How Subscription Management Software Can Help Boost Revenue Of Telemedicine Startups

‍Telemedicine is the practice of remotely diagnosing and treating diseases using technology, and it’s a booming industry — the telemedicine market is projected to reach $28 billion by 2023. Telemedicine has opened new opportunities for entrepreneurs due to its relatively low entry barrier and the trend towards digital healthcare services spurred on by the events of 2020. However, launching a telemedicine business is not easy. 

If you’re planning to launch a telemedicine business, subscription management software can help boost your revenue and efficiency across various departments in your organization. In this blog post, we’ll detail exactly which kind of telemedicine services may benefit from a subscription-based model, as well as how subscription management software can help with this.

How can a subscription model be applied to the medical industry?

• It’s likely you’re already familiar with subscription-based business models. From Netflix and Disney+ to Spotify, Amazon Prime, and food delivery services like HelloFresh — it’s a business strategy that has been proven highly profitable and helps to retain customers over the long-term, too. 
• However, you may be wondering how your telemedicine startup can apply a subscription-based model of business. While subscription services may be fairly alien to the medical industry right now, there are undoubtedly opportunities within the healthcare sector to boost customer loyalty and generate more recurring revenue. 

Psychiatry

• Increasingly, society is waking up to the fact that mental health is just as important as physical health. Why not offer an online counseling service? Services such as BetterHelp have already proven just how successful video counseling can be, and the idea fits perfectly within a pay monthly subscription-based model. 

Insulin injections

• A diabetic patient's prescription will dictate how often insulin injections must be given. About two injections per day may be required for the majority of diabetic patients, but the circumstance can change quickly. Patients must ensure that they are receiving genuine insulin at the correct time from a reliable pharmacy. Telemedicine startups may profit from the recurring sales generated through these repeat prescriptions.

Dietary supplements

• Dietary supplements are frequently required by many people to meet their nutritional needs, so this is an area that’s well suited to a subscription-based model. Subscriptions for these supplements can save patients from the unpleasant experience of supplement shortages, ensuring they always have the correct amount of the vitamins and supplements they need throughout the year. 

Contraceptives and other sexual wellbeing products

• Contraceptive and sexual wellbeing products are considered by many households as a monthly essential. Whether it’s condoms or hormonal medication to prevent pregnancy, customers are sure to appreciate having one less thing to remember on their shopping lists by receiving these straight to the door (discreetly, of course) every month.

Infant and toddler vaccines

• Doctors will usually design a precise vaccination schedule for infants and young children against hepatitis, rotavirus, tetanus, pertussis, polio, chickenpox, and HPV, among other things. Why not offer these services as part of your subscription package?

Weight loss pills

• With the growth of the pharmacy business, subscription services are also bringing fresh ideas. For example, many people who subscribe to the gym must take weight-loss pills prescribed by their physiotherapist or doctor. As a result, gyms and pharmacies may collaborate and offer package deals to their clients. 

Sanitizers

• In addition to sanitizers for the body, people also need sanitation and home cleaning supplies on a recurring basis. Medicinal dispensaries can capitalize on the opportunity and offer subscriptions for various sanitizers. Almost every household needs sanitizers, so why not launch a subscription box containing sanitizers and other cleaning products?

Sanitary pads and napkins

• Female sanitary products are another household essential, and so pharmacies offering subscriptions should target this market and provide a complete subscription box containing everything needed for sanitary care. 

Baby care products

• For new parents, rushing to the shops to stock up on baby’s essentials is likely to be a regular occurrence, but you can ease that burden by providing a complete set of baby care products as a subscription box service, just like vaccines or a menstrual box. From wet wipes to nappies and baby formula, you could even include a leaflet with approved advice for new parents. 

First aid boxes

• The process of refilling first aid boxes can be made more accessible and more feasible for people through a recurring subscription service. It’s easy to forget to restock your medical supplies, and so this presents a prime opportunity to create an ongoing, routine delivery service. 

How can subscription management software help?

• When you’re running a subscription-based service, your relationship with customers changes from a simple transaction into something much more meaningful, especially when they return week after week, month after month. This is distinctly true within the healthcare sector, where your customers are likely to rely upon your service to deliver the medication they need to live a healthy life. Offering telemedicine app pilot program support can further strengthen this relationship, as it provides convenient access to healthcare professionals and personalized guidance for managing one's health. Additionally, a telemedicine app pilot program support can help streamline the medication delivery process, ensuring timely access to essential treatments.
• Subscription management software from services like Chargebee can help you keep track of your customers and their recurring payments, enabling you to optimize your business processes. It can also help you identify customer churn and build stronger relationships with your customers by offering them a variety of different ways to pay their monthly or annual subscription fees. Finally, subscription management software can also help you save money by automating some of the more tedious parts of your business. By automating tasks like collecting customer data and processing customer payments, you can free up time for other parts of your business that need your attention.

Conclusion

Subscriptions are an excellent opportunity for dispensaries and drugstores. There may be some difficulties, however: without a prescription, pharmacies cannot provide certain medications. Doctors' prescriptions change from time to time, which makes it difficult to satisfy those customers whose prescriptions change frequently. It will be hard to address the needs of those customers, who require a constantly changing prescription.

In addition, if you want to run a pharmacy subscription program, you will need to hire a general physician, who can provide customer service along with the right medicine. You must have the budget to employ a general physician. However, by offering only over-the-counter medications, sanitary products, or dietary supplements, you won’t have to deal with the rigmarole of hiring medical professionals.