Practo : Making medical records safer, easily accessible

Health is Wealth. Technology has embarked on its presence and proved its efficiency in almost every industry as well as in our society. One of the most sought sectors of concern and extreme worth is the healthcare sector of India, both in terms of valuation and numbers. Practo is one of the finest initiatives in this space, committed to making the healthcare services available at your fingertips. It is the largest platform which makes the medical practitioners available to the patients virtually and eliminates the lengthy delays caused due to the conventional healthcare system. 

Foundation

Practo was founded on May 18, 2008, by 2 NIT Surathkal alumnus, Abhinav Lal, and Shashank ND, headquarter situated in Bangalore, India.

Fundings

Practo believes in long-term gains and its good expansion plan and execution strategies have always attracted the investors. It has raised $US 234 Million in 5 rounds of funding.

  • It received an initial Series A funding of $US 4 Million on Jul 30, 2012, by Sequoia Capital.
  • It raised a funding of $US 30 Million in Series B funding on Feb 12, 2015, invested by Sequoia Capital.
  • It raised $US 90 Million in Series C funding on Aug 6, 2015, led by Tencent Holdings.
  • It raised $US 55 Million in Venture round funding on Oct 4, 2016, invested by ru-Net, a venture capitalist.
  • It once again raised the previous amount of $US 55 Million in Series D funding on Jan 16, 2017, led by Tencent Holdings.

Products

Practo has a variety of services for both the medical practitioners and the patients. It has a web portal along with Mobile APP supporting all platforms. It strives to provide seamless services to find the right doctor for the patients and provides appointments through the portal along with facilities to consult virtually. It is not only a beneficial tool for patients but also provides assistance to  Practitioners to efficiently manage their practices. Various products are:

For Doctors:

  • Practo profile, it makes a comprehensive profile of the doctors along with the verified reviews, which enables them to be found on the listing.
  • Practo consult, this feature enables the experts to reply to various queries posted by patients, which would help them grow the reputation and if satisfactory, might get the patient to the clinic.
  • Practo health feed, It is a mini blog where practitioners get an open platform to showcase their expertise in their domain by posting useful posts and articles.

For Clinics:

  • Practo Ray, It is a complete clinic management tool for the doctors wherein they get services for appointments reminder, invoice generation, digital prescriptions and practice analytics, all these data is securely stored in the cloud making the data easily accessible.
  • Practo Tab, this is a clinic service specially designed to handle the visiting patients for registration purpose and collecting feedbacks.

For Hospitals:

  • Practo Insta, it is an efficient hospital management tool which helps to strengthen the relationship with the patients by providing services like Doctor scheduling, SMS reminders for patients, registration, automatic requisition at diagnosis labs, follow up visit scheduling, invoicing and others.
  • Practo Qikwell, it helps in intelligently managing schedules of doctor for higher appointment reliability, live status for patients regarding waiting time and all, Notify patients if there is a delay added to their appointment and others.
  • Practo Querent, it is an AI-based tool to create data insights for the medical institution to make further predictions, useful analysis, quality reporting, and others.

Business model

Practo has a 3-way revenue generating model.

  • Providing all the services in a subscription-based system be it for the doctors, hospitals or clinics.
  • Charging for the advertisement banners from various institutions willing to market themselves through this portal.
  • Collecting commisions from various consumer transactions like searching for doctors and appointment booking, ordering medicines and online doctor consultation.

Statistics

It has 25 Million patients, from across 15 countries and receiving up to 50 million appointments in a year. It has nearly 1500 employees and 1000 hospitals along with 8000 diagnostics lab registered and verified on Practo.

Competition

Healthcare sector in India is very vast and provides ample of opportunities fo setup and growth as margin in this sector are quite high. Some of the competitors of Practo are Medecure, DocEngage, Zocdoc, Lybrate, MocDoc, Healthisall, and others.

LEAVE A REPLY

Please enter your comment!
Please enter your name here