Did you know that the medical courier market size was valued at $9.277 billion in 2022, and is projected to reach $16.23 billion by 2032? This is clearly a lucrative industry, and it’s only going to grow bigger.
Those seeking business opportunities have a great one here. But like with any venture, you have to be smart and plan your steps carefully.
If you want to know how to start a medical courier business, then keep reading. This article will discuss the key details you should know.
What’s a Medical Courier and What Do They Do?
Before you start a business venture, you want to first make sure you know what it is that you’ll do. So it’s important that you understand what a medical courier is and what their responsibilities are.
Like a regular courier, a medical courier transports things for hospitals, as well as doctors’ offices, laboratories, and any other medical facilities. The transported items can be anything from medical specimens and documents to medical equipment/supplies and even organs.
The main goal of a medical courier is to get the deliveries done in a safe and secure manner. They must do this while complying with HIPAA and OSHA.
Medical couriers typically get to work for themselves, which means you have freedom over your clients, and thus, your schedule too.
How to Start a Medical Courier Business
Starting a medical courier business isn’t as simple as just getting a car and starting to drive. There are multiple aspects to take care of, such as planning, marketing, and licensing. So here’s what you need to do.
Conduct Market Research
Each area will have its own unique needs and demands for medical couriers, and it’s up to you to find out what they are for your city. You can do so by reaching out to:
- Hospitals
- Clinics
- Labs
- Pharmacies
- Nursing homes
It can also be beneficial to research local competitors. For example, if you find out how much they charge, what services they offer, and what areas they cover, then you can fill in the gaps.
Based on that information, you can decide if you’ll specialize in specific medical deliveries too. Some examples include:
- Pharmaceuticals
- Lab samples
- Medical equipment
- Organs
- Home healthcare supplies
Write a Business Plan
Having a clear business plan can help with staying on track. Not to mention, if you need to secure funding, a business plan will be needed there as well.
The first part of the plan should be your executive summary. This should be an overview of your business and goals.
The next part is your market analysis. This is the research you did in the previous section, such as competition research, industry demand, and target clients.
Next, put down your specific medical courier services, as well as your pricing strategy. This should include:
- Delivery fees
- Distance-based pricing
- Additional charges
This ties into your financial plan. Here, you’ll estimate startup costs, projected revenue, and operational expenses.
Other things you’ll have to flesh out include your operations and marketing plans. For the former, outline the schedules, vehicle requirements, and workforce needs. The latter should list strategies you’ll use to attract clients and build your brand.
Choose a Business Structure and Register Your Business
Different business entity types have varying liability protection and tax implications, so do your research before you settle on one. In general, entrepreneurs like to choose limited liability companies (LLCs) since these offer protection on personal assets.
Other choices include sole proprietorships and corporations. A sole proprietorship is simple but offers no liability protection. As for corporations, you can choose between S-corp or C-corp, and they’re best for scaling. However, they involve more regulations.
Whatever structure you choose, you’ll have to register with the Secretary of State. If you don’t want to deal with that paperwork yourself, then use our free business registration service. The only thing you’ll have to pay for is the state fee, and we’ll get your company up and running.
It’s a good idea to request an employer identification number (EIN) from the IRS too. You’ll need it to open a business bank account, and it’s also required if you’re hiring employees.
Get the Necessary Licenses and Permits
To operate legally, you’ll need a business license from your local city or county office. In some places, you’ll have to register for state sales tax as well.
Now, you may be wondering, “What certifications do I need to start a medical courier business?” Well, there’s no specific medical courier license you can get to transport medical supplies, but there are certifications you must get and regulations to adhere to.
For example, you can get HIPAA and BBP certifications if you’re handling sensitive materials. And of course, you’ll need a driver’s license to operate your vehicle.
You should check with your state’s health department to see the specific regulations on transporting medical items. Another helpful place to check is with the Department of Transportation (DOT).
Secure Proper Insurance
Not only are you driving, but you’re also handling very sensitive items. You can be the most careful person in the world, but things happen, and if they do, you want to be protected.
For your vehicle, you should have not only commercial auto insurance, but also cargo insurance. The former protects your vehicles themselves, while the latter covers lost, stolen, or damaged medical items.
In addition, you should get general liability insurance. This will cover you against damages and legal claims. On top of that, errors and omissions (E&O) insurance will cover mistakes in handling sensitive medical items.
If you hire employees, then you’ll need workers’ compensation insurance too. It’s a legal requirement, plus it’ll protect both you and your workers.
Get Reliable Transportation
Driving will be your bread and butter, so don’t go cheap unless you have to. Choose a fuel-efficent and well-maintained vehicle, whether it’s a van, SUV, or compact car.
Ensure that it meets both state and federal regulations for medical transport. On that note, install temperature-controlled storage if you’re transporting perishable or sensitive items.
If you’re planning on having multiple vehicles and staff, then GPS tracking and fleet management software can be useful. You’ll have real-time tracking and more control over your workforce.
Invest in Equipment and Technology
On that note, there are several key things you should get to run a successful medical courier business:
- Medical-grade coolers
- Secure lockboxes
- Barcode scanners
- Mobile dispatch software
- Electronic logging devices (ELD)
Build Relationships With Medical Clients
Now that you’re all set up, you’ll want to gather potential clients. One of the best ways to do so is to directly contact hospitals, pharmacies, nursing homes, and laboratories. Or you can join the local medical courier associations to network.
You can also list your services on business directories. Another place to try is medical supply platforms.
When you speak with potential clients, offer contract-based services. This can guarantee long-term revenue while your clients save a little money with a secure solution for the foreseeable future.
Market Your Business
To reach an even larger audience, you should market your business. The above direct outreach methods are great, as well as having referral programs where you encourage clients to refer other medical professionals.
You should also do online marketing; for example, with an official website and fantastic search engine optimization (SEO) efforts, you can attract relevant customers, especially if you list your business to appear in local searches for Google My Business.
Don’t neglect social media either. On platforms like Instagram and LinkedIn, you can promote your services to healthcare professionals.
Hire Staff
Some people may be able to afford to hire staff at the start of their businesses. But if you want to start out solo, that’s ok too.
However, there may come a time when you’ve built such a huge customer base that you need to hire some help. When you do, make sure to have a thorough employee screening process, and train them meticulously. They should know:
- How to handle medical shipments
- HIPAA compliance
- Safety protocols
Start Your Own Medical Courier Business Today
Now you know how to start a medical courier business, so you’ll be confident every step of the way.
So take a look around your local community and see if there’s a need for this service. Chances are, there are, which means you’ll be the perfect person to fulfill those needs. With the proper setup, you’ll have a lucrative career.
Sign up with Business Anywhere to use our free business registration service. We also offer registered agent and virtual mailbox services.
