Pandemic has hit us where it hurts the more, the economic health of the world. Furthermore, businesses have seen record fall in their sales but there are still few verticals who have seize this moment. And indeed online healthcare industry is one of them. They have seen an increase at a CAGR of 23.6% and the telehealth vertical is register the highest boost. So how does it affect Practo?
THE GLOBAL MARKET SIZE IS EXPECTED TO REACH 270.4 BILLION US DOLLARS.
Online Healthcare Platform had already receives more than $ 228.2 Million
In addition, the Indian online healthcare apps like Practo has seen an average increase of 16% in their online consultation. Started in 2007 , Practo was seeing a growth of 20% per month. But all that changes as time goes on.
- This online healthcare app Practo secured $ 32M from Chinese life Insurance conglomerate A1A company
- The Practo now have 20 Million patients every month
- They got 500% increase in their app based doctor consultations, from 1st of may to 31s may 2020 onwards
- Practo App is now getting 200K plus healthcare experts every year
- And, 50 Million appointments every year
What is the secret behind the success of those online healthcare solutions like Practo
- Bridging the gap between patients and Medical experts – In all honesty, Practo is facilitating the discussion between doctors, physicians, technicians and people. Times like corona, they are doing immense help especially for symptomatic patients. Covid- 19 affected patients can communicate directly to doctors and medical experts virtually and get the desired treatment.
- Reducing the Spread of Virus – Because of 1v1 interaction, there is least chance of spreading the virus or any other disease. In short, both patient and healthcare expert are distant apart and thus safer.
- Stability – Plus the treatment the patients are receiving is not dropping their health status and most of majority are stable.
What so unique about online healthcare apps that is One platform for multiple services
- Virtual consultation with the best doctors anytime and anywhere
- Subscribed users can save around 50% to 60% of their yearly expenses. Also, the subscription also include freebies such as unlimited online consultations, discounts on prescribed doctor fees and much more.
- Leverage on Experts visits
- Digital Presence of Doctors
- Doctors inspiring and rather than making a change they are the change.
- Virtual Practice
Hospitals and Clinics
- Enhanced Reach and better productivity
- Making possible the visit services from doctors to their patient home
- Integrated fast payment system
- Booking System
Revenue Model of Practo
For this niche of business, it better if you have multiple products and investments. To conclude with, a vibrant revenue model will suits this vertical much better. Now lets look at their revenue model. Basically they have segregated their income into two parts:
Investments – Practo has invested into lot of other verticals and narrow verticals. Their possessions are as follows
- and QikWell.
Company Product – It is bifurcated into 3 parts
- Medicine Delivery charges – They have authorized dealers and channel from where they deliver medicines to whoever needs it and also conducts diagnostics tests
- Online Consultation Fee – Likewise other online healthcare apps, Practo also charges a standard fee from the consultation charges patients paid to doctors.
- Subscriptions – Though it is free for patients, they still charge one time technology fee from medical establishments.
Looking now and before, Practo has made some substantial growth. This online healthcare app total worth is around $ 15 Million now. Initially they struggled for first 3 years like every business but now India best telehealthcare app. Moreover they work hard on their technology, product, customer support and business dealings with the passage of time and have become an inspiration in true sense for all entrepreneurs and business worldwide.