The telehealth business covers a wide variety of strategies to deliver health services using technology. Telehealth is not just one service, but a collection of tactics to provide health care and education. Over the years, telehealth programs have been discussed, researched, piloted and implemented at various health medical facilities. In this business plan you will find all the key information you need to run a successful telehealth company.
Telehealth Business Plan
Telehealth is the business of providing health care services using technology to inform and communicate the diagnosis, treatment, consultation, education, care and self-management of a patient's while they are at home and the health care provider is at the hospital. In this section of the plan there is a description of the company’s business model and its most important components.
In this section of the business plan you will find a description of the telehealth industry which involves both clinical and nonclinical (medical education, administration, and research) services. The telehealth market is projected to reach millions because factors such as growth in geriatric population, lack of healthcare professionals worldwide, improvements in telecommunication infrastructures, technological advances, increasing utilization of internet devices for the management of chronic diseases, and the need for affordable treatment alternative due to rising healthcare costs. This plan will outline how your telehealth business can place itself in a place where it can grow easily by tackling a particular market need and exploiting its key competitive advantages.
The operations plan section of the telehealth business plan explains the services that will be offered, and how they will be delivered. This part of the plan describes the source of medical services through telehealth (who are your clinical assets), how those services will be delivered, the location of the providers, the location of the patients, and the guidelines and protocols for delivering these services. This section also includes information about the technological features required to deliver the services.
This chapter of the business plan presents the development of a telehealth program’s marketing component. It provides a variety of tools to guide you through the critical elements of market analysis of the industry and implementing promotional strategies and efforts to position the business and attract new customers.
The target audiences for the marketing efforts are explained in this section and these include patients from different ages, genders and income status. Several reports will be used to outline the most appealing target market in order to direct marketing efforts to them.
The strategies presented in this section include: a functional engaging website, e-newsletters, brochures, press releases & articles, connected health media day participation and social media presence. The underlying intention of all the marketing efforts is to consistently communicate the benefits of the solutions.
Investing in telehealth services used to be too risky, and the distribution of telehealth solutions and hospital-based networks were too expensive. But now, due to technological improvements and improved broadband services, the solution has become powerful and affordable, which makes the level of returns on investment in telehealth higher than ever before. In this chapter you will find an explanation of the financial plan, main sources of revenue and major expenses.
This section of the business plan presents the primary sources of revenue for the telehealth business through the services it offers and the important financial assumptions the business plan is undertaking to arrive at such estimations. Telehealth helps increase revenues by transforming calls into billable time, attracting new patients, reducing no-shows, and even decreasing overhead for doctors who decide to switch to a flexible model to work from home part of the week.
In this section of the plan you will find the regular expenses associated with running a telehealth business such as maintenance of the software platform, staff, training, servers and equipment, and internet connection costs.