In today’s interconnected world, technological advancements have made the global community smaller, and online services have experienced exponential growth across various industries. Even the healthcare sector has witnessed a significant surge in demand for online services, particularly in the form of online doctor consultations. After the COVID-19 pandemic, India alone witnessed a staggering 500% increase in online doctor consultations in 2020. Practo, an Indian-based company, has played a crucial role in revolutionizing the healthcare industry by providing a platform that connects patients with doctors, facilitates appointment bookings, and offers consultations for better healthcare decision-making and treatment.
About Practo
Practo, founded by two Indian B.Tech students, Shashank ND and Abhinav Lal, has established itself in over 15 countries. The platform acts as a bridge between doctors and patients, primarily focusing on facilitating appointment bookings and interactions with healthcare professionals. Initially conceived as a means to preserve medical reports and prescriptions, Practo has evolved into an extensive online ecosystem where patients can effortlessly connect with the best doctors, book appointments, and access various healthcare services.
Services Provided by Practo
Practo’s primary value proposition for patients lies in simplifying online healthcare searches. Through their application or website, patients can easily find doctors, hospitals, clinics, laboratories, and even schedule check-ups and scans. Additionally, Practo offers the convenience of virtual doctor consultations, enabling cost and time savings through audio and video calls, as well as image sharing for accurate diagnoses and medical advice. Practo’s secure platform, similar to Google Drive, also allows patients to store essential medical records, including test results, prescriptions, and schedules.
Business Model of Practo
As a common platform for patients and doctors, Practo ensures value delivery to both sides. The platform enables doctors to expand their patient base and establish stronger relationships by facilitating communication, prescription uploads, and follow-ups. Practo also equips healthcare providers with comprehensive clinic management tools for tasks such as generating invoices, reminders, and organizing bills and prescriptions. Furthermore, Practo enhances the online visibility of doctors and clinics, attracting more patients and fostering growth.
Revenue Generation Strategies
Practo employs various revenue streams to bolster its financial performance. Initially, the company earned a percentage-based fee for each appointment booked through its platform. As Practo expanded its operations, it started charging doctors and hospitals for listing their services on the app and website. This listing fee contributed to its revenue. Additionally, Practo ventured into collaborations with larger healthcare establishments, such as hospitals, labs, and pharmacies, earning commissions from these partnerships. Practo also introduced Practo Plus, a subscription-based membership offering 24/7 care, providing a recurring revenue source.
Key Resources and Activities
Practo’s success hinges on key resources such as their website, app, skilled staff, and robust information technology infrastructure. Their activities encompass strategic marketing and advertising campaigns, utilizing social media platforms to promote Practo effectively. As a technology-driven application, their software development and continuous improvement efforts ensure an intuitive user experience. Furthermore, Practo focuses on expanding and strengthening the network connecting patients, doctors, labs, clinics, and other healthcare providers. Their customer relationship management strategies, including round-the-clock customer support through various channels and automated notification systems, fortify customer relationships.
Benefits of Practo for Doctors
Practo offers a range of advantages for doctors, enabling them to enhance their practice and connect with more patients online. Here are some reasons why doctors should consider using Practo:
Increased Patient Base: By joining Practo, doctors gain access to a larger pool of potential patients. The platform helps doctors attract new patients and expand their practice by increasing their online visibility.
Improved Patient Relationships: Practo allows doctors to maintain better relationships with their patients. Through the platform, doctors can engage in real-time communication, providing timely responses to patient queries and concerns. This fosters trust and loyalty, leading to stronger patient-doctor relationships.
Convenient Prescription Management: Doctors can streamline their prescription management process with Practo. The app allows doctors to upload prescriptions digitally, ensuring easy access and retrieval whenever needed. This eliminates the need for manual record-keeping and enhances efficiency.
Efficient Follow-ups and Notifications: Practo enables doctors to stay connected with their patients through follow-ups and notifications. Doctors can schedule and send reminders for upcoming appointments, tests, or medication refills, ensuring patients stay informed and adhere to their treatment plans.
Health-related Articles and Tips: Practo provides doctors with a platform to share their expertise and insights through health-related articles and tips. This not only helps doctors establish themselves as thought leaders but also educates and empowers patients, promoting overall wellness.
Comprehensive Clinic Management: Practo offers a comprehensive clinic management tool for doctors. This tool simplifies administrative tasks such as generating invoices, managing reminders, and storing bills and prescriptions. By automating these processes, doctors can save time and focus more on patient care.
Enhanced Online Presence: Utilizing Practo contributes to the growth of a doctor’s online presence. With a dedicated profile and positive patient reviews, doctors can attract more patients and build a reputable online presence in the healthcare industry.
In conclusion, doctors can benefit greatly from using Practo. It helps them attract a larger patient base, maintain better patient relationships, streamline prescription management, provide efficient follow-ups, share valuable health information, and manage their clinics effectively. By leveraging the features and tools offered by Practo, doctors can enhance their practice and deliver quality care to their patients.
Revolutionizing Healthcare with Practo
Over the years, Practo has empowered doctors to reach a vast patient base and revolutionised healthcare delivery. By providing premium listing services, Practo enables doctors to secure top positions in search results, boosting their online visibility and online consultations. Additionally, Practo generates revenue through its Practo Reach program, offering advertising spaces on its website and app, and leveraging its substantial user base.
Conclusion
Practo’s success story exemplifies the transformative impact of online doctor consultations. By providing a comprehensive platform that connects patients with healthcare providers, Practo has revolutionized the way people seek medical assistance. Through their revenue-generating strategies and commitment to user satisfaction, Practo continues to shape the future of healthcare delivery, making quality medical care more accessible and convenient for all.
