Why You? Why Now?

If you like helping people, have a background in healthcare, and want to be your own boss, you may want to start an IV hydration business. This type of business allows you to help people feel and look their best while helping you achieve your financial and personal goals.

What is IV Hydration?

IV hydration or IV therapy is the practice of using intravenous (IV) fluids to deliver treatments to help people feel and look their best. It can encompass vitamins, minerals, electrolytes, prescription medications, or just fluids. IV hydration can be used to improve overall health and wellness, hangovers, energy levels, mood, and some medical conditions. As opposed to topical medications or medications taken orally, IV hydration medications are administered directly into a person’s bloodstream.

What is the Size of the IV hydration industry?

The North American IV hydration therapy market size was estimated at USD 1.15 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2030. The increasing focus on health and wellness is the major factor contributing to the market growth. (Source: Grand View Research, 2023).

What are the steps to open an IV hydration business?

Six to Twelve Months Before You Open:

  1. Hire a Lawyer for Business Entity Setup:
    The legal structure is the foundation of your new business, and it should be done before anything else. Look for a lawyer experienced in healthcare law, preferably with expertise in IV hydration businesses. An experienced lawyer can help you choose the proper business structure (e.g., PC, PLLC, LLC, MSO, corporation) based on the regulations in your state and your needs.
    Many states consider IV hydration to be the practice of medicine, so businesses have to follow the laws related to medical practices. Working from the right legal foundation from the beginning is essential, even before you find a medical director or a location. If your business requires an MSO/MSA structure, it is crucial to create that framework at the outset to properly document the relationships between the MSO, the medical director, and any clinical staff. This relationship also helps to protect you in case of a board investigation.
  2. Write a Business Plan:
    The purpose of a business plan is to help you define how your IV hydration business will operate. Will you be the person administering the treatments? Will you have partners? How will you market? Which IV hydration treatments will you offer? The business plan should help you relieve anxiety about how the business will function. We can share a couple of sample business plans with you to help you get started.
  3. Locate a Medical Director and Establish Entity:
    Find a qualified medical director who meets your business needs and is knowledgeable in the services they are supervising. If your business requires the MSO/MSA structure, ensure the medical director has their own professional entity (e.g., medical corporation) or, if necessary, help them form one with your lawyer. This step is crucial for regulatory compliance and liability protection.
  4. Trademark Name and Logo:
    Work with your lawyer to choose a unique and memorable name for your business. You want a name that sets you apart and that has not already been trademarked. Your lawyer can help you file for a trademark to protect your business name, logo, and brand identity.
  5. Decide on Services:
    Define the range of medical services your business will offer. Consider market demand, specialization, and compliance with regulations in your area. A law firm focusing on healthcare law can introduce you to several business consultants and marketing companies that could help you with this step. You can write a business plan of exactly how your business will operate. If you choose to engage Lengea as your healthcare counsel, we offer a variety of helpful business-related templates, including a model business plan, financials, profitability analysis, etc.
  6. Expand Your Network of Experts:
    In your journey toward entrepreneurial success, curating a team of seasoned professionals who can elevate your business ventures is beneficial. Beyond securing legal assistance, consider the invaluable contributions of specialists in various domains. Enlist the guidance of a proficient accountant who can offer insights into optimal tax strategies and ensure meticulous compliance with all necessary tax filings. Harness the creativity and practicality of an interior designer to transform your workspace into an environment that maximizes productivity and aesthetic appeal. Engage a seasoned business consultant. Their tailored advice and strategic insights can be instrumental in shaping a business strategy uniquely aligned with your goals and vision. By consciously building this toolkit of experts, you enrich your business with specialized knowledge and set the stage for long-term success and sustainability.

Three Months Before You Open:

  1. Find a Location and Get Your Lease Reviewed:
    Search for a suitable location that meets zoning regulations and is accessible to your target market. Have your lawyer review the lease agreement to ensure favorable terms and compliance with legal requirements related to your business’s operation.
  2. Draft Contracts with the Medical Director:
    Work with your legal team to draft comprehensive contracts outlining the medical director’s roles, responsibilities, compensation, and expectations. Ensure each contract is structured compliantly and affords sufficient legal protection to both parties. Unless you are a medical director yourself and the contracts were written with you as the client, never use medical director contracts provided by medical director companies. Those contracts heavily favor the medical director and will not grant you the legal protections to safeguard your interests.
  3. Obtain Training and Experience:
    Attend training sessions offered by manufacturers and private companies for the treatments and devices you plan to offer. Your legal team and business consultants could help you select the right providers for this step.
  4. Prepare Proper On-Site Documentation:
    Protocols and Consents: Before performing any patient services, it is essential to ensure you have the proper supervisory contracts, protocols, and consent documents. An experienced healthcare lawyer will always preach that documentation is your friend! In addition, USP 797 mandates certain protocols and training documentation if you are engaging in compounding.
  5. Obtain Location Permits and Licenses:
    Several services provided at an IV hydration business may require a license or permit for the premises. Work with your legal team to obtain these licenses and permits.
  6. Create Social Media Accounts and Begin Marketing:
    Create your business’s social media and Google accounts.

One Month Before You Open:

  1. Get The Right Insurance:
    A well-connected law firm should be able to introduce you to potential insurance providers and guide you on what types of insurance are needed, as well as the policy limits and coverages.
  2. Order Products, Devices, and Supplies:
    Your law firm can help you with vendor selection, contract negotiation, and supply lists. Ensure you get any equipment financing or purchase contracts reviewed by your legal team before signing.
  3. Set Up Location and Pre-Opening Marketing:
    Prepare the physical space for your business, order necessary products and supplies, and execute pre-opening marketing campaigns to create awareness and attract potential clients.
  4. Obtain Practice Management Software:
    Select the software that best suits your needs for clients to book appointments, chart their visits, take pictures, and collect revenue. Your law firm and business consultants could help you with this process.

Your Grand Opening and Beyond:

  1. Open for Business:
    Once all preparations are completed and necessary approvals/licenses are obtained, officially open your business to the public.
  2. Continue Marketing:
    Marketing is not a one-and-done process. Plan to do continuous marketing to attract new clients and retain your existing clients. You should combine online marketing, referral marketing, and traditional marketing.
  3. Stay Informed About Changes In the Law:
    Your legal team can help keep you informed about any legal updates and changes and adjust your paperwork as needed so that you are well-positioned in case of a board investigation, a customer complaint, or an anonymous complaint from one of your competitors.
  4. Make Sure to Have Contracts With All of Your Team Members:
    Do not hire anyone in any capacity without a contract. If you are providing extensive training to your team members, consider having them sign a training reimbursement contract.

Throughout this process, maintaining open communication with your legal team is essential to address any legal concerns or compliance issues that may arise. Additionally, consulting with other professionals, such as accountants, marketing companies, and insurance agents, is important to ensure comprehensive business planning and risk management. Your legal team can make these introductions for you.