As the world’s population ages, there are more seniors in need of help with daily tasks. From monitoring blood pressure to tracking weight, the growing industry is creating new opportunities for entrepreneurs in the health care sector. Here are five tips for creating a successful medical monitoring service business that you can use when launching your own venture.
What you will learn
- Creating a Successful Medical Monitoring Service
- 1. Know your target audience to create a service they need
- 2. Develop a business model that addresses the needs of seniors
- 3. Create an online presence with websites and social media accounts to promote your service
- 4. Build relationships with local health care organizations to make connections for potential customers
- 5. Document your experience as you build your business for future entrepreneurs looking for advice on how to build their own medical monitoring service for seniors and caregivers
Creating a Successful Medical Monitoring Service
1. Know your target audience to create a service they need
It’s important to know your target audience and what they want. Listen to their problems and create products and services that address their needs. If you don’t know who your target audience is, then it’s hard to know what you should be creating.
Ask questions that matter to your target audience. The medical monitoring industry is huge, and each new product ranks the market leader. When it comes to product reviews, look for the resources that your target audience would be searching for online. Experts will read reviews about products before they ever purchase them, so you want to be there to ensure that your products are interesting enough to get purchased.
Start creating amazing community resources. Medical monitoring is an independent field, which means you need to be an authority in your field. Focus on information and resources that can be widely shared and relevant to your potential target audience. Start creating resources as a way to build your business—it’s not just lucrative, it’s also fun! If you’re a local business, maybe you’d have a chance to interview local doctors to see how their daily lives differ from ours. Having real-world knowledge not only ensures there is value in your industry, but can also build your reputation locally in your city.
Seek funding. Any venture that is venture-backed is more likely to succeed than one where the investor puts the entire capital on the line. You could seek capital from your company or investors if you want to take things further and take bigger risks.
When making business decisions, be analytical. When making decisions in most businesses, decisions are made based on emotion. When analyzing the medical monitoring industry, it’s vital to tie decisions to data. Knowing the truth will help you make smart decisions. It will also ensure that you don’t take any risks to low-quality results. Anything other than a very precise system likely to prove ineffective, and therefore risky.
Create documentation. Document everything.
2. Develop a business model that addresses the needs of seniors
There will be more than 72 million people older than 65 in the U.S. These older people will have different needs than younger people, so it’s important to develop a business model that addresses the needs of seniors.
According to the 2019 Survey of Consumers, more than 2/3 of seniors describe their health as “superior” to that of younger people. This means that seniors can be a high volume revenue source for certain medical monitoring services. Investors should pay special attention to the types of medical devices used by seniors. With aimlessly declining medical technology, hospitals and medical devices manufacturers are going to need to step up to the plate.
With more seniors in need of medical services, it’s a great time to start your own business.
You’ll need to find your target senior demographics. There are various types of seniors, such as those who live in assisted living communities; low-income earners who may need assistance with everyday tasks; and the elderly living independently who may require daily monitoring. Plus, you’ll need to know the health conditions that seniors are more likely to suffer from.
It’s important to know what types of products your potential customers prefer, based on their health conditions. For example, the elderly who suffer from osteoporosis have many medical devices that they require, while the single older person with diabetes may need to look for monitoring products with blood glucose tracking or a blood pressure cuff. Based on your demographic research, you’ll be able to determine what type of product your target seniors will be most likely to need.
Once you have the target demographic figured out, you need to determine what products they are most likely to use. Before you buy a medical monitoring system, you’ll need to do research to ensure you select the right one.
Create an online presence. It’s crucial that you create a website and social media accounts for your business. This will give you an online presence that you can use to promote your service, but keep in mind that your website is the most important part of your online presence.
It is easy to use social media platforms such as Facebook and Instagram to promote your business. However, if you are starting a new venture online, you can leverage Google AdSense, a program that can earn you a commission on any Google advertising you place.
Encourage affiliates. It’s important to surround yourself with successful people in your industry. When you have people in leadership roles within your organisation, you’ll be more likely to follow through on your promises to your clients. These people can then bring additional expertise and experience to your business.
Enthusiasm is contagious. Whether you are a founder or working in a senior-level position, attracting young people to your business is vital. Success propaganda has proved to be the top driver of career progression for senior executives. So, harness this powerful engine and offer memberships to encourage them to learn more.
Having a mobile application is also a great way to get the attention of potential customers. Mobile applications have been linked to increased productivity and efficiency. For instance, Spray and Shine was the #1 application downloaded in Australia nearly two years after its release, achieving this via targeted promotions on Facebook and Twitter.
Adopt an ethical business model. Several studies have shown that ethical business practices are highly valued by customers. The Brand Trust Index places ethical business practices first when consumers face high-costs due to unethical business behaviour. Although this should be factored into your decision-making process, you have to make it part of your tactics.
Implement a pricing strategy. The pricing strategy for your business should be reflective of your services and industry. Make sure that the prices you set are reasonable and attainable for your product. This will encourage more people to be interested in your service.
4. Build relationships with local health care organizations to make connections for potential customers
One of the best ways to generate leads is to build relationships with local health care organizations. These organizations have a huge customer base and can connect you with those who are interested in skincare products.
Marketing a medical monitoring business is easier if you know how to approach senior organizations to obtain recommendations and testimonials. Some senior advocates may have websites and testimonials to offer. For example, a Georgia nonprofit might be able to send you a list of state medical professionals or a doctor with experience caring for seniors. Other times, you may be able to find a volunteer psychologist or peer counselor who works with senior citizens. This type of assistance may be a huge help to your brand and may ultimately help establish your medical monitoring business as a trustworthy source of care.
Seniors tend to spend a lot of time and money on their appearance and health-related trends. Longer hair, more facial hair, and more activity are all major trends that target this demographic specifically. By using a digital camera, you can create a 3D image of the face on your computer screen to show if the hairstyle meets certain qualifications.
Because seniors are a growing and aging demographic, the medical monitoring industry is also experiencing an increase in clients. That means there’s more opportunity than ever. Many cities are realizing the need for affordable medical monitoring solutions for seniors to prevent preventative conditions before they develop into life-threatening illnesses. For example, a North Carolina nonprofit that monitors blood pressure and electrocardiography is hiring thousands of potential employees.
Find a way to connect with medical devices manufacturers. Senior citizens often have an interest in new technologies, like pacemakers and implanted defibrillators. In 2020, be aware of any product that reaches the market that seniors might want to purchase. This is an opportunity to reach out to medical professionals to ask them to provide you with product recommendations to offer as a solution for seniors.
5. Document your experience as you build your business for future entrepreneurs looking for advice on how to build their own medical monitoring service for seniors and caregivers
If you’re an entrepreneur who’s just starting out, it’s a great idea to keep a journal of your experience. You’ll be able to look back on the things you did right and the mistakes you made and you’ll also get a chance to reflect on your journey and how it’s affected you.1. Assess your current market
Ask yourself which of your market opportunities looks the most realistic from a business perspective.
) What medical conditions could I offer?
There are many ways to make money in this sector. Many of the devices that will help us monitor our blood pressure, heart rate, oxygen saturation and glucose levels are also available for people with non-medical conditions such as diabetes.
) What is my product or service?
The more obvious part of this question relates to what you’re selling. If you’re just testing new products and services, then this will be easier. But if you’re in the supply chain of healthcare devices or have well developed expertise, then it’s worth taking the time to consider your original product, its variations and the market opportunity. There’s never been a better time to intelligently aim for a particular market.
) What will people pay for?And what’s an appropriate price?
Diseases and conditions can have very different prices depending on the patient, profession and the severity of the condition. What’s important, however, is that you focus on capturing the right market segments during early market research. You can do this by speaking to doctors, nurses, health departments and patients to get a sense of what the potential demand is for your specific healthcare product or service. You may discover that people who visit the doctor rarely have problems with blood pressure but that lower blood pressure is the most desirable outcome for various conditions. But if you discover that the significant other of a marriage whose blood pressure is too high is also a healthcare professional, you may change your focus from blood pressure monitoring to medical exercise tracking.