DHI Favorite: 5 Essential Steps in Building a Revenue Model for Your Digital Health Business

Decoding Healthcare Innovation

In this episode, Carrie and Rebecca discuss:

• What a minimum viable revenue model is
• What 5 questions they ask every new revenue model client
• Why healthcare business rules are different from every other industry
• Why determining a revenue model must include designing a compliant business arrangement
• What happens when your revenue model is noncompliant

Download the checklist here: https://bit.ly/3TxMKCN

Find the episode transcript at our website: https://nixongwiltlaw.com/dhi-podcast/

Key Takeaways:

• The first question you must ask is, “what are you selling”? For example, a vendor of RPM is often selling software, devices, and clinical services in the form of management services.
• Identifying who your customers are or what revenue streams you have available is a key step in figuring out what the available payment mechanisms are. You may have more options than you think.
• In healthcare, designing a compliant business arrangement is key to capturing revenue without getting yourself in trouble. Noncompliance is a revenue risk.
• Consider what documents you need to make the arrangement viable.There may be more than you think due to the complexity of the healthcare industry.

“If you’re using those non-compliant business arrangements to capture the revenue, that revenue down the road may be clawed back from you.” - Carrie Nixon

Learn more from Carrie and Rebecca:

Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights

Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/

Website: https://nixongwiltlaw.com/

Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/

Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/

NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/