Instant health consultation: Practo business model

Practo business model
Image source-Google| Image by-practo.com

Who would have thought of getting a fast health consultation from specialized doctors from our home? Thanks to Practo and other leading online health care platforms for providing a useful utility. Additionally, it was impossible to connect a complete health ecosystem with the users without leveraging high-end technology backed with a problem-solving idea. 

Practo connects all the healthcare providers and builds accessibility for users to engage with them for easy healthcare solutions. Some of its widely used healthcare services include online consultation, diagnostic tests, medicine delivery, and booking appointments online. In this article, we will spotlight the emergence of the online health care system, Practo business model, and will touch upon top Practo competitors. 

About: Practo 

Practo has made health care services approachable to the users 24x7 enabling customers to get the best doctor consultations and book appointments conveniently. It simply bridges the gap between the people who are looking for a health care service and the doctors or service providers who are willing to serve. 

For instance, there is an emergency late-night and you are not sure whether you will get a doctor's consultation so late. You can rely on Practo and conveniently interact with a doctor through video call or phone and get a remedy to your problem. Additionally, there is complete transparency of fees charged by the doctors as Practo lists out the fees based on the type of problems on its application. 

Apart from getting easy consultation, one can get the diagnostic tests from home and samples too are collected from one's convenient places. There are many such related services boarded by Practo on its all-in-one healthcare platform. 

Now, coming to its establishment then it was founded in the year 2008 by two Bengaluru-based engineers, Shashank ND and Abhinav Lal. Shashank ND was hit with the idea of introducing a transparent healthcare service in India. 

As he experienced the healthcare system in India is very bleak and needs to bring in a network that can solve this stumbling block for people. They initially started as an only intermediate between healthcare providers and patients, helping them to get served by the best healthcare professionals anytime & anywhere. 

With the application and advancement of technology, they keep on expanding their offerings and bringing in more ease for their customers. And now Practo is one of the market leaders giving a tough fight to all its rival companies. 

Practo business model 

Practo business model revolves around its users and health care service providers. They ensure to be more dynamic and adaptive, looking for making their service configurations based on customer wants. Simply, they need to bring in changes to satisfy their prime stakeholders. 

Some of their stakeholders include doctors, health care hospitals & clinics, other service providers, and the users. They keep on adding more and more related offerings that best satisfy the pain points of customers who are in need of some health assistance.

Practo revenue model 
The revenue model is a part of the Practo business model. Talking about its revenue model or how it earns?  Practo is generating revenue from different modes and offerings listed below:

1. Hospitals & clinics: 

It facilitates health clinics and hospitals to build their presence online with the help of their exceptional technology. Practo asks for a one-time charge from the health care facilities to get listed to them and in return, they are provided with seamless customer management options. 

Additionally, users can book a medical consultation from their convenience anytime & anywhere. The listed centers can generate follow-up messages for their customer for making timely arrangements. All in all, it elevates the revenues for the hospitals & clinics listed on their portal.

2. Doctors: 

Doctors are allowed to build their professional profiles with Practo for free. But, the professionals who want to stand out from the list of hundreds of doctors need to pay a premium charge to the Practo app. And Practo in return will showcase their profile on the top of the list based on the type of specialization they give.  

3. Customers (patients): 

Customers are facilitated with varied services such as doctor consultation, booking appointments, getting medicines, diagnostic tests, and other related services. Practo lists out a transparent fee and charges a minimal amount as part of a commission from the services offered. For instance, if someone orders medicines then they charge some price from the medicine suppliers with whom they are having a tie-up.


Practo competitors 

Practo competitors more or less provide similar kinds of offerings but still, each one of them carries its own USPs and accessibilities. As some of the services that might be available with one app may not be offered by the other applications. 

Talking about accessibilities then some of the services provided by the online health care companies are available in tier 2 and 3 cities. While some of the companies have their business presence in metro cities only. 

Some of the top Practo competitors are:

1. Lybrate: It gives access to its users to consult doctors online, order medicines, and book lab tests.

2. DocsApp: It gives access to its users to consult doctors online, order medicines, and book lab tests.

3. 1mg: 1mg is popularly known for delivering affordable health care products and now it has added an extra feature of doctor consultation.

Take away

From the article above we got some crucial information about this online healthcare company. Additionally we limelight the key offerings such as doctor consultation, booking appointments, getting medicines, diagnostic tests, and other related services. 

Then we talked about the Practo business model followed by its revenue model, which showcased us different revenue generation sources for Practo. Eventually, we got to an end by bringing out the top Practo competitors that are elevating the business competition.

Also read: All you need to know about Options trading