Do you know that there are 10+ strategies to monetize healthcare mobile apps?
Healthcare apps are gaining popularity at this time as most people are becoming health-conscious and prefer healthcare mobile applications to track their health, consult medical experts, order medicines, book medical services, and more.
With so much demand for healthcare mobile apps, businesses and startups are investing heavily in healthcare mobile app development. And to earn returns on their investments, they need to implement the right monetization strategy/ies for the healthcare mobile app.
One shoe doesn’t fit all; so the word “right” here means choosing the ideal strategy to monetize the healthcare app.
In this blog, we will discuss the best monetizing strategies for healthcare mobile apps and the factors you must consider while choosing the right strategy. So, without further delay, let’s get started!
Best Monetizing Strategies for Healthcare Mobile Apps
The following are the best strategies to monetize healthcare mobile applications.
- Freemium Model
The “freemium” is the most common monetizing strategy leading healthcare app development companies use to commercialize healthcare mobile apps. In a freemium monetizing strategy, your app users can interact with the basic features for free and have to pay to access premium or advanced features.
MyFitnessPal is the best example of a healthcare mobile app using a freemium monetizing model. You can use the basic features for free, such as calorie trackers, steps counter, workout plans, etc.
On the other side, when you switch to the premium version, you will get access to advanced AI-enabled features, such as custom nutrition tracking, intermittent fasting tracker, food insights and comparison, guided meal and workout plans, and more.
- In-App Advertising
Another way to generate revenue from healthcare mobile apps is by using in-app advertisements. The healthcare mobile app developers run advertisements for various brands, marketing their products and services, and in return, charge them based on pay-per-view or pay-per-click.
It is another proven monetization strategy used by leading healthcare businesses and startups. They collaborate with other healthcare companies, hospitals, and medical experts and run video ads, polls, banner advertisements, etc.
A crucial factor you need to keep in check while using in-app advertising is not to overdo advertisements in healthcare mobile apps. Too many ads can ruin the user experience and result in high user churn.
You also do not use a healthcare app for a long time that has too many advertisements. So, take care of the number and frequency of ads you run in the healthcare mobile apps.
- In-App Purchases
Healthcare startups and businesses generate additional income by providing in-app purchase options in custom healthcare apps. Users can buy various services or products, such as extra minutes of online consultations with healthcare experts.
You can find the in-app purchases monetizing strategy in numerous leading healthcare mobile apps, including Zocdoc, Doctor-on-Demand, and Headspace. According to BusinessofApps, users spend $380 billion worldwide on in-app purchases. Thus, in-app purchase is an established strategy to generate revenue from healthcare mobile apps.
- Content Monetization
Many healthcare apps commercialize the mHealth app’s content. This content can be anything, such as high-quality healthcare measures videos, blogs and articles crafted by top doctors and medical experts, webinars, and podcasts related to healthcare, fitness, nutrition, healthy daily habits, etc.
You can prepare high-quality content for the healthcare mobile application and monetize it. Users pay a certain amount to access these kinds of up-to-date and verified content.
- Sponsorship
Sponsorship is one of the best ways to monetize healthcare apps, telemedicine apps, and mHealth applications. Sponsorship is a type of contract between the third-party entity (known as sponsors) and the recipient.
In sponsorship, you collaborate with a third party, such as a healthcare business, hospital, or medical facility, and they provide you with monetary support, be it funding for app development, content creation, or research studies, and in return, you promote their brand, products, and services in your healthcare mobile application.
Let’s understand this with an example. Imagine you have a telemedicine app and get sponsorship from the Mayo Clinic, a leading medical facility in the USA. The Mayo Clinic will provide you with monetary support, and you will promote their brand and services in your telemedicine app through ads, banners, pop-ups, and more.
- Partnerships and Promotions
Another best monetizing strategy for the mhealth app includes partnerships and promotions in the list. In partnership, you collaborate with different medical service providers, leading hospitals, and healthcare centers and mutually benefit each other by contributing resources, expertise, or services to achieve shared goals.
For instance, imagine you partnered with a top nutritionist in the city. As per the partnership, the nutritionist will recommend your calorie-tracking app to his clients. In return, you provide one-on-one consultation services with that nutritionist in your calorie-tracking app. It is a win-win situation for both parties.
On the other hand, when you use promotions as a monetizing strategy, you provide your users with deals, offers, limited-trial periods, etc., to encourage them to use your healthcare mobile app more often or subscribe to the premium.
- Subscription Model
As the name suggests, you monetize your telehealth mobile app by making it a subscription-based app. To use your app, users need to buy a subscription plan and renew it regularly to keep using it for a long time.
Various healthcare mobile apps have subscription plans crafted for the users. The subscription plans can be monthly, quarterly, half-yearly, yearly, or a custom subscription plan, according to your business goals and the healthcare app’s target audience.
Various subscription-based telehealth and medicine apps are quite successful in the industry. Some of them are DoctorOnDemand, MD Live, Teladoc, Medscape, Epocrates, and others.
- Telehealth and Consultation Services
When it comes to generating revenue from the telemedicine app, telehealth and consultation services play a vital role in helping you achieve your monetary goals.
You can provide consultation services and telehealth services, such as remote monitoring, online therapy, online pharmacy services, and more, and charge a particular amount from the users against it.
It is a proven strategy to generate income from the healthcare mobile app. Users will pay you and use the telehealth services they want.
- Affiliate Marketing and Referral Programs
Affiliate Marketing and Referral Programs are among the best monetization strategies where you, as a healthcare mobile app owner, partner with other healthcare providers, pharmacies, or wellness brands.
When you implement affiliate marketing, you earn commissions for promoting products or services provided by your partners, typically through tracked links or codes.
Alternatively, when you use referral programs to monetize the healthcare mobile app, you reward your users with coupons, discounts, credits, etc., for referring your healthcare app to other users. Also, the new users will receive some kind of incentive, such as a one-week free trial.
This strategy increases your healthcare mobile app’s user base, drives more sales, and grows your revenue. Also, it provides value to the users in terms of discounts or access to quality healthcare products and services. Another win-win situation for both parties.
- Pay-per-Service
In a Pay-per-Service monetizing strategy for healthcare mobile apps, users pay for services or consultations they use within the app. It allows them to pay for what they use, rather than a full subscription fee.
The pay-per-service model allows users to access specific healthcare services as needed, offering flexibility and cost-effectiveness. Let’s look at an example to better grasp this.
Imagine you have a virtual consultations healthcare app. You charge users on a per-consultation basis for telemedicine appointments with licensed physicians, specialist consultations, mental health therapy sessions, or prescription refills.
Now, users would pay only for the services they require. This way, users access affordable healthcare services while you generate revenue directly from each transaction.
- Data Monetization
Nowadays, data monetization is gaining popularity as one of the best monetization strategies for healthcare mobile apps. In data monetizing, you can
generate revenue by collecting, analyzing, and selling user data to third parties against monetary benefits.
These third parties can be pharmaceutical companies, researchers, or healthcare institutions. The aim of providing user data to third parties is to allow them to use that data to innovate novel healthcare products and services or conduct research.
For example, when you develop a fitness app, you track users’ exercise habits and share that data with pharmaceutical companies developing new medications for cardiovascular health.
By employing user data in this way, you can generate income while contributing to medical research and innovation. However, you must prioritize user privacy and data security, ensuring that data is anonymized and handled in compliance with relevant regulations like HIPAA to maintain user trust.
- Healthcare E-Commerce
Last but not least, another proven way to generate revenue from a healthcare mobile app is to set up a healthcare e-commerce online store. You can sell a variety of healthcare-related products and services and generate direct revenue from the app.
Moreover, you can earn additional revenue by offering premium subscriptions or memberships for access to exclusive discounts, priority shipping, or personalized product recommendations.
The healthcare e-commerce monetizing strategy not only generates revenue but also enhances user experience by providing a convenient one-stop solution for healthcare needs within the healthcare app.
Therefore, these are the best monetization strategies for healthcare mobile apps. It’s up to you which strategy or combination of strategies you use for your healthcare mobile app.
Types of Healthcare Mobile Apps
The different kinds of healthcare mobile applications are as follows:
- Telemedicine Apps
Telemedicine apps allow patients to consult with doctors and healthcare providers to access medical advice and treatment remotely.
- Medication Management Apps
Medication management apps help users track and schedule their medication timelines to ensure they consume medicines on time.
- Symptom Checker Apps
Symptom checker apps allow users to get an initial AI-enabled diagnosis by entering symptoms’ details into the app.
- Mental Health Support Apps
Mental health support apps help users to manage their mental health conditions by providing resources, tools, and support, such as therapy sessions, mood tracking, and meditation exercises.
- Chronic Condition Management Apps
The chronic condition management apps help patients manage long-term health issues, such as diabetes, asthma, and hypertension, by monitoring and providing educational resources.
- Personal Health Record Apps
Personal health record apps enable users to store and access their medical records, test results, and other health-related information securely in one place digitally.
- Remote Monitoring Apps
Remote monitoring apps allow healthcare professionals to remotely monitor patients’ health metrics.
- Fitness Coaching Apps
The fitness coaching apps help users achieve optimal fitness by offering them personalized exercise routines, coaching nutrition plans, and rehabilitation programs.
Hence, these are the types of healthcare mobile applications.
Factors to Keep in Mind While Monetizing the Healthcare App
Monetizing a healthcare mobile app needs a deep analysis of the best monetizing strategies and various other factors. These factors are as follows:
- Type of Healthcare App
The foremost factor you need to consider while monetizing your healthcare mobile app is the type of healthcare app. As we said before, one strategy cannot be applied to all kinds of healthcare apps effectively.
Thus it is crucial to understand the type of healthcare app and which monetization strategy will align the best with it.
- Target Audience
Your target audience is another factor you need to consider while monetizing your healthcare mobile app. Your user base determines the pricing of products and services you provide.
Hence, it is essential to understand your target audience carefully while monetizing the healthcare mobile app.
- Market Research and Competitive Analysis
Before proceeding with monetizing the healthcare mobile app, we recommend you research the market and analyze your competitors in detail.
You can use the leading healthcare apps in the market and evaluate which monetization strategies they are using. It will give insights into the strategies you can use to monetize your healthcare app.
- Value-Based Pricing
It is one of the crucial factors to consider while monetizing a telemedicine app. You have to set the pricing of healthcare-related products and services justifying the value they provide.
You simply cannot overcharge for your products or services and if you undercharge to attract users, you may not generate enough revenue to survive in the market.
- Privacy and Security
Privacy and security are the most crucial factors to keep in mind when monetizing telehealth applications. When you choose a certain monetizing strategy, such as data monetizing, you share your user data with third parties.
Hence, it is crucial to share it encrypted so that the user’s personal information does not leak and no outsider can access it.
- Compliance and Regulation
The monetization strategy or strategies you choose to commercialize your healthcare mobile app must adhere to the regulations of government, institutions, and laws, such as the Health Insurance Portability and Accountability Act (HIPAA).
Moreover, you must ensure that your healthcare monetizing strategies are according to ethical advertising practices.
- User Experience
Last but not least, you must take care of user experience while monetizing the healthcare mobile app. After all, the number of users is the core source of revenue you generate from the healthcare mobile app.
When implementing strategies, such as in-app ads, keep in mind that you do not overdo it, ruining the overall user experience, and eventually resulting in a high churn rate.
Therefore, these are the factors you need to consider while monetizing the healthcare mobile application.
Final Thoughts
So, are you ready to monetize your healthcare mobile app with the strategies mentioned in this blog? We have provided you with the best monetizing strategies for healthcare apps.
You can consult a leading healthcare app development company, like Quytech, and consult which strategy or strategies work best for your app.
Moreover, if you are looking to develop a custom healthcare app, reach out to our expert consultations and they will guide you through developing a healthcare mobile app tailored to your specific business needs. Visit now: www.quytech.com