The modern world is a maze of digital data. This is why anything and everything is coming into its digital counterpart as asset-heavy businesses find it hard to stay afloat. The solution? Software as a Service business model, i.e., SaaS. With over $1.5 billion invested in SaaS businesses in 2020 alone, the growth has been fourfold.
One of the most promising and growing businesses is the healthcare SaaS business. SaaS products offer their customers a wide array of healthcare software features without the 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 responsible 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 as well. Some of the biggest ones are:
- Cost-effective: Reduction of setup, operation, and maintenance costs.
- Secure: Using multiple layers of security for patient data.
- Scalable: Can add more features and functionalities as the business grows.
- Allows Constant Back-Ups: The usage of cloud servers will enable you to take constant backups in case of a server crash.
- Real-Time Updates: This can be seamlessly linked with a healthcare service provider network to allow patients to track their conditions in real-time.
- Highly Accessible: In the COVID-19 stricken world today, accessing patient records remotely is a boon. With healthcare SaaS products, the people with the proper permissions can access the data for further use.
What are the types of Healthcare SaaS?
While SaaS on its own is a specific kind of business model, there are several subtypes as well. This helps you narrow down the scope of the product and the associated business plan surrounding it. Here are the types of Healthcare SaaS:
1)Artificial Intelligence (AI): artificial intelligence is all the rage in digital businesses, and it is only natural that it finds its way into healthcare. AI healthcare SaaS can 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 offered by a licensed professional to alleviate patients’ problems.
2)Vertical SaaS: horizontal SaaS is a broader definition encompassing various disciplines within a field under a single umbrella. If a hospital were a digital entity, it would be a representation of horizontal SaaS. In today’s world, a specialist SaaS is something people prefer more than a generic offering.
Vertical SaaS concentrates on one single field only. You can use a Vertical Healthcare SaaS to offer custom solutions to patients within a particular field. Despite the customizations in the solutions, the overall 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 one of the most prominent examples wherein you can consult doctors and medical practitioners as and when you use them. Moreover, the practitioners pay a small royalty to the platform for using it, making the business model more sustainable and dynamic.
4)Integration in Existing Systems: Many businesses are already ahead of the curve and opt for SaaS solutions before many others. Due to this, the migration from offline to online was not that difficult. However, with such businesses, a Healthcare SaaS can work as an add-on integration to improve or upgrade their services for a smaller fee than they usually charge.
This is a great SaaS model if you are entering a market that is already crowded with SaaS solutions.
Conclusion: Is SaaS the future?
Yes! SaaS is growing at an alarming rate, and it would not be a stretch to say that it will definitely be the way we do business in the years to come. However, Healthcare SaaS is just the latest one in the pipeline, which will only snowball into something a lot bigger in a short period.
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