Business Idea

Start A Medical Software Development Business

About

Starting a medical software development business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell medical software development, or selling medical software development online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start a medical software development business ➜

Key stats

market size
$67.5B
revenue (monthly)
$37.3K
starting costs
$37.3K
gross margin
85%
avg product price
$42500
time to build
12 months
growth
Email marketing
business model
Advertising
time investment
Full time

About

Starting a medical software development business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell medical software development, or selling medical software development online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start a medical software development business ➜

Key stats

market size
$67.5B
revenue (monthly)
$37.3K
starting costs
$37.3K
gross margin
85%
avg product price
$42500

 

time to build
12 months
growth
Email marketing
business model
Advertising
time investment
Full time

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $750 $7,000
Employee & Freelancer Expenses $151 $352
Equipment & Supply Expenses $500 $5,000
Website Costs $303 $7,215
Business Formation Fees $5,600 $20,400
App Creation Costs $1,000 $20,000
Software Expenses $162 $3,094
Advertising & Marketing Costs $0 $1,250
Other Expenses $0 $800
Training & Education Expenses $0 $850
Total Startup Costs $8,466 $65,961

Successful Businesses

Business URL Rank
OpenXcell openxcell.com #86,622
GE Healthcare Systems gehealthcare.com #92,884
AllegianceMD EHR Software allegiancemd.com #103,702
ebix.com ebix.com #110,666
Scopic scopicsoftware.com #133,653
Award-Winning Software Development Firm arkenea.com #138,364
Epocrates epocrates.com #175,774
AllianceTek Inc alliancetek.com #256,246
Custom Software Development Company in India,USA concertcare.com #303,146
Jama Software jamasoftware.com #354,025
Today's Medical Developments todaysmedicaldevelopments.com #371,308

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
Traffic to your website A medical software development business gives people a reason to visit your website and to keep coming back to you!
Meaningful business connections You never know who you will meet as a medical software development business. This could be the start of an incredible business opportunity!
High customer retention rates Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.
Cons Description
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Longer Sales Process A medical software development business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
High employee turnover In the medical software development business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.
Taxes As a medical software development business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.
Niche Market A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.
Work can be repetitive You may find creating the same product over and over repetitive and tiresome. One way of avoiding this is to diversify product lines and revenue streams - this will keep things interesting!

Marketing Ideas

  • 1

    Direct Sales

    Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.

    For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.

  • 2

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

  • 3

    Partnerships

    A partnership is a formal agreement between two or more entities to oversee business operations and share profits and liabilities.

    Creating strategic partnerships with an existing business can be a huge win for a startup.

    This is considering that a partnership creates a new slate of future options for your startup.

    On the other side, pursuit of partnerships could suck up a ton of time, and bunch of resources, and fail to materialize.

    Therefore, entrepreneurs need to do proper research and evaluate the possibilities of achieving success through partnerships.