How to monetize your Telemedicine software for a successful business?

Firstly, now is a great time to start a telehealth app business. Healthcare providers can receive the same reimbursement for a virtual visit as compared to a physical visit is a great step taken by authorities. We all know that virtual visits are fast as compared to in-person visits.

Telemedicine platforms are widely in use, owing to the widespread adoption of virtual healthcare. There are several telemedicine platforms and apps that offer telemedicine and telehealth services.

Secondly, if you’re a healthcare business owner planning to launch a telemedicine software connecting physicians and patients, the important question is, how will you generate revenue?

Surely, when you’re spending upwards of $15,000 on telemedicine app development, you’re looking at the ROI. This article addresses how you can monetize your telemedicine software for a successful business.

Let’s start by discussing 5 ways how adopting telemedicine in your healthcare services can increase revenue and profit.

1. Attracts customers

Virtual visits and the adoption of telemedicine platforms has increased manifold. From a marketing perspective, a telemedicine app provides virtual visits, appointment booking, and in-app consultation at a competitive price. You can compete against large providers, cater to patients who want to avail telemedicine service and enable patients to consult physicians who are not nearby.

Telemedicine app development keeps the healthcare service on par with the medical practices. You can get same-day or within-the-hour booking which is not possible with large providers. Patients do not have to travel and can connect to any specialty doctor and get fast treatment.

In the case of medications, a one-time or recurring subscription is available so that patients never miss their medication. Patients can record their vitals and doctors can track them to motive prescriptive care and improve health outcomes.

2. Providers get equal reimbursements for a virtual visit

Healthcare providers can receive the same reimbursement for a virtual visit as compared to a physical visit is a great step taken by authorities. We all know that virtual visits are fast as compared to in-person visits.

3. Providers can attend to more patients

Providers and physicians can manage their booking calendars effectively and treat more patients.

4. Accurate diagnosis and stress-free healthcare experience

All the medical records, prescriptions, lab reports, and follow-ups are available on telemedicine platforms. These records can be referred to in the future for further diagnosis. A quick review of the records can ensure that there are no errors because zero hand-written prescriptions, invoices, and reports are delivered as part of the diagnosis.

5. Reduces no-show rates, retains customers, increases practice visibility, and increases revenue

$150 billion worth of revenue is lost every year due to no-shows. Telemedicine app development can reduce no-shows because everything is automated and in case a patient does not attend a consultation, a provider can free up that slot and another patient can book it quickly. Remember that there are limited geographical boundations and chances for no-shows are minimal.

Telemedicine brings the principle of convenient care to patients. Instead of waiting in long queues and getting frustrated, patients can find a doctor quickly and get connected through a secure text, voice or video interface. Every patient physician interaction is streamlined. They do not have to worry about reaching a doctor and instead work on their health.

The good news for businesses is that 96% of customers have a mobile phone and people of all age groups are getting used to using telemedicine platforms. It’s a great time to hire a telemedicine app development company that can digitize your practice.

Another problem is that since Covid-19, many experienced doctors are retiring and patients have to find new doctors. A telemedicine platform connects them to many upcoming, seasoned, and talented doctors quickly. As patients book more appointments in a clinic, they spread the word in the community and also post positive reviews. It results in increasing practice visibility.

All the above points factor in reducing costs, increasing revenue, and establishing your telemedicine business.

Let’s now know about telemedicine app development strategies to increase conversions.

1. An appropriate call to action buttons

Is your app missing the call to action buttons on the screen? It’s important to have a booking and subscription option in your app in a maximum of 1-2 places on a screen. It should be present on the screen where a customer is trying to book an appointment. The CTA should appear naturally during a patient journey subscribing to a health plan, booking an appointment and should have a clear, concise, and short text.

It’s important to have a UI/UX/content marketer to chalk out multiple customer journeys and offer parallel selling sensitively.

Let’s take an example of a patient looking to book a lab test and trying to find a lab center instead of booking an appointment. To solve this purpose, your telemedicine platform should have this option. As soon as the patient logs in, you can ask him through a simple multiple-choice question about his purpose and then navigate him/her to the appropriate screen.

If lab booking is not available, you can prompt them to send directions on their mobile app or provide a booking option with a reporting facility. In this way, they will use your app frequently. You can recommend tests after some duration or ask for feedback or referrals which will directly or indirectly impact your sales.

Let’s take another example of a doctor’s appointment. Once they find a doctor and when the consultation is over, prescriptions can be automatically added to the cart and you can prompt a patient to pay it for one time or make it recurring. In this way, they never have to worry about their prescriptions as it will come on time without their intervention or with minimal intervention.

You can consult with your telemedicine app development company and add appropriate CTA as and when required.

2. Solve problems of doctors and admin so that they can become your advocates

Automate repetitive admin work for your healthcare staff. Your telemedicine software must help them to automate scheduling, follow-ups, generate case papers, bills, invoices, medical records, authorization request, and response, claim submission, education content triggering, vital monitoring, and other tasks so that they can attend more patients, avoid wait times, no-shows, and improve their revenue.

Improving their efficiency will help you grow your revenue.

3. Start with a healthcare MVP

Start by solving a small and nagging problem, launch a minimum viable product and then expand to offer all the telehealth services with integration of EMR, remote patient monitoring, engagement, and other solutions.

For example – You can research and find the problems your target audience faces. Use this research to launch a healthcare MVP. Based on user feedback, you can then build the telemedicine platform for light networks and SMS/IVR integration. Alongside, be aware of the regulatory compliances in your geography and offer a full-fledged telemedicine app.

Offering multi-language support also helps patients from various ethnic backgrounds to download and use your app. By offering neutral feedback, bias-free surveys and discounts, you can grow your customer base. Start adding features that are going to be used by your customers and not there just for the sake of it.

Another problem is to have a flexible no-show policy that encourages rescheduling and virtual visits to have minimum no-shows. If you automate processes around no-shows, you can solve a major problem that can increase your revenue.

Conclusion

Interested in implementing the above suggestions and knowing more about how to set up a successful and credible telemedicine platform? Knovator Technology has helped several healthcare providers in the USA launch their telehealth app.

If you’re looking to upgrade your physician practice and find new ways of monetizing your expertise as a doctor, Knovator Technologies is the best choice.

Let’s talk today to kickstart telemedicine app development for your healthcare business!