How does Practo make money? Case Study of Practo Business Model, Revenue, Funding, Competitors
There have been many innovative improvements in the Medical Services industry throughout the most recent few decades. The Healthcare sector changes drastically due to the nature turns of events. The quick arrangement of clinical assistance to the patients is a significant reason for the development of this specific division.
The person who can’t go to medical clinics thinks that it’s simple and helpful to book their meeting with specialists or doctors. There are different companies that are working in this business model. Practo is also one of them.
What is Practo?
Practo is the Indian Startup system from the medicinal services. It works as a Software as a service (SaaS) tool. Practo is the trusted and friendliest destination where users can find a recuperating contact.
The platform interfaces them with all that they have to take great consideration of themselves and their family like surveying medical problems, finding the correct specialist, booking indicative tests, storing medical records, or learning better approaches to live more advantageous.
But it did not prove to be so successful in India’s digital market business sector.
Who is the founder of Practo?
Shashank ND and Abhinav Lal are the founders of Practo. Both of them used to study at NIT Karnataka together for two years before starting this business. Both NITs have passed out from Computer Engineering in Karnataka.
Practo was founded in 2008.
Practo Business Model
Practo is a simple solution for all medical services needs of any patient. By using Practo, patients or ordinary clients can ask, discover, or counsel about medicinal services in a couple of simple advances.
It also permits patients to perform some tasks such as:-
- Free health inquiries
- Patients can find suitable doctors
- Patients can search for the best facilities
- Direct appointment in emergency clinics
- Users can read information about health
- Any patient can order medicine direct from their home
Their official app is totally free for users. The Practo business model is almost the same as the food delivery service company – Swiggy.
For Doctors, it gets easy to oversee day by day arrangements and imprint accessibility to see patients. By using Practo application, Doctors can improve client commitment just as they hold them with new offers and medical exercises.
Practo App for Doctors has three contributions; Practo Consult, Practo Health Feed, and Practo Profile.
While, there are different other medicinal services new companies are releasing new features. Practo mainly focuses on making the medical sector increasingly less difficult to access with no disparity in information.
What is the Revenue model of Practo?
Practo Business Model is a blend of Software as service deals. It takes a commission from the purchaser and merchant for coordination or creation of sales. Advertisement space selling is also coming into it.
It is partitioned into multiple specialty units and each unit has a particular capacity to convey. Practo is the biggest aggregator of health informatics in India.
There are items and administrations which fall under particular business units and every one is exceptional in itself.
Revenue of Practo comes in through 2 courses:-
- Practo Ray
- Practo Reach
What is Practo Ray?
Practo Ray is a SaaS-based item for individual specialists, nursing homes, centers, and emergency clinics. Users can buy-in for this item on a yearly premise. The costs are fixed for a different mix of this item.
This tool encourages doctors to deal with the patient’s medical records, the charging, and the facility.
What is Practo Reach?
Practo Reach is normally the promotion space (Ad Slot) on Practo. On the SERP (Search Engine Results Page) the client can benefit the top space. This space is accessible and the costs rely on the specialization of a specialist and the region picked.
For example, a dermatologist center booking a space for Salt Lake in Kolkata may need to pay in excess of a dermatologist facility booking a slot for a locality in Patna. Prices vary.
Rest all items that Practo has, are allowed to use for Medical services experts. At present, there are no items that are chargeable to typical clients.
Practo was founded in 2008 with the prime focus around booking physical checkups inside your usual range of familiarity of office or home by means of their foundation. The initial income model was to take a certain percentage for booking those meetings.
Be that as it may, throughout the years, they had broadened and are chipping away at different models inside Practo beginning from finding the correct doctors or finding the correct medical clinic.
They guarantee to have more than 2 Million doctors enlisted on their platform. More than 7000 emergency clinics. They had additionally brought over 120 Million Dollars up in more than 3 rounds of funding.
Enormous venture organizations like Tata Capital. Yuri Milner and Sequoia Capital are backing the Practo to grow its business in selling emergency clinic data to the board administrations.
Presently they are extending the administrations on a more extensive level to symptomatic focuses and associating the medicine stores. However, the revenue model still remains the same as charging a commission.
Which are the companies similar to Practo?
Practo enables you to look for doctors and book meetings with them. It additionally offers different types of assistance like requesting medicines and booking lab tests.
But there are many more players in this business who are offering comparable items.
- Mfine (Users can counsel doctors on the website)
- Lybrate (Lybrate likewise empowers you to discover doctors and book meeting with them)
- GrowAyu (Patients can scan for doctors and book on the platform and facility and visit discussion with them)
Conclusion (Practo Business Model)
Practo business model is quite good for changing the full healthcare industry and their business also praises other healthcare businesses to come to the digital world. As per their customers, there are large numbers of fake reviews.
There must be some trick behind. The feedback button on their App is available to all. Anyone can give criticism or praising comments to a doctor with any arbitrary subtleties.
It is extremely unlikely that the criticism overview or compliments are kept to confirmed patients, which can be finished uniquely through the URL Links sent on the checked messages of the patients.
This is a significant slack into the genuineness of the criticisms, reviews, or decisions in favor of the doctors enlisted on Practo and for patients as well. I don’t think the database is trustworthy.
We have also explained the success of Abhinav Kumar and how he become the Trivago CEO of India. If you have any suggestions and doubt regarding this then feel free to comment below.