How To Start A Telemedicine Business
The face of healthcare is changing. While going to the doctor used to mean making an appointment, visiting an office, and spending forty minutes in the waiting room, telemedicine has ushered in a new era.
Today, visiting a healthcare provider is as easy as initiating a video call.
Thanks to its convenience, telemedicine has become wildly popular. According to data from the 2021 National Health Interview Survey, 37% of adults used telemedicine in 2021, and 76% of hospitals are currently equipped to connect with patients and consult practitioners via telehealth.
If you want to start a telemedicine business, now is an excellent time to take the leap. Keep reading to learn more about how to start a telemedicine business and what to know before you begin.
What is Telemedicine?
Telemedicine is the practice of providing remote healthcare services with the support of telecommunications technology.
While telemedicine used to be somewhat rare, the practice boomed during the early days of the COVID-19 pandemic. In fact, Definitive Healthcare Analysts reported a drastic 6,000% increase in telehealth claims from 2019-2020, with more than 42% of Americans choosing to utilize telehealth during the pandemic.
The popularity of telehealth makes sense, especially when you consider its benefits: notably, telemedicine allows patients to have appointments with healthcare professionals and receive medical advice and diagnoses without having to commute to an office.
Telemedicine also helps meet the growing demand for accessible, convenient healthcare services. Since it can be conducted through video conferencing, phone calls, secure messaging, and other online communication platforms, it’s an excellent way for people in rural areas or those with busy schedules to access high-quality health services.
How to Start a Telemedicine Business: a Step-by-Step Guide
Are you considering launching your own telemedicine business?
Here are the steps you’ll need to take to make it happen:
Step 1: Research and Development
Before starting your telemedicine practice, you’ll need to conduct some research. At a minimum, you should understand the telemedicine industry and the trends that define it and know who your target market and potential patient cohort will be.
To position yourself competitively, you’ll also need to assess the competition in your field and develop some value propositions for your new business.
Finally, create a detailed business plan outlining your mission, objectives, services, marketing strategy, and financial projections.
This is also an excellent time to factor in compliance and legal considerations. Various legal and regulatory requirements govern the telehealth industry, and your compliance considerations may include licensing, data privacy, and medical practice laws.
To protect yourself and your new business, we recommend consulting with an attorney to ensure you meet all the necessary legal requirements.
Step 2: Platform Selection
One of the most critical aspects of your telehealth business is the telemedicine platform you choose to run it on.
To find a HIPAA-compliant technology that aligns with your business needs, consider features like video conferencing, secure messaging, electronic health records (EHR) integration, and appointment scheduling.
You’ll also need to seek out technology that provides a user-friendly process and makes it easy for patients to register for and use your telemedicine platform.
As you select your technology and telemedicine platform, make sure you’re investing in comprehensive, robust cybersecurity measures and setting up a scalable infrastructure that’s capable of handling patient information, appointments, and communications.
Step 3: Obtain Necessary Licenses and Certifications
To get your business off the ground, you’ll need to secure the licenses and certifications required for your telemedicine business.
Depending on the type of services you intend to provide, you’ll also need to hire licensed healthcare professionals, such as doctors, nurses, or therapists, to offer telemedicine services.
Step 4: Telemedicine Merchant Account Selection
For your business to run successfully, you’ll need a telemedicine merchant account that supports your ability to scale and serve your clients.
The right telemedicine merchant account will allow your telemedicine healthcare providers to accept payments for their services and enable patients to securely pay for virtual medical visits using payment methods like credit cards, debit cards, and electronic fund transfers.
Still trying to figure out where to start? Look no further than Seamless Chex. We offer advanced online telemedicine payment processing services with advanced security, fast set-up, and low rates.
For your security, our services also comply with all HIPAA privacy and security rules and the standards implemented by the PCI Security Standards Council.
Step 5: Compliance Monitoring and Quality Assurance
As your telehealth business gets off the ground, make sure you’re regularly monitoring your operations to ensure compliance with regulations and industry standards and implementing quality assurance measures to maintain high-quality healthcare services.
Gather feedback from patients and healthcare professionals to identify areas for improvement and refine your telemedicine business.
If you’re starting a telemedicine business, the steps you take now will help determine the success of your company in the long run.
At Seamless Chex, we provide robust telemedicine merchant account services to help you build a strong foundation and continue to grow and scale in the future.
Contact us today to learn more about our solutions and how our merchant services accounts can support you.