Practo Business Model And Revenue Model: A Detailed Guide!

What is Practo?

Launched in 2008, Practo is an Indian-based online healthcare company founded by Shashank ND and Abhinav Lal. Their mission is to provide quality healthcare affordable and accessible on a global scale. 

Some other important facts about Practo include:

• Headquarters: Bangalore, Karnataka
• Number of Employees: 5001-10000
• Total funding: $228.2million

Practo bridges the gap between doctors or health professionals and patients. They offer seamless services to customers by providing amazing features. It includes book appointments, online consultations, medicine delivery, diagnostic Tests through Practo Associate Labs, and more. Additionally, they offer plus, subscription-based health plans. 

How Does Practo Work?

Practo has provided easy access to patients to manage multiple functions in a hassle-free manner. Following, we’ve discussed Practo’s work. Let’s learn:

• Health Consultation

Unlike traditional consultation, Practo asks the patients about the problems they are facing. Once the patient answers those questions, Practo analyzes the symptoms and based on that recommends the doctors. 

• Doctor Consultation 

Practo provides a list of doctors to patients. These doctors are highly reputed and skilled and are available for online consultations. The user then can select the doctor and make the payment. And the consultation process starts. 

• Practo Search Option

With the help of this amazing feature, users can look up for the best doctors available in their locality. For instance, if you’re looking for a Pediatrician, Practo will show you the best doctors and their clinics available in your area.

• Ordering Medicine 

Users can order medicine at their doorstep without any hassle. All they need to do is to upload a valid prescription. 

Consider These Factors While Creating A Practo Like App

When creating and building an appointment booking software like Practo, you must pay close attention to several criteria. And the most significant ones are:

Recognize Your Target Market

To build and construct a successful appointment app, it is critical to first identify the basic personality qualities of the target audience. While developing the app, developers must keep local traditions and other geographical characteristics in mind.

For example, in a few nations, multilingual applications are receiving more answers due to people’s inclination to communicate in their local language.

Keep Away From Complexities

Don’t let complexity derail your user experience. Even if you create something valuable, consumers will lose interest if they confront a difficult layout or navigation to progress.

As a result, try to create basic yet remarkable software to provide a seamless and enjoyable user experience.

Data Safety

In today’s economy, data privacy is becoming a need to remain competitive. To protect patients’ important health information, developers must provide an additional degree of protection. To secure data security, use cloud development.

Practo Business Model

The practo business model of an organization is considered a conceptual framework that supports the viability of a product or an organization. It shows how the business works, how it generates income, and how it is progressing to meet its objectives.

Therefore, the practo business model contains the processes and guidelines that the organization adopts and follows.

Now let’s analyze in detail the characteristics of Practo’s textile business model mentioned above.

Value Proposition

Practo business model has numerous enterprise devices and every unit has sure values that can be furnished to its participants. It gives several unique price propositions to its diverse stakeholders namely, patients, doctors, hospitals, clinics, etc. with the goods and offerings below.

For Patients:

• Online Medical Help: Practo allows patients to search for physicians, clinics, hospitals, diagnostic tests, comprehensive physical examinations, reservations, and other services online via their website and mobile app.
• Practo Plus: Practo offers the Practo Plus patient health plan, which is a registration-based product.
• Medication Details: Practo also offers qualified medical practitioners complete written drug information.
• Online Physician Consultations: Patients using Practo can contact competent physicians online and obtain proper medical advice on their health concerns for a fraction of the cost of traditional doctor appointments.
• Practo Drive: It is a tool that may be used to store and access online medical records. Patients may access their instructions, treatment plans, and therapy regimens at any time.
• Patients can use the Practo app to access a variety of online health care services, including physician consultations, appointments, and laboratory tests.

For Medical Professionals and Clinics:

Practo’s distinctive goods and services for doctors and clinicians are as follows.

• Practo Consult: With this Practo tool, doctors may track their visual acuity or improve their practice by interacting with more patients online and boosting their pay.
• Practo Health Feed: This Practo service allows health professionals and doctors to post a variety of health articles and recommendations on the Practo platform.
• Practo Pro App: Assists physicians and health workers with repetitive and manual activities so they can focus on their patients.
• Practo Prime: This is a technology-based solution that helps hospitals and clinics provide their patients with a unique visiting experience.
• Practo Ray: This product is shown as one of Practo’s world-class products, and it is a full tool for physicians’ clinical management.
• Practo Reach: This technology helps clinics and hospitals gain more internet presence. It guarantees that the relevant patients can see their profile listings.

For Hospitals:

Apart from the devices mentioned above, namely Practo Prime and Practo Reach, the Practo portfolio includes unique products placed in hospitals.

• Practo Insta: This is a hospital management system or a helpful tool for managing hospital operations and finances. This fosters long-term ties with patients.
• Practo Qikwell: This is a hospital relationship management solution that guarantees the smooth running of appointments, digital payments, and decreases waiting time by minimizing patient lines, among other things.
• Practo Querent: Practo’s AI technology analysis tool for developing in-depth hospital data to make better clinical, operational, and business choices is India’s largest.

Segments of Customers

Practo has a sizable clientele, which includes:

• Patients: Practo provides a number of patient services, including an online health consultation where patients may ask questions about any health condition.
• Clinics and Hospitals: Practo serves a number of hospitals and clinics.
• Pathology Laboratories: Practo works with diagnostic or pathology labs to offer patients with laboratory diagnostic equipment.

Key Partners

Integrated Laboratories: Prato’s partner’s inpatient clinical trials include various medical or diagnostic laboratory standards in the industry.

• Doctors: Practo provides a wide range of medical products and services to doctors. The Practo App allows them to conveniently manage their patient appointments.
• Insurance Businesses: Practo offers insurance companies options. In collaboration with ICICI Lombard General Insurance, he created Practo Trinity, a cost-effective OPD insurance solution.

Key Resources

Customers may access their health concerns, talk with a doctor online, purchase prescriptions, arrange laboratory testing, and more using Practo’s digital healthcare portal, practo.com.

• Practo App: Its primary resource is the Practo health and fitness app, which allows users to search for clinics and physicians in their region.
• Employees or Workers: Practo software professionals have extensive expertise and technical training in developing in-house software solutions for Practo services.

Key Activities

Practo’s main activities include:

• Advertising and Promotional Activities: Practo engages in advertising and promotional efforts across a variety of social media channels.
• Software Development: To design a healthcare app like Practo, you need first to understand that it’s a technology-based product that creates value-added software to provide a variety of health-related goods to its clients.
• Communication: One of Prato’s main goals is to expand and strengthen the network of stakeholders, including doctors, clinics, hospitals, diagnostic labs, and patients.

Customer Relationship Management

The following is the point in Practo’s client relationship:

• Personal Assistance: Practo’s devoted, courteous, and middle-class support crew delivers personal assistance to its clients. Practo customer care is available 24 hours a day, 7 days a week by email, live chat, and phone.
• Automated Services: Practo is also in charge of a number of software suppliers that deliver quick and automated services.

Revenue Model Of Practo

The following are the three Practo income streams:

Proceeds from the selling of software to providers such as hospitals and clinics, such as SaaS software solutions. Practo uses a registration-based platform to deliver all services to its stakeholders, such as physicians, clinics, and hospitals.

Revenue from in-person sales or consumer interactions, in which Practo receives commissions for services including finding physicians and appointments, purchasing prescriptions online, and consulting with doctors online.

Revenue from advertising or segregation from hospital-like providers who use the Practo platform to acquire sponsored listings. It deducts the expense of advertising from numerous institutions that wish to promote their services on the Practo website.

Practo earns money through its one-of-a-kind goods and services, which include:

• Practo Ray: This is a product that is dependent on the registration of physicians and medical experts, and it is via this product that Practo gets a subscription.
• Practo Reach: This is a revenue-generating ad platform. Patients may use it for free, and it is funded by ads from hospitals and clinics.
• Medical Delivery: Practo also makes money from the sale of medications at various drug and chemical stores, both directly and indirectly.
• Pathological Lab Booking: When medical laboratories schedule laboratory tests for Prato patients, Practo charges a specific commission.
• Acquisition Proceeds: Practo has purchased a number of businesses, including Qikwell (SaaS online reservation software), FitHo (resilience management platform), InstaHealth (hospital administration software), and Genoo (a software development app).

How Much Does It Cost to Create a Practo-Style Appointment Booking App?

It’s not feasible to calculate the cost of a Doctor Appointment Booking app because it depends on so many variables. The cost of development is usually determined by the features, functions, and platforms used by app development firms.

For a preliminary estimate, consider an app with basic functionality priced between $15,000 and $30,000. And if you want an app with more advanced technological capabilities, the price tag might be anything between $35,000 and $55,000.

Conclusion

The majority of online client booking systems are constantly evolving. They are continuously improving and gaining new features. Many government entities are currently using this sort of application to assist in minimizing wait times.

It is fair to assume that the competition between various online booking providers will intensify each year. As a result, developing the proper and distinctive doctor consult app is critical. We, Apptunix would be happy to help you if you want to build a doctor booking app.