Technology advancement has brought people closer together, leading to a remarkable expansion of online services across multiple industries. This growth extends even to the healthcare sector, where there has been a remarkable surge in demand for online services, specifically virtual doctor consultations.
Every country experienced a tremendous increase in online doctor
consultations following the COVID-19 pandemic, witnessing a staggering 500%
rise in such consultations in 2020 alone. At the forefront of this revolution
in the healthcare industry is Practo, an Indian-based company that has played
an important role in transforming how healthcare is accessed and delivered.
Practo provides a comprehensive platform that connects patients
with doctors, streamlines the appointment booking process, and offers valuable
consultations, empowering individuals to make informed healthcare decisions and
receive the necessary treatment they require.
Practo success has encouraged many to build an online
doctor appointment booking platform that connects patients with
professional healthcare services. Dive into the Practo business model to know
how it works and makes money. Also, find out how it satisfies patients' needs
by connecting them with professional doctors.
What is Practo?
Practo is a healthcare technology company based in India that
operates a comprehensive platform connecting patients with doctors and
healthcare providers. It was founded in 2008 to revolutionize how healthcare is
accessed and delivered. Practo offers various services and features that
enhance the patient experience and streamline healthcare processes.
Practo has become a prominent player in the healthcare industry,
connecting more than 20
million patients with healthcare professionals and improving access to quality
healthcare services. Its innovative approach and user-friendly platform have
helped bridge the gap between patients as well as healthcare providers, making
healthcare more accessible, efficient, and convenient for people.
Practo Funding and Success History
Practo, founded in 2008 by Shashank ND and Abhinav Lal, is a
healthcare technology company headquartered in Bengaluru, India. The company
was established to use technology to transform the healthcare industry and
improve access to quality healthcare services.
Practo expanded its services and introduced several innovative
features to enhance the patient experience. In 2013, the company launched its
online appointment booking system, enabling users to book appointments directly
through the platform with doctors and healthcare facilities. This feature
simplified the appointment process, saving time and effort for both patients
and healthcare providers.
Over time, Practo has even acquired many companies, check the
table for more details:
|
Acquired Date |
Acquired Amount |
Company Name |
Overview |
|
Dec 2016 |
undisclosed |
Enlightics |
Data analytic platform |
|
Sep 2015 |
$40 million |
Qikwell |
Doctor appointment platform |
|
Sep 2015 |
$12 million |
Insta Health Solutions |
Hospital management provider |
|
July 2015 |
undisclosed |
Genii |
Mobility Company |
|
April 2015 |
undisclosed |
FitHo |
Web-based weight program |
Recognizing the potential of telemedicine, Practo introduced its
online doctor consultation service in 2015. This service allowed patients to
consult with doctors remotely through video calls, chat, or voice calls. The
introduction of virtual consultations proved especially beneficial during the
pandemic when in-person visits were restricted, and people sought alternative
ways to access healthcare services.
Practo, the healthcare technology company, has raised substantial
funding to support its growth and expansion over the years. Here is an overview
of Practo's funding history:
In 2012, Practo secured $4 million in Series A funding led by
Sequoia Capital—the funding round aimed to fuel the company's expansion plans
and enhance its technology platform.
Practo raised $30 million in Series B funding in February 2015.
This round was led by Sequoia Capital and included participation from Matrix
Partners. The funding was intended to support Practo's global expansion and the
development of new products and services.
In August 2015, Practo announced $90
million in Series C funding, making it one of the largest funding rounds
in the Indian healthcare technology sector. The round was led by Tencent and
included participation from Sofina, Google Capital, Altimeter Capital, and
Sequoia Capital. The funds were allocated for further geographic expansion,
product development, and strategic acquisitions.
Practo raised an additional $55 million in Series C extension
funding in April 2016. The round was led by Tencent, with Sofina, Sequoia
Capital, and Matrix Partners' participation. The funding was aimed at
consolidating Practo's position in the healthcare technology market and
expanding its range of services.
In August 2017, Practo raised $55
million in Series D funding. The round was led by Tencent, with Sofina,
Sequoia Capital, and Matrix Partners' participation. The funding was utilized
to enhance Practo's technology platform further, expand its product offerings,
and strengthen its presence in existing and new markets.
Practo has raised $228 million, helping its funding increase and
reach around $32 million in funding. Hong Kong-based AIA Group led this funding
round in 2020. The health-tech platform is present in almost 20 countries and
connects 30+ crore patients with almost one lakh verified doctor partners.
Practo has attracted significant investments from prominent
venture capital firms and strategic investors, enabling the company to expand
its operations, develop innovative solutions, and establish itself as a
critical player in the healthcare technology industry. Practo's success has
encouraged other owners to invest in a medicine delivery app and other
healthcare platform that connects patients and professional doctors.
Practo Business Model: How the Healthcare Platform Works?
Now you might be aware of Practo's success story and funding
history, now let's explore the Practo business model to understand how the healthcare
platform works. Let's see what Practo offers to doctors, clinics, and
hospitals.
For Doctors and Clinics
Practo enables doctors and clinics to register with the platform
and offer services.
·
Practo Ray
·
Practo Consult
·
Practo Reach
·
Practo health feed
For Hospitals
Besides the above-listed services, Practo enables hospitals to
manage digital payments, appointments, and hospitals' financial aspects.
·
Practo Qikwell
·
Practo Insta
·
Practo Querent
Value Practo Provides to Hospitals, Clinics, and Doctors
Practo provides significant value to hospitals, clinics, and
doctors by offering various services and features that enhance their operations
and patient care capabilities. Here are some key ways Practo is valuable for
healthcare providers:
·
Increased patient reach and visibility through Practo's digital
marketplace.
·
Efficient appointment management system for streamlined scheduling
and resource utilization.
·
Improved patient engagement with digital health records and
personalized care.
·
Virtual consultation services for remote healthcare delivery and
expanded patient access.
·
Reputation management through patient reviews and ratings.
·
Data-driven insights and analytics for informed decision-making.
·
Seamless communication and follow-up with patients through the
Practo platform.
Overall, Practo provides valuable tools and services that optimize
operations, enhance patient care, and support the growth and success of
healthcare providers.
Value Practo Offers to Patients
Practo offers several valuable benefits to patients, empowering
them to access quality healthcare services and make informed decisions. Here
are some key ways Practo is valuable for patients:
·
Quick access to a range of healthcare providers.
·
Easy online appointment booking for time-saving convenience.
·
Virtual consultations for remote access to healthcare
professionals.
·
Access to reviews & ratings for informed decision-making.
·
Secure digital health records for easy management of medical
information.
·
Medicine delivery services for convenient access to prescribed
medications.
·
Health tips and articles for valuable health-related information.
Overall, Practo enhances the patient experience by providing
convenient access to healthcare services, virtual consultations, personalized
health records, and valuable health information.
Practo Revenue Model: How Does the Medical Services Platform Work?
The Practo business model helps the company to make a great
profit. The medical services platform generates revenue through various
sources. While the exact percentage breakdown is not publicly available, here
are some of the key ways Practo makes money:
Appointment Booking
Patients can book appointments with doctors and healthcare
facilities through Practo. In some cases, Practo charges healthcare providers a
fee for each appointment booked through the platform.
Sponsored Listings
Practo offers sponsored listings, where healthcare providers can
pay a fee to have their profiles or clinics highlighted and displayed
prominently on the platform. This helps them increase their visibility and
attract more patients.
Practo Ray
Practo offers a practice management software called Practo Ray,
which healthcare providers use to manage their clinics and streamline
operations. Practo charges healthcare providers a subscription fee or a
percentage of their revenue for using this software.
Online Doctor Consultations
Practo provides a platform for online doctor consultations where
patients can connect with healthcare professionals remotely. Practo earns
revenue by charging a percentage or a fixed fee per consultation conducted
through its platform.
Partner Services
Practo partners with various healthcare service providers, such as
diagnostic centers, pharmacies, and wellness centers. Practo earns a commission
or fee for referring patients to these partner services through its platform.
It's important to note that the revenue generated from these
sources may vary, and Practo may not publicly disclose the specific percentage
breakdown. The company's revenue model is designed to leverage its platform and
technology to provide value to healthcare providers and patients.
Do Medicine Delivery and Healthcare App Like Practo Have a Future?
The pharmaceutical drug
delivery market has grown significantly and is poised for further expansion. In
2022, the market reached a substantial $1,498.72 billion, reflecting its
immense value and importance. Projections indicate a promising future, with
estimations suggesting that by 2032, the market will soar to a staggering
$2,307.27 billion, showcasing a compound annual growth rate of 4.4% from 2023
to 2032.
The digital
health market in 2022 reached a significant milestone of USD 211.0 billion,
indicating its immense value and potential. Looking ahead, projections indicate
a robust and accelerated growth trajectory, with a projected compound annual
growth rate of 18.6% from 2023 to 2030.
The current landscape presents a promising business opportunity in
medicine delivery and healthcare services. With a growing inclination towards
digital tools and the increasing reliance on technology, the demand for
convenient healthcare services is rising. Online medicine delivery, virtual
consultations with doctors, and the ability to book lab tests online are
gaining popularity, especially in light of the ongoing epidemiological
situation.
Looking at the growing popularity of healthcare and medicine
delivery apps, many entrepreneurs are investing in medicine
delivery app development. Launching an app similar to Practo is a
beneficial choice, helping business owners revolutionize how healthcare is
accessed and delivered, paving the way for improved outcomes and enhanced
patient experiences.
Ending Note
Practo's business model has revolutionized the healthcare industry
by offering online doctor consultations, appointment bookings, and other
valuable features. If you consider building a Practo clone, partnering with
White Label Fox can be a game-changer. White Label Fox provides customizable
and ready-to-launch clone app solutions, including Practo clone.
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