Telemedicine
Telemedicine
Business Model Description
Invest in a platform that can provide teleconsultations and store medical files. At minimum, the software will include Electronic Medical Records (EMR) integrations, video conferencing, a virtual waiting room, live text, medical billing and online prescriptions.
Expected Impact
Telemedicine can provide services for persons who normally have to travel distances for healthcare. Medical professionals will have access to all files from one database and provide teleconsults.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Belize: National
Sector Classification
Health Care
Belize’s healthcare system provides primary, secondary and tertiary care and are provided by both private and public medical service providers. However, there are imited health insititutations accross the country as well as an inadequate number of healthcare professionals throughout the country.
Health Care Providers
Apart from limited health insititutations accross the country and an inadequate number of healthcare professionals throughout the country, there is an inappropriate distribution of health access. To this, healthcare delivery is needed accross geographic areas where the distribution is the lowest. Belize has uneven distribution of healthcare access accross districts and among marginalized, rural communties.
Pipeline Opportunity
Telemedicine
Invest in a platform that can provide teleconsultations and store medical files. At minimum, the software will include Electronic Medical Records (EMR) integrations, video conferencing, a virtual waiting room, live text, medical billing and online prescriptions.
Business Case
Market Size and Environment
240,907 doctor visits in 2019
Mexico's annual doctor visit was used as a benchmark for Belize. It is assumed that 20% of their doctor visits would adapt and utilise the telemedicine platform.
Indicative Return
5% - 10%
A telemedicine model was built using the assumptions from external models as a benchmark which revealed an IRR of 8%
Investment Timeframe
Medium Term (5–10 years)
Potentially a medium-term investment if adoption rates are high.
Ticket Size
< USD 500,000
Market Risks & Scale Obstacles
Business - Business Model Unproven
Capital - Requires Subsidy
Impact Case
Sustainable Development Need
Belize has a network of private clinics throughout the country, operating using a group practice model instead of a single practice. Belize has one mental health facility, three regional hospitals, and three community hospitals meaning infrastructure is lacking. The inadequate number of healthcare professionals and significant distribution disparities contribute to the lack of healthcare access.
Gender & Marginalisation
Many women in remote areas do not have easy access to reproductive consults. It is difficult for elderly patients and those with diverse abilities to access the limited healthcare available.
Expected Development Outcome
Geographically isolated populations who do not have access to healthcare institutions will be able to receive remote consultations instead of traveling long distances. Populations who do not have access to healthcare professionals needed will be able to receive remote consultations instead of traveling long distances to receive services from specific professionals.
Gender & Marginalisation
Populations who do not have access to healthcare professionals needed will be able to receive remote consultations instead of traveling long distances to receive services from specific professionals. Elderly patients and those with diverse abilities will also gain more accessible access to healthcare through a telemedicine platform.
Primary SDGs addressed
3.8.1 Coverage of essential health services
Belize scored a 64 on the Universal health coverage (UHC) service coverage index
Improve index score by 17%
9.c.1 Proportion of population covered by a mobile network, by technology
coverage of (~90%) network connectivity.
The long-term objective for this indicator is a value of 100.
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Outcome Risks
Medical records backed up by a cloud run cyber secuirty risks.
Gender inequality and/or marginalization risk: Potential for exclusion and marginalization of population without reliable access to the internet.
Impact Risks
Consumer adoption of the telemedicine platform may be limited and prevent scaling-up.
Impact Classification
What
Access to health services for persons who have internet access
Who
Medical professionals can access records from one database. Patients will be able to access health services from wherever they are.
Risk
The investor will need to establish a secure system.
Impact Thesis
Telemedicine can provide services for persons who normally have to travel distances for healthcare. Medical professionals will have access to all files from one database and provide teleconsults.
Enabling Environment
Policy Environment
There is no legislative framework that governs private sector investment in public projects.
Financial Environment
Currently no fiscal or other incentives that would facilitate investment in health services.
Regulatory Environment
Relevant legislation includes but is not limited to the Medical Service and Institutions Act and the Medical Practitioners Registration Act.
Marketplace Participants
Private Sector
Doctors who provide services through their private practice will be able to use the platform to remotely reach patients.
Government
Subsidizer of medical expenses through National Health Insurance
Public-Private Partnership
Not only can private doctors offer services but those within the public sector offering health services can also utilise the platform to expand the reach of their patients
Target Locations
Belize: National
References
- ("1) Government of Belize. (2014). Belize Health Sector Strategic Plan 2014 - 2024. Retrieved from http://sisco.copolad.eu/web/uploads/documentos/Belize_Health_Sector_Strategic_Plan_2014-2 024-April_2014.pdf "
- (2.) Government of Belize. (2019). Belize Human Resources for Universal Health Strategic Plan 2019 - 2024 "3) World Bank Group (2020) - Health at a Glance: Latin America and the Caribbean 2020. Retrieved from https://openknowledge.worldbank.org/handle/10986/34959 " "4) World Health Organisation. (2017). Country Cooperation Strategy at a Glance: Belize. Retrieved from https://apps.who.int/iris/bitstream/handle/10665/136963/ccsbrief_blz_en.pdf?sequence=1&isA llowed=y" "5) People’s United Party. (2020). Plan Belize: Health Care. Retrieved from https://planbelize.bz/wp-content/ uploads /2020/ 08/Healthcare-Policy-2020.pdf"
- ("6) Chris Kimble. (2015). Business Models for e-Health: Evidence from Ten Case Studies. Retrieved from https://onlinelibrary.wiley.com/doi/epdf/10.1002/joe.21611"
- (7) Cross Mark Journals. (n.d). Telehealth Finance Variables and Successful Business Models "8) Mark A. Forster & Associates. (2006). Telehealth Business Models: An Assessment Tool for Telehealth Business Opportunities in Remote Rural Communities. Retrieved from https://iseralaska.org/ static/ legacy_publication_links/ TelehealthReport1b.pdf" "9) World Health Organisation. (2020). Telemedicine Opportunities and Developments in Member States. Retrieved from https://www.who.int/goe/publications/goe_telemedicine_2010.pdf"