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Practo Business Model And Revenue Model: A Detailed Guide!

6050 Views | 1 min | Published On: October 18, 2021 Last Updated: April 2, 2024

In today’s tech-driven world, the Internet has woven seamlessly into our daily routines, offering solutions for everything whether big or small. Healthcare services are no exception to this transformation, especially after the outbreak of COVID-19, online medical consultation has grown in popularity at a rapid rate.

Furthermore, with the global mHealth apps market size projected to grow from USD 80.87 billion in 2023 to USD 861.40 billion by 2030, exhibiting a CAGR of 40.2% during the forecast period, it’s clear that mobile healthcare is here to stay.

Next in line were teleconsultations related to ENT and orthopedic issues with an increase of 600%  and 400% respectively.

So, if you are planning to test the water, the Practo business model is one of the most popular models used in the healthcare application development industry. With billions of global searches for doctors, hospitals, diagnostic centers, and pharmaceutical firms, the demand for such apps is soaring.

The surge to develop a healthcare app like Practo is driven by the rapid advancement in mobile technology,  widespread adoption of mobile devices to acquire health-related information, accompanied with healthcare providers’ commitment to deliver exceptional medical care while prioritizing patient privacy and data security.

If you’re considering building a successful app like Practo, it’s important to understand the basics. In this blog, we’ll delve into the essential elements of creating a Practo-like app, including key features, HIPAA compliance, the development process and what not.

What is Practo App?

Launched in 2008, Practo is an Indian-based online healthcare company founded by Shashank ND and Abhinav Lal. Their mission is to make 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 creates a subtle difference by asking patients about the problems they are facing through an online portal. Once the patient answers those questions, Practo analyses 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 to book an appointment. And the consultation process starts. 

  • Practo Search Option

Among numerous features of the medical appointment app, the Practo search option is an amazing feature, allowing 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:

Factors for practo app

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 a healthcare 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. So, to ensure data security, using cloud development is one proven approach.

In nutshell, to weave the idea of your own healthcare app into a successful tale, partner with a reputed app development company that delivers the promise.

Is It Important To Be HIPAA – Compliant?

As a healthcare-focused company, ensuring HIPAA compliance is imperative throughout all stages of your operations. This entails securing Personal Health Information (PHI), like doctor’s notes and test results, in accordance with HIPAA regulations to uphold patient data confidentiality.

So, using HIPAA-compliant hosting services, such as those offered by AWS and GAE, is vital to ensure continuous protection of sensitive data, rather than relying on individual efforts to safeguard data using personal equipment.

Now that you’re aware of the necessary steps for developing your healthcare app, it’s important to consider the revenue model of an app like Practo.

Build Your Healthcare App by Optimizing Workflows

To enhance the performance of your healthcare app, prioritizing user-friendliness, security, and cutting-edge technologies are inescapable. But, incorporating emerging technology like IoT (Internet of Things) for real-time health monitoring, Blockchain for enhanced privacy, and Artificial Intelligence for optimized care delivery, will help your app in cementing footprints in the already flooded market.

Not to miss, gather user feedback and streamline operations through API integration.

Key Areas of Improvement:

  1. Interoperability: Ensuring seamless integration with other healthcare systems to facilitate a smooth flow of patient data is important when you develop a healthcare delivery app for medicines.

 

  1. Clinical Decision Support: Assist healthcare providers in making informed decisions by integrating tools that recommend treatments and medication dosages based on comprehensive data analysis.

 

  1. Telehealth Features: Develop robust telehealth capabilities, enabling secure video consultations with features like waiting rooms and remote patient monitoring.

 

  1. Data Analysis: Utilize big data analytics to extract valuable insights from healthcare data, thereby enhancing patient care outcomes.

 

  1. Secure Messaging: Enhance communication between healthcare professionals and patients with secure messaging functionalities compliant with healthcare privacy regulations.

 

  1. EHR Integration: Integrate your app with Electronic Health Records (EHR) systems to offer healthcare providers with comprehensive access to patients’ medical histories.

 

  1. Machine Learning: Integrate machine learning algorithms to identify patterns in patient data, facilitating early disease detection and treatment planning.

 

  1. Voice Recognition: Incorporate voice-controlled features to allow healthcare professionals to access patient information without manual input, enhancing efficiency in healthcare delivery.

 

  1. Advanced Imaging: Equip your app with AI and ML capabilities to interpret complex medical images, like X-rays or pathology slides, helping in accurate diagnosis and treatment planning.

 

  1. Health Data Sharing: Facilitate secure sharing of patient information among different healthcare organizations to foster collaboration and improve patient care outcomes.

By implementing these integrations, your medical app will become more advanced and efficient, empowering healthcare professionals to deliver superior patient care.

 

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.

Business model of practo

Now let’s analyze in detail the characteristics of Practo’s healthcare 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 effortlessly when compared to traditional 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.

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.

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.
  • 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.

 

The Features You Must Add In Your Healthcare App Like Practo

Creating a custom telehealth app is not anymore a wham, it truly means to address the need of users that involves understanding and addressing the requirements of patients and medical professionals alike.

After all, success hinges on establishing crucial features that facilitate efficient communication and service delivery. Here’s a quick rundown of patients that you must establish in your healthcare app.

For Patients:

Undoubtedly, healthcare apps cater to patient needs by facilitating direct communication with healthcare professionals. Besides, patients can conveniently reach out to doctors for consultations and advice through the app’s patient module. Here are some features that will help them in navigating through the app.

  • Profile Creation: Profile creation is important for patients for personalized treatment as they can keep personal and medical history information for easy access anytime and anywhere.
  • Doctor/Clinic Search: This feature allows easy access to locate doctors or clinics nearby, accompanied with detailed profiles to aid decision-making.
  • Hassle-Free Appointments: Integrating appointments features enables patients to view doctor availability and book appointments conveniently.
  • Real-Time Consultations: Through audio/video chats, patients and doctors engage in thorough discussions for accurate diagnoses.
  • Medical Records Access: Patients can view their medical history and share necessary documents with healthcare providers or family seamlessly.
  • Medicine Delivery: This is an added functionality for ordering medications online, with considerations for prescription requirements and privacy compliance.
  • Payment Options: Secure online payment methods for consultations and services.

For Doctors:

Healthcare apps designed for professionals focus on the importance of communication between doctors and patients. Nevertheless, using the app’s doctor module, practitioners can effortlessly engage with their patients via video calls or chat, ensuring a seamless connection.

  • Professional Profiles: Ensure the doctor profile is complete with detailed listings including qualifications, experience, and availability.
  • Appointment Management: Ask your custom healthcare app solution provider to integrate tools to efficiently handle and schedule numerous appointments.
  • Patient History Access: This feature allows easy access to patient records for better diagnosis and treatment planning.
  • E-Prescriptions: Adding this feature will be like an added feather in the hat as it offers capability to issue prescriptions directly through the app for patient convenience.
  • Transactions & Analytics: Tools for monitoring transactions and analyzing appointment frequencies for improved service delivery.

For Admin:

The admin panel ensures smooth operation, from patient record management to financial oversight, establishing security measures to protect sensitive data.

  • Comprehensive Dashboard: This is inevitable as it offers a quick overview of system operations.
  • User and Appointment Management: To accomplish efficient handling of user data and scheduling, it’s important to include user and appointment management in app development.
  • Doctor and Clinic Oversight: Inculcate tools for managing professional profiles and clinic details.
  • Financial and Delivery Management: For overseeing payouts and ensuring timely medicine delivery, keeping track of financial and delivery management is inescapable.

For Delivery:

This segment provides a centralized view of orders, allowing delivery personnel to streamline their service efficiently.

Each component from my account, view delivery and notifications are designed to enhance the healthcare experience, making it more accessible, efficient, and personalized for users coming from different walks of life.

 

 

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.

Revenue model pf practo

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

It’s high time for entrepreneurs like you to unlock the boundless potential of the healthcare industry with innovative ideas! Even if you are planning to take your traditional healthcare business to new heights by venturing into the online era with a healthcare app like Practo, just step in.

This revolutionary move promises rapid business growth and lucrative rewards, catapulting you to success in record time. To achieve this, Apptunix, a leading healthcare app development company, curates as your ideal development partner leaving no stone unturned for undefeatable success.

 

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