In a recent news, Innovaccer a Silicon-valley based healthcare company raised $25Mn from investors. This is a big amount, considering the total funds raised by the company reached $41Mn with this investment.
The startup offers a range of products that work towards care management. Their top-notch product Datashop has received raving reviews owing to the insights it provides into care, thus enhancing the care abilities and patient management. Reaching this top spot was not easy for a startup like Innovaccer.
If you have noticed, the investment in this sector has gone up. Investors are eyeing health tech and the innovations made there. If you want to enter this segment and make an impression, the way Innovaccer did, you might want to rethink your proposition. There are some of the basic features that you simply cannot ignore when devising a healthcare platform.
Recordkeeping & Logging
Maintaining patient records is a major task for the provider. They have files that contain all the details about the patient, and separate logbooks that maintain the patient’s last entry to the hospital and other records. If the patient wants to get a second opinion or the doctor wants to connect with another provider for the same thing, it is a task. They will need to carry the files, in some cases scan the documents and all the history associated, and make sure it reaches the other doctor in time.
Instead, you can offer a feature that maintains all the patient records, their logs and other medical details including the prescriptions in a single place. Whenever you want to send your details to someone, the app is your best bet.
The app will not only log a complete history of everything but also make transferring easy. This feature is a must-have if you want to attract the attention of the investors.
Scheduling Made Easy
This is another aspect of healthcare that has become the spotlight for few startups. When it comes to managing the appointments or even fixing appointments is still a pain area with most healthcare providers. If you want your startup to ace, make sure you resolve this pain point.
Doctolib is a startup that received $42Mn in November 2017 and it has resolved this major pain point with ease.It is basically an online booking platform where all the providers can enlist themselves, and open their booking timing. They not only manage the bookings but also send out alerts and notifications on your behalf, making things easy for you and the patient. It is a very provider-centric platform.
Practo, an Indian platform, offers a very similar feature. They allow you to choose the practitioner, book the appointment of your choice, and ensures it is logged into their log. This way, the provider does not need to keep an eye on their appointment book; the platform does it for them.
If you want to gain investments from HNIs and other investment companies, you may want to include this feature.
When your users are accessing everything in remote, the payment should also be done through the platform. The payment feature should not be neglected when delivering an apt model for the healthcare industry.
You can use the pay-per-use model or a standard pricing model, depending on the service you provide. Make sure you integrate safe and secure payment gateways to complete the payments made by the user.
Features is one part of the delivery of a healthtech platform like Innovaccer. There is a whole planning and strategy that goes into delivering a platform that will attract the investors and engage the users. Here’s how you can plan your Innovaccer-like healthtech platform.
- Solve a problem: Innovaccer tried to solve a problem, that of receiving insights which can be used to craft solutions. When you are working towards creating a healthtech startup, identify the problems prevelant in the industry. There is no healthcare available in the remote areas; your startup could possibly solve this problem. You will have to tell why investors should invest in your startup. When you solve a major problem, you would have their interests and their funds too.
- Convenience: If your start-up is not adding convenience or value to the user’s life, it is not important enough for them to consider. Netmeds, a platform that serves the medicines at the doorstep, received interest, when it offered convenience to the users. People who don’t want to go out or cannot go out and don’t have anyone who can buy them these medicines, can use such platforms and derive advantage.
- Strategize: It is good to have an idea but, it is best to be able to demonstrate what you have. The strategy will help you demonstrate how you are going to design the idea and develop it into a platform. This is essential so that you have a roadmap, and know where to start from.
- Keep it affordable: It is important, you keep your startup affordable and the features you are offering cost-effective. Being affordable will help you attract the users and in turn the investment.
For a provider or other stakeholders of the healthcare industry, communication plays an important role. Whether it is communicating about an emergency or getting the patient records in place or asking for a second opinion, proper communication channels are a must.
A lot of start-ups have found ways to ease the communication. There have been start-ups working towards improving remote communication so that the people living in regions where health setup is not that good, can connect and communicate with a doctor in time.
Tracking Made Easy
If you are providing a platform that will bring the medicines at the doorstep, tracking is an important feature that you cannot miss out. The tracking feature should be real-time, and if possible add the maps to your tracking, which would make it more engaging and easy for the users.
This would be a useful feature if you are working on a supply chain model for the medicines as well as tracking the medicines from the manufacturer to the end of supply chain.
Hospitals can use this feature to track the medicine delivery and even for the inventory management.
Ready For Investments?
Healthtech and healthtech insurance are two of the most promising segments. If you want to start out in these industries, now is the time. You will need a good investment to steer ahead and keep the pace going. That’s why we say a good idea and development partner is essential.
Coruscate solutions is an ideal development partner. We offer you end-to-end solutions, from idea validation to actual solution and testing. We make sure you reach the market in time with your solution, getting an edge over competition. Connect with our expert team now!