5 Key Opportunities for Your Health Coaching Business
Over the last few years, global awareness of the importance of preventative wellness has grown exponentially. More people are being proactive participants in their own wellbeing. And the demand for health coaches continues to expand.
With more options than ever, we’ve uncovered the top 5 opportunities for health coaches for this year and beyond.
#1: Mainstream Recognition of Value of Health Coaching
Conventional health care institutions are now recognizing and valuing the benefits that health coaches bring to mainstream medicine.
The Health and Wellness industry is one of the fastest-growing industries with endless opportunities for expansion. It is a $4.2 trillion industry according to research by the Global Wellness Institute. Health coaching itself has grown into a $7 billion market according to the US Health Coaching Market report.
As of January 2022, the American Medical Association has created temporary Category III current procedure terminology (CPT) codes for health coaching services to help collect data and track which services are used. And while insurers may not reimburse yet for all health coaching services, these CPT codes are paving the way for reimbursement.
The AMA has noted that coaches certified by the National Board of Health and Wellness Coaching (NBHWC) or the National Commission for Health Education Credentialing (NCHEC) are qualified to use CPT codes.
As of July 2021, there are over 5,000 NBHWC certified health coaches and over 80 programs NBHWC-approved training programs. As of 2021, there are over 15,700 NCHEC certified health practitioners.
#2: Growth of Corporate Health Coaching
The corporate wellness market is projected to grow to $84.5 billion by 2027 according to a recent Acumen Research study.
According to the health coaching industry report, healthcare costs associated with chronic diseases such as obesity, autoimmunity, diabetes, cardiovascular disease and other conditions are expected to reach $47 trillion by 2030.
Health coaching can exponentially help reduce health care costs. Patients served by health coaches saved up to $412 per month according to a University of Southern Maine research study.
Adding health coaching as part of a corporate wellness program could potentially save companies hundreds of thousands of dollars lost to absenteeism and other health care costs.
#3: Clinicians Working with Health Coaches
The shortage of primary care doctors is expected to get worse. To accommodate population growth, aging population, and insurance expansion, the US will need an additional 50,000 doctors by 2025 according to research in the Annals of Family Medicine.
More clinicians are working side by side with health coaches to help fill in the gaps in wellness care.
Some of the large healthcare organizations that are incorporating health and wellness coaches into their model include the Cleveland Clinic, the Mayo Clinic, and the U.S. Department of Veteran’s Affairs.
#4: Health Coaching Within Consumer Apps
The demand for ongoing health coaching support is driving many consumer health apps to partner with coaches as part of their services.
Health coaches are being integrated into many weight loss apps, healthy habit apps, and condition apps (such as pre-diabetes management).
Coaches are also adopting technology platforms such as MBODY360 to support more clients in their practice and streamline their business.
Cigna healthcare recently announced that they would be the first national plan to reimburse for behavioral coaching for employees using the Ginger smartphone app, which offers guided self-care, coaches, therapy education and round-the-clock emotional support
#5: Mental Health Coaching
Global events of the past two years have brought mental health coaching to the forefront of health coaching trends. “Mental Health Coaching” is one of the top searched terms worldwide, according to Google Trends.
While mental illness needs to be treated by qualified professionals licensed in psychology, psychiatry, or social work, there are many ways that health coaches can support clients to cultivate a healthier mindset.
Mindfulness, meditation, and mindset coaching are among the most popular niches for health coaching.
No matter how you want to focus your health coaching practice, the need for coaches continues to grow in all areas of health and wellness.