Business Investigation Study For The Nordic Telemedicine Center Using Business Model Canvas and Monte Carlo Simulation

Abstract

The eHealth industry has caught huge attention during the last decade especially in Nordic countries. The concept of telemedicine is becoming an essential factor in the healthcare sector owing to its advantageous edges that made remote diagnosis and monitoring become more viable. Such role that brought numerous patients’ cases within the reach of healthcare professionals, facilitated the continuous monitoring of their vital signs and kept records of their previous health history for better treatments. However, telemedicine projects –as any other type of projects– should possess a preliminary feasibility plan described in business terms to speculate the likelihood of failure or success based on the resources and the value proposition. Various worldwide approaches have been conducted in many countries to provide the suitable business frames for the telemedicine business model. One of the main objectives of the Nordic telemedicine Center (NTC) project is to establish a running center that operates and sustains itself even after the project period is concluded thus, a feasible business model is required. In this thesis, an approach is designed upon the business model Canvas structure. The proposed canvas is based on the Nordic telemedicine Center project’s resources and objectives. Nevertheless, the output canvas is assigned with a conducted Monte Carlo simulation to obtain some business insights relying on both real and assumed input data.