How to Select a Business Model for your Digital Healthcare Startup

The question of how to get the revenue out of your new for-profit idea in the healthcare industry scares lots of entrepreneurs away from the field.

To figure out if your idea of service or technology is needed on the market, and you have resources to make it work, you need to create a business model.

“Business models are stories that explain how enterprises work.” — Joan Magretta

Building a business model is often confused with choosing the right form of monetization (it’s a sore spot for healthcare startups, and we’ll talk about it here, too).

However, monetization occurs in the second third of the “story” of your startup. Business models help you to figure out everything. When you start creating it, you can choose a framework for your startup, a rail path you’ll put it on, and lead till you reach your destination (hopefully, revenue and customers.)

Let’s start with the components of your digital health startup’s story

Essentially, to build BM, you will have to answer questions about your future technology/service, your customers, and the way you’re going to work on the development of your product.