For NP entrepreneurs looking for a change, there are a variety of nurse practitioner business opportunities to choose from. Whether seeking full-time entrepreneurship or starting a side-business, to working for yourself on a trial basis, nurse practitioners certainly have an opportunity to leverage their deep knowledge of healthcare, strong interpersonal skills, and wide network of colleagues to find success with their NP business.
Every NP’s reason for pursuing independent practice, goals as a business owner, and path to success are different. While there are any number of business opportunities for healthcare professionals to pursue, we’ve found that these four business ideas for nurse practitioners tend to be the most popular and profitable among our network of nurse entrepreneurs.
1.) Traditional Option: Brick and Mortar NP-Led Practice
Nurse practitioner private practices have served as a saving grace for patients as they seek alternative care solutions, especially in rural and underserved communities. With a growing number of full practice authority states, nurse practitioner independent practice is becoming increasingly popular, especially since the U.S. is facing both a nurse shortage and a primary care shortage.
For nurse practitioners, brick and mortar private practices provide increased practice autonomy and enable them to bring a more personal touch to healthcare. This in-person nurse practitioner business model tends to lead to better long-term patient care and improved reimbursements. Applying a patient-centric approach to care provided by NPs has proven to be a welcome change for patients as they grow tired of longer wait times and rushed doctor visits they are used to getting from large systems.
If you have questions about getting started, our Checklist for Independent NPs can help!
2.) Convenient Option: Nurse Practitioner Telehealth
Patients have quickly grown accustomed to the convenience of online visits. Nurse practitioner telehealth providers have taken advantage of this opportunity to launch practices with large telehealth components alongside their brick-and-mortar practices. The enhanced convenience of telehealth has proven to accelerate appointment volumes and decrease the rate of no-shows.
One nurse shares how eliminating the overhead of the brick-and-mortar clinic setting increased more time with patients:
Zell added, “As nurse practitioners, we focus on education, yet with employed roles we often aren’t given the time. With telemedicine, I don’t have the same overhead as a large clinic, and I can take the time to form a partnership with my clients. That way, when they log out of their visit, they can make an informed decision to meet their health goals.”
“NP Advantage not only helped me get set up, they also provided encouragement at every step of the way. Soon, I plan to open my brick-and-mortar practice!”
While telehealth has proven to be effective for both patients and providers, it does have its limitations. Telehealth utilization has increased in recent years; however – as of late – private insurance reimbursement for nurse practitioners has decreased for telehealth visits. Because of this, we caution NPs seeking to launch telehealth-only private practices and advise them to stay up to date on the latest developments in telehealth for nurse practitioners.
3.) Consulting Option: NP Professional and Business
Many nurse practitioners have opted to use their professional in-practice, NP entrepreneurship, and life experiences to advise and mentor with those who have recently completed nurse practitioner schooling or are at the start of their NP business owner journey. These nurse practitioner consultants share their knowledge with other NPs, helping to propel other medical professionals forward in their careers.
Because this knowledge is valuable, NP business consultants can charge a reasonable fee for their consultative services. Often, a nurse practitioner entrepreneur network begins to form among these business consultants and their clients as they work together to advance the profession.
“If you had asked me in 2011 when I graduated NP school what I would be doing now, I never would have predicted that I would have a business helping other nursing professionals with career development,” shared Amanda Guarniere, MSN, NP-C and Founder of The Résumé Rx.
Guarniere added, “What started as a “side-hustle” to help me cut back my full-time hours after my twins were born has now evolved into a full-fledged business with tremendous impact, as I’m able to use my skills to help other nurses and NPs figure out the best career paths for them. I want to encourage all NPs to honor their ideas, especially if it’s something that no one is doing yet. Innovation is a skill that many of us have, and when we give ourselves permission to explore our great ideas, that’s where businesses and opportunities can blossom!”
4.) Subject Matter Expert Option: Content Creation
Another way for nurse practitioners to pursue entrepreneurship and advance the profession is content creation. This comes in many forms and can serve several purposes. Some examples of content creation are:
- Creating and hosting podcasts
- Developing content for online courses
- Writing medical blogs and social media posts
- Creating guides, tip sheets, and other downloadable content
Content creation can serve as a great way to create side income and to work at your own pace. While certain pieces may be expected at a regular cadence or by a deadline, the freedom to choose when, where, and how to create content serves the needs of many NP entrepreneurs.
Frequently Asked Questions About Being A NP Business Owner
If you’re contemplating becoming an independent nurse practitioner, you likely have several questions. The following are some frequently asked questions related to becoming an independent NP.
What Type of Nurse Practitioner Makes the Most Money?
The nurse practitioners who make the most money are the ones who use their time wisely. There is no single path to becoming an NP entrepreneur. In fact, savvy nurse business owners may choose to pursue multiple nurse entrepreneur business ideas at a time, depending on their priorities. Whether opting for part-time entrepreneurship or a full-time career transition, the unique skills of a nurse practitioner leave them well poised for success in business.
How Can I Market Myself as an NP?
Marketing yourself as an independent nurse practitioner takes time, effort, and patience. However, with the right approach, you can grow your practice and reach your target audience. Start by updating your online presence, creating your own website, and leveraging social media to build awareness. Since your time is valuable, consider outsourcing these tasks to a professional agency that specializes in marketing for independent NPs.
What Are Some Common NP Business Plan Ideas or Opportunities?
For NPs, the possibilities are endless, and the key to a successful business is to find your niche and cater your services to specific customer needs. One example is opening a wellness center that provides various health services with a particular emphasis on preventative care, with you acting as a nurse health coach. Or you may choose to focus on a niche practice, such as mental health. Consulting, teaching, and patient advocacy services are also viable options.
Should I Work Full Time or Part Time as A Nurse Practitioner?
As an independent NP, you’ve likely wondered whether you should work full-time or part-time. Work-life balance is a critical factor to consider when deciding whether to work full-time or part-time as an independent nurse practitioner. If you want more time at home with your family, have a side hustle, or other commitments, part-time employment may be the best option for you. On the other hand, if you need to maximize your income, and master professional goals, then a full-time independent practice may be better.
How NP Advantage Can Help You Start Your Nurse Practitioner Private Practice?
Our tenured business consultants have the knowledge to help launch and grow NP independent practices. Our full suite of services and ongoing consultation equip entrepreneurial NPs to renew their joy in the work of nursing and best position them achieve profitability with practice ownership. Providing everything from a telehealth enabled EHR to a unique practice website, NP Advantage supports you at every step so that your patients can get the quality care they’ve been waiting for from your independent practice.