Telemedicine is becoming an increasingly popular mode of long-distance healthcare and many health startups have jumped the telehealth bandwagon recently. The initial conceptualization phase of a business model is key to reducing risks and costs and increasing the probability of success. However, approximately 75% of e-health programs developed for healthcare professionals fail during the operational stage.
This could be because Telemedicine as a business model has been sparsely researched. There are only a few studies that include quantitative data about the cost-benefit of telemedicine.
There are different conceptualizations of business models regarding telemedicine, however, Alexander Osterwalder’s “Business Model Canvas” can be a suitable framework to assess telemedicine ventures as it places value creation at the center, followed by the delivery of value. The value proposition will also vary depending upon the socioeconomic contexts of different countries. A developing country will put more emphasis on healthcare access and infrastructure, whereas a developed country might emphasize the convenience of location.