The nursing industry is experiencing immense growth as aging demographics and rising healthcare needs spur demand. The US Bureau of Labor Statistics projects over 200,000 new RN jobs by 2029.
Nurses have more entrepreneurial opportunities than ever to tap into this growth by starting a variety of highly profitable businesses.
This article explores 18 of today’s most lucrative nursing business ideas with up-to-date earnings statistics and growth projections through 2024 and beyond.
TLDR – Key Takeaways
- The nursing industry is experiencing enormous growth fueled by aging demographics, rise in chronic conditions, care delivery innovations and a deepening workforce shortage spurring high demand.
- Myriad lucrative nursing business opportunities exist across sectors like home health, telehealth, medical staffing, home care tech, medical spas and legal consulting that nurses can readily tap into.
- Many nurse-led businesses boast profit margins ranging from 25% to over 50% enabling rapid high 7- to 8-figure growth potential.
- Home health franchises and agencies are the most profitable at 16.9% margins – 4X higher than average healthcare businesses.
- Concierge nursing for elite clientele and travel nurse staffing firms also represent hugely lucrative models given premium value pricing and high bill rates.
- With several nursing sectors projected to expand at 15%+ compound annual growth rates through 2030, nursing entrepreneurship stands as an ideal path to secure wealth, freedom and impact.
Booming Businesses For Nurses
#1 Home Health Agency Earning Statistics
A home health agency sends nurses, therapists, aides and other medical staff to provide skilled nursing care and services in patient homes. Agencies coordinate care plans with physicians to serve patients discharged from hospitals or in need of long term care.
The US home health industry has swelled to over 33,000 agencies serving millions of patients annually. Home health agencies generated $103 billion in revenue in 2020, a striking 48% increase over 2016. Revenue is projected to grow at 6.9% annually reaching $154 billion by 2026 according IBISWorld.
Several factors driving growth:
- Aging population requiring more care
- Push to reduce re-hospitalizations with home-based care
- Rise in chronic conditions like diabetes and heart disease
- Shortage of nurses incentivizing home-based jobs
With over 917,000 nurses needed to meet increasing home care demands through 2030 per AJMC, the outlook is highly favorable.
Home health agencies have earned exceptionally high profits. The median agency profit margin was 16.9% in 2020, over 4X higher than the average across all healthcare sectors (4.5%). From 2015-2020 median returns on assets averaged 35.1% compared to just 6.4% economy-wide as per IBISWorld.
With strong growth forecasts and high profit potential, a home health franchise or independent startup present compelling opportunities.
#2 Travel Nursing Staffing Agency Earning Statistics
Travel nursing companies recruit nurses to fill temporary staffing needs at hospitals, clinics and other facilities nationwide. Assignments range from 8 to 26 weeks. With major nursing shortages, demand has skyrocketed.
Spending on travel nurses exploded from $3.4 billion in 2011 to over $13 billion in 2022 per Staffing Industry Analysts. The market is forecast to expand at a 5.5% annual rate from 2023-2030 as healthcare staffing shortfalls continue.
With hospitals offering crisis pay rates to secure talent, travel nurses earn exceptionally high wages.
Average weekly pay ranges from $1,760-$2,340 according to Staffing Industry Analysts – reflecting hourly wages from $44-$58. Top rates exceed $6,000 per week based on specialty and location.
While travel firms must cover nurse pay, reimbursement rates from client facilities are even higher yielding strong profit margins. Commission ranges average 15-25% of the bill rate per Trusted Health – enabling agencies to earn 6-7 figures in net income.
With healthcare staffing shortages projected to persist, travel nursing offers tremendous entrepreneurial potential through 2030 and beyond. Franchises provide turnkey business systems while startups allow greater control and customization.
#3 Care Coordination Business Earning Statistics
A care coordination company helps manage healthcare needs for patients – especially complex cases involving chronic conditions, disabilities, behavioral health issues and social determinants.
Services include creating integrated care plans, navigating health systems, addressing barriers to access, advocating for community resources and more.
Hospital re-admission penalties, value-based payment models and a push to improve outcomes is driving care coordination growth.
The global care coordination software market is projected to surge from $4.18 billion in 2021 to over $17 billion in 2028 expanding at a 22.4% CAGR per Verified Market Research.
One third of States now pay for coordination services under Medicaid. Medicare began reimbursing chronic care management in 2015 fueling small practice adoption. Additional billing codes and value-based payment incentives continue boosting growth.
Profit margins for care coordination firms are attractive, ranging from 15% to 25% per advisor Health Marketplace.
Services can be incorporated into an existing practice or provided as a standalone business. Care coordinators earn $55,000 – $90,000 on average – with specialized nurses at the top of salary ranges.
With mounting complexity in care delivery, care coordination promises strong growth and profits through the decade ahead.
#4 Nursing Call Center Earning Statistics
Nursing call centers provide 24/7 phone access to registered nurses who deliver symptom-based triage and advice to guide care decisions.
Calls may come from insurance companies, hospital ED diversion programs, physician practices, care facilities and directly from consumers.
Call volume growth has mirrored rising hospital expenses and insurance premiums making self-care via nurse advice lines an attractive low-cost option.
Haven Health estimates 70% of ER visits yearly could have been safely redirected to lower levels of care via telephonic nursing services.
The global healthcare call center market was valued at $14.13 billion in 2022 per Grand View Research. The market is forecast to expand at an 11.3% CAGR from 2023-2030 – nearly doubling industry revenues.
Profitability for nursing call centers is quite strong with EBIDTA margins ranging from 10% to 30% according to industry interviews by IBISWorld and LogistiCare.
Larger national telephonic triage firms and franchises can become multi-million dollar operations with strong upside through the decade ahead.
#5 Nursing Staffing and Recruiting Agency Earning Statistics
Nursing staffing agencies supply nurses and other medical professionals to hospitals, ambulatory care centers, long-term care facilities and other clients on flexible short or long-term arrangements.
According to the American Staffing Association, over 1.5 million healthcare staff are engaged by staffing agencies daily in the US.
Robust demand has expanded the healthcare staffing market from $12 billion in 2012 to over $43 billion as of 2022 per IBISWorld.
The global market is forecast to grow 6% annually – exceeding $97 billion by 2032 reports Precedence Research.
Agencies earn profits by charging markup rates over nurse wages. Gross margins typically range from 25% to 35%. Larger national and multi-regional agencies generate tens of millions in annual profits.
Given worsening medical staff shortages, nursing staffing & recruiting agencies present an increasingly lucrative entrepreneurial venture – whether launching an independent startup or purchasing an existing franchise.
#6 Home Infusion Therapy Business Earning Statistics
Home infusion therapy involves supplying medications, nutrients and fluids intravenously or through injections and catheters to patients at home versus hospital or outpatient facility administration. Nurses oversee infusions, train patients and monitor outcomes.
The global home infusion therapy market is expanding rapidly as hospital-level treatments shift to lower cost home settings.
The market was valued at $28.9 billion in 2021 per Fortune Business Insights – forecast to reach $53.4 billion by 2028 at a 9.7% growth rate.
Key demand drivers:
- Savings incentives for home vs outpatient
- Expanding infusion treatments for chronic conditions
- Lower risks/costs to treat post-discharge patients at home
- Patient desire for comfort/independence
Independent home infusion providers earn strong profits. Potential first year earnings commonly exceed $500,000 for nurse founder-operators per Home Infusion Link – with profit margins upwards of 20%.
Larger multi-region providers like Coram and Option Care generate 8 to 9-figure revenues.
With an aging population and rise in chronic diseases, home infusion therapy presents exceptional entrepreneurial prospects through 2030 for nurses with infusion expertise.
#7 Concierge Nursing Earning Statistics
Concierge nursing providers offer ultra-customized care plans and exclusive one-on-one nursing services typically to affluent clients.
These boutique agencies have nurses available 24/7 to tend to everything from medical support to household assistance. Services also commonly integrate geriatric care management and coordination.
America’s over 18 million millionaire households (over 50,000 ULHNWI) can readily afford concierge nursing care. Rates average from $4,000 to $10,000+ per month for 24/7 access to a dedicated nurse concierge.
The global concierge nursing market is forecast to grow at a 17.1% CAGR from 2022-2032 – expanding over 5X from $97.6 billion presently to $475.4 billion by 2032 projects Market Research Future.
Rising demand is fueled by increasing wealth and aging demographics seeking premium healthcare support.
While highly customized offerings limit scalability, boutique nurse concierge owners can readily generate 6-figure incomes given strong demand dynamics and premium value pricing.
Those catering to ultra high net worth families across legal, financial, real estate and other services adjacent to healthcare support also expand earnings potential.
#8 Legal Nurse Consulting Earning Statistics
Legal nurse consultants assist law firms and attorneys providing clinical expertise and perspectives for medically-related cases involving everything from malpractice, personal injury and accident liability claims to worker’s compensation disputes and product liability suits.
Services range from gathering and assessing medical records to evaluating standards of care – helping build or critique legal arguments.
Some may testify as expert witnesses. Law firms utilizing legal nurse consultants report achieving higher success rates and settlements.
Demand for legal nurse consultants has expanded substantially with medical litigation comprising the majority of civil cases filed.
The global legal nurse consulting market is projected to grow at a 6.7% CAGR from 2022 to 2032 to reach $33 billion per Market Research Future – largely fueled by rising healthcare costs and utilization.
Legal nurse consultants typically charge from $125 to $300 per hour for casework services according to the American Association of Legal Nurse Consultants.
Six-figure gross annual incomes are common among independent consultants and niche firm owners given high billable rates and margins.
#9 Medical Spa Clinic Earning Statistics
Medical spas, also known as medi-spas or med spas, deliver aesthetic treatments like Botox injections, chemical peels, laser skin resurfacing, microdermabrasion and dermal fillers administered under nurse practitioner or physician supervision.
Spas may also provide wellness services like nutritional counseling, massage therapy, health screening lab tests and more.
Over 4,000 medical spas now operate in the US per the American Med Spa Association – with numbers expanding rapidly as cosmetic treatments gain mainstream appeal.
The medical spa industry was valued at $5.4 billion in 2021 expected to triple to $13.7 billion by 2030 according to Market Data Forecast, reflecting a 14.4% growth rate.
Driver include rising disposable incomes, growing beauty consciousness, and patient desire for non-surgical rejuvenation procedures versus cosmetic surgery.
Profit margins for established med spas average around 16% but can readily surpass 20 to 25% for high volume practices charging premium prices per industry surveys.
Combined medical aesthetics and ancillary services can propel multi-million dollar practice revenues given tremendous growth ahead.
#10 Home Care Tech Company Earning Statistics
Home care technology companies develop software solutions enhancing coordination, communication, logistics, clinical workflows, patient engagement and staffing efficiencies for home health and personal care organizations.
Customers include home care agencies, self-directed caregiver networks, care facilities, hospitals and more.
Home healthcare software demand is soaring as technology drives productivity improvements across the expanding home care sector.
Industry revenue was $7.8 billion in 2022 forecast to reach $105.6 billion by 2032 reflecting a robust 31.7% CAGR per Precedence Research.
Key growth factors include:
- Expanding aging demographics demanding better coordinated care
- Shift of complex treatments from facilities into homes
- Need for solutions tackling high staff turnover and burnout
- Inefficiencies and lack of transparency around scheduling and visit reporting
- Lack of tools tracking quality metrics and clinical outcomes
With high scalability and profitability, healthcare IT ventures represent a lucrative entrepreneurial nursing opportunity.
Software profit margins range from 15% to over 40% leveraging recurring subscription models states TechFruit. First year profit potential typically exceeds low 7-figures for promising solutions.
#11 Telehealth Business Earning Statistics
Telehealth platforms enable patients to access medical consultations, diagnoses, prescription medications, remote patient monitoring and other virtual care services via real-time video- and text-based technologies.
Telehealth can support everything from routine doctor visits to specialized services like tele-stroke, tele-ICU and tele-psychiatry.
Increased convenience, tech capabilities and pandemic necessity have ignited telemedicine adoption.
The global telehealth market soared from just $45 billion in 2019 to over $80 billion in 2021. Market Research Future projects 30%+ annual growth will expand the total market to nearly $500 billion by 2030.
Key trends fueling growth:
- Rising chronic conditions requiring ongoing care
- Staffing shortages increasing access barriers
- Lack of providers in rural communities
- Value-based payment incentives to reduce hospital visits
- Comfort utilizing virtual communication mediums
With low overhead and strong reimbursement, telehealth models can become quite profitable.
Practitioner margins range from 30% to 60% with established platforms averaging 45 to 50% according to Provider Profitability Models by Definitive Healthcare – enabling 7-figure+ practice incomes.
#12 Home Health Equipment Sales and Rentals Earning Statistics
Home health equipment companies offer critical products like oxygen units, mobility devices, bathroom safety equipment, patient lifts and diagnostic tools enabling at-home medical treatment.
Equipment is either sold or rented to patients on orders from physicians and hospital discharge planners. Some providers also staff in-home setup and education.
The global home healthcare equipment market has rapidly expanded from $7.8 billion in 2014 to $11 billion as of 2020 per Fortune Business Insights.
Continued shifts toward cost-effective home care coupled with technology advances and demographic changes will propel the total market to $20.6 billion by 2028 reflecting 7% annual growth.
While smaller dealers struggle with slim margins, larger regional and national equipment providers leverage economies of scale to optimize profits on high volume orders. Providers offering a mix of HME sales, rentals and services can readily achieve 25-35+% margins according to IBISWorld.
With an aging population and coordinated care incentives aimed at reducing rehospitalizations, home medical equipment providers stand to see ongoing growth and profitability through 2030.
#13 Private Duty Nursing Agency Earning Statistics
Private duty nursing (PDN) agencies supply registered nurses, licensed vocational/practical nurses and certified nursing assistants to provide care in client homes – typically post-surgery, for chronic conditions or palliative end-of-life care.
Services address both medical and personal needs at hourly rates generally not covered by insurance.
The private duty homecare market has swelled from $92 billion in 2020 projected to reach $286 billion by 2030, reflecting an 11% CAGR according to Grand View Research.
Growth drivers include an aging population, rise in chronic diseases, improved socioeconomic conditions enabling self-paid care, and shortages of family caregivers.
Private duty nursing is extremely profitable with agencies achieving 25-30% gross margins on average based on hourly billing markups over nurse wages.
Annual agency earnings commonly range from $500,000 to $1 million-plus for independent startups and franchise locations.
Some national PDN providers like Interim HealthCare generate 9-figure revenues.
Given high costs of inpatient and long-term care coupled with strong consumer preference for home-based treatment, demand for private duty nursing services looks poised for tremendous growth through 2030 and beyond.
#14 Medical Transcription Service Earning Statistics
Medical transcription companies utilize technology-enabled services to convert clinician voice recordings from patient visits into written documentation for insertion into medical records and billing claims submissions.
Customers include hospitals, physician practices, clinical laboratories and more.
The global medical transcription market was valued at $60.5 billion as of 2021 by ResearchAndMarkets.
Continued advances in speech recognition technology plus increased adoption of AI-based documentation assistance tools will propel growth to $82.6 billion by 2026 reflecting a 6.2% CAGR.
Key drivers stem from physician needs to optimize clinical workflows as well as meet regulatory compliance – fueling demand for accurate and rapid transcription.
Profitability for medical transcription firms is quite favorable, benefiting from offshore labor cost arbitrage.
Gross margins average 40-45% states mThink citing ability to markup per line transcription fees 4X+ over wage expenses across global delivery platforms.
#15 Nurseline Answering Service Earning Statistics
Nurse triage answering services provide emergency hotlines and after-hours call coverage enabling callers to connect immediately with a registered nurse for symptom assessment, healthcare advice and provider referrals.
Customers include physician practices, call centers, home care agencies and direct consumer lines.
Industry growth mirrors rising hospital costs compelling more individuals to seek initial guidance from a nurse phone line before considering higher-level care options.
The global healthcare call center market was $14.13 billion in 2022 projected to reach over $30 billion by 2030 reflecting an 11.3% CAGR per Grand View Research.
Nurseline revenue models based on per call or membership fees can prove quite profitable for specialized answering service firms.
EBIDTA margins range from 10% to 30% given limited overhead to support scaled operations states LogistiCare.
Larger national nurse advice line providers like Carenet and Walgreens FindCareNow generate 8 to 9-figure incomes.
#16 Continuing Nursing Education Business Earning Statistics
Continuing nursing education involves developing accredited training programs and courses to help nurses and other clinicians obtain mandatory license renewals and stay updated on the latest practices.
Instruction is delivered via online modules, seminars, conference workshops and other formats. Nearly 4 million nurses require annual CE credits.
The global nursing education market was $21.97 billion in 2022 expected to grow at a 7.55% CAGR through 2032 according to Precedence Research.
Growth is fueled by rising enrollment plus technology investments enabling expansion of distance learning options.
Profitability for continuing education providers is attractive with many reporting gross margins from 30% to 60% per mThink Business Directory given scalable delivery models and strong nurse demand.
7-figure incomes are plausible for CNCE firm owners catering to speciality niches.
#17 In-Home Nursing Care Franchise Earning Statistics
In-home nursing care franchises supply skilled home health, personal care, therapy, hospice and companion services through trained nurses, aides and other assisted living professionals.
Care plans address medical support, activities of daily living and lifestyle needs. Options range from hourly to live-in care.
The in-home healthcare franchise market was $3.58 billion in 2021 expected to grow at a 6.2% CAGR through 2028 projects Grand View Research. Expanding elderly demographics, patient preference for residential settings, and hospital incentives to reduce readmissions fuel growth.
As both demand and labor shortages continue, in-home nursing care replicates remain attractive options for nurse entrepreneurs. Franchisees leverage proven operating systems, branding, and centralized negotiating power to optimize profits.
Average gross margins are around 25% with first year earnings averaging $60K to $100K+ indicates FranchiseHelp.
#18 Mobile IV Therapy Business Earning Statistics
Mobile IV therapy businesses provide nutrient, vitamin and antioxidant IV infusions, injections, as well as IM shots administered in client homes and workplace sites by licensed nurses.
Services cater to health-conscious consumers and those aiming to accelerate recovery, boost immunity or overcome deficiencies.
The global mobile health market is expected to grow at a CAGR of 31.4% from 2022 to 2030 to reach $175 billion according to Precedence Research.
Key drivers include rising health-consciousness and demand for preventative wellness fueled by IV therapy benefits like accelerated muscle recovery, reduced migraines, anti-aging effects, and boosted mood & cognition.
Average national prices for mobile IV treatments range from $199 for a single Myers Cocktail session to $599 for a 5-pack claimsRegisteredNurseRN.
Common additions like glutathione, Vitamin C and B-complex generate higher price points and profit margins. With relatively low overhead, bottom line profit margins can readily exceed 60%.
The clinical expertise and bedside experience nurses possess can readily translate into 6-figure incomes as mobile IV practice owners.
Those integrating modern lead generation and scheduling tools can manage rapid scaling. Given ballooning consumer wellness spend, the future looks bright.
So there it is!
The opportunities for nurse entrepreneurs are immense given substantial industry growth, high and recurrent demand for services, and strong profitability across diverse healthcare sectors.
From home infusion and telehealth to medical staffing, home care and beyond, nurses can tap into multiple high-earnings models.
And by managing costs via automation and optimizing service delivery through specialization, 6 to 7-figure net incomes genuinely await.
The time has never been riper for nurses to realize their dreams of launching rewarding businesses set to thrive through 2030 and beyond.
Q: What is the most profitable nursing business?
A: Home health franchises and agencies tend to be the most profitable nursing businesses with median returns on assets exceeding 35% – 4X higher than average across all healthcare sectors.
Q: How much money can a nurse entrepreneur make?
A: Annual incomes commonly exceed $500K+ for nurse entrepreneurs across sectors like home care, medical staffing and telehealth. First year earnings of $60K – $100K+ are readily achievable.
Q: What is the least expensive nursing business to start?
A: Continuing nursing education businesses have among the lowest startup costs given limited overhead required to setup online course delivery platforms and instructional content packaging.
Q: What nursing business has the highest growth potential?
A: The telehealth market is forecast to grow over 30% annually through 2030 – expanding nearly 6X from $80 billion in 2021 to reach $495 billion.
Q: Is starting a home care agency profitable?
Home care franchises and startups generate 25-35%+ gross margins on average indicating substantial profit potential as demand outpaces caregiver supply.
Q: How much do legal nurse consultants earn?
Legal nurse consultants typically charge from $125 to $300 per hour for casework services according to the American Association of Legal Nurse Consultants – enabling six-figure gross annual earnings.
Q: What is the average salary for a nurse entrepreneur?
A: The average annual income for a nurse entrepreneur ranges from approximately $200,000 to $400,000 according to various industry reports. Top earners generate over $1 million.
Q: How much do concierge nurses earn?
A: Concierge nurses can earn from $100 to $150 per hour on average serving ultra-high net-worth families and executives. Annual salaries commonly reach 6 figures for boutique agency owners.
Q: What is the cost of opening a home health agency?
The average cost to establish an independent home health agency ranges from approximately $65,000 to $100,000 including licensing, staffing, insurance, and equipment expenses according to the Visiting Nurse Associations of America.
Q: How profitable are travel nursing agencies?
A: Travel nursing agencies earn 15 to 25% commissions per nurse contract. With average bill rates exceeding $2,000/week, a staff of 20 nurses can readily generate 7-figure owner incomes after expenses.