How to Verify a Medical Software Product Idea (make sure it is potentially successful)
Delivery of medical care and related services through software solutions is an increasingly boosting trend. Digitalization in healthcare ensures enormous opportunities to improve health outcomes and administrative workflows in medical facilities. When you think about it, this is a factor that plays an enormous role in the future of the medical industry.
Those institutions who do not pay attention to this sort of trend will simply lose the track of these improvements. For that reason, we must stay updated with these new possibilities and make the most of them whenever possible. However, you never know whether your medical software product idea will be the most preferred option for patients and staff.
That’s why it is crucial to understand that having a wide array of different possibilities in front of you is always significant. Thankfully, modern technologies have provided this industry with a plethora of possibilities to focus on. Nevertheless, be careful about making the steps towards adopting these technologies. At least, some steps can mitigate your business risks.
Start with identifying your product vision
It is very important to know what problem should be solved due to software. Who will be the main recipient of the benefits: administrative staff, medical professionals, or patients? Study your target audience and what they need from a future medical software solution. How can your medical software stand out from competitors?
So, you can see that the aim of every particular technology introduced in this industry should be checked a couple of times before implementation in every country’s medical institutions. Answering all of these questions is of the utmost importance. Ask for a free quote for your business idea from a company with strong expertise in healthcare software development, like Elinext. Answers to these questions will reduce development costs and time to market.
Thus, a France-based startup wanted to provide senior caregiving through hiring caregiving staff instead of a specialized agency to save costs. From the customer’s side, a patient should be able to order care with a click of a button. At the output, the custom caregiving app provides profile sections for caregivers and clients, a geolocation section for both for time-tracking purposes as well as a request and order section. The app was successfully launched and provided with further funds for its implementation and support. Naturally, this was approved after a long list of checkups.
Try a Minimum Viable Product
Minimum Viable Product (MVP) is a version of a product with basic functionality that is sufficient for use by early customers who provide their relevant feedback for further product development. Amid so many software options for healthcare, an MVP may be a good strategy to minimize risks. Some sources report up to 400,000 healthcare apps available in the app stores with poor numbers of downloads for the majority of them. Offering the priority functions in the MVP to the target audience will entail customers’ opinions about the real state of things. So, you will know whether your software idea meets the expectations of customers or it’s better to review your business approach.
Ensure data protection
Medical software endures being a target for cybercriminals. In light of this, patient data is subject to strict regulation globally. In the U.S., we refer to the HIP and AA of 1996 and guidelines created by the Department of HHS. Last year, the United States government also approved the HIPAA Safe Harbor law to reinforce the security best HIPAA compliance practices by recompensing enclosed persons.
In the European Union, all medical software must meet the General Data Protection Rules (GDPR). Prevention of data breaks is of paramount importance and a successful medical software product idea always prioritizes secure patient personal information by addressing respective regulations. The doctor-patient confidentiality is one of the cornerstones of the medical system.
So, confirming that it functions in the best possible way should be one of the priorities. Not only that, it should be quite high on this list. Otherwise, it doesn’t live up to the standards imposed by World Health Organization, which are pretty strict when it comes to this question. Thankfully, all the technology that was implemented in these systems has proven themselves as quality in this aspect. Therefore, it is significant to pay attention to it.
Do research in case of doubts
Doing market research is always complicated and time-consuming. On the other hand, if you want to opt for the right medical software solution that fits your business most, it is worth doing. Thus, there is no need to reinvent the wheel, if your budget is limited. There are ready case studies on how to automate business within healthcare facilities and promote value-based care.
It all goes without saying that you can leverage publicly available information from health authorities and institutions, medical market leaders, and software development companies. Anyone who knows even the most basic elements of the medical industry knows just how important it is that the method is proven effective through a wide array of different studies.
For that reason, providing the public with numerous studies that can confirm this subject is something that we cannot work without. To be completely honest, the first thing those who work inside this industry understand is that the implementation of any method out there is simply not possible without the backing of numerous studies on the subject.
Not only that these studies should be done, but they also need to be conducted by serious medical universities and institutions. So, when you stumble across a report that was done by an institution you have heard about, you should always seek whether other ones can confirm the findings of that particular one.
If there are none, then it is safe to presume that the particular method is not yet confirmed through research. Therefore, it shouldn’t be utilized until more confirmations can build a solid case for it. That’s why it is a priority to take a look at all the relevant reports done on such a topic, and only then, we can make any sort of conclusions.
Successful medical startups case studies
All the above-mentioned were taken into consideration when Virta Health, a US-based startup, developed its app to converse type tow diabetes. At the moment, medical solutions treat this condition as a long-lasting one. Given that type two diabetes makes up ninety-five percentages of cases in the US, the startup’s efforts easily quickly confirmed their relevance in the market.
Virta App provides users with a kit to monitor blood glucose, and a scale for mass and has 2 key mechanisms. The first one modifies your diet via virtual training on a daily basis while the second component covers message with a medical professional to adjust treatment as needed. As a result, Virta Health is valued at $ 2.2 billion and succeeds in raising funds for digital diabetes reversal. Last year, Tiger Global, an investment firm, announced $133 million to support Virta’s efforts.
Innovaccer, a San-Francisco-based big data healthcare startup, got $225 million funding in 2023 to support its centralized information hub of medical data. The company stores data from healthcare giants and other stakeholders like laboratories and insurance providers with 24 million patients on the health cloud and $600 million savings for providers.
The Bottom line
There is no universal recipe for how to make sure that your software medical product will succeed. At least, you should address some aspects to make success more feasible. In this article of ours, we’ve disclosed a couple of significant facts that can help with making this sort of implementation much easier.
Furthermore, we’ve provided a couple of examples on this topic. So, you can have a complete understanding of this process and what is the most effective way to do it. Every aspect is crucial, and you should pay attention to all of them. We are certain you will find this sort of insight quite helpful.