How E-Healthcare Applications changing Medical Industry Worldwide – Stackgeeks

E-Healthcare Applications

Today adult is turning more and more health conscious  and the effect is clearly astounding. In addition, COVID-19  affect will only surge the demands of popular online healthcare apps  Recently, we saw 5000% increase in usage of online health apps for doctor consultation. And its no secret harnessing the power of technology on our healthcare services has become mundane. However, E-Healthcare Applications are taking over. Let’s see how?

Present world is full of entrepreneurs  and is itching to  go beyond  This exponential rise in online healthcare services brings a whole new world for our entrepreneurs.  AS a matter of fact, healthcare apps will go on stronger from here.

For all our budding entrepreneurs, in this article we will  discuss insights of Practo app. Guide you to launch your own app like Practo.

Practo- Introduction and Business & Revenue Model (One of the best E-Healthcare Applications)

Practo is an online healthcare booking system, allowing people to connect with experts doctor online at charge of nominal fee. Indeed this was the first India healthcare app that have expand so vastly and thus opening unlimited possibilities for all creative minds in online Healthcare operations.

Practo currently has 200,000 plus verified doctors on board and is getting 50 million appoints per year.

Established  in 15+ countries including Indian, and USA.

Practo right now dealt in 25 + specializes including pediatric and child care.

Practo Over the years

  • Founded in 2007
  • Launched as TurboDoc in 2007
  • Launched as Practo Ray in 2009
  • In 2010, it was rebranded from TurboDoc to Practo.com 

Funding over the Years

Practo recently raised 32 billion dollar in August, 2020. The funds were raised from chinese life insurance conglomerate A1A company

  • In 2012, this popular online healthcare app raised $4M from sequoia capital
  • In 2015, Practo online health care app raised $30M funding from Sequoia and Matrix Partners
  • 90$M in 2015 from Google Capital, Matrix Partners, Sofina, and Sequoia India. There are others as well including Altimeter Capital, Yuri Milner and Seqoia Capital Global Equities
  • 55$M in 2015 from Ru-net, Recruit Strategic Partners, Tencent and Thrive

How to Create one of the best E-Healthcare Applications like Practo 

Indeed the task is massive but worth a risk. To being with, creating a  next level health care app you probably will need a mixture of following. End to end healthcare tech suite, advance attribute system and a highly performing backdoor support team.

  1. End to End Healthcare Tech Suite  – First of all the app you are developing should be super Patient friendly. Secondly, virtual connectivity with health experts & doctors should be seamless.  In addition, the platform or UI/UX design should be robust and capable of handling all queries. And last but not least, real time analytics with birds view on admin dashboard.
  2. Advance attribute system – For Patient panel, following services are must: Online Booking, In-app Chat with experts, Real Time Audio and Video Consultation.

On the other hand, Doctor interface should be more flexible. What is more it should have following features: Integrated Fee Payment System, Digital Prescription & Reports, Doctors fee and profile wiki and Advance appointment facility.

Finally the Admin Dashboard should have features more of managerial. This dashboard should contain those attributes: Advanced doctor and Patient Edit Card, Secure Medical records, Analytics and reports, and Robust management panel.

  1. A highly performing support team –  Dedicated and which have performed at highest level should lead your support staff. Which is more why your success depends on. Besides, a dedicated support will offer you flexibility to customize, resolve all you IP rights an source code issues, and better scaling solutions.

Practo Casestudy – How does Practo Works and Earns – Stackgeeks

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

 Consumers 

  • 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

Doctors

  • 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

  • InstaHealth,
  • Genil,
  • Enlightiks
  • 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.