Why Telemedicine App is a Profitable Investment for Start-up Business?
Telemedicine is a practice for building uninterrupted communication between patients and health care providers. With advanced tools & services, it has increased access to health care services. This has alleviated the risk of unavailability of health practitioners.
The Covid-19 crisis offers a health care provider the opportunity to expand their service coverage. It also forces them to provide direct results by utilizing the development of telehealth applications. Even before the pandemic, the statista speculates the telemedicine market size trend. According to their reports, the Telemedicine market will pass $ 175 billion in 2021. Now, as many as 90% of health executives have moved to develop or implement telemedicine programs into their organizations.
Let's uncover important things from Telemedicine & key points to consider for your telehealth business:
Why invest in telemedicine health application solutions?
Progress in Healthcare continues to create the need for cellular applications. The application is no longer an optional investment but a must. Everyone from older adults to millennium who understand technology will depend on telehealth-based drugs.
Some health care companies embrace the development of telemedicine app to become ready in the future. With a niche solution such as telenursing, telepsikiatri, teledermatology, and others. However, to avoid complexity, it is very important to build intuitive applications. Developers can build this application for various target groups to facilitate navigation.
Service providers that will benefit from the development of telemedicine app
What are the benefits of developing telemedicine applications?
You can practice online health with custom telemedicine application development. This will bring your business the following benefits:
- Easy access to specialist care for those in remote areas
- 24/7 medical attention for patients in need
- Availability of easy medical assistance in emergencies & natural disasters
- There are no communication barriers between health centers and specialist services and consultations
- No need to take care for examination and commuting for patients
- Reduce maintenance costs for health care services
- Efficient medical record management & safe access to clinical data
- UNIFIED Patient Management & Monitoring with Follow-Up Consultation
- The ability to update recipes online and track patients with chronic diseases
The Challenge of the Telemedicine Application
Telemedicine app has improved the safety and health care results of patients. However, it's not without a few obstacles, as listed below:
- Security & Compliance
Health data always moves between patients and practitioners. This has increased the risk of cross-site scripting & damaged authentication. Opportunities for exploitation of confidential data are also high.
For superior data security, the telemedicine application development project must focus on compliance. Someone must remember the following factors when developing custom HIPAA compliant applications:
Decentralization of data to reduce chances of changing unauthorized clinical information
- Usage is only a divalidated fire framework
- Utilizing the security of end-to-end encryption protocols
- Use of data storage solutions that are suitable for trusted hippa such as AWS
- Employ multi-device permissions
- Use of libraries that have the latest security updates
- Laming biometric for application access
The development of telemedicine platforms needs to consider all applicable regulatory requirements and medical standards. Web applications connect patients & caregivers with doctors who deal with critical medical problems. So, it must ensure strict compliance with compliance to provide value and functional.
- Dependence on technical training
Like a modern solution, this technology will also need more investment in training. This will explain the cost of learning on up-gradation infrastructure & the inclusion of important components in some cases.
- Overcoming the right UI & UX for varied audience
When building an application, you must consider certain important factors. These include logic, layout, navigation, functionality & others. UI and UX for patients and different practitioners. So adjust your application after studying telemedicine records and the best industrial practices. It can also take advantage of the unusual design to ensure smooth integration with existing systems
How does the telemedicine app make money?
Given the operational costs for health care in traditional settings rocket faster than its income, creating telehealth applications with a sustainable business model is always a good idea. One-time investment in the development of telemedicine applications and you take advantage of sources of income without bankrupt.
After finding a revenue model from a leading health service application, we have channeled 5 effective monetization strategies that can help hospitals, health care organizations and care providers to make money through the application.
Flat Costs per Visit
Patients who connect to the doctor using video visits can be charged for a period of time saying a 15-minute appointment. If the call goes beyond the specified time, the patient must pay the same amount for 15 minutes slot. Application owners can get money by improving commissions every visit from the maintenance provider. Like a doctor on request requires 25% of the cost of each visit.
Per employee per month (pepm)
If you keep thinking about collecting employers through "per employee, per month" or say monthly subscription fees, you can get a good number every year. Like for example, a company consisting of 100,000 employees, costs $ 1 from employees per month, rounds up to $ 1.2 million annual fees.
80% of the Income Telemedical Providers inheritance are produced by the PEPM income model and the rest of the account of providing patient care.
Application owners can make money through insurance replacement and also provide flexibility to users to use the application platform without insurance by providing pocket money.
Providing software to the Health System (SaaS)
Newer business lines can provide software developed to other health systems at low cost per provider.
This strategy can help you popularize, scale and expand the platform to a larger customer base in a short span. The initial growth and capitalization speed is another benefit that you can use.
What is the consideration of the cost of developing telemedicine applications?
Choosing to invest in telehealth is a complicated but strategic decision for most providers. The average cost of developing Telemedicine app will vary depending on health care projects. It involves strategies, timelines, platforms (original or cross platform), features, development complexity, technical team size, compliance & certification needed for practice and most importantly, your budget.
To conclude, health care companies need to start investing in the development of telemedicine applications if they want to remain the latest and keep their final customers satisfied in the coming years.
With more companies that invest in this growing platform, patients can also benefit from generation of new digital services. Ncrypted understands the specific requirements of the health care industry. We are above the latest trends of innovation in vertical health technology. We even build pharmacy management software. If you have a project in mind, we will be happy to help you develop ideas.