One of the most interesting developments in healthtech, and there have been many, has been an area known as Telemedicine. In short, companies in this space allows patients to visit their doctor via video chat without having to leave the house.
Now, there are many advantages to this. Obviously the patient saves the time it would take to travel to a doctors office. It also acts as a great benefit for those who are disabled and have difficulty making the trip. And saving money to patients, who are asked to pay lower rates than they would for a normal visit, and their employers that cover your care.
Not only is this proving to be an extremely popular sector for patients, but investors too, as telemedicine company raised a total of US $285 million in 2014, according from 2014 Year Magazine Rock Health Financing Report.
One of the companies in this space is Doctor On Demand, a health service that offers video tours with certified physicians, psychologists and lactation smartphone, tablet or a computer on a patient’s. All patients have to do is download the application, provide a list of your symptoms and will be connected instantly with a physician board certified in your state or they can schedule an appointment with any provider for later. On Demand doctor treats patients through their employers (eg, Comcast is one of the customers), health plans, or patients may use the service.
So How the Company Makes Money? By Charging a Flat Fee Per Visit.
Patients are connected to physicians using video visit, and each costs $40 for a 15 minute appointment. If the call goes over the allotted time, patients have the ability to pay another $40 for the same amount of time. Patients may pay with regard to the visit along with their Health Care Spending Account (HSA), Flexible Spending (FSA), or credit card. Doctors can also prescribe medications to patients when appropriate, to be covered by the patient’s insurance plan.
No other fees or costs and providers receive the majority of shares: Out of that $40, the doctor gets $30. In other words, Doctor On Demand takes 25% of the cost of each visit.
Doctor On Demand mainly will get paid whenever somebody makes use of their services. Along with its employer customers, 25%-30% of employees usually make use of the service every year. Almost 100% of their income will come through patient care.
Another source of income of the company is a new line of business, which offers its software for health systems, where their providers treat their own patients. Where it charges under health systems provider for
Doctor on Demand has raised a total of $24 million in funding and the company founded in 2012, according to Forbes the most recently Doctor on Demand raising a round of $21 million in August 2014. Investors in the company include Venrock, Shasta Ventures, Sir Richard Branson, Andreessen Horowitz, Google Ventures and Lerer Ventures.
via – vator.tv