Website Closers® presents a thriving Telehealth Technology Company providing Virtual Disability Evaluations for individuals who have been injured or suffer physical, emotional, or psychological conditions that prevent them from doing their job.
Through its network of healthcare providers, which includes medical doctors, nurse practitioners, doctors of osteopathy, chiropractors, psychologists, and licensed therapists, the business is able to coordinate a secure, HIPAAcompliant telemedicine evaluation and medical records review between patients and physicians.
Before the onset of the pandemic, in March 2020, the practice was already utilizing online telehealth services with its patients but soon witnessed a significant increase in requests for disability evaluation from new and established patients. In-office visits significantly declined during this time as social distancing policies were implemented. Expectedly, the company saw an upsurge in new patients who had tested positive for COVID accessing its online services. Since then, the number of patients with COVID-related symptoms has decreased, but the business quickly gained a new market, and revenue exploded. Starting in 2021, management shrewdly pivoted to an online-focused provider and began to close all physical locations. Operations are now exclusively online and the business has no physical presence.
The process typically works as follows. Following the initial evaluation and diagnosis, the patient’s disability status is certified by a physician. Certification of disability also includes any necessary documentation or forms that need the physician’s completion requested by the administering disability unit, employer, or insurance company. No insurance is accepted or billed, and all services are privately paid. The patient is directly responsible for payment at the scheduled appointment time.
Additional services include a comprehensive 60-minute psychological evaluation and medical records review. Frequently patients require a more thorough evaluation and record review administered by an in-house psychiatric specialist.
Therapy sessions of 30 and 60 minutes are also available with a licensed therapist or psychologist. Furthermore, medical evaluation for DMV handicap parking placards is offered. The DMV requires a physician to certify a driver’s or patient’s application request for a handicapped parking placard.
Most services are conducted online via a secure, HIPAA-compliant telemedicine portal. Occasionally, consultations or treatment are conducted by phone telecommunication between a physician and a patient.
The demand for services offered and pricing is as follows:
Notably, the business experiences no seasonality, given the nature of its services. The typical patient is evenly split amongst working men and women in California between 25 and 60. The client is injured or has a condition that prevents them from doing their job. They are searching for a physician to assess their condition for disability evaluation and certification. A typical patient’s stay per claim is approximately five months, with an average revenue of $895 generated per patient. Some claims, however, result in less than five months of consecutive evaluation and certification, while others result in more, up to a maximum of 12 consecutive months. Once registered as a patient, the business experiences a return rate for a new claim of approximately 30%.
40% of clients are generated through word-of-mouth referrals, 30% from Google ads, and the remaining 30% via organic traffic. The business averages 25 new patients per month with no marketing and 50 per month through Google Ads PPC campaigns.
The owner works on the business for approximately 10 hours weekly. His primary tasks include administering, compliance, hiring management, payroll, marketing, advertising, disputes, and legal matters.
Additional employees work in the following capacities:
The owner would prefer to stay onboard either in a minority equity position or on an extended consultancy to ensure continuity through transition and assist a buyer with continued success and growth.
A buyer has the unique opportunity to step into the owner’s seat and reap the rewards of the hard work already put in. Management has analyzed and reviewed the business in detail over the past years and gone through the necessary implementations to strengthen and improve key components of the company.
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