SEP.06.2022

Top 7 health care business ideas for your startup

FUNCTIONAL REQUIREMENTS VS NON-FUNCTIONAL REQUIREMENTS:
DIFFERENCES & EXAMPLES

Kyrylo Stepaniuk
Quoting French philosopher Maurice Merleau-Ponty, "the body is the vehicle of being in the world". From the ancient Greeks to Instagram bloggers, wellness is glorified as the highest good worth striving for.

Luckily, the philosophy of the 21st century doesn't doubt for a second the necessity of taking care of one's health. People worldwide strive to make their lifestyles healthier - that's where various healthcare applications come in handy.

WHY STARTING HEALTH CARE BUSINESS IS A GOOD IDEA?

According to Statista, one of the top reasons (56%) for U.S. adults to use e-health apps or devices is the ability to take better control over their own health.

Being healthy and good-looking is a new black, and it's probably the most outstanding trend that ever existed. People revalue their life, enjoy natural beauty, want to be healthier and stronger, and, finally, seek instruments that can help achieve it and fight through obstacles.

These instruments include digital apps implementing new technologies and user-centric approaches.

Being a founder of a people-oriented healthcare product is a great mission. Here we want to tell you why.
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Social value and impact
In contemporary health settings, the concept of social significance becomes increasingly important. Healthcare providers need to

1. achieve wider societal outcomes for their customers
2. establish a presence in their niche
3. adopt value-based care models

According to the Centers for Medicare & Medicaid Services, by 2030, national health spending will be anticipated to exceed $6.8 trillion. Moreover, by 2026, health care industry employment is expected to increase by 18% (U.S. Bureau of Labor Statistics).

Thus, these forecasts testify to good tendencies for the healthcare industry, including improved investment processes and the rising of efficient holistic solutions.
Multisectoral partnerships
The multisectoral approach is a great tool to build health care products and strengthen existing ones. Such cross-cutting solutions allow involving society and key stakeholders in a participatory way.

Engaging various businesses, organizations, science associations, and government departments, the multisectoral approach empowers industry, sustains shared vision and value, and maximizes benefits to society.
Reducing health care spending
The rising cost of healthcare hurts the economies worldwide, compromises care, and reduces patient access.

Lowering healthcare costs and increasing price transparency are the first steps on the to-do list of industry rethinking and improvement.

Designing healthcare platforms more simple and affordable is one of the ways to simplify the development and make it attractive to a wider audience.

New remote options and technologies
One thing Covid-19 pandemics got right is showing how effective remote work can be and what remote options are worth using.

The benefits of remote work can be significant, for employers, employees, and for patients. You can remove geographical barriers from your hiring process. Searching for the right specialist or whole team worldwide is a flexible opportunity for today's business allowing you to retain top talent in the shortest possible time.

No doubt, virtual care is a revolution in the world of medicine. Health companies have adopted strategies for long-term remote/hybrid work options and continue to expand them successfully.
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Check our short guide on how to manage remote teams effectively and what tools to use to set up clear communication: How to ensure effective remote team management with Jira, Notion, and other solutions
    Emerging opportunities for services improvement
    Healthcare is becoming part of information technology where innovative integrated solutions are urgently needed to ensure the well-being of people.

    The important point is that such products don't have to feature PHI, insurance plans, and other extra options. Sometimes it is unwinnable for all sides: it complicates and impedes the development considering all regulatory labyrinths, and ends up with a lack of customers. What is much more important is to offer people a simple solution that helps them make the right steps on the way to health improvement.

    So, there still is room for

    1. implementing a number of emerging healthcare solutions
    2. eliminating outdated ones
    3. becoming an inventor of new approaches and instruments

    7 IDEAS FOR YOUR MEDICAL BUSINESS

    Healthcare apps can be divided into multiple subtypes, and here we've highlighted the most trending ones in terms of new opportunities and prospects. Let's talk about each of them in more detail.
    1. REMOTE PATIENT MONITORING (RPM)
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    Remote patient monitoring (RPM) apps are used for observing patients with chronic or acute conditions. They enable real-time understanding of disease states to make proactive clinical decisions.

    RPM software requires specific medical devices such as blood pressure cuff or wearables, that allow monitoring, analysis, and reporting of patients' conditions and related data in non-clinical environments.

    For example, when a person uses blood glucose meters, such systems may examine their self-reported data.

    The most prominent players on the market are currently Dexcom, Jotform, and Medtronic.
    2. MENTAL HEALTH
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    There is some stigma against seeing a therapist, and visiting a doctor to discuss things you're disturbed by is often shrouded in secrecy. Especially it concerns mental health consultation.

    Luckily, one of the vital aspects of the healthy lifestyle global trend is taking care of your inner self no less than your physical health. The longed-for attention and awareness of mental health importance were brought together by a number of factors: the turn of millennia and its cultural circumstances, rising medical technologies, and the general psychiatry development.

    Today's support services get rid of the traditional barriers of mental health networks: there are no waiting lists, services are anonymous and totally people-oriented.

    Mental health applications can be divided into online therapy and applications dedicated to more specific areas of mental health, e.g. sleeping apps (apps for insomnia). A great example of the first is BetterHelp, a platform allowing you to schedule online appointments with the therapist based on the patient's requirements. Meditation apps like Calm are good cases for the second.
    3. BEHAVIORAL HEALTH
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    This year Freshcode team conducted a customer development review, surveying healthcare business owners. The respondents gave feedback on different types of healthcare services, including behavioral applications that are expected "to be in the spotlight" soon.

    The field of behavioral health studies how a person's habits affect their physical and psychological well-being. This includes the effects of actions like drinking, sport, or changing dietary habits on one's physical or mental health.

    Behavioral health works with anxieties, depression, drinking or drug use problems, eating disorders, and so forth. Accordingly, the behavior app's goal is to monitor user behavior and form good lifelong habits.

    The bright behavior app example is myStrength, a personalized program helping users improve their awareness and change behaviors.

    One more interesting product is BoosterBuddy designed to help teens and young adults increase real-life socialization and establish positive habits. It allows managing a personal wellness journey using a gamification approach. Users can earn achievements while the app's sidekick guides them through daily quests designed to sustain healthy habits.
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    4. WOMEN'S HEALTH
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    As the name suggests, these health applications focus on the aspects of women's health. Connected to the menstrual cycle, they display information about ovulation, hormonal dynamics, fertility calendar, breast self-exam advices, etc, depending on how much information the user is willing to provide.

    One of the most popular players on the market is Clue, a woman's health app that includes the functions mentioned above and also provides a possibility to share this information with a trusted doctor.
    5. MEDICAL DEVICES
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    Making medical devices is probably the most long-existing business among all the mentioned. It's the most recognized names in the industry — such as Medtronic, Siemens, Philips, and Johnson&Johnson.

    Of course, in the digital era, emergent technologies present new opportunities for healthcare management from outside the hospital or clinic setting. Modern med devices become more handy and mobile: user-oriented design and top-notch software under the hood allow users to track their blood pressure, heart rate, blood sugar, and weight in a simple way.

    Moreover, smartphones can be used today as medical devices for apps thanks to the high-definition display, embedded sensors, sound capture, and audio output, etc.

    Med devices are used to track activity and body conditions, monitor treatments, and assist disabled people. From AppleWatch in a bundle with Heart Rate app to check your heart rate, to robotic wheelchair software — access to good quality medical devices is indispensable to advance universal health coverage and address health emergencies.
    6. HEALTHSPAN AND LONGEVITY
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    Longevity support is a promising and pretty revolutionary area in the world of healthcare. It focuses not on the treatment of the diseases, but on the way to prevent them, enjoy life, and stay forever young.

    Longevity apps offer users to increase vitality and optimize their health potential, resulting in healthy longevity. Such a product helps people slow aging - what could be more desirable? Thus, this field is worth trying to be empowered and refined by open-minded tech-savvy persons.

    Usually, such services use personalized longevity-related biomarkers, monitor users' biological age, and provide preventive diagnostics, prognostics, and therapeutics powered by AI-driven technologies.

    Today's longevity industry is represented by Longevity.Capital, Longevity Center, and others.
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    7. VIRTUAL CARE AND TELEHEALTH
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    WIHV defines Virtual Care as "any interaction between patients and/or members of their circle of care, occurring remotely, using any forms of communication or information technologies, to facilitate or maximize the quality and effectiveness of patient care."

    Virtual care is often considered the same as telehealth, but the first embodies a broader concept. It includes all techniques for interacting and communicating with patients remotely and doesn't depend on a particular technology or communication channel.

    Among the successful virtual care products are Athenahealth (cloud-based practice management, point-of-care mobile apps and EHR systems), Doximity, 98point6 Inc. (digital networks connecting clinics, doctors, and patients), GoodRX (pharmacy coupon and deal finder & online healthcare provider).

    Telehealth/telemedicine platforms provide services at-a-distance via video calls when the patient and the doctor are not in the same place at the same time. Some services also offer chat messaging or phone calls as alternative communication channels.

    MDLIVE, Teladoc, LiveHealth Online are examples of the most popular telehealth apps that serve as online doctors for thousands of people worldwide.

    TAKEAWAY

    The desire to help people overcome challenges and stay healthy is a powerful incentive for starting a healthcare business.

    Often healthcare entrepreneurs have concerns about outsourcing software product development, but the successful experience of SMBs and big industry players prove that fears are unnecessary. Actually, there is a big scope of opportunities to outsource your project to trustable partners or even build it together from scratch.

    Your healthcare startup idea is a great start and a powerful motivator. We just assist you to strengthen it with the best solutions
    .

    Freshcode team is always ready to have a talk about tech-savvy business strategies for your medical product development. If you want to know more about our
    industry expertise, product delivery process, or get a professional estimation for your healthcare project — we offer you a free consultation (and warm welcoming) ❤️

    Or just contact our COO on Linkedin to get info about Freshcode solutions.

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