs. Depending on the facility, nurses and NPs may have to wear certain color scrubs.

Scrubs have a reputation for being comfortable yet unfashionable. Fast-forward to today, and scrub uniforms have become trendier and even more comfortable. Scrubs’ material can be more breathable, less starchy, and more form-fitting. Certain scrubs styles have become stylish, such as jogger-like pants and shorter-sleeve tops.

The demand for medical scrubs has risen steeply since the Covid-19 pandemic. In 2020, the scrub business market increased by 36 percent. More medical professionals transitioned from business casual attire to scrubs in the workplace. The accelerated spread of infections prompted an increased use of medical scrubs due to the large number of patients going to clinics and hospitals.

NPs would be successful in having a scrub store because they know what makes scrubs stylish and comfortable. They would know the right places to have pockets and which material is well-liked. There continues to be a growing demand for nurses, so the demand for scrubs will also continue to grow.

Engage in Coaching

NPs can create a business by coaching others in their areas of expertise. There are many types of coaches, such as a nurse coach, wellness coach, or business coach. NPs have excellent communication skills, which makes them successful as a coach. Due to NPs’ diversity in skill, they can coach in various sectors. Here are just a few examples:

A nurse coach can coach other nurses in improving their nursing skills. A nurse coach is an RN or NP who receives further training in the field of nurse coaching. Training may include learning communication skills, developing coaching methods, and studying ways to support behavioral changes. Nurse coaches can assist nurses in sharpening skills in critical thinking, leadership, and problem-solving. They can coach other nurses into switching specialties or climbing the leadership ladder.

An NP can practice as a wellness coach, teaching others how to live a life of health and fitness. A wellness coach demonstrates how to manage stress, improve diet, and find physical activities that match a person’s physique. They can help clients improve their work-life balance, their mental health, and their overall well-being.

NPs can similarly help others as business coaches. NPs with experience starting their own practice or business can guide others in doing the same. For instance, many NPs who open their own med spa will hire an NP coach to help them start their business. They help other NPs create a business model, decide which services to offer, and even help research legalities in their state.

Start a Home Health Agency

Home health agencies hire RNs, LPNs, and CNAs to care for patients in the home. Payment is typically covered by private and public health insurance. With the baby boomer population aging and an increase in chronic illnesses, home health care services are in great demand. Home health companies take care of patients with chronic diseases or acute needs after they are discharged from the hospital. Services may include wound care, monitoring vital signs, or administering parenteral medications.

Starting a home health agency can be very profitable. Some agencies even provide non-medical services such as homemaking or companionship to elderly patients. NPs can be successful home health business owners due to their medical experience and nursing background. They are accustomed to ordering home health services for their patients, so they are aware of what it entails.

Home health care services will be needed long term and have a high projected job growth. Home health agency profit margins are also excessive. Agencies keep an average of 36.5 percent of their gross margins from reimbursement. Some home health agencies are able to profit up to 50 percent of reimbursement revenue.

Consider Concierge Medicine

Many providers have stopped dealing with insurance and started a concierge medicine practice. Concierge medicine is membership-based healthcare for patients, allowing personalized care, accessibility, and convenience. Patients pay a monthly membership fee out of pocket to get unlimited office and telemedicine visits. They do not have to worry about copays or other charges while in the office. Simple diagnostics and blood tests are done in the clinic. The provider will coordinate care with outside help if specialty consults or hospitalization is needed.

The concierge medicine model is appealing for NPs and patients because it reduces administrative burdens. NPs can focus on patient care and not deal with insurance restrictions. Opening a concierge medicine practice can be worthwhile for NPs. This model generates a lot of patient interest. Additionally, NPs enjoy working in concierge medicine due to the holistic approach to health care they can offer to their patients.

Concierge medicine allows longer visits between patient and NP, enabling stronger provider-patient relationships. Furthermore, virtual correspondence spares patients from having to go into the clinic for minor questions. Concierge medicine is profitable for NPs, plus it allows for a less stressful work environment. NPs are able to practice medicine the way they would like to.

Start a Telemedicine Practice

After the Covid pandemic, telemedicine has become very popular as it increases patient’s access to care from the convenience of their home. Many large telemedicine companies, such as Teladoc and Amwel, are hiring NPs to be the main providers on these platforms. As a result, there are plenty of opportunities for NPs to start their own telemedicine practice. In fact, the telemedicine market is forecasted to grow to $286.22 billion by 2030.

Although large telemedicine companies offer competitive prices for patients, they tend to focus on urgent care services. NPs who start their own telemedicine practice can offer consistency to their patients by establishing a relationship with them. Patients would benefit from seeing the same provider treating them at each visit, and patients tend to prefer this. NPs could focus on offering niche services such as weight loss, hormone replacement therapy, and behavioral health services. This would enable patients to remain with the practice long-term.

The subscription model works well for NP-owned telemedicine practices. Patients would pay a monthly fee to have a personal telemedicine NP available to them at any time. Many of these patients would not need actual services each month, so this would afford the NP a lot of flexibility. The NP would not need to have as many patients under their patient panel as they would in a clinic environment.

The NP would have to be licensed in multiple states to see patients residing in those states. It would make sense to be licensed in states with full practice autonomy for NPs. States with restrictions in the scope of practice for NPs would require the NP to have a supervising physician, which would be an added cost.

Create NP Student Education Resources

Being an NP student can be very challenging. This is especially true after finishing school and transitioning into the role of a novice NP. NPs know what it feels like to evolve from being an RN to becoming an NP. They can utilize their experience to create resources to sell to NP students.

A common way to sell these items is as digital products on Etsy. Digital products are beneficial because both upfront costs and time spent are minimal. The NP would create the digital product once, upload it online, and continue to sell the item repeatedly, to be downloaded or printed by the customer.

One digital product an NP can sell is clinical guides to assist NP students in becoming successful during their clinical rotations. These clinical guides can cover various topics the students are expected to know prior to starting their rotation. They can include a list of common medications prescribed with each disorder. They can also include example templates for reviewing systems or physical exams for charting purposes.

Another example is that an NP can sell study guides for specific subjects that help NP students pass their exams. Students can purchase individual study guides for each class. In addition, NPs can create a comprehensive study guide in preparation for taking national board exams. After completing their program, students would purchase these when preparing to take the board exam.

Moreover, numerous NP students have difficulty finding preceptors during their program. Unfortunately, many schools do not assist students in finding a preceptor. An NP can start a business that networks experienced NPs with student NPs, facilitating them to commence a preceptor relationship. The student can pay a small fee for this service, and a percentage can be given to the preceptor as an incentive. An example of this service would be NP Hub, which helps thousands of NP students find preceptors nationwide.

Sophia Khawly, MSN

Writer

Sophia Khawly is a traveling nurse practitioner from Miami, Florida. She has been a nurse for 14 years and has worked in nine different states. She likes to travel in her spare time and has visited over 40 countries.

Being a traveling nurse practitioner allows her to combine her love of learning, travel, and serving others. Learn more about Sophia at www.travelingNP.com.