How to enter SaaS Healthcare market: An overview
In the SaaS market there is still a lot of room for innovations focused on health, understand in this article what to consider and what opportunities exist.
The SaaS market does not only focus on solutions for technology companies, it promotes solutions for all types of existing businesses, including Saas Healthcare companies, which are enterprises focused on the healthcare area. The computing and cloud market funneled to healthcare alone is forecast to reach an incredible $64.7 billion by the year 2025, with a growth rate of a considerable 18% per year.
Increasing the quality of care is the great ambition of these health organizations, with the growing demand for humanized services, with less bureaucracy and more speed in being able to take care of their own health.
Operating Costs Structure
Having a SaaS company, like any other, will have operating costs, in the case of the healthcare sector, the costs are similar to everything else, with some differences:
Cloud services: this point should be considered before starting to host on any service such as AWS, as it deals with personal information such as specific diseases and clinical conditions, it deserves to be extra careful for protection. Another point, is that your hosting service needs to be very stable, as a moment out of operation can put hundreds of important medical appointments with problems.)
Help Desk for health professionals: Health professionals, in general, spend more time on their academic training, which puts current employees of the health network older than average ages among other professions, add this to little time to dedicate themselves to learning the new technologies of the web, whether it's due to excessive hours worked in overcrowded hospitals or a lot of effort to obtain your degree. The result is many users who need heightened attention and more time to get used to, requiring a more “populated” and highly trained support team to deal with a less flexible and knowledgeable audience.
Continuous security checks: the expense that Saas healthcare company will have to spend with a team that works especially for this is high, as mentioned in the first difference, security will be the second most important point to show your consumers that they can trust you.
SaaS Health Solutions
In the beginning, this initiative by some startups was not well received by the public, the health market, known for being one of the most conservative parts of the economy, took a long time to “embrace” all the potential that technology can offer in terms of improving its services installments and also in the increase in revenue with a substantial reduction in expenses.
The software designed for the healthcare sector has differences from most other SaaS types, focused on customer support and service, facilitating the search for professionals of the desired specialty to be found, quantifying the satisfaction of its customers and the new SaaS trend: Telemedicine, greatly popularized and expanded after the last global health crisis.
Healthcare SaaS Management
Resource management (test and exams) to lower costs in an automated way, SaaS subscriptions for healthcare license management (license change, cancellation, subscription renewal).
Healthcare SaaS Billing and payment management
Management and also the automatic invoicing of taxes and other fees on software sales, fast and efficient billing system with the possibility to adjust changes in what is in the signed package and prices offered. Payment gateway to provide payments through the different channels that exist and that can arise with, for example, card, Apple Pay, and bank transfers.
Support and Training for Medical Staff and Patients
Build a knowledge base for every healthcare professional such as doctors and nurses to consult, usually done with video tutorials. A knowledge base is also built, with accessible and adapted language so that patients can always find out about their medical situation and condition. A help center with the most diverse channels of service, both on the web and in the application.
Compliance and data security
Login and password system, role-based access, automated assessments of security and possible risk to hosted data, DDoS protection, HIPAA, FDS and ONC compliance, plus data encryption required for PH and financial information.
Low exploited resources
Growing more and more, the number of companies offering SaaS solutions makes this scenario very competitive. Some features are still underexplored by these companies and highlighting each one of them can put you ahead of the curve and close a sale
SaaS connectivity with intelligent medical devices or biosensors generates enormous comfort for users, with the popularization of devices with coupled sensors that measure Heart Rate, blood oxygenation rate, and daily caloric expenditure, among many others, making it possible to maintain self-care with the own health out of the doctor's office rooms. Interestingly, few of the large healthcare companies that have a hospital or polyclinic networks spread across states and even countries use or offer this type of solution in their applications.
Artificial Intelligence: the amount of data collected from the population of different countries has enabled the science of medicine to reach new knowledge in a short time, and with the use of artificial intelligence, it is possible to identify potential risk factors that those looking to take care of themselves do not aware. Of course, in an automated way and always using certified data from organizations that scientifically produce this knowledge.
Get to know some HealthTech SaaS Startups:
Flatiron Health
Offering healthcare providers and cancer centers technology for a simple platform to organize and analyze oncology data, with electronic medical records, patient portal, data section, and analysis for clinical business intelligence and integrated billing management.
Mindbody
It has a platform for companies to manage their classes, with an appointment book, customer information, team members area, online reservation service, payroll, and a space for users to book training at home online with their virtual assistant.
CitiusTech
It provides products such as BI-Clinical, a health data analysis platform, with features such as shared risk management, predictive analysis tools with Readmission Management, population health management and care coordination, clinical reports, financial services, and even regulatory.
Pear Therapeutics
It issues digital therapeutic prescriptions for a multitude of neuropsychiatric conditions, with projects for the treatment of insomnia problems reSET, reSET-O, and Somryst. The company's patented approach is eFormulation, combining various health-focused mobile applications with supplements, medical foods, and pharmaceuticals, idealizing the construction of more effective solutions for each individual treatment without decreasing the productivity of its employees.