Telehealthcare is an broad idea and a $100 billion market in the United States alone. Leveraging this rich market will result in a lucrative business opportunity for you.

It is a competitive marketplace. To start a telehealth firm and secure its growth and scalability, you’ll need a solid business plan that attract the right investors.

Do you need assistance drafting a business plan for your telemedicine company? You’re in the right place. Our telemedicine business plan template might help you get started.

How Do I Write a Telemedicine Business Plan?

Writing a telemedicine business plan is an important step towards the success of your company. Here are the main steps to consider while drafting a business strategy.

1. Executive Summary

An executive summary is the first component designed to provide an overview of the complete business plan. However, it is written after the entire business plan has been completed and summarizes each element of the plan.

Here are some crucial elements to include in your executive summary:

• Introduce Your Business: Begin your executive summary by quickly presenting your company to your audience.

This part may include your telemedicine business’s name, location, date of establishment, and type (general telemedicine business, specialist telemedicine business, teletherapy mental health business), among other things.

• Market Opportunity: Provide a summary of your market research findings, including market size, growth potential, and marketing trends. Highlight market possibilities and how your company will contribute to filling the gap.
• Products and Services: Highlight the telemedicine services you provide to your clientele. The unique selling points and differentiations you provide are always advantageous.

For example, you may list virtual consultations, prescription services, and remote monitoring as services, as well as security and privacy and cost-effectiveness as unique selling points.

• Marketing & Sales plans: Outline your sales and marketing plans, including the marketing channels you will utilize and how you intend to acquire clients.
• Financial Highlights: Provide a brief summary of your financial expectations for the first years of firm operations. Include any capital or investment requirements, launch costs, revenue projections, and profit estimates.
• Call To Action: Summarize your executive summary section with a clear call to action (CTA), such as inviting angel capitalists to discuss prospective business investments.

Make sure your executive summary is clear, brief, easy to comprehend, and jargon-free.

2. Business Overview

The business overview portion of your business plan includes thorough information about your organization. The details you include will be determined by their importance to your business. However, some of the core items you should consider including in this part are the business name, location, business history, and future ambitions.

• Business Description: In this part, describe your business and provide all of the basic information:

Describe the type of telemedicine company you run and its name. Briefly describe the type of telemedicine business you specialize in.

• Remote diagnosis.
• Telehealth Platform
• Virtual Consultation
• Teletherapy and specialty care

Describe your telemedicine company’s legal form, such as sole proprietorship, limited liability company, partnership, or other entity.

Explain where your firm is located and why you chose that location.

• Owners: Include the names of your telemedicine company’s founders or owners. Describe the shares they possess and their duties for effective business management.
• Mission Statement: Your mission statement should summarize your company’s objectives, basic concepts, and values. This remark should be memorable, precise, and concise.
• Business history: If you are an established telemedicine service provider, please offer a brief history of your company, such as when it was created and how it evolved over time.

Also, please detail any honors or recognition you have gotten for your exceptional job.

• Future Goals: It is critical to communicate your objectives and vision. Mention your short- and long-term objectives, which can include precise revenue targets, market share gains, or service expansion.

This part should include a comprehensive overview of your company, its history, and future ambitions. Keep this part interesting, concise, and to the point.

3. Market Analysis.

The market study portion of your business plan should provide a comprehensive overview of the industry, including the target market, competitors, and growth possibilities. You should include the following elements in this area.

• Target market: Begin this section by describing your target market. Define your ideal consumer and describe the types of services they prefer. Creating a buyer persona will allow you to clearly identify your target market to your readers.

Patients with non-emergency medical needs, for example, and those looking for easy access to healthcare would be perfect targets for a telehealthcare platform.

• Market size and growth potential: Describe your market size and growth potential, as well as whether you want to target a specific niche or a much larger market.
• Competitive Analysis: Identify and evaluate your direct and indirect competitors. Identify their strengths and limitations, and outline how your telemedicine services differ from theirs. Explain how you have a competitive advantage in the market.
• Market Trends: Analyze developing market trends such as technological disruptions, changes in customer behavior or preferences, and so on. Explain how your company will deal with all of the trends.

For example, EHR-embedded telecare is a booming sector; explain how you intend to address this potential development opportunity.

• Regulatory Environment: List all rules and licensing requirements that may apply to your telemedicine company, such as business registration, HIPAA compliance, IMLC agreement, insurance, state and federal regulations, and so on.

Here are a few suggestions for developing the market study portion of your telehealth business plan.

• Conduct market research, industry studies, and surveys to collect data.
• Give specific and detailed information whenever feasible.
• Use charts and graphs to illustrate your points.
• Write your business strategy with your target audience in mind.

4. Products and Services.

The product and services section should outline the exact services and goods that will be provided to clients. To compose this part, include the following:

• Describe your services: Mention the telemedicine services that your company will offer. This list may contain services such as,

• Virtual Consultation and Second Opinion
• Prescription writing and Teletherapy
• Follow-up Care

Describe the service model: Provide a full overview of your service model, briefly detailing the various methods of offering services.

• Video conferencing
• Telephonic calls
• Chats
• Remote patient monitoring.
• Quality measures: This section should describe how you maintain quality standards and continuously provide high-quality service.

This may include user-friendly technology, ongoing training for service and healthcare personnel, assuring high-quality treatment, and maintaining a secure, resilient foundation.

• Additional Services: Mention whether your telemedicine company provides any extra services. You might incorporate services like medication delivery, EHR integration, health and wellness programs, and so on.

In short, this portion of your telemedicine strategy should be informative, detailed, and client-centered. Potential investors and readers can better comprehend the value of your company if you provide a clear and engaging description of its products.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies part entails creating a list of tactics for attracting and retaining customers. Here are some important components to include in your sales and marketing strategy:

• Unique Selling Proposition (USP): Determine your company’s USPs based on the market you serve, the equipment you employ, and the distinct services you offer. Identifying unique selling points will help you plan your marketing efforts.

Some of the best USPs for a telehealth platform could include innovative technologies, specialization in specific medical care, and 24*7 availability.

• Pricing Strategy: Explain your pricing strategy—how you want to price your telehealth services while remaining competitive in the local market.

Here are some pricing models for telehealth companies:

• Per encounter charge
• Service pricing
• Package pricing:
• Subscription pricing.

• Marketing strategies: Discuss your tactics for selling your services. You might incorporate some of the following marketing methods in your business plan: social media marketing, Google AdWords, brochures, email marketing, content marketing, and print marketing.
• Sales techniques: Outline the techniques you’ll use to increase your sales. Your sales techniques may include direct sales, free trials, collaboration with healthcare practitioners, referral programs, and so on.
• Customer Retention: Discuss your customer retention strategy and how you intend to implement them. For example, you might introduce loyalty programs, annual membership discounts, personalized service, and so forth.

Overall, this component of your telemedicine business plan should be centered on customer acquisition and retention.

When developing sales and marketing plans for your telemedicine firm, take a specific, realistic, and data-driven approach, and be willing to adjust or make strategic changes depending on feedback and outcomes.

6. Operational Plan

The operations plan portion of your business plan should describe the processes and procedures that your company will use, such as staffing needs and operational processes. Here are a few components to include in your operational plan:

• Staffing and Training: Mention your telehealth company’s staffing needs, such as healthcare professionals, nursing and supporting staff, technology specialists, or sales and marketing people. Include their qualifications, the training required, and the tasks they will be performing.
• Operational Process: Describe the methods and procedures you will employ to run your telemedicine firm. Your operational operations may involve appointment scheduling, virtual consultations, paperwork, billing and payment, technology upgrades, and training.
• Equipment and Machinery: Include a list of telemedicine-related equipment and machinery, such as computer systems, software, hardware, remote diagnostic tools, mobile applications, etc.

Explain how these technologies enable you to maintain quality standards while also improving the efficiency of your business processes.

Including these components in your operations plan will assist you in organizing your business operations, allowing you to manage your firm more efficiently in the long run.

7. Management Team

The management team section offers an overview of your telemedicine company’s management team. This part should include a full explanation of each manager’s experience and qualifications, as well as their duties and functions.

• Founders/CEO: Mention the names of your telemedicine company’s founders and CEO, as well as their roles and responsibilities in running the business.
• Key Managers: Introduce your management and important team members, explaining their positions and duties.

It should include key executives (e.g., COO, CMO, CTO), senior management, and other department managers (e.g., operations manager, customer service manager) who are involved in telemedicine business operations, as well as their education, professional background, and any relevant healthcare industry experience.

• Organizational structure: Describe the structure of your management team. Include the reporting line and decision-making structure.
• Compensation Plan: Describe your compensation strategy for management and employees. Include their wages, incentives, and other perks.
• Advisors/Consultants: Mentioning experts or consultants in your business plans increases the legitimacy of your idea.

Therefore, if you have any advisors or consultants, list their names along with a brief bio that includes their jobs and years of expertise.

The main players in your telemedicine service should be highlighted in this part, emphasizing how they make up the ideal team for success.

8. Budgetary Schedule

A synopsis of the financial estimates for the first few years of your company should be included in the financial plan section. The following are some essential components of your financial plan:

• Statement of profit and loss: Provide specifics in your predicted profit and loss statement, such as expected revenue, operating expenses, and service charges. Don’t forget to indicate the anticipated net profit or loss for your company.
• Cash flow statement: This section should include an estimate and description of the cash flow for the first few years of your business. Billing bills, payment receipts, loan payments, and any other cash flow statements may fall under this category.
• Balance statement: Make a projected balance statement that lists the assets, liabilities, and equity for your telemedicine company.
• Break-even point: Find and state your company’s break-even point, or the point at which revenue and expenses are equal.

You will gain an understanding of the amount of revenue required to maintain or turn a profit by completing this activity.

• Financing Requirements: Determine the expenses related to launching a telemedicine company, as well as the amount of capital you will require to fund operations. Describe your needs for both short- and long-term funding, including loans or investment money, in detail.

When making financial projections, be sure to be reasonable and provide pertinent data and supporting documentation.

9. Appendix

Any supporting material for the key points of your business plan, such as market research, legal documents, financial statements, and other pertinent data, should be included in the appendix part of your plan.

• Provide a table of contents in the appendix section to facilitate readers’ search for certain information or sections.
• In addition to your financial statements, send additional financial records, tax returns, an asset overview of the company, credit reports, and more.

It is necessary to have the most current copies of these statements, which include financial estimates for the first three or five years of the business’s activities.

• Provide data from market research, including user demographics, industry trends, and telemedicine industry statistics.
• Include any court documents, such as agreements, authorizations, and licenses.
• Include any additional materials that are pertinent to your business strategy, such as product brochures, marketing materials, operational procedures, etc. 

To make it easier for readers to find the information they need, make sure each appendix section has clear headers and labeling.

Remember that your telemedicine business plan’s appendix section can only include relevant and important information that supports the main points made in the strategy.