Providing specialized health care to patients in remote or rural areas has always been a huge challenge. Lack of transportation, lack of response time to meet the patient’s urges are some of the most worrisome reasons to have come up with a way to make health care go to the patient instead of doing it the other way around. The telemedicine business plan will give you all the vital tips so you can become an entrepreneur within your own specialty, as well as providing important information about the industry and how everything works.
Telemedicine Business Plan
The business model for the telemedicine industry involves supplementing primary care and triage with telemedicine specialist consults, improving the effectiveness of triage and potentially reducing travel, to then substitute telemedicine consults for in-person, post-treatment case management. In most of the cases, it is necessary for the specialist to have contact or at least the referral of the primary care provider. There are secondary benefits to the primary care provider typically associated with regaining primary care referrals that have bypassed the primary care provider because of a lack of access to special care. These and more specific characteristics of the telemedicine business model will be described in this section of the telemedicine business plan.
Profit in a business like this comes from patients who are too far away or lack the necessary means of transportation to reach the nearest specialist practice. The main goal is to do all the consultation via Skype, FaceTime, or any other possible platform, app, or operating system that can help keep the communication wide open. This section of the business plan will help you understand the industry for telemedicine, your main competitors and specific information for the company you will need to succeed in this very innovating field.
A telemedicine business works hand by hand with technology. Computers, internet, smartphones, all of those elements are absolutely essential to carry a long distance specialized consultation. There must be an urge in rural areas, suburb, or off the beaten path locations, and a primary care doctor to refer the case to a specialist. The main goal of this part of the business plan is to provide guidelines on how the company will work, its internal procedures, its infrastructure and all the operational structure required to provide an excellent service to patients and primary care providers.
To succeed in the developing a market, telemedicine providers must structure their business models and contracts using very unique and original methods. By doing so, businesses can build growing and sustainable telemedicine programs. This section of the business plan will provide you with a clear view on how to sell your business that will definitely lead your company to success.
There are a couple of non-traditional ways to branch out the telemedicine business. For example, to have an institution-to-institution connection. A Medical Center with an extra amount of talented specialist physicians can influence that expertise to patient markets outside the zip codes surrounding its brick and mortar location. These medical centers could enter into contracts with rural hospitals or other institutions across the world in need of on-demand expertise. In this section of the telemedicine business plan, there is a complete description of the potential target segments you may want to explore in order to expand your telemedicine business.
Marketing your telemedicine business is highly associated to customer satisfaction. Providing a quick, high-quality and efficient service will guarantee success. Nevertheless, it is important to also use more regular forms of promotion, such as online advertising, as well as having salespeople visiting or calling companies or a list of physicians enlisted as service receivers to help their communities. In this part of the plan, you will find the main marketing strategies to make the business grow and reach more and more users.
Connections is the keyword for financial accomplishment in the telemedicine business. Partnerships will allow revenues to go higher and higher since they will provide a significant number of incoming clients, referred by primary care providers who will probably be the ones doing the physical follow-ups to report back to the specialist. In this section, there is a complete description of the financial projections of your business for the next three to five years.
An online and phone-based platform needs to be set up to generate revenues as most of the information will be exchanged through these channels. Revenues will usually come from monthly fees (which will include a certain number of consultations), consultation fees (which will be paid each time an appointment is booked), as well as yearly fees (which are a great idea for companies with ongoing needs). Large companies usually hire primary care service providers, which can also include specialized attention, these providers can outsource the specialized attention they offer to your telemedicine business, which creates another great opportunity to grow your revenues. These and other sources will be listed and described in this section, along with estimates of how much you can earn through each.
Expenses in this business model are pretty much controlled. A specialist will invest money in buying computers and devices for communication, microphones, headsets, all the necessary implements to carry a conversation online or by phone. Electricity and internet bills are the main expenses here along with rent and fees paid to third-party specialists. This part of the telemedicine business plan will explain the main expenses and the strategies to keep them in line to meet your profitability goals.