Nurse Practitioner Entrepreneur Ideas for 2021 (2024)

A study from the Association of American Medical Colleges noted that the US could face a shortage of nearly 55,200 primary care physicians by 2032.

Without enough physicians to care for the increasing patient population, the demand for family NPs will only increase, especially for states where family nurse practitioners (FNPs) boast full practice authority.

Another factor in the high demand for FNPs is the closure of rural healthcare facilities. Between 2010 and the start of 2020, 120 rural hospitals were closed to the public. Another 453 rural health facilities are vulnerable—as concluded by a study reported in Forbes.

With nearly 20% of US citizens living in rural areas and already facing an insufficiency of doctors, there’s a high demand for FNPs to perform physicals, check-ups, etc. (For people who may otherwise have to wait a long time before securing an appointment with a physician).

Telehealth visits

In March 2020, telehealth visits increased by 154% year-over-year. And as the pandemic makes virtual health visits a norm, this trend will only continue to grow.

Telehealth visits give NPs a chance to cater to patients who are facing challenges accessing health care. It also helps NPs reduce costs while allowing patients to manage some aspects of their treatment.

(Patients can access an online portal to schedule appointments, see test results, request prescription refills, and more.)

Furthermore, amid the pandemic, there’s an ongoing relaxation of rules around reimbursem*nt for virtual healthcare visits. That goes to prove how well the telehealth system can work. And form a perfect opportunity for any NP looking to tap into a patient population that’s at high risk if exposed to COVID-19. Or a population with mobility challenges.

Holistic care

Holistic care revolves around recognizing each patient’s unique emotional, physical, mental, environmental, and spiritual strengths & weaknesses. And the global body of evidence relating to the benefits of this type of care is growing.

A 2017 study concluded that patients of nurses who offered holistic care were more satisfied with the accessibility and quality of care. Similar inferences were made in a 2020 study involving patients with permanent colostomies.

As the demand for holistic care increases, so do the opportunities for NPs who wish to embrace it.

Online education

Following the recommendation to increase the percentage of healthcare workers holding a BSN degree by 30%, there’s a high demand for training.

That coupled with the limitations brought about by the pandemic puts online education at the forefront.

While it might be hard for an NP to provide online nursing degree programs, you can leverage the platform to offer training sessions. Think of prepping courses for nurses preparing for licensing or certification exams.

Health informatics

In response to the increasing use of technology in healthcare, health informatics is gaining popularity.

An NP can use the data collected by IT systems to create a collaborative environment between care providers and patients.

And as reported by the Healthcare Information and Management Systems Society, there’s a direct positive link between the quality of care and the work of health informatics nurses. That means the field will continue to grow—creating more opportunities for you.

Demand for Geriatric specialists

America is aging.

According to the Congressional Budget Office, 20% of the US population will be 65 and above by 2025. Yet, less than 1% of RNs and 3% of advanced practice RNs are certified in Geriatric care management.

As such, there’ll be a demand for Geriatric nurses to care for the aging and ailing Baby Boomers. An opportunity for a certified Geriatric nurse to provide care in whatever settings that fits their interests.

Specialized knowledge

The health needs of the US population are changing. Not only is the population aging, but also dealing with a wide range of health problems. (Think of obesity-related ailments, such as hypertension and type II diabetes).

At the same time, these patients will need more at-home care as they seek to stay clear of the healthcare system. (Or the healthcare system tries to keep them out). Hence, the need for highly specialized nurse practitioners (from psychiatry to family health) to deal with increasingly complex age-related ailments.

Underserved areas

Rural areas and other underserved areas need more outpatient health centers with specialized NPs.

How to Choose the Best Nurse Practitioner and Entrepreneur Business Idea

So there are numerous business ideas for nurse practitioners. However, it’s best to evaluate which idea is best for you before investing time and money.

To do so, think about the following:

Your skills

Ask yourself the following question to get an understanding of what you’re good at.

• What aspects of my current job or healthcare system do I like the most?
• What aspects of my job or healthcare system do I enjoy the least?
• Do I enjoy sales?
• Is there a specific/target patient population that I enjoy/prefer to work with?
• Would I prefer activities that dealt less with people and more with administrative tasks?
• Am I good at finding solutions to existing problems?
• What activities do I enjoy and am also good at?
• What weaknesses hinder my progress at my current job?

Use the resulting answers to inform your idea selection process.

Your schedule

Will you work on your business idea part-time or full-time?

If you’ll implement your idea as a side hustle, which you should—to take the edge off of having to make a profit right away! Take your current nursing schedule into account.

Implementing an idea as a side business and building it into a full-time practice helps:

• Determine whether (or not) there’s sustainable demand for your products/services.
• Work through any operational or workflow issues before diving in.

If you decide to go all-in, research beforehand to determine:

• The amount of startup capital required.
• Your target market.
• The expected demand.
• And so on.

Feed your passion

Doing something that you’re passionate about is essential. As such, your business ideas should focus more on your favorite to-dos.

Selecting a business idea for a nurse practitioner that meshes with your passion will make working those long hours (a necessity when getting things off the ground) a lot easier.

But don’t rely on passion alone. The ‘ideal’ idea should mesh passion, profitability, and skills. That means factoring in the needs of your target market and ideal clientele before launching.

Strategies for Success

• Assess your readiness and skills.
• Learn the basics of running a business (business planning, legal aspects, state laws/regulations, etc.)
• Conduct market research and analysis (competitive research, choosing your target market, pricing models, etc.)
• Market your business (which involves branding, marketing financial planning, and forecasting sales, assets, and profits).
• Consult experts (Think of attorneys, business owners, accountants, marketing experts, and billing & coding experts).
• Plan for the future (including hiring employees, optimizing the customer experience, remaining relevant, embracing technology, etc.)
• Re-assess the feasibility of your business plan.
• Operationalize the plan.

For More Details, Here are Resources to Get You Started

• AANP
• National Nurses in Business Association
• Nurse Innovation and Entrepreneurship at Northeastern University
• ENP Network
• Nurse Practitioner Healthcare Foundation
• National Nurse-Led Care Consortium
• Facebook and LinkedIn Nurse/Entrepreneur/Business Groups
• National Nurse Practitioner Entrepreneur Network (NNPEN)

Build Your Business the Right Way the First Time

Opening a nurse practitioner business is clearly an exciting option for those with the knowledge, skills, and passion necessary to succeed. Done right, it can light a proverbial fire and remind you why you became an RN in the first place.Fortunately, there’s a virtual mountain of nursing business ideas—from clinical practice to retail.

To take advantage of the more in-demand opportunities, narrow your focus to health informatics, primary care, Geriatric care, and other highly specialized niches.

Learn more about how to leverage your skills and attract your target audience with relative ease.