Health has always been an important matter in our lives. We are looking for reliable advice where ever we can find it. In the digital world, we can do anything with no effort. And this time, a specialist doctor or a medical examination and consultation can be done online.
According to Accenture's survey in 2017, more than 70% of consumers are willing to experience health care services virtually.
In this article, we will take a look at Practo's success story and review the most business-related aspects of their accomplishments.
What is Practo?
Practo is the most trusted and well-known platform that connects patients with everything they need to take good care of themselves, from health issue examinations, booking diagnostic tests to finding the right doctor and booking appointments. You can also get your medicines at the door of your home.It is mainly focused on booking interactions with doctors.
Practo is an Indian company based in Bangalore. It is now established in 15 countries, and more than 100,000 doctors have profiles in this patient-focused platform. Patients can book confirmed appointments with skillful doctors listed on the website.
Practo is a free service for both patients and doctors. It helps millions of patients to live healthier, and it creates a more direct, more engaging healthcare experience. It also allows doctors to earn a reputation and engage more deeply with their patients.
Who are the founders of Practo?
It was founded by Shashank ND and Abhinav Lal, two Indian Tech students who wanted to keep reports and other medical prescriptions. They put their idea to action, and eventually, they came up with an online platform where patients could interact with the best online doctors.
Shashank is the founder and CEO of the company. He holds a bachelor's degree in technology from the National Institute of Technology. He is responsible for the vision of the company, along with building products.
Abhinav is the co-founder and CTO of the company. Abhinav has a bachelor's degree in technology as well.
How Practo makes money?
Practo has four customer segments:
4. Pathology labs
It can generate revenue from all of the groups mentioned above.
Practo provides a few free services such as booking appointments,searching for doctors, and listings. But its primary source of revenue is through the SaaS subscription software.
Practo’s main source of profit falls into three categories,
1) Practo profile sells
Since Practo has a high rank in search engines, doctors should pay for the profile listings. This is one way to generate revenue.
2) Practo Ray
It is a Practice Management Software(PMS) for the doctors, which helps them manage their clinic or hospital. It is the largest source of income for Practo.
3) Practo Plus
It is a subscription that patients can pay annually for healthcare plans. It has unlimited online medical consultation, along with so many great advantages.
It’s important to know that Practo makes money from medical deliveries too.
Practo claims to have a 90% market share in India, and it offers the greatest yet cost-effective medical services. Independent doctors and small clinics are their primary target market.
Who are the major competitors of Practo?
There are three top competitors in the telemedicine sector,including
It offers paid and free online consultation and answers patients’ questions more quickly.
It works with the most professional doctors, nurses, and hospitals.
It offers similar services to Practo. It analyzes data and uses cloud-based communication.
Practo continues to thrive in the digital health care services
The telehealth market has been continuously striving in the past decade, and more startups are devoting their time and energy to this sector. The health care industry is evolving, and technology has a significant impact on it. The telemedicine market in India is expected to reach $5.4 Billion by 2025.