Telemedicine has been acknowledged to improve the quality of healthcare. However, many telemedicine services fail beyond the pilot phase. A literature review on business model components for telemedicine services was conducted. Based on specified inclusion criteria, 22 publications were included in the review. To facilitate the analysis of literature, a business model framework with value as its central focus was proposed. Improvement in quality, efficiency and accessibility of care were identified to be the outcomes of telemedicine, with patients and healthcare personnel being the main users of the services, which are delivered through home, institutional and community-based care. Patients, health providers, vendors, payers and government agencies are actors involved in the delivery of telemedicine services, which require investments in resources like videoconferencing technologies, home monitoring devices and other IT infrastructure. Subscriptions, reimbursements and pay-per-use revenue streams were identified as feasible for commercializing telemedicine services.