Developing an app on health and medicine is likely to bring the desired results but the major question which needs an answer is what are the ways to monetize a healthcare app. #healthcare #app… Click To Tweet
The ongoing pandemic forced everyone to be more conscious of their health and immunity. Even healthcare professionals and professionals working in sanitization sectors were appreciated.
Such a scenario boosted ideas in the minds of business owners and it made them think out of the box.
The sudden epidemic called out for a change in the behavioural patterns of the individuals. Developing an app for healthcare became the need of an hour.
Developing an app on health and medicine is likely to bring the desired results but the major question which needs an answer is what are the ways to monetize a healthcare app.
The monetization strategies which can be adopted by an app owner are:
- Freemium is the combination of these two words: free and premium.
- Apps can get downloaded free of charge and the basic features of the app can be enjoyed by the users.
- On the other hand, premium services will charge a certain amount from the user and these services will not be accessible to the free users.
- App owners must start their app with free services and based on the user response they should gradually shift towards the premium method.
- Depending on the features provided in premium services the users will get motivated to use those services rather than depending on the basic features.
- The freemium method of monetization provides users with a brief idea as to what are they going to get after paying a certain amount of money.
- Such methods of monetization create goodwill in the market and individuals start appreciating the app which helps in gaining popularity for the app.
2. Certified content
- Nourishing certified content is an alternative method that works without any turbulence for apps that provides services for peers.
- And the content which is to be used on such apps must be high in value and certified so that the users are provided with authentic information.
- In such apps, doctors can access the content for free for a particular span of time and after enjoying the free service period they need to sign up and pay a certain amount to get information in their area of interest and update themselves regularly with new changes occurring in medicines, health and sanitization.
3. Localized Advertising Campaigns
- Whenever an advertisement pops up while we are watching something.
- Each and every one among us gets irritated and some appear with the users who are using the apps.
- Advertisements on such apps can get interesting and appealing if they match the user’s horizon.
- For example, If a user who is suffering from lung cancer gets an advertisement of ways to detox its lungs then the same user won’t get irritated from the advertisement which was shown to them.
- Nearby and local medical shops can also be targeted for advertisements and where daily users are provided with discounts.
- When the user is nearby the same shop the app must notify the user with the things provided in the store and the discount which the user will receive.
- The regular medicines which the user daily consumes are provided at a cheaper rate than the available rate in the market from a particular store.
- The same users are provided with the discount coupon on the app which can be redeemed at that particular store.
4. Registration and subscription fees
- Such healthcare apps act as a platform for healthcare providers as doctors can get connected directly with the patients.
- The professionals need to pay some amount of registration to get signed up on the app and deliver their services.
- Healthcare apps can use a subscription model. With these kinds of models, the users can select what kind of services are suitable to them and the payment can be made on a monthly, quarterly and yearly basis.
- The best way to monetize an app is to use an app as a medium for special offers and discounts.
- The app owners can genuinely team up with nearby medical shops who are looking forward to promoting their shops, services along with the products they offer.
- The only question which needs to get clear is to find out what the user actually wants.
- Such promotional practices make users more loyal to the app.
6. Monetizing accumulated data
- Data collected by such apps on patients’ health, immunity and illness can be exchanged with the interested parties.
- For example, the data of the patient with a recent cardiac arrest can be useful for the specialized cardiologists and hospitals dealing with heart diseases.
- Without breaching the trust of users the data can be sold to the third party and there are many legal ways to do it.
- Games are the most preferred way to evade all kinds of stress which occur in one’s life.
- App owners can design a particular game for the same app where a user gets rewarded for reaching the next level.
- Apps must include games that fit the overall environment of the app.
- Games should help the users to perform physical activity to reach to the next level and arrange several reminders to take their medications and perform yoga.
- Achieving and reaching up to a certain level in the game the users must be provided with some rewards and discounts on the next purchase in the app or in the medical shops.
8. In-app purchases
- Among the 47% of the revenue which gets generated from healthcare, apps come from this sector of monetization.
- If the business owners are looking forward to the ways to launch a free app then these in-app purchases can be the most noteworthy feature of the app.
- The app must be functional without asking for any additional purchases and things such as in-app purchases only magnify the exposure of the users.
- Getting sponsors might be challenging for the new apps but the app owners must grab different sponsors to meet the budget requirement of the app.
- Medical shops and pharmacies can sponsor the app and all the app owners need to do is to provide a logo of their store and promote their brand names on the online platform.
- Promoting posts and stories of the sponsors and then providing a discount to all the users whenever they make a purchase.
- The barter system can be made between the sponsors and the app owners where names and brands get promoted on digital platforms in exchange for the goods and services.
10. Health insurance
- Instead of focusing on the services seekers and providers. The apps must also focus on health insurance and their reimbursements.
- Some apps which perform diagnostic tests in a traditional way must qualify under the health insurance reimbursements under several healthcare plans.
- This revenue model will generate more revenue when compared with in-app purchases and freemium models.
Healthcare app owners should choose those monetization strategies that can be applied to the app according to their needs and not all the monetization strategies. #healthcareapp #monetization… Click To Tweet
The targeted audience and the development of the app with its features help the owners to decide the monetization model for his app.
The potentiality of the app gets reflected through its revenue model.
The monetization strategies which are discussed for the app can be implemented alone or in a combination of other strategies.
App owners should choose those monetization strategies that can be applied to the app according to their needs and not all the monetization strategies.
About the Author:
Parth Patel is a serial entrepreneur and CEO of SyS Creations which is a top healthcare app development company. Operating the IT Infrastructure of SMEs and startups keeps him on his toes and his passion for helping others keeps him motivated.