Taxi app business - messed up due to reduced user activity!
E-scooter app business - messed up due to regulations!
Delivery app business - booming but the market is very competitive.
Name a few more and get bad news associated with each app-based business.
However, there is one app-based business that has recently become the buzzword due to the pandemic.
Yes, we’re talking about the telemedicine app business.
In the last few months, several telemedicine apps across the globe have raised a total of more than $200 million of funding.
But how did telemedicine apps take the entire app market by storm, all of sudden?
Why are telemedicine apps so popular and profitable?
Before starting any business, you must understand the factors which are driving that business!
• Remote Care
Due to concerns over coronavirus infection, people prefer to avoid hospital visits. A telemedicine app enables them to talk to a doctor instantly without leaving their homes. These telehealth apps are equipped with so useful features that patients do not need to leave home to bring their filled prescriptions too.
• Affordable Care
If a person has health card coverage and a telehealth app supports his health card, a person does not need to pay anything for the televisit with the doctor. Even if he does not have a health card, he saves many dollars by not travelling to the hospital and waiting in the queue at the hospital.
• Rapid Care
A telemedicine app is the easiest and fastest way to seek healthcare services. People living in remote places can talk to a doctor within minutes rather than travelling many miles to the nearest healthcare center.
• Quality Care
The built-in digital toolkit feature in the doctor's app module makes it easy for doctors to treat patients even online with the same effectiveness as in-clinic visits. Except for emergency situations, doctors on telemedicine apps can provide care for any health situation of the patients.
Top telemedicine startups that have raised funding recently
Telemedicine StartupFunding AmountLead InvestorsCerebral$35 millionOak HC/FT98Point6$118 millionL Catterton, Activant CapitalNice Healthcare$5 millionWaterline VenturesYour.MD$30 millionReckitt Benckiser (RB)Maple$75 million CADShoppers Drug Mart
How does the telemedicine app business operate?
The entire telemedicine app business operates based on two core values - collaboration and communication.
There should be an extreme level of collaboration and communication between the users involved in this business.
Patients, doctors, and pharmacists are the major involved users.
• A patient opens the app and describes his symptoms. The app automatically analyzes his health condition based on added symptoms and assigns a specialist. • There is another option - the patient can browse through the list of available doctors and fix the online appointment with a preferred doctor manually. • On the fixed time, the patient can have a voice call, chat or video call with the doctor. • At the end of the televisit, the patient can ask for a sick note. • Once the doctor writes the prescription, the app shows the patient all the nearest pharmacies and asks the patient to select one. The patient also needs to select home delivery or pick up a prescription option. • If a patient is covered by any health insurance and the app supports it, the patient does not need to pay anything. Otherwise, he has to pay the fixed televisit fee.
• A doctor gets notified when the app schedules his online meeting with a patient or the patient manually schedules it. • The doctor talks to the patient through chat, video call or voice call. • The doctor accesses the medical information of the patient because of the integrated EHR. • The doctor prepares medical notes and a sick note. • The doctor writes the prescription. • As soon as the doctor writes the prescription, the app automatically sends it to the preferred pharmacy of the patient, thanks to an integrated eFax solution.
• Once the pharmacist receives the prescription, he fills it. • If the patient has selected a home delivery option, the pharmacist sends the prescription to the patient's doorstep.
Apart from these 3 users, there are many ‘non-living’ components involved in the telemedicine business.
Health Card Coverage:
Many countries across the world offer free healthcare.
In these countries, you should launch the telemedicine app that provides health plan-covered televisits.
A user who is covered by a health plan is not liable for any televisit fee. Instead, the government pays for him.
To claim the televisit fee of that patient from the government, the doctor has to submit the request in terms of a billing code. Each billing code corresponds to a dollar value of healthcare service.
A telemedicine app collects, stores and shares many personal information of the patients.
Thus to govern all activities related to data, there are many privacy laws imposed by the federal government and state governments.
If your app is not compliant with these laws, you will have a legal battle with the government and be the victim of a hefty fine.
Mobile app in telemedicine business as the window of ‘revenue’ opportunities
You surely need a healthcare privacy laws compliant telemedicine app to run the best app-based business while other businesses are struggling to survive.
All telemedicine startups are putting extra emphasis on their apps because they know very well that the telemedicine app is the only business asset you can leverage to find the rarest business opportunities and seize it to generate many more revenue streams.
One such startup is the Canada-based most popular one - Maple.
Their app is the foundation of their multiple revenue streams.
• Revenue Stream 1: Patients
Maple has created its business model so brilliantly that there are many micro revenue streams under the major one.
For instance, Maple charges patients per televisit. But it charges differently for televisits after midnight and televisits on weekends & holidays. It also charges more for follow up visits.
Additionally, they have also launched subscription plans and a built-in credit wallet.
The app is the only reason they could create multiple micro revenue streams.
• Revenue Stream 2: Healthcare Providers
Maple provides its telemedicine platform to hospitals and clinics so that these healthcare centers can provide virtual care to their patients.
With the help of our technical team, we came to know that you can let other organizations use your platform with advanced access control.
Applying such access control is only possible when you own the app.
In offline businesses, you cannot let other organizations use your business asset!
• Revenue Stream 3: Employers
Maple ties up with employers to offer virtual care services to all employees.
Here also, the app plays a crucial role.
It gives a dedicated dashboard to the employer to track the health of every employee and the spending.
Get Free Consultation And Start Telemedicine App-Based Business at Just $8000
We are not just the telemedicine app development company. But we are the complete business solution provider.
With our app developers, app designers, business experts, data scientists, compliance consultants and research fellows, we can provide you with the ultimate help to set up the entire telehealth app business.
To reduce the capital costs, we have launched a very affordable yet powerful ready-to-go telemedicine platform which just costs you $8000.
If you have new design ideas or want to integrate new custom features, we can easily customize our platform and deliver it to you within days.
Fill out the following form to get the free live app demo along with free consultation from our most experienced business experts.