Are you thinking of becoming a medical entrepreneur? Congratulations! You are one step closer to reaching freedom through prosperity.
Like any other entrepreneur, a medical entrepreneur scouts for opportunities with the greatest rewards and assumes the risks.
But perhaps what sets us apart from other entrepreneurs is the massive impact we have on people’s quality of life.
There’s nothing more satisfying than when a patient tells how much you’ve made their life better.
In this episode, I share with you the top 4 paths for success an aspiring medical entrepreneur can take to create the life of their dreams.
Let’s dive in!
1 – Opportunities in Aesthetic Medicine
The field of aesthetic medicine is one of my favorite paths in medical entrepreneurship. It offers excellent opportunities due to the massive demand by people who want to look and feel better. These consumers are looking for a competent and professional business they can trust.
In addition, aesthetic medicine is a fun and fascinating field. Your clients are, for the most part, healthy individuals looking to enhance their appearance.
Once you fix a problem they had, a deep connection is made, and it’s very fulfilling.
The two most important things you need to excel in aesthetic medicine are good education and mentorship.
By good education, I mean you have to look for an education system that will go deep into all the body parts you’ll be working on and the various treatment options and products available. Simply taking a weekend class where you learn how to do Botox and filler won’t cut it.
A good education followed by real-life practice with an instructor next to you will go a long way in really improving your skills.
Aesthetics medicine is not just the practice of medicine but an art form. That’s where mentorship comes in. Surrounding yourself with a community is the best way to become an excellent aesthetic practitioner.
The significant benefit of aesthetic medicine is time freedom. You can set your own schedule when your patients come to see you. In the mainstream medical system, you have no control over your time; someone else does it.
Another great benefit is the higher incomes typical in this field.
An average medical spa can make upwards of $1.2 million per year. A registered nurse practicing aesthetics medicine can earn between $250k to $300k.
2 – The Lucrative Medical Expert Witness Field
Becoming a medical expert witness means giving your expert medical opinion drawn from all the years you’ve practiced medicine.
It is usually done in the form of a report or possibly in the form of a desk position to an attorney, to a court, to an insurance company, to a variety of different companies that will be happy to pay you excellent rates for your opinion.
It is a lucrative full-time position or side hustle for someone looking for extra income. It is not uncommon for medical experts to make $125-$325 per hour.
The good thing with this field is that you don’t need much to get started. It is an extremely low-cost field to enter. You just need a laptop and the ability to read and write reports.
The only investment you’ll require is some training to write reports in the needed format.
Besides the opportunity to contribute to medicine in a different way than mainstream medicine, and the lucrative hourly rates, another great benefit of this field is that you can work from anywhere. You can be on vacation reading medical reports and writing reports on your laptop. You also set your own hours and working schedule.
3 – Consider Opening a Ketamine Clinic
Ketamine clinics are becoming more and more popular. With more people suffering from chronic pain, PTSD, depression, and other conditions, ketamine clinics offer an alternative treatment method to mainstream medicine.
Most of these patients have undergone treatments from mainstream medicine with little success.
This business is gratifying because you are helping people who have suffered for a long time with pain and psychological issues.
This is some learning curve before you can operate a ketamine clinic. Ketamine infusions require anesthetic agents, so you’ll use a CRNA to do these infusions.
Patient selection criteria and clinical processes are other things you’ll require a thorough education on before you can successfully run your own clinic.
4 – Opportunities in Regenerative Medicine
The regenerative medicine field is growing like crazy. It’s a new pathway to medical entrepreneurship that’s a little bit like the Wild West. With new therapies coming in each day, it’s an exciting and lucrative field.
Part of the reason why regenerative medicine is becoming very popular is that mainstream medicine doesn’t do a good job of helping people with chronic pain.
Regenerative medicine offers a more permanent solution by using advanced healing modalities like growth factors.
Another reason to get into this field is that most patients looking for regenerative medicine solutions are successful people who want to keep performing at high levels.
Often, they are healthy and doing well in other areas of their life. They just want to find a solution to some niggling issues like knee pain, elbow discomfort, back issue, etc.
The major benefit of regenerative medicine is it’s a fast-growing field with an ever-increasing demand. It’s a great add-on for medical entrepreneurs who already have their own clinics. Even if you don’t have your own clinic, you can build one within someone else’s.
Like the other ideas we’ve discussed, patients will pay in cash, so you don’t have to deal with insurance companies.
Closing Thoughts
The healthcare industry has always offered numerous opportunities for entrepreneurs, but there has never been a time like now for medical entrepreneurs. The increased awareness of alternative healthcare options has driven huge demand among patients.
If you think you’re ready to start your own journey as a medical entrepreneur, make sure to follow us on social media and subscribe so you never miss an episode!
Additional Resources:
– Join my challenge here!
– Check out my website here!
– Sign up for our Aesthetics training here!
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Medical Entrepreneur is a podcast dedicated to those who are trying to escape mainstream medicine and start building the healthcare business of their dreams.
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