RAW -- drinking or administering a potion is an action.  

RAI -- some potions are powerful enough that the balance design of 5e was they should be an action to drink. 

Net effect -- no one uses healing potions at low level when they are REALLY useful.  (healing potion 2d4+2 = 7 avg).  If creature hits for 5-10 per attack, to take a full action for a potion means you forgo an attack AND you end the turn with the same amount of HP.  

Proposed change:  Consuming a healing potion can be done as a bonus action.  Other potions and administering a healing potion to others takes an action.  

I was going to rationalize that a healing potion was smaller volume and a play needed more time to gulp down a full 12oz potion of giant strength.  Fortunately, my players are willing to accept it without that ;).   

So I have decided to test it, but looking for input from others in case there is something I am missing.  

I think that the reasons that players don't use healing potions are not going to be significantly answered by making it only take a bonus action.

Maybe it's just my group, but the main things causing potions (of all types, and other expendable items too) to go unused are:

• Player forgot they had it
• Some other resource is available and can do a similar enough thing, but is recoverable (i.e. spell slots can be spent on healing spells), so potions are thought of as more precious
• The "I might need it more later" effect, by which a player can manage to talk them self out of ever benefiting from a limited usage resource because they can't be sure that either a) this is the best opportunity they'll have, or b) they will have another such item at their disposal by the time a better opportunity presents itself

So I'd start with something that addresses those deterrents long before altering what kind of action is needed.

Also, consider that if you, on your own, can heal yourself (or buff yourself) and take the Attack action (or cast a spell) on the same turn, is kind of overpowered.

I've been running this for my players for a while, and it's been working out alright so far.

However - and this is important to note - this houserule was determined based on the fact that I'm currently pushing them hard, in a world that's fairly lean on magic, and their party has no healer (originally they had a druid, druid's player left, briefly had a cleric, cleric died and rolled something else). It's also limited (basically, ruled that their bags have 1-3 slots that are quickly accessible, any healing potions passed that in a fight have to be rummaged out of their bags first, taking additional time)

I think maybe making it a move action instead of a bonus would work better for balance overall. It would still allow them to take their action, but cost something more than an action that's basically 'free' to a lot of characters at early levels.

My overall thought is "meh" and the points Aaron makes I concur with.  If I was playing a "pedal to the metal" game, I'd see allowing quaffing a healing potion as a Reaction ("Oh bugger, I'm gonna die soon!") but only if the potion was immediately accessible, say on a bandoleer , or the barbarian wears one of these with potions instead of beers.  

According to the rules drinking a potion takes an action.

But with any action or move taken you can interact with an object. One of the listed things you can do is drink an entire flagon of ale.

so you can drink an entire flagon of ale (which is generally 16 ounces)while you are taking a swing at the baddie but you cant drink a potion (which is 4 ounces). Makes perfect sense.

@Flamepule

If you have the potion in your hand already it would be an object interaction also. But the entire flagon of ale is already in your hands. 

1. Object interaction to take the potion out.
2. Object interaction taking an action the second time to drink the potion.

Jeremy Crawford talks about that as well. 

Cleric tries not to make eye contact*

But you have 1 free object interaction per turn so no it would be 1 action to take a potion out and use it

This is a homebrew Matt uses in his Critical Role campaigns -- all 3 of them. It's worked well without any unbalancing.

Quote from Cyb3rM1nd >>

This is a homebrew Matt uses in his Critical Role campaigns -- all 3 of them. It's worked well without any unbalancing.

I agree with you on the fact that it works for that campaign (it's how our campaigns are currently ran as well) and I don't entirely consider it overpowered. It still uses part of the action economy and based off what one is playing losing a bonus action can change what you get to do, so it would basically be like normal, choosing where you go from here.

I allow it if no one is playing a thief rogue, because Fast Hands lets you do it as a bonus action.

I think it should be acceptable to drink a normal healing potion as a bonus action but not a greater healing potion. 

Quote from LairdKeithII >>

I think it should be acceptable to drink a normal healing potion as a bonus action but not a greater healing potion. 

 The new rules state it explicitly on the potion of healing: As a Bonus Action, you can drink it or administer it to another creature within 5 feet of yourself. The creature that drinks the magical red fluid in this vial regains 2d4 + 2 Hit Points.

From new free rules: Using a Potion. Potions are consumable items. Drinking a potion or administering it to another creature requires a Bonus Action. Applying an oil might take longer as specified in its description. Once used, a potion takes effect immediately, and it is used up.

So that's every single potion, including mixed ones. Because of this, I have to add a custom action to my bonus actions that says "use potion" on my sheet or I forget it every time.