Top 2021-Ready & Future-Proof Telemedicine Business Ideas
3 months ago
The global telemedicine market size was estimated at $55.9 billion in 2020 and is expected to expand at a CAGR of 22.4% from 2021 to 2028.
However, the telemedicine platforms we were familiar with during 2019 and the first quarter of 2020 are not anticipated to survive 2021 if they don’t upgrade.
Because telemedicine is now not just limited to video meetings of physicians and patients.
It is now all about offering complete remote care - from appointment to prescription to medication and follow-ups - from a single platform.
Many telemedicine platforms have already acknowledged the new trend & market need and launched the new-age or 2021-ready telemedicine platform.
Being the telemedicine tech experts, we are more interested in innovative telemedicine business ideas rather than the typical video-call-based telehealth app.
The following are the top telehealth business ideas or telehealth app ideas we find will rule in 2021 and beyond.
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Top 2021-Ready & Future-Proof Telemedicine Business Ideas
1. Telemedicine + Remote Patient Monitoring
One of the major limitations of telemedicine is that the physician cannot know the biometric data such as blood pressure, sugar level, the oxygen level of the patients.
And in many cases, knowing these data is very important for physicians to offer quality care.
When asked, many long-term care homes told us that they cannot shift to virtual care as physicians or nurses need to be present at patients (residents) to collect the biometric data.
This way, a telemedicine solution does not justify 100% virtual care delivery.
But we can eliminate this limitation of telehealth by using IoT integration with the remote patient monitoring systems.
The remote patient monitoring system gathers several biometric data of the patients and due to integration, it shares that data with telemedicine solutions.
With this, the physician can now have instant access to the biometric data of patients without being physically present at patients.
2. Telemedicine + Healthcare eCommerce
Another very significant limitation of telemedicine is that it does not provide a complete care solution.
Except for some very popular telemedicine apps, it only enables patients to get ePrescription from physicians.
With this prescription, patients have to pick up the medications from the nearest retail pharmacy or opt-in for a different online pharmacy platform.
If the physician suggests the over-the-counter medicine which does not require a prescription, users have to go through the same tedious process to purchase it.
But instead of all this hassle - what if you integrate healthcare eCommerce into telemedicine?
With this integration, users can get medical consultations, medical drugs, wellness products, and medical devices from a single platform.
This not only offers ultimate convenience to the users but it also lets you generate one more revenue stream.
There is a USA-based unicorn telemedicine startup named Hims and Hers which earned the unicorn status just because it is a virtual care + healthcare eCommerce platform.
You should also read: How to integrate eCommerce with telemedicine?
3. Telemedicine for Medical Cannabis
Currently, the users or patients need to go through the hectic process to get medical cannabis.
They first need to make a visit to a physician.
The physician writes the medical document (prescription) to the patient.
With this document, the patient later needs to register himself to a licensed ACMP producer to get medical cannabis.
The telemedicine for medical cannabis app streamlines this entire time-consuming process.
With the telemedicine platform, the patient can talk to the physicians online and physicians can write the prescription to the patients.
With this prescription, the patients can buy medical cannabis online through any online cannabis seller.
If the telemedicine app supports cannabis eCommerce, the patients can buy medical cannabis from the same platform itself.
Though this seems like a new idea - there are many such telemedicine for medical cannabis apps available in the Canadian market.
However, the Canadian online cannabis market still has a large empty room for new players and new app ideas as medical cannabis is legal in Canada.
You should also read this: How to start a cannabis telemedicine app like NamasteMD?
4. Medical Specialty-Specific Telemedicine Solution
With patients preferring virtual visits over in-person visits, several medical specialties are now switching to remote practice.
However, there are no specific telemedicine solutions for individual medical specialties. And thus, they have to use the general-purpose telemedicine solution.
These general-purpose telemedicine solutions are developed by following the one-size-fits-all approach.
It does not satisfy the unique needs and clinical workflows of specific medical specialties.
And because of this, healthcare providers cannot leverage the telemedicine platform to its full potential and cannot provide quality care to patients.
You can develop a dedicated telemedicine solution for the following medical specialties.
- Telemedicine for dermatologists
- Telemedicine for vets
- Telemedicine for dietitians
- Telemedicine for psychiatrists
- Telemedicine for physiotherapists
Even the best telemedicine app ideas fail - if you don’t solve these 2 challenges
When anyone approaches us for telemedicine app development, they come up with not only tech challenges but with many other legal, market and business challenges.
Because, without solving these challenges, they cannot claim good returns out of their investments in a telemedicine solution.
The following are some of the top challenges you must address.
In Canada, there is a federal-level privacy law and many provincial-level privacy laws which you have to meet to ensure the privacy of patients’ data and to not be liable for the hefty fine.
These privacy laws have many technical, operational and administrative requirements which your app and your organization should work accordingly.
- EHR/EMR Integration
The healthcare providers cannot provide quality care to patients without getting access to the medical data such as previous prescriptions, allergies etc.
And to get access to the medical data of the patients, you should integrate the EHR/EMR solution into your telemedicine platform.
Without this integration, the healthcare providers should ask several questions regarding the medical history of the patients which is indeed time-consuming practice.
However, integrating EHR/EMR is a technically difficult task and it requires a dedicated skill set.
We know telemedicine tech and compliance the way Elon Musk knows space & batteries!
Imagine how good you would become at something if you have been doing the same thing 8 hours a day for 7 years!
We are an Ontario-based team - has been helping healthcare providers and startups build affordable and game-changing solutions for 7 years.
Telemedicine and compliance are our most trusted and tested expertise.
We have ultimate knowledge and experience with EHR/EMR integration, HRM integration and compliance which results in the best telemedicine app.
We work with a vision to empower every Canadian healthcare provider with an affordable, compliant and useful telemedicine solution.
We even provide a white-label telemedicine solution for those who want to use ready-to-use telemedicine software.
So, let’s have a discussion. We assure you that it will be a productive one - led by an executive team member.