While there is no denying the fact that the telehealth movement has the potential to revolutionize how healthcare is provided and consumed across the globe, its capacity to make money for service providers is still quite ambiguous.
Telehealth is definitely providing refuge from the rising costs of health care. But in order to be more widely implemented, it must also promise profitability. The question is: can enterprise businesses find the necessary tools and resources to successfully put into practice telehealth measures without going under?
How Does a Telehealth Company Make Money?
Companies like Teledoc, Doctor-on-Demand and Amwell are all very well trying to establish a business program that not only earns revenue, but also covers its operational costs and ensures proper dissemination of telehealth and related services.
So it seems that Direct-to-Customer services and billing are the answer! These companies make money by charging a flat fee per ‘visit’. However, the true feasibility of this model will become evident with time. The truth is that the healthcare industry, money isn’t the only issue. It isn’t possible to compromise on any of the usual variables such as quality, dependability, or time. It is important to establish a business model that is money wise without any concession on patient care.
Up-and coming telehealth service providers can offer services in the following areas:
At-Home Patient Monitoring Solutions
Quickly gaining traction, and for good reason, remote monitoring solutions allow hospitals and health care providers to monitor the condition of a patient at home. So they don’t need to fight heavy traffic to be transported to the hospital every time they suffer symptoms or fall ill.
At-home monitoring solutions can also include chronic care management as well as post surgical monitoring of the patient’s symptoms, blood pressure and other vitals.
Remote Elder Care & Monitoring
Elder care includes taking care of and regularly interacting with patients from the baby boomer generation. Create a service that addresses them with dignity and offers them healthcare technology that is easy to the pockets and delivers immediate care.
Developing Health Related Apps
A quick look at the Google Play and Apple app store shows us more 200,000 health apps. These are being downloaded and used in real time, over smartphones, tablets and similar devices to track vitals, weight and other healthcare statistics in real time.
Remote Stress and Wellness Programs
This field surprisingly doesn’t have a lot of players and plenty of potential for explosive growth. You will need to work with a variety of medical experts to create a holistic wellness program that can be delivered remotely. But if you get the mix right, there is a lot of money to be made.
If you’d like to learn more money and telehealth, click here to read “How to Make Money in Telehealth” adapted from a lecture by Dr. Milton Chen, Founder and CEO of VSee. You can also subscribe to Telehealth and Medicine Today TM for the latest developments in the telehealth industry.