The modern world is really a maze of digital data. For this reason anything and everything is originating into its digital counterpart as asset-heavy businesses fight to stay afloat. The solution? Software like a Service business design, i.e., SaaS. With more than $1.5 billion invested in SaaS businesses in 2022 alone, the development has been fourfold.
One of the very most promising and growing businesses is the healthcare SaaS business. SaaS products offer their customers several healthcare software features with no need to host, update and maintain software locally.
The rise in healthcare SaaS is because of the simple fact that a full-blown healthcare business is cash-heavy and is directly accountable for taking care of its patients.
Benefits of Healthcare SaaS
Besides the obvious benefit of being a light asset business, there are many other benefits too. Some of the biggest ones are:
- Cost-effective: Decrease in setup, operation, and maintenance costs.
- Secure: Using multiple layers of security for patient data.
- Scalable: Can also add more features and functionalities because the business grows.
- Allows Constant Back-Ups: The usage of cloud servers will allow you to consider constant backups in the event of a server crash.
- Real-Time Updates: This could be seamlessly linked with a healthcare company network to allow patients to trace their conditions in real-time.
- Highly Accessible: In the COVID-19 stricken world today, accessing patient records remotely is really a boon. With healthcare SaaS products, the folks using the proper permissions can connect to the data for further use.
What are of Healthcare SaaS?
While SaaS on its own is really a specific kind of business model, there are many subtypes as well. This can help you narrow down the scope of the product and also the associated strategic business plan surrounding it. Here are the types of Healthcare SaaS:
1)Artificial Intelligence : artificial intelligence is all the trend in digital businesses, which is natural that it finds its distance to healthcare. AI healthcare SaaS may use voice-enabled assistants, voice and speech patterns, and automation to derive insights into a patient's medical conditions.
It can then suggest some preliminary treatments from its database and some follow-up treatments provided by a licensed professional to alleviate patients' problems.
2)Vertical SaaS: horizontal SaaS is really a broader definition encompassing various disciplines within a field within single umbrella. If a hospital were an electronic entity, it might be a representation of horizontal SaaS. In today's world, a professional SaaS is one thing people prefer greater than a generic offering.
Vertical SaaS focuses on one single field only. You can use a Vertical Healthcare SaaS to offer custom methods to patients inside a particular field. Regardless of the customizations in the solutions, the general costs would be lower and the solutions more effective.
3)Pay-Per-Use Model: This is one of the most predominant kinds of models in the SaaS world. And a lot of the hospitals have adopted the Pay Per Use model for online consultations. Platforms like Practo are among the most prominent examples wherein you can consult doctors and doctors whenever they are being used. Moreover, the practitioners pay a little royalty towards the platform for implementing it, making the company plan more sustainable and dynamic.
4)Integration in Existing Systems: Many businesses are already ahead of the curve and go for SaaS solutions before many others. Due to this, the migration from offline to online was not that difficult. However, with your businesses, a Healthcare SaaS can function being an add-on integration to improve or upgrade their services for a smaller fee compared to what they usually charge.
This is a great SaaS model if you are entering an industry that is already crowded with SaaS solutions.