How to build a revenue model
Many healthcare innovators come to us and tell us they have a great idea to move the needle on health outcomes or save the system a bunch of money or improve the patient experience.
The problem? They don’t know how they’re going to make money with it.
Partner Carrie Nixon often says about innovation, “if it doesn’t get paid, it doesn’t get done.” And that’s why it is critical to find a compliant revenue model to support your game-changing idea.
We work with digital health founders in this situation every single day. You probably won’t be surprised to know we have a finely-tuned system after going through it a few hundred times!
Today you’ll discover our 5-step process, including where even brilliant people get tripped up and why compliance is a crucial part of your revenue modeling—if you want to keep your revenue, that is.
You might be surprised at where this process leads and how valuable it is for understanding opportunities and avoiding dead ends.
You can get all the details of our process in this 15-minute podcast, including a link to download a handy checklist to help you figure out your revenue model.
We even created a test company, ABC RPM, LLC, to walk through the process. (No heckling over the highly original name we chose, okay?)
Need some expert help with the process? We’re here for guidance and *pressure testing* of your model because tough love means we want you to succeed. Click here to get started.
Conference Season is Here
We’re on the road again!
Partner Rebecca Gwilt is attending the Women’s Health Innovation Summit in Boston on September 29-30. Connect with Rebecca on LinkedIn if you’re going, too.
HLTH isn’t until November (Vegas, baby!), but we wanted to share Health System Practice Lead Faisal Khan’s generous speaker discount code in case you haven’t yet registered.
Okay, okay, we also wanted to share his excellent cartoon likeness!
Faisal will be moderating a point/counterpoint panel on the future of digital therapeutics, which should be a lively session. Will we see you there?
The Don’t Miss List:
[blog] Read about the newly-approved Smart Debit Card Incentive Program for Patient Adherence, outlined by Partner Rebecca Gwilt, Senior Counsel Kaitlyn O’Connor, and Counsel Aizaz Chaudhary.
[blog] Learn about New Telehealth Codes in the 2023 MPFS in this breakdown by Partner Rebecca Gwilt and Reema Taneja, Esq.
[podcast] Senior Counsel Bethany Corbin, host of the Legally FemTech podcast, just went to weekly episodes because she has *so much* good info already recorded. Check out her latest episodes on How to Brand your FemTech Startup and Operationalizing Diversity and Inclusivity: A Femtech Analysis and Case Study.
[podcast] Did you hear Petfolk just raised $40M in Series A funding for veterinary telehealth? TelePet is hot, and TelePet experts and dog lovers Kaitlyn O’Connor, Esq. and Reema Taneja, Esq. are all over it in this episode of our Decoding Healthcare Innovation podcast.
[accelerator] Texas Medical Center: Applications for the Accelerator for HealthTech are OPEN. Some areas of interest include: maternal health, behavioral health, cardiovascular, revenue cycle, clinical trial, and big data. Applications can be found here.
[podcast] Managing Partner Carrie Nixon spoke to American Telehealth Association VP Kyle Zebley about how upcoming laws and policies will impact the future of virtual care.
[podcast] Speaking of the future, privacy and security experts Bethany Corbin, Esq., and Ashleigh Giovannini, Esq., took over the podcast to discuss Privacy and Security Frameworks for Connected Devices and the Internet of Medical Things.
[newsletter] Have you signed up for our biweekly Telehealth and Virtual Care Update newsletter on LinkedIn? This TL;DR recap of state and federal law and policy changes is a must-read for anyone in the virtual care space. (And that probably means you!) Click here to get it in your feed.
(Wow, that’s a lot of “don’t miss,” isn’t it? It’s been a busy summer!)
And that brings this issue to a close…
Thank you for making room for us in your crowded inbox every month. You're busy, and we aim to deliver the most immediately useful information in each issue. You can always reply to any of our emails with kudos, comments, questions, or constructive criticism—we read every response.
In the next email, you'll learn about leveraging data to get critical insights into your patient population to drive tailored, person-specific interventions.
Until then, we wish you a happy start to pumpkin spice latte season and (for parents) the joy of kids returning to school.
Until next time,
Carrie Nixon, Rebecca Gwilt, and the entire Nixon Gwilt Team