The coronavirus pandemic has given rise to plenty of unexpected changes, from the way we do business to the way we socialize, and now, the way that we access health care. Online doctor’s appointments are becoming increasingly popular, and so telemedicine startups are gaining plenty of success this year.
According to Forbes, ‘At a time when telehealth services are in high demand because of the coronavirus pandemic, telehealth startup Ro is now valued at $1.5 billion.’ Ro isn’t the only telemedicine startup benefiting from the demand; the telehealth service 98point6 confirmed that their virtual visits have recently doubled. Pitchbook reported that ‘virtual clinic usage at Amwell has surged roughly 40% above normal.’
As telemedicine increases in popularity, we’re also seeing a growing number of start-ups offering prescription delivery services. USA based company Alto pharmacy have recently experienced higher demands for their prescription delivery services. Vice President Karen Martell commented that ‘with the sudden pivot to working from home, doctors have had to quickly figure out how to care for patients when they couldn’t see them in person. Many turned to telemedicine.’
It’s not difficult to see the benefits of telemedicine and prescription services. Startups like these offer consumers new levels of convenience, privacy, and safety. There is plenty of room in the market for these types of companies, so let’s take a look at a few basic start-up tips for telemedicine businesses.
Starting a telemedicine company
If you’re considering starting a telemedicine business, you should educate yourself about the different types of telehealth practices.
Synchronous telemedicine: This type of practice relies on two-way video conferencing as an alternative to an in-person doctor’s appointment.
Asynchronous telemedicine: With asynchronous medicine, a patient uploads their info for a doctor to access at a later date. This type of practice does not use video conferencing tools.
Some patients may prefer to have a video conferencing option, while others may prefer to email their doctor discreetly. You may choose to provide both services to cater to all needs.
Telemedicine regulations
Naturally, launching a telemedicine business is a complex process, mainly due to the regulations that your business must comply with. Bear in mind that these regulations can vary from state to state. A telemedicine startup must adhere to HIPPA regulations and ensure that health records are kept private. Telehealth laws require companies to operate using the right bandwidth, which can support the Electronic Health Records System.
Telemedicine billing
Another consideration you’ll need to make is how you’ll organize your telemedicine billing. Several services can support you with this process, including lab billing services (which are often outsourced). In most cases, the lab technicians themselves are not a part of the billing processes. For further information, check out the Med USA website.
As the pandemic continues, we are likely to see more telemedicine and online prescription services entering the market. During these uncertain times, a growing number of startups are operating entirely online.