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Roadmap for Planning Development of Telehealth Services

May 22, 2024 5 min read

As the use of telemedicine continues to make major inroads into the standard practice of modern health services, many hospitals and medical providers are still playing catch-up. 

A lot of them are either beginning the process of implementing a system of their own or trying to piece together fragments that already exist. This can appear to be a very daunting task. 

Therefore, in order to best help them achieve their goals, we need to understand every facet of the telehealth business model. To do this, we must first develop a telehealth business plan of our own that has concrete steps and follows a clear roadmap towards success that we can share with clients.  

This telehealth implementation plan must also keep in mind requirements of the state and limitations of their internal networks as well as the potential for monetization to other clients or systems. In this article, we’ll provide concrete steps as well as references for further information. 

Telemedicine Strategic Plan Template

In setting up a telehealth system, it’s often hard to know where to begin. 

Fortunately, there is a very good planning document that is a great starting point for developing a telehealth implementation plan. 

It was created and published by the Northeast Telehealth Resource Center (NETRC) and entitled Roadmap for Planning Development of Telehealth Services .

In the document they list a series of steps in what they believe to be the best overall structure for creating any telemedicine plan, which are:

• Evaluate needs . Take a look at your hospital or organization. What are you trying to accomplish? For example, are you trying to expand your existing telemedicine program or are you starting from scratch? Educate yourself on different approaches other hospitals have taken. 
• Develop care services plan . Go over the needs of your telemedicine plan. Think about how and where patients and doctors will be located and what security measures will be implemented to allow only credentialed users. Also consider things like how scheduling, documentation, and billing will be integrated within the system.
• Develop a business plan and risk analysis . This is a step that is critical to the process but often overlooked. In fact, lack of planning is one of the top 10 reasons most businesses fail. It’s important to determine the level of service volume that will be the “break even” point between expenses and income. Assess the costs of the service as well as how it will offset expenses in other ways.
• Train personnel . Now is the time to prepare staff for the upcoming changes to policies and procedures that come with the shift to telemedicine. Develop a program to teach the new software to doctors and medical personnel or find a specialist to help. This also includes training administrators and other staff to its uses and benefits.
• Pilot service. Once the build is ready, it is very important to have a limited rollout of the software to test for bugs as well as useability issues. Important questions to resolve are how long the trial will run, how many participants, and whether or not you will attempt reimbursement from the efforts.
• Evaluate outcomes. One of the most important things to consider is whether the telemedicine pilot program has met the same quality standards as face-to-face care. This can be done with a simple survey for both providers and patients at the end of the visit. A plan to measure long range outcomes of telehealth using data collected should also be created. 

It is recommended to begin the telehealth upgrade process slowly by creating a planning group that can assess each of these steps in an abbreviated form before diving into all the details; they can then present their findings to the board. 

This will give all the stakeholders a general idea of the feasibility of the implementation project as well as a general estimate of the costs. If necessary, adjustments to the scope and direction can be made at this time. 

The complete NETRC Roadmap has 6 pages of steps and 24 pages of resources that include links to pdfs, web pages, and videos that go into much greater detail in every area. They include sections on planning guides, room design, program evaluation, and more. 

Additional information can be found from: 

Office for the Advancement of Telehealth

Telehealth.HHS.gov

List of telehealth services payable under the Medicare Physician Fee

Other Telemedicine Business Plan Considerations

Another excellent overview is The Business Aspects of Telemedicine created by the Arizona Telemedicine Program. It has some Arizona-specific related content along with general ideas about revenue streams, expense considerations, and billing & reimbursement. 

Other things that should be considered and included in your telehealth development plan are:

• Regional requirements
• Computer and network systems
• Monetization of software products.

Regional requirements  

This is very important information to know about as each state has different demands regarding the management of private patient information as well as the creation of these types of software products. 

Therefore, the first thing the developer should ask is “where are you located?” and make the necessary preparations from there. An excellent resource is the Center for Connected Health Policy’s State Telehealth Laws & Reimbursement Policies which has information for all 50 states as well as the District of Columbia. 

Computer systems and networks

Another critical factor in the creation of a telehealth platform is the computer systems and networks it will be used on. The reality is many hospitals rely on very old computers that have slow processing speeds and very little memory. 

Therefore, when creating this software, we need to make sure that graphics-heavy pages are rendered and assembled on the server; this will put less strain on older machines and allow them to access similar information as newer ones. 

Monetization

Finally, let’s talk about making money from our hard work. We need to develop products for specific niches within the telemedicine system that are clearly defined as to who the end-user will be. 

For example, if we are developing an entire MIS (medical information system), this reaches a more general audience, like a network of hospitals or an insurance agency. 

However, if we are just developing a third-party add-on to an MIS such as video, then there is no need to spend time and money duplicating functions that already exist; the target market may also be smaller. 

This must be taken into consideration and communicated to the marketing department, so they can help us reach out to the hospitals, doctors, and systems that will be receptive to and benefit most from our services.

Telehealth Business Plan: Cost Structure and Budgeting

The cost structure and budgeting of a telehealth system will depend on the number of functions you need, telemedicine equipment costs, and operation details. 

We have created a sample table with industry pricing benchmarks that will give you a rough understanding of the expenses. Keep in mind that this cost structure is approximate, and your telemedicine business plan may be changed depending on your business needs.

Here are other elements you need to include in your telemedicine business plan.

• Profit & loss statement

This should include projected revenue, operational costs, and service costs, as well as your expected net profit or loss.

• Cash flow statement

Cash flow statement includes billing invoices, payment receipts, loan payments, etc.

• Balance Sheet

Here, you should document your telemedicine business’s assets, liabilities, and equity.

• Break-even point

You reach the break-even point when business costs and revenue are equal.

This will help you create a revenue goal to make your business profitable or sustainable.

• Financing Needs

It includes the primary budget you need to start a telemedicine business. Include your short-term and long-term requirements and indicate how much investment capital you need to raise or indicate, if you might need a loan.

If you are interested in learning more about telemedicine and how S-PRO can help you develop a system for your practice or hospital, please contact us.

Igor Izraylevych

• # healthcare
• # telemedicine

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Business Plan Template for Telemedicine

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

Launching or expanding your telemedicine services can be a game-changer for your healthcare startup or medical practice. But to make it a success, you need a solid business plan that covers all the essential aspects. That's where ClickUp's Business Plan Template for Telemedicine comes in!

This comprehensive template is specifically designed to help you outline your strategies, target patient demographics, forecast finances, plan marketing campaigns, identify technology requirements, and ensure regulatory compliance. With this template, you can confidently present your telemedicine initiative to investors and secure the funding you need to bring it to life. Don't miss out on this opportunity to revolutionize healthcare—get started with ClickUp's Business Plan Template for Telemedicine today!

Business Plan Template for Telemedicine Benefits

A business plan template for telemedicine can provide several benefits for healthcare startups or established medical practices looking to launch or expand their telemedicine services. Some of these benefits include:

• Streamlining the planning process by providing a structured framework to follow
• Ensuring a comprehensive analysis of the market, competitors, and potential challenges
• Helping to clearly define the target patient demographics and tailor strategies accordingly
• Facilitating financial forecasting and budgeting to attract investors and secure funding
• Guiding the development of marketing plans to effectively promote telemedicine services
• Assisting in identifying the technology requirements and infrastructure needed for successful implementation
• Ensuring compliance with regulatory standards and addressing legal considerations
• Providing a roadmap for the successful launch and ongoing management of telemedicine initiatives

Main Elements of Telemedicine Business Plan Template

Telemedicine is revolutionizing healthcare, and with ClickUp's Business Plan Template for Telemedicine, you can easily create a comprehensive plan to launch or expand your telemedicine services. Here are the main elements of this template:

• Custom Statuses: Track the progress of each section of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring that every aspect is accounted for and completed.
• Custom Fields: Utilize custom fields like Reference, Approved, and Section to add important information, such as relevant sources, approval status, and categorization, providing a clear structure to your plan.
• Custom Views: Visualize your business plan from different perspectives with five unique views, including Topics view to focus on specific areas, Status view to monitor progress, Timeline view to set milestones, Business Plan view for an overview of the entire plan, and Getting Started Guide to assist in navigating the template.

With ClickUp's powerful features and intuitive interface, creating a compelling business plan for your telemedicine initiative has never been easier.

How To Use Business Plan Template for Telemedicine

If you're looking to start a telemedicine business and need guidance, the Business Plan Template for Telemedicine in ClickUp can help you get started. Follow these five steps to create a comprehensive and effective business plan:

1. Define your telemedicine business

Start by clearly defining your telemedicine business. What services will you offer? Who is your target audience? What sets you apart from other telemedicine providers? Use a Doc in ClickUp to outline your business concept and value proposition.

2. Conduct market research

To ensure the success of your telemedicine business, you need to understand the market and your potential competitors. Conduct market research to identify the demand for telemedicine services in your target area, analyze your competitors' strengths and weaknesses, and identify any potential barriers to entry. Use tasks in ClickUp to organize your research and track your findings.

3. Develop a marketing strategy

In order to attract patients and healthcare providers to your telemedicine platform, you need a solid marketing strategy. Identify your target audience, determine the best channels to reach them, and create a plan to promote your services. Use Automations in ClickUp to schedule and automate your marketing activities, such as social media posts and email campaigns.

4. Outline your operations

To ensure smooth operations and provide high-quality telemedicine services, you need to outline your operational processes and procedures. This includes establishing protocols for patient onboarding, appointment scheduling, virtual consultations, and data security. Use custom fields in ClickUp to track and manage your operational tasks and milestones.

5. Create a financial plan

A robust financial plan is crucial for the success of any business. Determine your startup costs, projected revenue, and anticipated expenses. Calculate your break-even point and develop a pricing strategy that aligns with market demand. Use the Goals feature in ClickUp to set financial targets and track your progress over time.

By following these five steps and utilizing the Business Plan Template for Telemedicine in ClickUp, you'll be well on your way to launching a successful telemedicine business. Remember to regularly review and update your business plan as your business evolves and grows.

Get Started with ClickUp’s Business Plan Template for Telemedicine

Healthcare startups or established medical practices looking to launch or expand their telemedicine services can use the ClickUp Business Plan Template for Telemedicine to outline their strategies, target patient demographics, financial forecasts, marketing plans, technology requirements, and regulatory compliance considerations. This template will help you attract investors and secure funding for your telemedicine initiatives.

Here's how you can make the most of this template:

Hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Invite relevant members or guests to your Workspace to start collaborating.

Use the Topics View to organize your business plan into different sections and topics for easy navigation.

The Status View will help you track the progress of each section of your business plan. Use the statuses: Complete, In Progress, Needs Revision, and To Do to keep track of each section's status.

The Timeline View will provide you with a visual representation of your business plan's timeline, allowing you to set deadlines and milestones.

Use the Business Plan View to have a comprehensive overview of your entire telemedicine business plan.

The Getting Started Guide View will provide you with a step-by-step guide on how to use the template effectively and get started with your telemedicine business plan.

Customize the template by adding custom fields such as Reference, Approved, and Section to provide additional context and information for each section of your business plan.

By using the ClickUp Business Plan Template for Telemedicine, you can streamline the process of creating a comprehensive and compelling business plan for your telemedicine initiatives, ensuring that you attract investors and secure funding for your healthcare startup or medical practice.

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Telehealth for chronic conditions

Developing a business plan and workflow for your telehealth program.

A successful telehealth program for patients with chronic conditions requires planning, research, and an understanding of your community’s needs. Our guideline for planning your telehealth workflow  can help with additional ideas and resources.

On this page:

Is telehealth a good fit for your community, determine what type of telehealth services you will offer, research telehealth technology, advertise your telehealth program for chronic conditions.

You know your community and your patients best. Using telehealth to treat chronic conditions can be beneficial across a wide range of diverse populations throughout rural, suburban, and urban areas.

Here are a few questions to consider:

• Does a large portion of your community struggle with treatable chronic conditions, such as Type 2 diabetes or obesity?
• Do you have high rates of asthma, COPD, or other respiratory disorders?
• What percentage of your community has access to reliable internet services?
• Do you have large communities of patients typically underserved by traditional health care programs?

There are several ways to approach telehealth when it comes to treating and managing chronic health conditions.

• Appointments for follow-up care
• Sick care appointments
• Phone call appointments for patients who do not have the technology or internet access for video chats
• Remote patient monitoring
• Mental health services
• Coordination with tertiary centers in local hospitals for certain diagnostic testing and imaging
• School-based telehealth  for students with chronic conditions

Staffing reminder

You may need to hire additional staffing or re-organize your current staff schedules to accommodate your new telehealth program. You will likely need someone to support the operation of the telehealth program or portal you will use with patients. Additional staff may also be needed to handle telehealth scheduling and patient support.

You will need to plan for and put into place technology to successfully launch and sustain your telehealth care program.

Technology considerations include:

• Stable and fast internet connection
• Back up internet services, such as a mobile hotspot
• A patient portal program that allows for asynchronous communication between providers and patients
• Programs that allow you to accept data transmissions from remote patient monitoring devices, including apnea and heart monitors, weight scales, and diabetes monitoring equipment
• Online training for providers and staff for topics such as HIPAA compliance, remote patient monitoring, and health equity

Advancing Health Equity at Every Point of Contact  — from the U.S. Department of Health and Human Services (HHS)

Multiple visits to your health care provider may be the norm for some patients with chronic illness. They may not know how chronic conditions can be managed through telehealth to cut down on in-person visits.

Advertising your telehealth program for chronic conditions is the best way to get information out to your community and build your practice.

Getting the word out could include:

• Printed signage near your office
• Brochures and handouts in multiple languages for your waiting room and local community groups
• An email or phone call to your current patients
• Social media posts
• An ad in your local newspaper or magazine
• Letters or postcards to the community
• A booth or stand at community events such as health fairs or town celebrations

Tip:  Improve your telehealth program by asking for suggestions and feedback from your patients and their families. This can help you tailor your services to retain and attract new patients.

Marketing Considerations for Telehealth Programs  — from the Rural Health Information Hub

Telehealth Campaign  — from the National Rural Health Resource Center

Evaluation Measures for Rural Telehealth Programs  — Rural Health Information Hub

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How to plan for and profitably operate telehealth services

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“By failing to prepare, you are preparing to fail.” ― Benjamin Franklin

The COVID-19 pandemic has forced every industry to rethink how they do business — and the healthcare industry is one of the most heavily impacted. In this ever-changing set of circumstances, providers are challenged to determine the best way to adapt the delivery of care.

One tool they increasingly are turning to is telehealth services.

The appeal of telehealth right now is obvious. Patients appreciate being able to receive healthcare without risking exposure, while physicians appreciate being able to provide safe and convenient care.

Before the COVID-19 pandemic, a small percentage of all physician visits were conducted via telehealth, whereas as of early May, telehealth surged upwards of 50% to 90% in some areas and with some specialty physicians, including primary care. And it appears this shift is not temporary. It is widely believed the pandemic is a tipping point for telemedicine, and that the new demand for telehealth services will persist well into the future.

“I think the genie’s out of the bottle on this one,” Seema Verma, CMS administrator, said . “I think it’s fair to say that the advent of telehealth has been just completely accelerated, that it’s taken this crisis to push us to a new frontier, but there’s absolutely no going back.”

For healthcare administrators wondering how to plan for this not-too-distant new normal, the good news is that, done right, telehealth can be efficient, effective and profitable.

How to plan for successful telehealth service delivery

With telehealth services, proper implementation is critical. Fortunately, the planning process is relatively straightforward, comprising the five essential steps. As with any business strategy, alignment among key stakeholders is important. The planning process should start with the formation of a telehealth committee, which would include business, office staff and clinical leaders (and a patient for feedback, if necessary). 

1. Create operational guidelines. The committee will decide what types of visits are appropriate for telehealth and set up guidelines, including operational workflows and clinical protocols for all staff and physicians, with consideration about what role advanced practice providers (APPs) will play. This approach helps ensure messaging is consistent and allows for efficient triaging of patients’ concerns and medical conditions  (and aids to determine the appropriate care setting and provider speciality, as well as appointment type and when the patient should be seen, where and by whom). Triaging allows for better management of patients and of resources, ultimately allowing for better care delivered at the right place and right time and right setting. It also allows the medical staff to provide clear instructions during a time of social distances (e.g., where to go, how to stay safe). Standards should be clearly and comprehensively documented.

2. Arrange space and technology. Patients expect a professional, confidential environment, whether in a physician’s office or living room. Providers should ensure their telehealth workspace has an appropriate background, no distractions, and no interruptions from family members or pets — remember, the provider is on camera.

It also critical to the efficiency of visits to set up the provider workspace so the provider not only can see the patient, but also can easily access the electronic health record (EHR), staff messages and other pertinent resource information.

Having the right technology also is imperative to help prevent miscommunication and frustration. Essentials include strong and consistent Wi-Fi or broadband connection and good sound, made possible via a good headset and microphone.

3. Set up the EHR and PMS. Providers may find their EHRs and practice management systems (PMSs) are already set up for telehealth. If not, there are many other options for virtual communications, with a free app like FaceTime or a HIPAA-compliant monthly subscription-fee services.  

From there, the committee should establish time slot templates and appointment types and lengths, and load any new codes, including procedure codes, modifiers and place-of-service codes.

4. Set up scheduling. To optimize scheduling, the committee should walk through the entire telehealth call process from start to finish. They should consider adding buffer time between visits, at least initially.

The committee should make sure the patient scheduling technology is both user-friendly and reliable, and they should develop clear instructions for patients on how to use the technology, given that many of them will not be tech-savvy. Staff also should be prepared to help both providers and patients navigate the technology. Once everyone has mastered the processes, scheduling can be tightened up with shorter visit time slots.

5. Communicate to patients. Patients should be made aware that telehealth services are available, and they should be furnished with the easy-to-understand instructions on how to schedule and use the services. The organization should update answering services, send out emails, use social media and update their website, making sure consistent and clear information is disseminated at every touchpoint of communication.

Maintaining profitability with telehealth

Despite the ease and popularity of telehealth, a big question remains: Is it possible to maintain the same profit margins with telehealth as with in-person visits? In general, at this point, yes. But several elements should be carefully considered when forecasting revenue and profitability with telehealth.

Efficiency of service delivery. The use of telemedicine varies by physician speciality. Historically, radiologists, psychiatrists and cardiologists showed the highest use . Today, primary care physicians are at the top of the list, along with other specialists like dermatologists, oncologists and emergency physicians.

For this reason, telehealth can make it easier for multi-speciality medical groups, accountable care organizations (ACOs) and clinically integrated networks (CINs) to keep more patients in-network. How? For starters, patients with minor, routine conditions or concerns can easily grab 10-minute virtual visits with their preferred providers rather than heading to a retail clinic. Similarly, patients with chronic conditions or who receive care management services may appreciate the ease of virtual in-home visits.

The relative speed of telehealth visits also improves patient throughput, which in turn creates more billing opportunities. (Time will tell if this remains the case in the future.)

Consider that in an average four-hour shift, a primary care physician typically sees about 12 patients. With telehealth, physicians may be able to “see” 16 or more patients in that same timeframe. Moreover, as of March 1 , the provider can bill Medicare a telephone (or telehealth) visit and be paid at the same rate as in-person visit.

* 2020 Medicare Physician Fee Schedule, National payment amount, non-facility price × 1.15. † Expenses may be reduced due to less need for staffing, supplies and equipment, and efficiency may be improved due to fewer interruptions and less movement.

One physician told us: “I’m more efficient at home. I don’t go from room to room, so I move less. I’m very focused. I’m on time because I have to be — whereas in the office, I’m spending time chit-chatting with people. There are just more distractions overall.”

The right mix of services. Less chit-chat may be great for efficiency, but it can be an obstacle for providers in getting to know patients. It therefore is important to develop clear guidelines during the planning process to ensure every patient receives the appropriate level of attention and care. Healthcare organizations need to ensure patients have exceptional experiences with their first telehealth visits.

Also, providers should use a solid EHR template and continue to monitor performance on quality measures. As current restrictions on elective procedures loosen up, providers should make sure their patients are scheduled for routine and preventive procedures and tests, such as mammograms and colonoscopies.

Ultimately, the mix of telehealth and in-person services will vary by speciality. We anticipate the split among primary care visits may be 50/50, as the industry finds that telehealth is well-suited for managing certain straightforward acute conditions and for checking in on established patients with chronic conditions.  

Where possible, organizations also may begin to explore ways to leverage advanced practice providers deliver primary care services via telehealth. Again, this tactic increases patient access to care at a reduced cost and may favorably support risk-based contracts with quality and cost targets.

Telehealth coding. Coding is another major consideration in establishing a profitable telehealth service. Consider the following an example of telehealth coding:

A patient who has had Type 2 diabetes for 10 years has been successfully managing it through insulin and dietary changes, but has some mild symptoms and needs medication management. The patient sets up a telehealth appointment using audio-visual technology with her physician. In a 15-minute virtual visit, the physician reviews the patient’s glucose readings, asks a couple of follow-up questions, and modifies the patient’s treatment plan. With medical decision making at a moderate level, the physician now can code the visit using CPT 99214.

When billing for telehealth, the level of medical decision-making or time spent can be used to drive the level of visit billed. CMS has published a list of almost 200 telehealth codes that range from typical office and hospital visits, to telephone visits, to virtual check-ins to e-visits where online digital communications such as a patient portal is used.

Healthcare organizations should carefully review all telehealth-related policies by payer to ensure accuracy of billing. By negotiating the currently temporary telehealth rates with commercial payers, providers have an opportunity to enter permanent contracts to become an in-network telehealth providers — a prospect that has been challenging up until now, because many national payers have exclusively contracted with national telehealth vendors.  

Looking to the future

As telehealth becomes a part of the new normal, healthcare finance leaders should build their projections with an eye to the future, while also collaborating with their providers to determine the best way forward. Statistics suggest that almost 75% of all physician, urgent care and emergency department visits are either unnecessary or could be handled safely and effectively over the phone or video.

One major variable affecting projections is payment amounts. Currently, as part of COVID-19 relief, providers are being reimbursed the same amount whether in office or via telehealth. However, before the pandemic, Medicare and commercial payers paid evaluation and management (E&M) codes at lower rates for telehealth than for in-office visits. This standard may resume after this crisis has passed, so provider organizations are strongly urged to talk with their payers about inclusion of telehealth service coverage at the preferred payment rates.

This question of rates may tempt some healthcare organizations to roll back telehealth offerings once this crisis has passed, out of concern over profitability. However, context is needed for this decision.

With telehealth, some operating expenses may be reduced, because the organization may require less office space, equipment and staffing when a higher percentage of visits are conducted virtually. This potential reduction in expenses, combined with the potentially higher volume of visits via telehealth, could make a practice even more profitable than before or, in the very least, not less profitable because of telehealth.

Healthcare leaders also should consider how telehealth will affect patient and provider satisfaction as they work toward a process and guidelines that make the most sense for everybody. Many patients like telehealth, finding it less anxiety-inducing, more convenient and just as personal as an office visit. Provider organizations implementing telehealth should therefore market it early and often to their patient base, to retain (and even gain) market share.

Telehealth services can be a powerful pillar of value-based care, providing better access, easier coordination of care, smoother transitions in care, cost savings and additional opportunities to increase provider payment. So although the coronavirus crisis is indeed a unique circumstance, it is not solely the reason telehealth has gained popularity. We therefore can expect the popularity of telehealth to last in the long term, as it continues to be good for patients, good for providers, and — when properly implemented with careful planning — good for profitability.

Lucy Zielinski

is managing partner, Lumina Health Partners, Chicago ( [email protected] ).

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The Complete Telemedicine Business Plan

With the advancements in technology, including high-speed internet, telemedicine is becoming more affordable and accessible for everyone and is now widely adopted across the globe. 

The main benefit of telemedicine is that it allows patients to connect with doctors or healthcare professionals remotely, breaking the barriers of time and distance. This makes healthcare more accessible and affordable for individuals who reside in rural/remote locations, elderly patients, or those with mobility limitations. 

Thinking of starting a telemedicine service on your own? Then it’s definitely a great time. Telemedicine can be a lucrative business opportunity with enormous potential for success and positive change.

Yet, that doesn’t mean you’ll automatically achieve success, as venturing into this competitive field would require careful strategic planning and execution. A well-structured business plan can serve as a roadmap for success, guiding entrepreneurs through the complexities of starting and growing a telemedicine business. 

In this article, we will discuss how to plan a telemedicine business for success. We aim to provide valuable insights and actionable steps for building a successful telemedicine service, which will include the following topics:

• Understanding telemedicine and its potential
• Planning a working telemedicine business model
• How to build a telemedicine infrastructure to ensure a running operation
• Regulatory and legal considerations for starting a telemedicine business
• Funding and financial projections
• Develop a marketing strategy

This article aims to equip aspiring entrepreneurs or professionals looking to tap into the thriving telemedicine market with the tools and knowledge necessary to achieve success, and without further ado, let us begin right away.

Understanding Telemedicine Business and Its Potential

Telemedicine, simply put, is leveraging telecommunications technology and digital platforms to deliver healthcare services remotely, connecting patients and healthcare providers irrespective of geographical limitations. 

In its implementation, telemedicine can benefit both healthcare providers and patients, including but not limited to: 

• Enhanced accessibility:  telemedicine bridges the geographical barriers, making healthcare services accessible to patients in rural or underserved areas and allowing patients to access healthcare experts located in different cities or even countries. 
• Convenience and flexibility: telemedicine offers a higher level of convenience by enabling patients to schedule appointments and consult with medical professionals from the comfort of their homes. This minimizes disruptions to their daily routine, reduces or even eliminates the need to travel, and reduces waiting times often associated with visiting hospitals or clinics.
• Improved patient engagement: telemedicine encourages patients to be more active and engaged, for example, by offering easy access to medical information.
• Cost-effectiveness: telemedicine can improve cost-efficiency for both patients and healthcare providers and reduces expenses related to infrastructure, administrative overheads, and especially travel.
• Better productivity for healthcare providers: telemedicine can improve the workflow of healthcare providers, enabling them to manage more patients in any given timeframe to improve overall efficiency. 

Market Trends and The Potential for Growth in the Telemedicine Industry

The telemedicine market is growing rapidly and is still projected to continue growing. According to a report by Grand View Research , the global telehealth market size was valued at USD 83.5 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 24.0% from 2023 to 2030.

This growth is being driven by a number of factors, including:

• The global pandemic throughout 2020-2022 has accelerated the adoption of telemedicine in very significant ways. Both healthcare institutions and patients realized its benefits, and this trend in adoption is still continuing post-pandemic throughout 2024 and is likely to continue going forward.
• Rapid advancements in communication technology, IoT devices, wearables, and mobile devices are enabling more seamless digital interactions, capable of facilitating more sophisticated telemedicine solutions.
• Governments around the world are recognizing the value of telemedicine in improving healthcare access for more people and are implementing policies and regulatory changes to support its growth.
• The growing aging population all around the world demands more and better healthcare services. Telemedicine offers a viable solution to address the growing healthcare needs of the senior demographic.

As you can see, telemedicine represents a transformative force as a game-changer in healthcare delivery. With the technology advancements and a supportive market landscape, we can expect continuous remarkable growth of the telemedicine industry in the near future. 

Crafting a Working Telemedicine Business Model

Having a well-defined business model lays the groundwork for the success of the telemedicine business.

In this section, we will explore the essential aspects of shaping a winning business model, from identifying the target audience to how to position your venture for optimal growth.

1. Identifying Your Target Audience

Thefirst step in crafting a telemedicine business model is to identify your target audience.

Who are you trying to reach with the telemedicine service? What are their specific needs? What are the pain points your telemedicine solution can solve?

Identifying and understanding your target audience and focusing on a specific area of expertise will allow you to tailor your services to meet your target audience’s needs.

Here is how you can do it:

• Market research: conduct comprehensive market research to understand the specific healthcare needs and preferences of different target demographics. Identify gaps and opportunities in the current telemedicine offerings, especially in areas with high demand for healthcare/telemedicine services.
• Patient persona: create a semi-fictional patient persona that represents your ideal target audience. Make it as detailed as possible while considering factors such as location, age, medical conditions, and so on. The idea is to tailor your telemedicine service to this patient persona’s specific needs. Create multiple personas if necessary.

2. Choosing a Specialization

Telemedicine, as we’ve discussed, encompasses a wide range of services. Choosing the one that aligns with your target audience is essential for success. 

I s there an opportunity to offer specialized telemedicine services? For example, you may decide to offer services in areas such as mental health, chronic disease management, dermatology, women’s health, etc. 

Focusing on a specifically targeted niche may help you attract a more loyal customer base.

Different Types of Telemedicine

Telemedicine can come in various forms and utilize a wide range of different technologies (audio, video, text-based, etc.), but we can categorize them into four major types.

• Synchronous telemedicine: this type of telemedicine offers real-time and two-way interactions between patients and healthcare providers, akin to a traditional face-to-face appointment. To allow these real-time interactions, typically, video conferencing or telephone conversations are involved.
• Asynchronous telemedicine: in this type of telemedicine, the communication between patients and healthcare providers happens non-simultaneously. For example, the patient can send their medical information via email, then the healthcare provider replies to the email a few minutes after. Besides email, asynchronous telemedicine can happen over chat/messaging or file (i.e., image) sharing platforms.
• Remote patient monitoring: or RPM, this type of telemedicine leverages IoT devices and wearables to allow healthcare professionals to monitor patients’ health parameters and vital signs remotely. 
• Mobile Health (mHealth): mHealth, short for Mobile Health, refers to leveraging mobile devices (and also wearables) to provide health services, including health tracking, medication reminders, and remote/virtual consultations. 

Based on the chosen niche, you should choose a type of telemedicine service that aligns with this niche and the target audience.

3. Competitive Analysis and Positioning Your Venture In the Market

Identifying and understanding your competitors is vital for success, enabling you to differentiate your telemedicine venture in the market.

You can follow these steps:

• Competitor analysis: identify and research other telemedicine providers (or indirect competitors) in your niche. Try to understand their market share and strengths and weaknesses. Identify opportunities to improve existing services or offer something unique.
• Unique Selling Proposition (USP): based on your competitor analysis results, determine your telemedicine venture’s USP —what sets your telemedicine service apart from your competitors. Is it a lower price? Exceptional customer service? User-friendly platform? Specialized expertise? Or others.
• Brand messaging: clearly communicate your telemedicine service’s unique value. Consider the benefits you can provide for both the patients and healthcare providers, such as cost savings, improved access to healthcare, improved convenience, and more. Craft compelling brand messaging that communicates your business’s mission and core values. 

4. Pricing Strategies and Revenue Streams

How can a telemedicine business make money? 

There are a number of potential revenue streams options for a telemedicine business:

• Direct patient payments: Simply put, patients pay a fee for each telemedicine consultation (or each telemedicine service used). This is the most common revenue stream for a telemedicine business. We can consider this a pay-per-use model.
• Subscription: patients pay a monthly or annual fee for access to your telemedicine service.
• Advertising: you can offer businesses or other people to advertise their products or services on your telemedicine platform. This can be an ideal revenue stream when you already have a large user base.
• Data monetization: as your telemedicine service collects more data about your patients, you can sell this data to other businesses or leverage it to develop new products or services. However, keep in mind that in the healthcare industry, patient data privacy is heavily regulated.
• Partnerships: for example, you can partner with a company to offer telemedicine services to its staff or with an insurance company to offer your services to its members.

You can choose one or more revenue streams depending on your niche and your target audience, and based on this revenue stream model, you should establish your pricing strategy.

How much you should charge your service would depend on a number of factors, like your location, target audience, the services offered, and the competition. Yet, make sure to consider your cost for providing the telemedicine service to ensure profitability. 

Regulatory and Legal Considerations

The healthcare industry is a heavily regulated industry, so launching a telemedicine venture would naturally involve navigating complex legal and regulatory considerations. 

This section discusses crucial aspects you should address to operate a legally compliant telemedicine business:

• Licensure: in most states and countries, businesses providing telemedicine services must be licensed in the state where the patient is located .
• Practice guidelines: each set has its own set of telemedicine practice guidelines that you should follow, but they typically address issues such as the types of services allowed to be provided through telemedicine, the technology that could be used, and the patient’s informed consent process.
• Data privacy and security: it’s critical to ensure that patient data sent or received is protected in accordance with HIPAA regulations. 

The legal and compliance landscape for telemedicine is constantly evolving, so it’s critical to keep yourself up-to-date on the latest requirements. Also, train your team, staff, and healthcare providers on data privacy protocols and compliance measures to maintain the best practices, especially in ensuring data privacy and confidentiality of patient information.

Building The Telemedicine Infrastructure 

In this section, we will discuss how to build a robust telemedicine infrastructure as the bedrock of your business.

A reliable and efficient and HIPAA compliant telemedicine video API would include at least the following elements: 

• High-quality video and audio: the majority of telemedicine implementations would involve video/audio communications. Thus, the video and audio quality must be decent enough to ensure effective and clear communication.
• Secure data storage: robust data storage with encryption and strict access control is crucial to properly safeguard patient information.
• HIPAA compliance: ensure compliance with HIPAA and other relevant healthcare regulations.
• Reliable connectivity: the telemedicine platform must be able to provide reliable and secure connectivity, even in areas with limited internet speed.
• User-friendly interfaces: it’s crucial for the telemedicine platform to have intuitive and user-friendly interfaces that are easy to use by both healthcare providers and patients to ensure a high adoption rate.

Integrating Audio/Video Conferencing Solution to Your Telemedicine Platform

Audio/video conferencing is a very critical component of any telemedicine platform, and you basically have three options on how to make this critical feature available on your telemedicine solution: 

• Building from scratch: if you have the skills/experience or the budget to hire an experienced developer, then building audio/video communication functionality from scratch will give you the most freedom and versatility.
• Integrating free/affordable video conferencing solutions: the second option is to use ready-made solutions like Zoom or Google Meet. A lot of these solutions are free or very affordable, and many are very dependable. However, you’ll get the least freedom in customizing your platform, including adding your branding elements. 
• Integrating white-label video conferencing solutions: professional white-label video meeting solutions Iike Iotum offer the best of both worlds, bypassing the time and cost otherwise needed to develop your solution from scratch and yet giving you more freedom to customize your platform.

Among these available options, Iotum emerges as a standout, cost-effective choice for elevating your telemedicine platform. Iotum offers a comprehensive solution to ensure data security, ease of use, and seamless integration with existing healthcare systems and medical devices.

Integrating Iotum’s video conference API into your platform would allow you to provide both healthcare providers and patients with a secure, seamless, and reliable communication channel to enhance the healthcare experience. 

Developing a Marketing Strategy

No matter how good your telemedicine platform is, it won’t be a successful venture if you can’t attract enough users or clients to use the platform.

You’ll need an effective marketing strategy to attract and retain both patients and healthcare providers, establish credibility in the competitive market, and build brand awareness.

Below, we’ll cover how to develop a marketing strategy for your telemedicine business.

Creating a compelling brand identity

Develop a strong brand identity that resonates with your target audience and aligns with your core brand message.

A strong brand identity that is easy to remember is crucial for distinguishing your telemedicine solution and resonating with your target market.

Consider the following brand identity elements: 

• Mission and values: define your telemedicine business’s mission and core values. Craft a clear, concise, and impactful mission statement that can engage your target audience. 
• Name: choose a name that is unique but easy to pronounce and remember. Your brand name should reflect your business’s values and mission.
• Logo and visual identity: design a professional logo and visual elements that align with your brand name and message and can represent your brand’s personality.
• Brand voice: decide on a consistent brand voice that reflects the personality and tone of your telemedicine business. Speak your target audience’s language (i.e., don’t be too technical), and try to be empathetic and reassuring.
• Patient-centric approach: as a telemedicine venture, highlight your patient-centric approach in all marketing materials and communication. For example, emphasize that your telemedicine service prioritizes patient well-being and convenience. 

Choosing the right marketing channels

There are a number of marketing channels (both online and offline) you can leverage to raise awareness about your telemedicine platform and reach your target audience. 

Here we will discuss some of the most popular and effective ones you should consider.

Digital channels:

• Your website: create a professional-looking, user-friendly, and fully functional website that can effectively showcase what your telemedicine platform offers and communicate your unique selling points clearly. 
• Search Engine Optimization (SEO): optimize your website with relevant keywords and technically optimize it to improve its search engine ranking and drive organic traffic.
• Social media marketing: build a strong presence on popular social media platforms (Facebook, LinkedIn, Twitter, Instagram, etc.) and share relevant content to establish rapport and promote your telemedicine service. Consider investing in paid advertising options offered by these social platforms. 
• Display advertising: invest in targeted online advertising, for example, via Google Ads to reach potential audiences based on demographics, behavior, interests, or other factors.
• Email marketing: build an email list of prospective users and existing patients/healthcare providers. Send educational content, updates regarding your platform, and exclusive promotions regularly to keep them engaged and nurture relationships.

Offline channels:

• Direct mail: consider sending targeted direct mail, for example, to hospitals or doctors to introduce your telemedicine service and its benefits. 
• Community events and health fairs: participate in or host health fairs, community events, medical conferences, or other events to network with potential patients and healthcare professionals and build awareness.
• Local partnerships: collaborate with clinics, hospitals, pharmacies, local healthcare providers, or other relevant businesses to offer cross-promotional initiatives.
• Traditional advertising: consider advertising your service in local newspapers, magazines, healthcare publications, radio stations, billboards, or TV channels to reach a broader audience. This is especially effective if you are promoting to regions where traditional media is still popular. 

This guide has discussed how to plan a telemedicine business venture to ensure success. 

By following the actionable tips and strategies in this article, you have equipped yourself with the tools and knowledge needed to make a positive impact on providing healthcare accessibility to more people. 

As you embark on the journey of starting or growing your telemedicine business, remember the fact that telemedicine is continuously evolving. Stay updated on the latest trends, keep your business agile, adapt to new innovations, and embrace emerging technology to stay competitive.

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How to Write Telemedicine Business Plan? Guide & Template

In today’s fast-paced world, where convenience is king and technology reigns supreme, telemedicine has emerged as a transformative force in healthcare delivery. With the ability to connect patients with healthcare professionals remotely through digital platforms, telemedicine offers unparalleled convenience and accessibility. However, to harness the full potential of this burgeoning industry, entrepreneurs need a robust telemedicine business plan. Let’s delve into what this entails and why it’s crucial for success.

What is a Telemedicine Business Plan?

A telemedicine business plan is a comprehensive document that outlines the strategies, objectives, and operational details of a telemedicine venture. It serves as a roadmap for entrepreneurs, guiding them through the process of launching and growing their telemedicine practice. From market analysis to financial projections, a well-crafted business plan provides a clear framework for success.

Why Do You Need a Business Plan for a Telemedicine?

Guiding Vision: A telemedicine business plan helps crystallize your vision for the venture, outlining its mission, values, and long-term goals. Attracting Investors: Investors and lenders often require a detailed business plan before committing funds to a telemedicine startup. A well-researched plan instills confidence in potential backers, showcasing the viability and potential return on investment. Strategic Roadmap: By outlining the steps required to launch and scale your telemedicine practice, a business plan provides clarity and direction, ensuring that you stay focused on achieving key milestones. Risk Mitigation: Through market analysis and financial forecasting, a business plan helps identify potential risks and challenges, allowing you to develop strategies to mitigate them effectively.

How Do You Get Funding for Your Telemedicine Business?

Securing funding for a telemedicine business requires a strategic approach and a compelling business plan. Here are some avenues to explore:

Venture Capital VC firms often invest in innovative healthcare startups. Angel Investors High-net-worth individuals may provide seed funding. Government Grants Various grants and incentives are available for healthcare innovation. Bank Loans Traditional loans can provide capital for startup costs. Crowdfunding Platforms like Kickstarter can help raise funds from the public.

How to Write a Telemedicine Business Plan?

• Executive Summary: Provide a concise overview of your telemedicine venture, highlighting its unique value proposition and market opportunity.
• Market Analysis: Conduct thorough research on the telemedicine market, identifying target demographics, competitors, and industry trends.
• Business Model: Define your telemedicine business model, including revenue streams, pricing strategies, and distribution channels.
• Operational Plan: Detail the operational aspects of your telemedicine practice, including technology infrastructure, staffing requirements, and regulatory compliance.
• Marketing Strategy: Outline how you plan to attract and retain patients, leveraging digital marketing, partnerships, and patient referrals.
• Financial Projections: Develop realistic financial forecasts, including income statements, cash flow projections, and break-even analysis.
• Risk Management: Assess potential risks and challenges facing your telemedicine business and outline strategies to mitigate them.

Advantages of Starting a Telemedicine Business

Accessibility: Telemedicine eliminates geographical barriers, allowing patients to access healthcare services from anywhere with an internet connection. Convenience: Patients can schedule virtual appointments at their convenience, reducing the need for travel and time off work. Cost-Effectiveness: Telemedicine can lower healthcare costs by reducing overhead expenses associated with traditional brick-and-mortar practices. Scalability: With scalable technology infrastructure, telemedicine practices can easily expand their reach and serve a larger patient population. Improved Patient Outcomes: By increasing access to healthcare services, telemedicine can lead to better patient outcomes and satisfaction.

As the healthcare landscape continues to evolve, telemedicine represents a tremendous opportunity for entrepreneurs to innovate and improve patient care. By crafting a comprehensive telemedicine business plan, entrepreneurs can navigate the complexities of the industry, secure funding, and position their ventures for long-term success.

Telemedicine Business Plan FAQs

Can telemedicine be profitable?

Yes, telemedicine can be highly profitable with the right services, platforms, and patient base. Profit margins vary.

How to make money in telemedicine?

Make money in telemedicine by offering on-demand appointments, subscription care plans, employee benefits packages, and direct partnerships.

How to start a telehealth startup?

Start a telehealth company by obtaining medical licenses, establishing digital platforms for video/data, hiring doctors, and implementing patient acquisition strategies.

Who is the biggest telemedicine company?

The biggest telemedicine company is Teladoc Health, which provides virtual care on demand to over 50 million members.

Is telemedicine successful?

Yes, telemedicine has been very successful so far, with utilization and revenues growing over 50% per year in recent times.

How big is the telemedicine industry?

The global telemedicine market is currently estimated to be over $175 billion and projected to reach $636 billion by 2028 as adoption continues rising.

Written by Ivan Smith

Hello, I'm Ivan Smith, a graduate with a Bachelor of Business Administration in Marketing. Currently, I'm actively engaged in practicing business plan writing.

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Telemedicine Business Plan Template

• Business Plan , Browse by Categories , Browse by Industry , Healthcare Industry , Healthcare Industry Business Plan

$ 180 Original price was: $180. $ 99 Current price is: $99.

Empower your telemedcine venture with our Business Plan Template. Crafted for success, it provides a roadmap for strategic financial planning, innovative service delivery, and seamless integration of health technologies. Elevate your medical services with a blueprint designed for the future of healthcare.

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Introduction to our Telemedicine Business Plan Template

Embrace the future of healthcare with our Telemedicine Business Plan Template. This section offers a glimpse into the key components that make our template an indispensable resource for telemedicine entrepreneurs. In the ever-evolving healthcare landscape, the term “medical services” has taken on a transformative meaning. The integration of telemedicine and telecommunications technologies has revolutionized the delivery of healthcare services. This evolution goes beyond the traditional personal visit to a healthcare provider, ushering in a new era of virtual care, remote patient monitoring, and wide-ranging medical consultations. The intersection of medical services and technology is reshaping the healthcare industry, improving health outcomes, and offering cost-effective solutions to patients and healthcare professionals alike.

Oak Business Consultant offers bespoke services tailored to your needs. We create custom business plans, pitch decks, and financial models with meticulous attention to detail to align perfectly with your requirements. Our commitment to personalization sets us apart from others in our field. We are dedicated to your satisfaction and can assist you in fine-tuning your Business Plan to meet your specifications.

Keys of Business Plan

Unlock the potential of your telemedicine business by understanding the essential keys that drive successful business planning. Explore the crucial elements that set the foundation for sustainable growth and innovation.

Our Telemedicine Business Plan Template

Discover the unique features and benefits of our Telemedicine Business Plan Template. Tailored for the specific needs of telehealth enterprises, this template provides a roadmap for success, addressing challenges and opportunities in the evolving healthcare landscape.

Executive Summary

Craft a compelling overview of your telemedicine venture with an impactful Executive Summary. Learn how to concisely communicate your business vision, mission, and unique value proposition to captivate investors and stakeholders.

Service Portfolio

Dive into the details of creating a robust service portfolio for your telemedicine business. Explore the range of telemedicine services, from remote consultations to specialized medical care, and understand how to tailor your offerings to meet the diverse needs of patients.

SWOT Analysis

Conduct a thorough SWOT Analysis to assess the Strengths, Weaknesses, Opportunities, and Threats in the telemedicine market. Gain insights into how your business can leverage its strengths and navigate challenges effectively.

Industry Analysis

Navigate the complex telemedicine industry landscape with a detailed Industry Analysis. Explore trends, regulations, and key players shaping the sector, laying the groundwork for informed decision-making.

Market Analysis

Uncover the intricacies of the telemedicine market through a comprehensive Market Analysis. Understand patient demographics, market trends, and access points to position your telehealth services strategically.

Competitive Analysis

Stay ahead in the competitive telemedicine landscape by conducting a thorough Competitive Analysis. Identify competitors, analyze their strengths and weaknesses, and devise strategies to position your business as a leader in the industry.

Marketing Plan

Craft a targeted Marketing Plan to promote your telemedicine services effectively. Explore strategies, from email marketing to impactful campaigns, to reach patients, healthcare providers, and key stakeholders.

Operational Plan

Establish efficient operations with a detailed Operational Plan. Explore the intricacies of remote healthcare consultations, healthcare partnerships, and telehealth technology to streamline service delivery.

Set achievable Milestones to track your telemedicine business’s progress. Learn how to measure success, celebrate achievements, and adjust strategies based on real-time feedback.

Financial Plan

Navigate the financial landscape of your telemedicine venture with a comprehensive Financial Plan. This section provides the tools to ensure financial sustainability, from budgeting to revenue projections.

Frequently Asked Questions

Address common queries with a dedicated Frequently Asked Questions section. Anticipate and provide answers to questions related to telemedicine services, patient outcomes, and remote monitoring.

• How do telemedicine companies contribute to cost savings in healthcare?

Telemedicine companies leverage telecommunications technologies to provide a wide range of medical services remotely. This reduces healthcare costs for patients and streamlines clinical services, minimizing the need for in-person appointments. Through virtual visits and innovative telemedicine business models, cost savings become a tangible benefit for healthcare organizations and individuals seeking quality healthcare.

• How does telemedicine enhance patient engagement and experience?

Telemedicine goes beyond traditional healthcare delivery by incorporating video conferencing, remote patient monitoring, and electronic health records. This comprehensive approach fosters patient engagement by offering convenient healthcare services, personalized medical consultations, and seamless communication between patients and healthcare providers. The result is an improved patient experience, where individuals have greater control over their health and direct access to medical services.

Wrap up your telemedicine business plan with a compelling conclusion. Revisit key insights, emphasize your commitment to healthcare innovation, and set the stage for a successful telemedicine journey.

In conclusion, the fusion of medical services with telehealth technologies has redefined the healthcare landscape. The virtual care paradigm, encompassing Telemedicine consultations, Remote patient monitoring, and Video Visits, not only addresses medical conditions efficiently but also contributes to cost savings and enhanced patient outcomes. As we navigate this transformative era, it is evident that telemedicine is not just a practice but a fundamental shift in the delivery of healthcare services. The wide range of benefits, from improved patient engagement to financial projections, positions telehealth as a cornerstone in the future of healthcare. Embracing the virtual care revolution is not just an option but a necessity for healthcare organizations, medical professionals, and individuals seeking accessible, efficient, and patient-centric medical services.

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Telehealth Basics

15 Key Steps for Creating a Business Proposal to Implement Telemedicine

By NCTRC Staff • February 1, 2021

Here, you’ll find a concise overview of 15 steps to implement a successful telemedicine program at your facility.

• Introduction & Background
• Need & Demand Assessment
• Internal & External Assessment
• Service Plan Assessment
• Technical Plan
• Regulatory Environment
• Management Plan
• Financial Plan
• Presentation to Stakeholders
• Training & Testing
• Operations Plan
• Evaluation & Feedback
• Conclusion & Recommendations

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Occupational therapy telehealth toolkit, final cy 2024 physician fee schedule factsheet.

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Telehealth Policies and Federally Qualified Health Centers (FQHC) Factsheet, Fall 2023

State telehealth laws & reimbursement policies – state summary chart, state telehealth laws and reimbursement policies – infographic, digital navigation toolkit, at-a-glance: medicare telehealth/connected health waivers post-phe , billing for telehealth encounters: an introductory guide on medicare fee-for-service, telehealth for the lgbtqia+ community, post phe billing policy – faq.

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Telehealth Strategy & Business Plan

What is the Purpose of a Telehealth Strategy?

By Christian Milaster | July 13, 2021

Many healthcare organizations are now developing or refining their #telehealth strategy. But what is the actual purpose of a telehealth strategy? In this #TelehealthTuesday column we discuss 6 uses of a telehealth strategy.

Why Healthcare Organizations Need a Telehealth Strategy

A Telehealth Strategy Gap Analysis

By Christian Milaster | July 5, 2022 There is a gap between a good #telehealth strategy and a great telehealth strategy. Here is how you can identify your gap so you can close it.

Why Healthcare Organizations Need a Telehealth Business Plan

If you are failing to plan your #telehealth program, you are planning to fail. And there is no excuse for that.

Downloadable Resources

Why healthcare organizations need a telehealth strategy.

A bridge is typically a metaphor for creating a shortcut, crossing a chasm, or to overcome an obstacle like a river. A Telehealth Strategy serves the same purpose: to navigate you confidently across and through the uncertain future to get “to the other side”.

A great telehealth strategy defines and describes at least six different elements. In this article, I provided some questions to ask of your telehealth strategy.

Telemedicine Business Plan

$59.00 $39.00 3 reviews

Telemedicine Bundle

• Description
• Executive Summary
• Products & Services
• Market Analysis
• Marketing Plan
• Management Plan
• Financial Plan

I. Executive Summary

Company description.

QuickConsult Health is a pioneering telemedicine provider based in Austin, Texas, with plans to expand nationwide. The company's mission is to establish itself as a leading provider of accessible and convenient healthcare solutions across the United States, with a particular focus on rural and underserved urban areas.

QuickConsult Health's robust, secure, and user-friendly telemedicine platform offers a diverse range of healthcare specialties and services through a comprehensive network of qualified professionals. The company's innovative approach, coupled with its commitment to quality and customer satisfaction, aims to position QuickConsult Health as a trusted brand synonymous with accessible and convenient healthcare solutions.

The lack of convenient, on-demand access to healthcare services represents a significant gap in the market that requires a comprehensive and innovative solution. Many individuals, particularly in rural and underserved urban areas, lack immediate access to healthcare services for non-emergency medical issues due to geographical barriers, scheduling constraints, and limited availability of healthcare providers. This problem leads to delayed or forgone healthcare, exacerbated medical conditions, and higher long-term costs for both patients and the healthcare system as a whole. Traditional in-person healthcare delivery models have failed to adequately address the unique challenges faced by residents of these communities.

QuickConsult Health's secure, user-friendly mobile application and web platform provides convenient and accessible healthcare services to patients across the United States. Our telemedicine solution addresses the gap in accessible healthcare by connecting patients with a comprehensive network of qualified healthcare professionals for seamless video consultations, prescription management, chronic condition monitoring, and mental health support.

Key features of our solution include convenience and accessibility , comprehensive healthcare services , high-quality care , seamless integration , and continuous care management , revolutionizing the way individuals access and receive healthcare.

Mission Statement

QuickConsult Health is committed to revolutionizing healthcare accessibility and convenience by providing high-quality telemedicine services to communities nationwide. Through our robust and user-friendly platform, we empower individuals to take control of their well-being, fostering a future where exceptional care is just a click away .

Key Success Factors

The key success factors for QuickConsult Health's telemedicine business include:

• Robust and user-friendly telemedicine platform capable of handling high volumes of consultations
• Diverse range of specialties and healthcare services offered through a comprehensive network of qualified professionals
• Effective digital marketing strategy leveraging social media, email campaigns, and targeted online advertising
• Strategic partnerships with major insurance companies to broaden the customer base and streamline payment processes
• Exceptional customer service and ongoing support for chronic condition management to achieve high customer retention rates

Financial Summary

The financial projections for QuickConsult Health demonstrate a strong growth trajectory and a promising return on investment (ROI) for potential investors. The company's strategic focus on capturing a significant market share in the underserved telemedicine market, coupled with its efficient operations and sustainable revenue model, positions it for long-term success.

QuickConsult Health is seeking $5 million in seed funding to support its initial launch and growth phase. The anticipated ROI for investors is highly attractive, with projected returns reaching up to 45% by 2026. The company's financial outlook, combined with its innovative telemedicine model and strong management team, positions it as a compelling investment opportunity.

Funding Requirements

To successfully launch and scale QuickConsult Health, the startup requires a total of $5 million in seed funding to develop its robust telemedicine platform, recruit qualified healthcare professionals, implement effective marketing strategies, and establish a strong operational foundation to support the company's ambitious growth plans.

II. Products & Services

Problem worth solving.

Many individuals, particularly in rural and underserved urban areas, lack convenient and immediate access to healthcare services for non-emergency medical issues. This problem stems from several key factors that create significant barriers to accessing timely and quality healthcare:

• Geographical Barriers: Residents of rural communities often have to travel long distances to reach the nearest healthcare facility, which can be especially challenging for the elderly, disabled, or those without reliable transportation.
• Scheduling Constraints: Busy professionals, parents, and individuals with chronic conditions often struggle to find time to schedule and attend in-person doctor appointments due to work commitments, childcare responsibilities, or mobility limitations.
• Limited Availability: Many underserved urban areas lack a sufficient number of healthcare providers, resulting in long wait times for appointments and limited access to specialized medical services.

The consequences of these barriers can be severe, leading to delayed or forgone healthcare, exacerbated medical conditions, and increased financial burdens for individuals and families. Unmet healthcare needs can result in poorer health outcomes, decreased quality of life, and higher long-term costs for both patients and the healthcare system as a whole.

Traditional in-person healthcare delivery models have failed to adequately address the unique challenges faced by residents of rural and underserved urban communities. The lack of convenient, on-demand access to healthcare services represents a significant gap in the market that requires a comprehensive and innovative solution.

Our Solution

QuickConsult Health offers a robust telemedicine platform that provides convenient and accessible healthcare services to patients across the United States. Our innovative solution is designed to address the significant gap in accessible healthcare, particularly in rural and underserved urban areas, by leveraging the power of technology and a comprehensive network of qualified healthcare professionals.

At the core of our service is a secure, user-friendly mobile application and web platform that enables patients to connect with healthcare providers through seamless video consultations. Patients can access a wide range of medical specialties, including primary care, mental health, dermatology, and more, all from the comfort of their own homes or any location with an internet connection.

• Convenience and Accessibility: Our telemedicine platform eliminates the need for physical travel, enabling patients to receive timely medical care without the inconvenience of long commutes or lengthy waiting times.
• Comprehensive Healthcare Services: QuickConsult Health offers a diverse range of healthcare services, including primary care consultations, prescription management, chronic condition monitoring, and even mental health support, all through a single platform.
• High-Quality Care: We have built a robust network of licensed and experienced healthcare professionals who are equipped to provide reliable, high-quality consultations and follow-up care. Our strict quality control measures ensure consistent and reliable service for all our patients.
• Seamless Integration: QuickConsult Health is designed to integrate seamlessly with local pharmacies and insurance providers, allowing for a streamlined experience for patients, from consultation to prescription fulfillment and payment processing.
• Continuous Care Management: Our platform offers personalized care plans and ongoing support for patients managing chronic conditions, ensuring they receive the necessary follow-up and guidance to maintain their health effectively.

By addressing the challenges of accessibility, convenience, and comprehensive healthcare services, QuickConsult Health is poised to become a leading provider of telemedicine solutions, revolutionizing the way individuals access and receive healthcare in the United States.

Unique Selling Proposition

QuickConsult Health stands out in the telemedicine industry by offering a comprehensive, innovative, and customer-centric solution that addresses the pressing need for accessible and convenient healthcare services, particularly in rural and underserved urban areas. Our unique value proposition lies in our ability to eliminate the barriers of distance, mobility, and time constraints that often hinder individuals from seeking timely medical attention.

• Elimination of geographical and scheduling barriers to healthcare access
• Exceptional convenience and time-saving for busy individuals and those with mobility challenges
• Affordable, transparent pricing that caters to various income levels
• Comprehensive healthcare services through a diverse network of qualified professionals
• Robust technology platform with advanced security and user-friendly features
• Personalized, responsive customer support for a superior user experience

Development Stage and Future Plans

QuickConsult Health has completed the initial development of its robust, secure, and user-friendly telemedicine platform. The platform has undergone rigorous testing and received positive feedback from a pilot group of patients and healthcare providers. Based on the insights gathered during the testing phase, the team has implemented several enhancements to improve the overall user experience and service quality.

To ensure the platform's scalability and reliability, QuickConsult Health has partnered with leading technology providers and followed industry-standard security protocols. The company has also onboarded a diverse network of qualified healthcare professionals, representing various medical specialties, to provide comprehensive consultations to its growing customer base.

Looking ahead, QuickConsult Health has set ambitious goals to expand its reach and solidify its position as a leading provider of accessible and convenient telemedicine services across the United States.

III. Market Analysis

The telemedicine industry has experienced significant growth in recent years, driven by advancements in digital technology, increasing healthcare costs, and the growing demand for accessible and convenient healthcare services. As the healthcare landscape continues to evolve, the telemedicine industry has emerged as a vital solution for addressing the challenges faced by both patients and healthcare providers.

• Industry Size: The global telemedicine market was valued at approximately $45 billion in 2019 and is expected to reach over $175 billion by 2026, growing at a CAGR of over 20% during the forecast period.
• Growth Rate: The telemedicine industry has witnessed a remarkable surge in growth, particularly accelerated by the COVID-19 pandemic. Prior to the pandemic, the industry was already experiencing a steady annual growth rate of around 15-20%. However, the need for remote healthcare services during the pandemic has led to an even more rapid expansion, with some estimates indicating a growth rate of over 50% in 2020.
• Market Dynamics: The key driving forces behind the growth of the telemedicine industry include the increasing prevalence of chronic diseases, the need for cost-effective healthcare solutions, and the growing adoption of digital technologies among both patients and healthcare providers. Additionally, the rise in aging populations and the need for remote monitoring and care for elderly individuals have further contributed to the industry's expansion. Some of the challenges faced by the industry include regulatory hurdles, concerns over data privacy and security, and the need for seamless integration with traditional healthcare systems.
• Key Players: The telemedicine industry is characterized by the presence of both established healthcare providers and technology-focused companies. Some of the leading players in the market include Teladoc Health, Amwell, MDLive, and Doctor on Demand, each offering a range of telemedicine services and solutions.
• Regulatory Environment: The telemedicine industry is subject to various regulatory frameworks, which vary by country and region. In the United States, the industry is primarily governed by the Centers for Medicare & Medicaid Services (CMS) and the Health Insurance Portability and Accountability Act (HIPAA), which ensure the safety, security, and accessibility of telemedicine services.
• Customer Segments: The primary customer segments within the telemedicine industry include individuals living in rural or underserved areas, those with limited mobility or transportation access, patients with chronic conditions requiring frequent monitoring, and busy professionals seeking convenient healthcare solutions.

Overall, the telemedicine industry is poised for continued growth and holds significant potential to transform the healthcare landscape by making quality medical care more accessible and affordable for individuals across various demographics and geographic regions. This industry's expansion aligns closely with the goals and objectives of QuickConsult Health, positioning the company to capitalize on the growing demand for innovative, technology-driven healthcare solutions.

Target Market

The primary target market for QuickConsult Health's telemedicine services includes residents of rural areas, elderly individuals, busy professionals, and parents of young children. This segment represents a significant and underserved population that faces geographical, mobility, and scheduling barriers in accessing traditional healthcare services.

• Demographic Profile: The target market ranges from 30 to 75 years of age, with a focus on those with moderate to high income levels and varying levels of education. This segment includes a mix of employed individuals, retirees, and caregivers for young children or elderly family members.
• Geographic Location: QuickConsult Health's target market is primarily located in rural and underserved urban areas across the United States, where access to healthcare facilities and specialists is limited.
• Psychographics: The target market values convenience, accessibility, and personalized healthcare solutions. They are likely to be health-conscious individuals who are comfortable with technology and seek efficient ways to manage their healthcare needs.
• Behavioral Factors: The target market is likely to have limited brand loyalty when it comes to healthcare services, as they prioritize accessibility and affordability. They are open to trying new telemedicine solutions that can provide a seamless and reliable experience.
• Market Size: According to industry estimates, the telemedicine market in the United States is expected to reach $55.6 billion by 2027, growing at a CAGR of 17.7% during the forecast period. Within this market, the target segment of rural and underserved urban populations represents a significant opportunity for QuickConsult Health, with the potential to capture 10% of this segment within the first five years of operation.
• Challenges and Pain Points: The target market faces several key challenges, including limited access to healthcare facilities, long wait times, and transportation barriers, particularly for elderly or disabled individuals. They also struggle with managing chronic conditions due to the difficulty in accessing regular check-ups and follow-up care.

In summary, QuickConsult Health's target market represents a sizeable and underserved population that is in dire need of accessible and convenient healthcare solutions. By addressing the unique challenges faced by this segment, QuickConsult Health has the potential to capture a significant share of the rapidly growing telemedicine market.

Market Trends

The telemedicine industry is experiencing a significant surge in demand, driven by evolving market needs and changing consumer preferences. As the healthcare landscape continues to transform, QuickConsult Health is well-positioned to address the growing demand for accessible, convenient, and high-quality virtual care services.

As the market continues to evolve, QuickConsult Health is well-positioned to address the dynamic needs of our target segments. By leveraging the power of telemedicine, we aim to provide a comprehensive, accessible, and personalized healthcare solution that improves patient outcomes and enhances the overall quality of care. Our adaptability to changing market trends and commitment to innovation will enable us to stay ahead of the curve and solidify our position as a leading provider of on-demand, virtual healthcare services.

Key Customers

The primary target customer segment for QuickConsult Health are individuals residing in rural and underserved urban areas who face significant barriers in accessing traditional healthcare services. This customer archetype includes elderly individuals, busy professionals, and parents of young children who require convenient, on-demand healthcare solutions. These customers are often frustrated by the challenges of physically visiting a doctor, such as long travel distances, limited mobility, and tight schedules. They seek a healthcare provider that can eliminate these barriers and offer immediate, quality medical care from the comfort of their own homes.

Another key customer segment for QuickConsult Health comprises individuals managing chronic health conditions, such as diabetes, hypertension, or mental health disorders. These customers require frequent check-ups and ongoing support to effectively manage their conditions. QuickConsult Health's telemedicine services provide them with a reliable, accessible platform to communicate with healthcare professionals, obtain prescriptions, and receive personalized guidance for their long-term well-being.

Given the significant value proposition of QuickConsult Health, these customer segments are likely to become strong advocates for the business. They will not only be loyal users of the service but also actively recommend it to their family, friends, and social networks . This word-of-mouth promotion will be instrumental in driving new customer acquisition and expanding QuickConsult Health's reach within the target markets.

• Residents of rural and underserved urban areas with limited access to healthcare facilities.
• Elderly individuals requiring frequent medical consultations and follow-up care.
• Busy professionals with hectic schedules and limited time for in-person doctor visits.
• Parents of young children seeking convenient healthcare solutions for their families.
• Individuals managing chronic health conditions that require regular monitoring and support.
• Tech-savvy and comfortable with telemedicine solutions and digital healthcare platforms.
• Willing to embrace innovative healthcare technologies to improve their overall well-being.
• Influential within their social and professional networks, serving as brand advocates.

Competition Analysis

QuickConsult Health operates in the highly competitive telemedicine industry, with several established players and emerging competitors. To understand the landscape, we have analyzed the key competitors and their respective positions in the market:

• Strengths: Largest telemedicine provider in the United States, with a broad range of medical specialties and a well-known brand.
• Weaknesses: Higher consultation fees compared to some competitors, and limited focus on underserved rural and urban areas.
• Market Share: Estimated at 40% of the telemedicine market.
• Offerings: Wide range of virtual care services, including urgent care, chronic condition management, and mental health counseling.
• Pricing: Consultation fees ranging from $75 to $100 per visit.
• Positioning: Positioned as a premium telemedicine provider, targeting individuals with comprehensive healthcare coverage.
• Strengths: Strong partnerships with major healthcare systems and insurance providers, offering integrated telemedicine solutions.
• Weaknesses: Limited focus on underserved communities, with a more urban-centric approach.
• Market Share: Estimated at 25% of the telemedicine market.
• Offerings: Comprehensive suite of virtual care services, including specialty consultations and chronic disease management.
• Pricing: Consultation fees ranging from $69 to $99 per visit, with some insurance coverage options.
• Positioning: Positioned as a trusted partner for healthcare systems and insurance providers, emphasizing the integration of virtual care.
• Strengths: Competitive pricing, user-friendly platform, and a broad network of healthcare professionals.
• Weaknesses: Limited reach in rural and underserved areas, and a less established brand compared to larger competitors.
• Market Share: Estimated at 15% of the telemedicine market.
• Offerings: Wide range of virtual care services, including urgent care, mental health, and preventive care.
• Pricing: Consultation fees ranging from $59 to $79 per visit, with some insurance coverage options.
• Positioning: Positioned as a cost-effective, user-friendly telemedicine solution, targeting individuals and families without comprehensive healthcare coverage.
• Strengths: Deep understanding of local communities, and strong relationships with regional healthcare providers.
• Weaknesses: Limited scale, resources, and brand recognition compared to national players.
• Market Share: Estimated at 20% of the telemedicine market, with a focus on rural and underserved urban areas.
• Offerings: Specialized virtual care services tailored to local community needs, including chronic condition management and preventive care.
• Pricing: Consultation fees vary, with some offering sliding scale pricing or accepting Medicaid and Medicare.
• Positioning: Positioned as trusted, community-based telemedicine providers, with a focus on accessibility and affordability for underserved populations.

SWOT Analysis

The SWOT analysis for QuickConsult Health, a telemedicine provider, reveals the company's key strengths, weaknesses, opportunities, and threats. This comprehensive assessment highlights the business's competitive position and guides strategic decision-making to ensure long-term success.

Strengths: QuickConsult Health's key strengths lie in its ability to provide convenient, on-demand access to healthcare professionals through its robust telemedicine platform. The comprehensive network of qualified providers across various specialties and the affordable, flat-fee consultation model with follow-up care included are significant advantages that cater to the needs of the target market.

Weaknesses: The company's reliance on technology infrastructure and the potential challenges in building a strong brand presence in a crowded telemedicine market are among its key weaknesses. Additionally, the limited face-to-face interaction with healthcare professionals and the difficulty in establishing trust and rapport with new patients through a virtual platform may present challenges.

Opportunities: The rapidly growing demand for telemedicine services, coupled with the significant untapped market in rural and underserved urban areas, presents substantial opportunities for QuickConsult Health. The potential for strategic partnerships with insurance companies to streamline payment processes and expand the customer base, as well as the opportunity to continuously enhance the platform with new features and functionalities, are additional avenues for growth.

Threats: The telemedicine industry is highly competitive, with established providers and traditional healthcare organizations posing significant threats to QuickConsult Health. Regulatory and compliance challenges, data security and privacy concerns, and potential resistance to adopting telemedicine services among certain patient demographics are also potential threats that the company must navigate effectively.

IV. Marketing Strategy

Marketing goals.

The marketing strategy for QuickConsult Health is designed to achieve the following quantifiable objectives and support the company's overarching business goals:

• Acquire 10,000 new customers within the first year of operation, focusing on residents of rural and underserved urban areas.
• Achieve a customer retention rate of 80% through exceptional service and ongoing support for chronic condition management.
• Establish QuickConsult Health as a trusted brand synonymous with accessible and convenient healthcare solutions, with a target of 70% brand awareness in the target market within the first three years.
• Secure strategic partnerships with 20 major insurance providers to broaden the customer base and streamline payment processes.
• Implement effective customer acquisition and retention strategies, including targeted promotions and loyalty programs, to maintain a customer acquisition cost below $50 per new user .
• Develop a comprehensive digital marketing strategy, leveraging social media, email campaigns, and targeted online advertising, to drive 20% of total revenue from digital channels within the first two years.

Market Strategy

To establish QuickConsult Health as a leading provider of accessible and convenient telemedicine services, we will focus our market strategy on capturing the rural and underserved urban populations within the first three years of operation. These demographic groups have been identified as the primary target market due to their limited access to traditional healthcare facilities and the benefits our service can provide.

Geographic Targeting: Our initial focus will be on rural areas and underserved urban neighborhoods across the United States. These locations often face significant barriers to healthcare access, such as long travel distances, lack of transportation, and insufficient healthcare infrastructure. By targeting these areas, we can establish QuickConsult Health as a trusted and convenient healthcare solution, addressing the needs of those who have historically had limited options.

Demographic Segmentation: Within our target geographic areas, we will further segment our market based on key demographic factors, including age, income, and health status. Our service will be particularly appealing to the elderly population, busy professionals, and individuals managing chronic conditions, as these groups can benefit greatly from the on-demand and accessible nature of our telemedicine platform.

Psychographic Profiling: In addition to demographic and geographic targeting, we will also focus on the psychographic characteristics of our target market. We understand that our service must resonate with individuals who value convenience, quality healthcare, and innovative solutions. By aligning our messaging and positioning with these preferences, we can effectively connect with our target audience and establish QuickConsult Health as the preferred choice for telemedicine services.

Strategic Partnerships: To expand our reach and broaden our customer base, we will establish strategic partnerships with local healthcare providers, community organizations, and insurance companies. These collaborations will enable us to leverage existing networks, increase awareness, and streamline the integration of our services, making it easier for patients to access and utilize QuickConsult Health.

By implementing this comprehensive market strategy, we aim to capture a significant market share in the telemedicine industry, targeting 10% of the rural and underserved urban population within the first five years of operation. Through a combination of targeted geographic, demographic, and psychographic approaches, coupled with strategic partnerships, we will establish QuickConsult Health as a trusted and accessible healthcare solution for those who have historically faced barriers to traditional healthcare services.

Pricing Strategy

QuickConsult Health's pricing strategy is designed to provide affordable, accessible, and transparent telemedicine services to our target customer segments. Our overall pricing philosophy aims to strike a balance between maintaining a sustainable revenue model and ensuring the affordability of our services, with the ultimate goal of maximizing value for our customers.

Pricing Model: QuickConsult Health has adopted a flat-fee pricing model for our telemedicine consultations. Customers will be charged a fixed rate for each consultation, regardless of the duration or the type of healthcare professional they receive. This pricing model aligns with our business goals of offering a straightforward and predictable service, while also ensuring that our services remain accessible to individuals in rural and underserved urban areas who may have limited financial resources.

Pricing Analysis: Our market research has revealed that the current pricing strategies in the telemedicine industry vary greatly, with some providers offering consultations at a premium, while others may have a more affordable but limited service offering. QuickConsult Health's pricing strategy aims to position our services as a competitive and value-driven option, delivering high-quality consultations at a fair and transparent rate. By benchmarking against our competitors and considering the unique needs of our target customer segments, we believe our flat-fee pricing model will be a key differentiator in the market.

Discounts and Promotions: To further enhance the affordability and accessibility of our services, QuickConsult Health will offer a range of discounts and promotional pricing strategies. These will include discounted rates for customers who subscribe to our chronic condition management plans, as well as special offers for frequent users, senior citizens, and families. Additionally, we plan to explore partnerships with local community organizations and employers to provide bundled or subsidized healthcare services, making our telemedicine solutions even more accessible to underserved populations.

By implementing a transparent and flexible pricing strategy, QuickConsult Health aims to establish ourselves as a trusted and affordable healthcare provider, helping to bridge the gap in accessible telemedicine services across the United States.

Advertising Strategy

To establish QuickConsult Health as a leading provider of accessible telemedicine services, a comprehensive advertising strategy has been developed. The primary objectives are to create strong brand awareness, drive customer acquisition, and foster long-term customer loyalty through a strategic blend of digital and traditional marketing initiatives.

Digital Marketing Strategies

• Social Media Campaigns: Leverage platforms like Facebook, Instagram, and LinkedIn to reach target audiences with engaging content, targeted advertising, and influencer partnerships.
• Email Marketing: Implement a robust email marketing strategy to nurture leads, promote new features, and keep customers informed about the latest developments.
• Search Engine Optimization (SEO): Optimize the company's website and digital content to ensure high visibility in search engine results, attracting potential customers organically.
• Content Marketing: Create and distribute valuable, informative content, such as blog posts, infographics, and educational videos, to establish QuickConsult Health as a trusted authority in the telemedicine industry.
• Online Advertising: Leverage pay-per-click (PPC) campaigns, retargeting, and display advertising to reach and convert potential customers across various digital platforms.

Traditional Marketing Strategies

• Print Advertising: Place advertisements in local and regional publications, such as newspapers and magazines, to reach underserved rural and urban communities.
• Outdoor Advertising: Utilize billboards, bus wraps, and other outdoor media to increase brand visibility and awareness in key geographical areas.
• Radio Advertising: Partner with local radio stations to create and air targeted radio spots, particularly in rural and underserved markets.
• Community Outreach: Participate in local health fairs, community events, and collaborations with healthcare providers and community organizations to build relationships and generate referrals.

Public Relations Strategies

• Press Releases: Distribute press releases to local and industry-specific media outlets to announce new partnerships, product updates, and other newsworthy events.
• Media Relations: Proactively pitch story ideas and secure media placements in publications, podcasts, and TV/radio interviews to position QuickConsult Health as a thought leader in the telemedicine industry.
• Sponsorships and Partnerships: Explore sponsorship opportunities with local healthcare organizations, community groups, and relevant industry events to increase brand visibility and credibility.

To ensure the effective implementation of the advertising strategy, a detailed timeline has been developed, as shown in the table below.

Sales and Distribution

QuickConsult Health's sales and distribution strategies are designed to provide convenient and accessible telemedicine services to our target market of rural residents, elderly individuals, busy professionals, and those managing chronic conditions. We have developed a multi-pronged approach to reach and engage customers through various channels, ensuring a seamless and user-friendly experience from initial contact to ongoing care.

Sales Channels

• Online Platform - Customers can access QuickConsult Health's telemedicine services through our user-friendly website and mobile applications, allowing them to schedule consultations, manage their accounts, and access their medical records with ease.
• Insurance Partnerships - We have established strategic partnerships with major insurance providers to offer integrated payment options and broaden our customer base. Patients can easily access our services through their insurance plans, simplifying the billing and reimbursement process.
• Employer-sponsored Plans - QuickConsult Health is actively pursuing collaborations with employers to offer our telemedicine services as part of their employee healthcare benefits, providing a convenient and cost-effective solution for workforce healthcare needs.
• Community Outreach - We are working closely with local healthcare providers, community organizations, and public agencies in rural and underserved urban areas to raise awareness about our services and make them accessible to those most in need.

Distribution Channels

• Telemedicine Platform - Our robust, secure, and user-friendly telemedicine platform serves as the primary distribution channel, allowing patients to connect with healthcare professionals for consultations, prescriptions, and follow-up care from the comfort of their homes or any location with an internet connection.
• Pharmacy Partnerships - We have established partnerships with local pharmacies to facilitate the fulfillment and delivery of prescriptions issued during QuickConsult Health consultations, ensuring a seamless and integrated healthcare experience for our patients.
• Shipping and Logistics - For any medical devices, equipment, or supplementary products required for our telemedicine services, we have implemented efficient shipping and logistics solutions to ensure timely and reliable delivery to our customers.

By leveraging a combination of online platforms, insurance partnerships, employer-sponsored plans, and targeted community outreach, QuickConsult Health is poised to capture a significant market share in the telemedicine industry, particularly in rural and underserved areas. Our strategic distribution channels, including our robust telemedicine platform and pharmacy partnerships, further enhance the accessibility and convenience of our services, aligning with the preferences and needs of our target customers.

V. Management and Organization

Organizational structure.

QuickConsult Health's organizational structure is designed to foster a collaborative, efficient, and transparent work environment that supports the company's ambitious growth goals. The structure follows a functional approach, with clear reporting lines and open communication channels across departments. This strategic layout enables the organization to scale effectively while maintaining strong operational coordination and a focus on exceptional service delivery.

The organizational structure at QuickConsult Health is designed to facilitate cross-functional collaboration and ensure clear lines of authority and accountability. The Executive Leadership team , comprising the CEO, CMO, CTO, CFO, and CMO, provides strategic direction and oversees the overall operations of the company. The Departmental Managers are responsible for leading their respective functional areas and ensuring seamless execution of the company's goals and initiatives. This structure allows QuickConsult Health to maintain a focus on delivering exceptional telemedicine services while adapting to the evolving needs of the market and the customer base.

The effectiveness of QuickConsult Health's organizational structure is evident in its ability to quickly respond to market changes, leverage emerging technologies, and cultivate a strong culture of innovation and customer-centricity. By empowering departmental leaders and encouraging open communication, the company is well-positioned to achieve its ambitious growth objectives and maintain its position as a leading provider of accessible, convenient telemedicine services.

Management Team

QuickConsult Health is led by a seasoned management team with extensive expertise in healthcare, technology, and business operations. This diverse group of professionals brings a unique blend of skills and experience to drive the company's growth and ensure the delivery of exceptional telemedicine services to our target customers.

The management team's collective experience, expertise, and passion for improving healthcare access through technology-driven solutions position QuickConsult Health for long-term success. With their leadership, the company is poised to become a trusted provider of convenient, high-quality telemedicine services that address the needs of underserved communities across the United States.

Staffing and Human Resources Plan

The staffing and human resources plan for QuickConsult Health aims to attract and retain top talent in the healthcare and technology industries, fostering a culture of innovation and excellence. The initial team will be lean, with a focus on building a scalable organizational structure capable of supporting rapid growth and expansion. As the business grows, the team will be expanded strategically to meet the evolving needs of the company and its customers.

The management and organizational goals of QuickConsult Health are critical to the success and growth of the business. The following SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) milestones outline the key objectives and timelines for effectively managing and steering the company towards its strategic vision.

Key Metrics

Measuring key performance indicators (KPIs) is essential for evaluating the business's progress, identifying areas for improvement, and ensuring the achievement of strategic goals. The following table outlines the top five KPIs for QuickConsult Health:

VI. Financial Plan

Revenue model.

QuickConsult Health's revenue model is designed to be sustainable and scalable, leveraging multiple revenue streams to ensure long-term financial viability. The primary focus is on generating revenue directly from patient consultations, while also exploring opportunities to partner with insurance companies and explore additional services to diversify the revenue sources.

Key Revenue Streams

• Pay-Per-Consultation Fees - QuickConsult Health's main revenue stream is the flat-fee charged for each patient consultation. The service offers a transparent and affordable pricing structure, with the consultation fee covering the initial discussion, any necessary follow-up, and any prescriptions issued during the session.
• Insurance Partnerships - QuickConsult Health is actively developing strategic partnerships with major insurance companies to broaden its customer base and streamline the payment process. By integrating with insurance providers, the company can offer customers the convenience of having their consultations covered or reimbursed, making the service more accessible and attractive to a wider market.
• Chronic Condition Management Plans - To further diversify its revenue streams, QuickConsult Health is exploring the development of subscription-based chronic condition management plans. These plans would provide patients with regular check-ups, ongoing support, and personalized care plans to help manage their long-term healthcare needs, generating a recurring revenue stream for the company.

Sales Forecast

The sales forecast for QuickConsult Health reflects the growing demand for accessible telemedicine services across the United States, particularly in rural and underserved urban areas. As the company strategically expands its presence and establishes partnerships with major insurance providers, the sales projections demonstrate a promising trajectory of growth and profitability.

Establishing and operating a successful telemedicine business like QuickConsult Health requires significant upfront investment and ongoing operational costs. The startup expenses cover the initial development and launch of the platform, while the operational expenses account for the monthly expenditures necessary to sustain the business.

Break-even Analysis

The break-even analysis is a crucial component in understanding the financial viability of QuickConsult Health. It determines the point at which the business will start generating profits, allowing for informed decision-making and strategic planning. By calculating the break-even point, the company can identify the minimum level of sales required to cover its fixed and variable costs, providing valuable insights into the overall financial health and sustainability of the venture.

Based on the calculations, QuickConsult Health's break-even point is 100,000 consultations, equivalent to $5,000,000 in revenue. This means that the business must generate at least $5,000,000 in sales to cover its fixed costs of $2,500,000 and variable costs of $15 per consultation. Once the company surpasses the break-even point, it will start generating profits, which can be reinvested into further growth and expansion initiatives. Understanding this critical milestone allows QuickConsult Health to develop realistic financial projections, set appropriate pricing strategies, and allocate resources effectively to achieve profitability within the first three years of operation, as outlined in the business goals.

Financial Statements - Income Statement

The financial projections for QuickConsult Health showcase the expected revenue, expenses, and profitability over the next three years (2024-2026). The company's primary revenue stream will come from the flat-fee charges for each telemedicine consultation, with the potential for additional revenue streams through partnerships with insurance companies and employers. The financial plan aims to achieve profitability within the first three years of operation, leveraging cost-effective operations and strategic partnerships to maintain a healthy cash flow.

Financial Statements - Cash Flow

The cash flow statement is a crucial financial document that provides insights into the inflows and outflows of cash for a business. It is divided into three main categories: operating cash flow, investing cash flows, and financing cash flows. By analyzing these components, QuickConsult Health can effectively manage its liquidity, ensure sufficient funds for operations, and make informed decisions regarding investments and financing.

Financial Statements - Balance Sheet

The balance sheet is a crucial financial statement that provides a snapshot of a company's financial position at a specific point in time, typically at the end of an accounting period. It presents the company's assets, liabilities, and equity, allowing stakeholders to assess the financial health and stability of the business. For QuickConsult Health, the balance sheet projections for the years 2024, 2025, and 2026 are as follows:

To successfully launch and scale QuickConsult Health, the startup requires a total of $5 million in seed funding. This investment will enable the business to develop its robust telemedicine platform, recruit qualified healthcare professionals, implement effective marketing strategies, and establish a strong operational foundation to support the company's ambitious growth plans.

Exit Strategy

As QuickConsult Health aims to establish itself as a leading provider of telemedicine services, the company has developed a comprehensive exit strategy to ensure long-term success and financial stability. The exit strategy focuses on various scenarios, including acquisition, selling the business, or transitioning ownership to a family member or employee.

• Acquisition : QuickConsult Health has identified several potential acquirers within the healthcare and technology sectors, including larger telemedicine companies and healthcare systems seeking to expand their digital capabilities. The company has outlined a clear valuation model and negotiation strategy to ensure a favorable exit for shareholders, with a target acquisition price of 8-10 times the company's projected annual revenue.
• Selling the Business : If the acquisition option is not viable, QuickConsult Health is prepared to explore selling the business to a strategic investor or private equity firm. The company has established a robust financial reporting system and has maintained a strong track record of profitability, making it an attractive investment opportunity. The target selling price is set at 6-8 times the company's projected annual EBITDA.
• Ownership Transition : For long-term sustainability, QuickConsult Health has also considered the option of transitioning ownership to a family member or a key employee. This strategy would involve a structured buyout plan, with the new owner(s) initially holding a minority stake and gradually increasing their equity over time. The company has developed a succession plan and implemented an employee stock ownership plan (ESOP) to incentivize and retain top talent.
• Convertible Notes : To facilitate the company's growth and provide flexibility for potential exit scenarios, QuickConsult Health has secured $2 million in seed funding through convertible notes. These notes can be converted into equity at a pre-determined valuation during a future financing round or an acquisition event, allowing investors to participate in the company's long-term success.
• Repayment Schedule : QuickConsult Health has developed a detailed repayment schedule for the convertible notes, which includes a grace period of 24 months followed by quarterly installments over the subsequent 36 months. This schedule is designed to provide the company with the necessary runway to achieve profitability and sustainable growth before initiating repayment.

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• v.24(3); 2022 Mar

Telehealth Business Models and Their Components: Systematic Review

Farnia velayati.

1 Department of Health Information Management, School of Health Management and Information Sciences, Iran University of Medical Sciences, Tehran, Iran

Haleh Ayatollahi

2 Health Management and Economics Research Center, Health Management Research Institute, Iran University of Medical Sciences, Tehran, Iran

Morteza Hemmat

3 Department of Health Information Technology, Saveh University of Medical Sciences, Saveh, Iran

Reza Dehghan

4 Department of Health Entrepreneurship Management, Virtual University of Medical Sciences, Tehran, Iran

Associated Data

Search strategies.

CASP (Critical Appraisal Skills Programme) checklist.

Telehealth technology is an excellent solution to resolve the problems of health care delivery. However, this technology may fail during large-scale implementation. As a result, business models can be used to facilitate commercialization of telehealth products and services.

The purpose of this study was to review different types of business models or frameworks and their components used in the telehealth industry.

This was a systematic review conducted in 2020. The databases used for searching related articles included Ovid, PubMed, Scopus, Web of Science, Emerald, and ProQuest. Google Scholar was also searched. These databases and Google Scholar were searched until the end of January 2020 and duplicate references were removed. Finally, articles meeting the inclusion criteria were selected and the Critical Appraisal Skills Programme (CASP) checklist was used for appraising the strengths and limitations of each study. Data were extracted using a data extraction form, and the results were synthesized narratively.

Initially, 4998 articles were found and after screening, 23 were selected to be included in the study. The results showed that new telehealth business models were presented in 13 studies, and the applications of the existing business models were reported in 10 studies. These studies were related to different types of services, namely, telemonitoring (4 studies), telemedicine (3 studies), mobile health (3 studies), telerehabilitation (3 studies), telehealth (2 studies), assisted living technologies (2 studies), sensor-based systems (2 studies), and mobile teledermoscopy, teleradiology, telecardiology, and teletreatment (1 study related to each area). In most of the business models, value proposition, financial variables, and revenue streams were the main components.

Conclusions

Applying business models in the commercialization of telehealth services will be useful to gain a better understanding of the required components, market challenges, and possible future changes. The results showed that different business models can be used for different telehealth technologies in various health systems and cultures. However, it is necessary to evaluate the effectiveness of these models in practice. Moreover, comparing the usefulness of these models in different domains of telehealth services will help identify the strengths and weaknesses of these models for future optimization.

Introduction

Currently, health care systems are experiencing significant increases in costs mainly due to the shortage of health care professionals, increasing life expectancy, growing elderly population, and identification of new diseases and treatment methods [ 1 , 2 ]. In addition, economic developments, improved quality of life, and better health conditions along with more efficient policy making have led to a demographic transition (ie, an increase in the elderly population and a reduction in the young population) [ 3 ]. To resolve the challenges associated with health care delivery to different groups of patients, information technology–based solutions such as telehealth technology have been proposed [ 4 - 6 ]. Telehealth is defined as the use of information and communication technology to provide a wide range of health care services [ 7 , 8 ]. Telehealth has also been considered a unique opportunity to bridge the gaps and inequalities in health care delivery and as a solution to reduce the pressure imposed on health care systems [ 9 , 10 ]. It should be noted that the term telehealth includes telemedicine, eHealth, and mobile health (mHealth), and these terms are sometimes used interchangeably [ 1 , 5 , 11 , 12 ].

Currently, commercialization in the telehealth industry has received significant attention and innovative technology–based start-ups are expanding. In fact, the real value of these innovations lies in their commercialization [ 13 - 17 ]. The results of various studies show that the use of innovative technologies in the fields of telehealth and telemedicine is very challenging, and many products in these fields either fail in the implementation phase or stop in the research and development phase [ 13 - 16 ]. Most of these innovations and new technologies have never been introduced at the market level, as they have mainly focused on technology-based solutions rather than real value [ 1 , 14 , 15 ]. There are also a number of nontechnical challenges such as the nature of the relationship between health care providers and patients, the responsibility of information technology professionals, and privacy and confidentiality issues that should not be underestimated [ 18 ]. To overcome these challenges, the use of business models seems inevitable for successful commercialization of innovative technologies, and it may lead to more effective and efficient provision of health care services [ 17 ].

Recently, different business models have been proposed for the telehealth industry [ 1 , 19 ]. However, the findings of the research conducted by Frederickson et al showed that a business model and its components should be chosen based on the purpose of the technology and the context of use [ 20 ]. The results of other studies have indicated that patients, health care providers, payers, vendors, and other stakeholders play a key role in providing telehealth and telemedicine services. If a business model provides social or economic value for all stakeholders, then the likelihood of the successful implementation of a technology will increase [ 13 , 21 ]. It should be noted that different business models may have different components, as reported in various studies [ 22 , 23 ]. As successful commercial investment in telehealth requires an appropriate business model and plan, understanding these models and their components will help technology developers and commercial investors to make more informed decisions in this field [ 22 , 23 ]. Therefore, the purpose of this study was to review different types of business models and their components used in the telehealth industry.

This study was a systematic review conducted in 2020. A systematic review is a type of review in which a systematic method is used to summarize evidence on questions with a detailed and comprehensive method [ 24 ]. Before conducting this review, ethical approval was obtained from the ethics committee of the Iran University of Medical Sciences (reference number: IR.IUMS.REC.1397.1328).

Eligibility Criteria

To select the most relevant studies, inclusion and exclusion criteria were set. According to the inclusion criteria, all research papers, reviews, conference papers, theses, and dissertations in which business models or business frameworks and their components were discussed in relation to telehealth, telemedicine, and mHealth were included in the study. No time frame was considered for searching the articles and the search was conducted until the end of January 2020. Papers published in English and full-text availability were the other inclusion criteria.

According to the exclusion criteria, books, book chapters, letters to the editor, and studies in which a business model or framework was used in fields other than telehealth, telemedicine, and mHealth were excluded. Publication languages other than English and unavailability of full texts were the other exclusion criteria.

Information Sources

The databases used for searching articles included Ovid, PubMed, Scopus, Web of Science, Emerald, and ProQuest. Google Scholar was also searched. The searches were conducted until the end of January 2020 and duplicate references were removed. Additionally, the OpenGrey database was searched to find grey literature. The search process was carried out by reference and citation tracking, and the scientific profiles of the authors of the articles were examined to find further related articles.

Search Strategy

To develop a search strategy, MeSH (Medical Subjects Headings) terms such as commerce, mHealth, and telemedicine and key terms such as business, business model, value chain, eHealth service, and commercial phenomena were used. The search strategies, number of records, and search dates are presented in Multimedia Appendix 1 . There was no time limit for searching the articles, but the language was limited to English and only full-text papers were included in the study.

Selection Process

The screening process was performed based on the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analysis) checklist [ 25 , 26 ]. After retrieving relevant articles, reference management was performed using EndNote software (Version X7, Clarivate) and duplicates were removed. The titles, abstracts, and full texts of the retrieved studies were screened. The initial search and screening processes were conducted by one of the authors (FV). In the next step, the other authors independently screened and appraised the remaining articles and resolved discrepancies by discussion and reached a consensus.

Data Collection Process

Data were extracted using a data extraction form comprising the name(s) of the author(s), year of publication, country, research objective, research method, business model, the model’s components, and a summary of the results. The first author (FV) initially collected the data, and the reports were reviewed independently by other researchers too. In case of disagreement, the researchers discussed the issue and resolved it by reaching a consensus.

In this study, the business models or frameworks and their components used for the commercialization of telehealth services were the main data items that were reviewed and compared in different studies.

Risk of Bias Assessment

The quality of the studies was assessed using the Critical Appraisal Skills Programme (CASP) checklist [ 27 ]. As qualitative methods were used in the selected studies, the CASP checklist for qualitative research was used. It consists of 10 questions, with “yes,” “no,” or “can’t tell” as the answer options. The calculated scores showed if the quality of each study as high (7-10), medium (4-6), or low (1-3). The assessment was conducted by 2 researchers (FV and HA) independently (see Multimedia Appendix 2 ).

Synthesis Methods

In most of the selected studies, qualitative methods were used. Therefore, meta-analysis was not possible. The papers were divided into 2 groups. The first group included those studies in which a new business model or framework was presented, and the second group included papers analyzing existing business models used in the telehealth industry. To summarize data, tables were developed based on the data extraction form. The main components of the business models are also presented in figures for better understanding.

Study Selection

The preliminary search results in the selected databases included 4998 articles. After excluding duplicates, 2403 articles remained. Then, the titles of these articles were reviewed, and 2282 articles were excluded due to poor alignment of their aims with those of this study. In the next step, the abstracts of the 121 remaining articles were reviewed and 85 papers were excluded because their content was mostly irrelevant to the aims of this study. The full texts of the remaining articles (n=36) were reviewed, and 13 articles were excluded as they were mainly related to health care businesses (n=2), health organizations (n=4), Internet of Things (n=3), business strategy (n=1), sustainable business models in various industries (n=1), and organizational reports (n=2). Finally, 23 papers were selected to be included in this review. Figure 1 shows the article selection process.

Article selection process based on PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) [25،26].

Study Characteristics

The papers selected for inclusion in this review were divided into 2 main groups. The first group included 13 studies that presented a new business model or framework [ 1 , 14 , 19 , 23 , 28 - 36 ], and the second group comprised 10 studies that evaluated existing business models or frameworks used in the telehealth industry [ 37 - 46 ]. These studies were published between 2005 and 2020. The first group comprised studies conducted in the United States (n=5), the Netherlands (n=1), Germany (n=2), Taiwan (n=3), Italy (n=1), and England (n=1); the second group included studies conducted in the Netherlands (n=6), China (n=1), Australia (n=2), and Sweden (n=1).

Results of Individual Studies

New business models or frameworks for telehealth industry.

Table 1 presents the 13 studies analyzing a new business model or framework for use in the telehealth industry [ 1 , 14 , 19 , 23 , 28 - 36 ].

Summary of the studies presenting a new business model or framework for use in the telehealth industry.

a VISOR: value proposition, interface, service platform, organizing model, and revenue.

The study by Barker et al [ 23 ] presents a 5-layer model for telemedicine. From the bottom to the top, these layers included the vendor services layer, infrastructure services layer, operational services layer, professional services layer, and client layer. In this model, each layer supported the top layer, and the model created a new and low-cost infrastructure for telecommunication by developing a membership program and connecting to other networks. It also led to the distribution of specialized clinical services in rural communities [ 23 ]. Mun et al presented 5 business models for teleradiology including stand-alone teleradiology practice, the “nighthawk” or on-call coverage, solo radiologist practice, expert or second-opinion teleradiology, and a global virtual radiology service based on workload sharing and reallocation. These models led to more effective, higher-quality, and less-expensive diagnoses [ 28 ].

In 2 studies, business models were presented for mHealth services [ 29 , 30 ]. Among these, the study conducted by Fife and Pereira used the 5-component VISOR (value proposition, interface, service platform, organizing model, and revenue) model as the analytical framework to identify and address barriers to the widespread use of telehealth [ 30 ]. Another study was conducted by Lee and Chang that provided designing a 4-component business model for mHealth services for chronic kidney disease. The 4 components of this model were data, data analysis/service, partner, and user, which finally provided a cost-effective and professional platform for disease support and management services [ 29 ].

In the field of telerehabilitation, 2 different business models were presented in 2 of the included studies [ 14 , 31 ]. In the study by Kijl et al, a business model was considered for treating patients with chronic pain in the shoulder and neck. The design of this business model included a demand component on one side and a supply component on the other side. Medical research and development organization, occupational health care organization, and disability insurance organization were the subsets of supply and demand. In the value network of this business model, the components were interrelated, and increased productivity compensated for the additional costs of information technology [ 14 ].

Fusco and Turchetti also presented 4 models of business governance for telerehabilitation after total knee replacement. These models included 1 conservative model, 2 partnership models between primary care units and supporting companies that supplied equipment for primary care units, and 1 model based on cooperation between stakeholders. The results showed that the innovation structure was enhanced from the first to the fourth business model. The main components of these models were key activities, customer and patient segments, and key resources. These models reduced costs and the number of people on the waiting list [ 31 ].

In telecardiology, the results of the study by Lin et al showed that using a sustainable business model with the 9 components including value proposition, target customer, distribution channel, (customer) relationship, value configuration, capability, partnership, cost structure, and revenue influenced the acceptance of technology by the general public and provided mutual benefits for service providers and patients [ 32 ].

In 2 studies, a business framework for telemedicine was presented [ 19 , 33 ]. In the study of Lin et al, the business framework included the components of value proposition, partnership, resources and capabilities, and geography [ 33 ]. In another study, Peters et al revealed that the CompBizMod framework in telemedicine created a new perspective for reviewing and evaluating current business models in terms of structure, logic, and value. This framework included 4 main components of value proposition, value co-creation, value communication and transfer, and value capture, and the framework could be used to generate different perspectives in telemedicine business models, evaluate competitors, and determine competitive advantages [ 19 ].

The results of the study conducted by Fachinger and Schöpke showed that a sustainable business model in sensor-based fall recognition systems consists of 9 interconnected components, building blocks, or partial models including customer, market, financing, proceeds, production, resources, procurement, network, and strategy; the combined application of these components led to the creation of a sustainable business model [ 34 ]. Oderanti and Li presented a conceptual framework for a sustainable business involving assisted living technologies that included value proposition, product innovation and commercialization, infrastructure management, customer relation management, financial viability and sustainability, stakeholder credibility, and revenue streams as the 7 components. The comparative advantage of this framework was the most important factor that encouraged older people to pay for eHealth services, even though health services were free [ 35 ].

In 2 other studies, the new business models were slightly modified [ 30 , 36 ]. In Pereira's study, the 5-component VISOR interactive business model was the same as that presented in Fife and Pereira’s study [ 30 ], but it was presented in more detail. This model had 5 components, namely value proposition, interface, service platform, organizing model, and revenue, and the results of the study showed that the weakness of one component could be compensated by strengthening another component [ 1 ].

Arkwright et al presented 8 common and successful telehealth business models in their study. These models included the direct-to-consumer (patient) business model, organization-to-organization business model, clinician-to-clinician business model, oversight and processes business model, online patient access/portals/technology, a business model based on mHealth/medical applications, a hardware/software model, and an international business model. The researchers believed that a successful telehealth business model should be safe, patient-centered, user-friendly, consistent, mission-oriented, strategy-oriented, and of proven value to the patient [ 36 ]. The key aspects of the aforementioned business models are presented in Figure 2 .

Key aspects of the new business models or frameworks for the telehealth industry.

Existing Business models or Frameworks Used in the Telehealth Industry

The findings of this study showed that 10 studies examined existing business models or frameworks used in the telehealth industry ( Table 2 ) [ 37 - 46 ]. Among them, 5 studies used the 9-component Osterwalder business model, which includes customer segments, value propositions, channels, customer relationships, key resources, key activities, key partnerships, cost structures, and revenue streams [ 37 - 40 , 43 ]. Hidefjäll and Titkova showed that the development of wearable sensor technologies should be considered as part of a more extensive commercialization process consisting of conceptual, financial, and organizational developments, and the requirements of the health system should be considered [ 37 ].

Summary of the studies that evaluated existing business models or frameworks used in the telehealth industry.

a STOF: service, technological, organizational, and financial.

b mHealth: mobile health.

c B2C: Business-to-Consumer.

d B2B: Business-to-Business.

e SHAAL: Smart Home and Ambient Assisted Living.

The results of Marjomaa's study [ 38 ] showed that the eHealth service market for chronic diseases was a multidisciplinary market with several different segments, and the use of a participatory strategy such as the Osterwalder business model had a significant impact on the success of this market. Leeuwerden has suggested that cost-benefit studies are essential for the success of assisted living technologies in dementia care, and they can be considered along with the components of the Osterwalder model [ 39 ]. Similarly, the results of a study conducted by Kho et al showed that although the Osterwalder model can be considered as a basis for different types of telehealth businesses, the 3 components of physician participation, medical risk management, and country-specific commitments must be considered to support the sustainability of teledermoscopy services [ 40 ]. Grustam et al have stated that although attention has been paid to the components of the Osterwalder model, synergy among manufacturers, health care providers, payers, and legislators is necessary to implement telescreening technology for patients with heart diseases [ 43 ].

Business-to-Business (B2B) and Business-to-Consumer (B2C) models were used in 2 studies. The aim of 1 study was to explore the systemic and economic differences in care coordination via B2B and B2C models for telemonitoring patients with chronic diseases [ 41 ], and in another study, the aim was to assess the B2C model for telemonitoring patients with chronic heart failure by analyzing its value for organizations or ventures that provided telemonitoring services [ 42 ]. In these studies, the B2C model was used with its 6 components of structure, financing, public policies, technology alignment, consumers (customers), and accountability. This model created value for customers, shareholders, service providers, and the community [ 41 , 42 ].

Furthermore, 3 studies used other existing business models [ 44 - 46 ]. Dijkstra et al used the freeband business blueprint method (FBBM) including service domain, technological domain, organizational domain, and financial domain as the components. The results indicated that costs can be divided between several telemonitoring services using a flexible infrastructure [ 44 ].

In a study conducted by Leunissen, the STOF (service, technological, organizational, and financial) model was used. The results showed that the added value in the telerehabilitation business model might be changed due to the impact of cash flows [ 45 ]. In another study, Simonse et al used the Johnson framework, which included customer value proposition, profit formula, key resources, and key processes. They noted that designing a business model is not separate from the organizational context [ 46 ]. The key aspects of the existing business models or frameworks used in the telehealth industry are illustrated in Figure 3 .

Key aspects of the existing business models or frameworks used in the telehealth industry.

The results showed that different types of business models and frameworks have been used in the telehealth industry and they have various components. However, value proposition, meeting the stakeholders’ and customers’ requirements, and financial issues were the most common components in these models and frameworks. These components might be described using different terms along with many other components, which were found important in relation to a specific type of technology and its context of use. Although new business models and frameworks focus on specific aspects of telehealth services, namely, service delivery, innovation, technology, and interface design along with other business components, the existing business models, such as Osterwalder’s business model canvas, have been used by some researchers to gain more comprehensive insight into the telehealth industry. It seems that using these business models and frameworks depends on the context of using the technology and many other components can be added to make them more appropriate for different purposes.

Principal Findings

The aim of this study was to review different types of business models and their components used in the telehealth industry. The search process yielded 4998 articles, from which 23 studies were included in the study. These studies were divided into 2 main categories. The first category included new business models or frameworks, and the second category included the existing business models and frameworks used in telehealth industry. These models and frameworks consisted of different components in various areas of telehealth.

As mentioned earlier, business models can help implement telehealth technology with the participation of all stakeholders and in a value-based manner [ 4 ]. Business models serve as an analytical framework for identifying and overcoming barriers to the implementation and extensive use of telehealth technologies and help apply beneficial emerging technologies. These models also help identify the value proposition of telehealth services and its challenges, as well as the appropriate revenue model, organizational structure, and stakeholder engagement model [ 1 ]. However, business models must be adapted to the social, geographical, and economic contexts of the technology. Understanding each component of a business model is essential to evaluate the success of telehealth services [ 13 , 47 ]. Moreover, providing a business plan based on the well-known business models or frameworks, especially in the early stages of product development, will reduce potential risks and significantly save the costs related to the establishment of services and technologies [ 14 , 29 , 31 ].

A business model should be able to create and transfer value to the customers in a profitable and sustainable manner [ 23 , 30 ]. Therefore, some studies have emphasized the differences among the business models used for various types of telehealth technologies in each country [ 13 , 48 ]. For example, the results of the study conducted by Fredriksson et al showed that it is more appropriate to use different business frameworks for specific purposes. These frameworks should be in line with the context and purpose of using the technology [ 20 ]. However, the application of business models in the field of telehealth does not guarantee the success of new technologies, and before taking any action, legal issues and challenges related to licensing, compensation methods, liability, data sharing, and data protection must be resolved [ 28 ].

According to research findings, the main components in most telehealth business models were financial issues and cost structures that could be influenced by service processes, resources, and partners [ 33 ]. Cost structure plays an important role in customer acceptance, and different financial strategies need to be considered for various circumstances, revenue makings, and geographical areas [ 33 ]. Thus, a successful business model must be able to provide the highest value and increase the customers’ willingness to pay [ 1 , 36 ].

The results showed that it is possible to design different types of business models with various components to be used in telehealth industry. However, the components should be able to support the value of the technology in line with other components, such as the cost structure and revenue model. The components of a business model must be able to support each other, especially in unstable conditions of the health system. In addition, the components of a business model must be constantly monitored and updated [ 34 ].

A business model should ultimately lead to the acceptance of the technology by the general public. It should help in providing equitable distribution of services, effective diagnosis of diseases, and high quality of services, as well as in reducing pressure on health systems [ 35 ].

The results also revealed that some studies used existing business models or frameworks in telehealth services. Among these models, the Osterwalder business model was used more frequently than other models [ 37 - 46 ]. This model was helpful to meet the requirements of the health system and provided added value by increasing patient satisfaction and reducing the cost of care [ 37 , 43 ]. It also provided a better understanding of the business characteristics and covered various economic aspects of technology implementation [ 40 ].

A number of other studies used B2C and B2B models. The use of the B2C model allowed all stakeholders to enjoy the benefits of innovation, reduced the burden of service delivery, and improved efficiency [ 42 ]. However, when insurance companies supported the B2B model, it was more sustainable than the B2C model. Other studies used the FBBM, Johnson framework, and STOF model. The use of these models was influenced by cash flow to generate revenue and predict outcomes [ 44 - 46 ]. Similarly, Antoniotti et al showed that government and private payers are very influential in making telehealth payments and revenue policies should be considered in business models [ 49 ].

Although business sustainability is one of the major challenges lying ahead for the expanding telehealth industry, few studies have concentrated on this aspect [ 32 , 34 , 35 ]. The key aspects of the long-term sustainability of telehealth business include developing a skilled workforce, empowering consumers, reforming funding, improving digital ecosystems, and integrating telehealth into routine care. These requirements should be considered in implementation planning to ensure that effective integration of telehealth within complex health systems is in place and staff are willing to use telehealth technologies [ 50 , 51 ]. In another study, Cui et al highlighted that the sustainability of telemedicine must be improved by appropriate legislation, uniform standards, and powerful management [ 52 ].

The existing business models, especially the Osterwalder business model, are general tools and roadmaps that can provide a good understanding of business model components. However, one of its major drawbacks is the lack of sufficient emphasis on the importance of the digital economy and the functionalities of core enabling technologies. In fact, this business model cannot manage multiservice platforms and the use of other business models seems necessary to support it. Moreover, it is more product-oriented and the nature of key partner networks is less discussed in this business model [ 38 ]. In situations where the stakeholders, their roles, and the impact of their roles are different, the existing business models do not have the necessary flexibility for adaptation. Moreover, the customers (organization purchasing technology) and users (technology user) are different sometimes and considering the requirements of both groups may influence the design of the business model [ 53 ].

Practical Recommendations

Overall, applying business models in the commercialization of telehealth services will be useful to gain a better understanding of the required components, stakeholders’ interactions, market challenges, and possible future changes. In fact, understanding the innovation, market size, competitive strategy, and investment in the telehealth industry is not sufficient and the impact of such an investment on the whole society should be investigated [ 38 , 42 ]. Although several business models have been proposed for use in the telehealth industry, using a combination of models and their components can help commercialize the technology more successfully. Telehealth business models can also be used in combination with traditional patient care models to double their value proposition [ 40 , 43 ].

Strengths and Limitations

In this study, different types of business models and their components used in the telehealth industry were reviewed and the main components necessary for a successful telehealth business were identified. However, this study has some limitations. In most of the selected studies, qualitative approaches were used. Therefore, conducting meta-analysis was not possible. Moreover, although the main databases were searched, there might be other databases that were not searched and non-English papers that were excluded from the study. These limitations can be addressed in future studies by searching more databases and changing the exclusion criteria.

The results showed that new business models used in the telehealth industry focused on legal, organizational, insurance, and customer-related issues. Added value, financial variables, financial sustainability in the market, competition, service platform, annual membership and subscription, national incentives, cost structure, and revenue streams were the other important components of these models. The studies that used existing business models mostly focused on aspects such as design, structure, governance, organizational issues, country-specific obligations, public policy, financing, profit formula, physician participation, risk management, and key processes.

In general, the diversity of business models and their components in the telehealth industry indicates that different models can be used for different telehealth technologies in various health systems and cultures. However, it is necessary to evaluate the effectiveness of these models in practice. Moreover, comparing the usefulness of these models in different domains of telehealth services will help identify the strengths and weaknesses of these models for future optimization.

Acknowledgments

This work was funded and supported by Iran University of Medical Sciences, Tehran, Iran (grant IUMS/SHMIS_98-1-37-14528).

Abbreviations

Multimedia Appendix 1

Multimedia appendix 2.

Conflicts of Interest: None declared.