Things to Know Before Launching an Online Healthcare Startup

December 5, 2018December 8, 2018 Geekopedia Digital, Health, Healthcare, HIPPA, Investors. Business, Mentors, Regulation, startup

Healthcare is an industry that’s constantly being disrupted. Whether new laws are being enacted or healthcare providers are implementing new strategies, this industry is constantly evolving.

If your goal is to launch an online healthcare startup, you’ll be facing a few challenges as you build your business. Here are 5 things you should know before launching an online healthcare startup.

1. Know the healthcare regulations.
Although the healthcare industry is lucrative, it’s heavily regulated by local, state and federal government agencies. For that reason, your team must have an in-depth understanding of the laws that control your business.

Common regulations include the Affordable Healthcare Act and HIPAA. Once you learn the regulations, you must develop a strategy to navigate through the healthcare regulatory process in a lawful manner.

2. Develop digital strategies.
Starting an online business requires you to have technology systems in place to service your customers. This includes a system that provides fast online services.

Your website must contain the bandwidth to instantly handle inquiries, accept applications and provide relevant information. This is the reason that it’s essential for you to have knowledgeable tech specialists on your team.

3. Conduct industry research.
Although starting an online healthcare venture may be exciting, you should carefully scope out the healthcare industry before you invest time and resources. By conducting research on the industry, you can devise the best strategy to take and determine if there is a market for your idea.

There are plenty of organizations that can answer any questions that you may have about the industry. Helpful resources and organizations include:

Food and Drug Administration
Health and Human Services
Small Business Administration

4. Create a business strategy.
With any business, you must have a strategy. It can be challenging to meet your goals without this tool. Here are the questions that your business strategy should answer.

How much money do you need to get started?
What employees should you hire?
Are there any licensing requirements that you must meet?
What are the available sources of funding?
How much cash should you have on hand to fund the venture until you’re able to find suitable investors?
What tactics will you use to gain your share of the market place?

It’s your turn. Set aside an hour to make a list of questions that your business strategy should answer. Since it’s unlikely that you can create a viable business without a plan, you should complete this step before your launch date.

5. Find mentors.
You’ve probably read plenty of articles about ‘self-made’ entrepreneurs. The truth is there is no such thing as a person who has made it to the top without help. Successful people have mentors.

A mentor can help you define your goals and track your progress. Since starting any business can be a lonely endeavor, confiding in a mentor can make the entrepreneurial journey a little easier.
The online healthcare industry provides many opportunities. By applying these tips to your business, you can provide a service that adds value to the healthcare industry.