Improving the financial health of your practice
Virtual reality has emerged as a pressing need post the COVID-19 pandemic and with scalable solutions, the telehealth vertical of healthcare is poised to cater to the requirements of the existing healthcare environment. The market tendencies towards telemedicine provide entrepreneurs and medical health practitioners an opportunity to access a quickly expanding target audience with diverse needs. Today’s clients are willing to switch to new solutions and innovations. According to estimates, the telemedicine market is estimated to increase from 45.5 billion US dollars in 2019 to 175.5 billion in 2026. Remote consulting is the way forward.
Telehealth applications are either synchronous or asynchronous.
Synchronous telehealth solutions
Through video conferencing, the therapist provides telehealth solutions to patients.
Asynchronous telehealth applications
Counsellors monitor the healthcare data uploaded by patients
The adoption of telemedicine software solutions by medical practices offers the following advantages:
- Better patient results with decreased costs
- Lesser burden on medical personnel
- Reduced spread of infection
- Risk assessment covering diverse populations via predictive analysis
- Continual assessment of patients via remote accessibility
- Improved patient empowerment, engagement, and education
- Remote monitoring to decrease hospital readmissions
- Enhanced efficiency of clinical personnel
- Better care coordination
- Decreased hospital stays
- Reduced death rate
- Decline in emergency visits
The Changing Landscape in a telehealth system
- Video visits and communication with patients via an electronic health record have risen
- Increase in patient-reported results via a digital application
- Increase in remote patient monitoring at home
- Data integration via wearable
Launching the telemedicine practice
Develop a practical business plan and factor in all expenditures. Then, decide on the pricing strategy by assessing the competition. Based on an understanding of the market condition, you can set balanced prices that attract the correct patients. It is vital to calculate the ROI of various features to confirm which functionality is worth its investment and which is not. This will help in generating revenue quickly after the launch of your practice.
Plan the Features Beforehand
If you create a synchronous telehealth solution, you will need video streaming. Asynchronous communications need secure data storage. Hence, determine the features you require before investing in a tech solution, thereby enabling you to offer compliant and quality telemedicine services.
Successful Telemedicine Business Model
Describe the audience and the telehealth program. Categorise the audience into smaller segments and describe their specific requirements.
Finalise key business objectives and promote the uniqueness of your services along with the health problems you can solve.
Identify methods through which you will inform the target audience about your product or services.
Relationship management and revenue stream
Maintain a positive emotional bond with clients and determine how to generate profit from each stream.
Diversify the ways you earn business income
Start workshops for other therapists, write a book on private practice or start your blog to earn additional income.
Choosing the Right Telemedicine Platform
A medical practitioner must select the correct telemedicine platform.
Some of the requirements of a telemedicine platform are:
- Data safety
- Functionality and usability
Keeping costs under control
Measure expenditures and add probable expenses. A business model provides a concise view of your business value. It is an aspect that will guide you in realising your business opportunities and resources.
Your existing clients may refer you and as the practice expands, marketing costs will reduce while you steadily recover some of the estimated expenditures for acquiring new clients. You can consider increasing the base price if you have a client waiting list.
How to acquire new patients/clients
You commence with a limited quantity of clients and expand the list of clients to ensure your practice thrives. Spend quality time on digital marketing, advertising, and promotional techniques to introduce more clients to your services and schedule future appointments.
Determine your clients and target your messaging to them by focusing on:
- Reduced cost
- Video and goal monitoring through screen share
- Specialised care
- Long-term positive outcomes because of regular, timely counselling
- Multi-client calls for extra support at home
Reach out to your existing and previous clients
- Modify your website to reflect your Telehealth services
- Develop and share quality content online
- Boost your referral network
- Incorporate testimonials on your website
- Include videos in your marketing programs
Which clients are a good fit for telehealth?
- Responsibilities at the residence that prevent them from travelling to an appointment
- Not comfortable seeking assistance for anxiety through face-to-face appointments
- Remote area
- Using public transportation and restricted budget
- Not good at building relationships
- Keep the scheduling process simple
- A welcoming waiting room
- Make sure you are accessible beyond appointments
- Offer virtual care visits to patients based on telehealth technology
- Respond to patient feedback
Minimising no-shows by sending reminders
- Delivering automated appointment reminders via SMS or calling the patient
- Plan to reschedule immediately
- Develop a patient no-show policy
- Plan proactive scheduling
- Keep a minimum waiting room
- Provide transportation options for patients within a specific area
Online payment collection
- Host a Payment Gateway on your website to collect payments
- Payments using credit or debit cards
- Use telemedicine platforms that have their own payment systems
- Online forms can be integrated with payment processing services
Other than the market size, telemedicine offers stability. While commencing a telemedicine business, you can emphasise any kind of medical services or integrate many options. This will enable you to encompass a wider target audience and maximise profit. For further information, get in touch with us through our website - Genamet.