How Practo Works – Revenue Model & How To Build Your Practo Clone

The current times are challenging for everyone. Amidst all the businesses witnessing a drop in sales, there are few verticals that have tend to outgrow. Certainly, the online healthcare industry is one of them.  The global market size is projected to reachUSD 270.3 billion by 2021. Increasing at a CAGR of 23.6% during the forecast period, it is the telehealth market segment to register the highest boost.

Recently, there was an average increase of 16% week-on-week in online consultations for Practo. Being one of the earliest digital health care platforms, it was earlier growing at 20% per month. But that’s not all. There is a list of achievements that make Practo stand out. Have a look:

• Practo has secured $32 million in a fresh round of funding led by Chinese life insurance conglomerate A1A Company.
• 500% increase in online doctor consultations, between Mar 1st – May 31st, 2020.
• Total funding raised by the online healthcare platform to date amounts to $228.2 Million.
• The platform has got 200 K+ healthcare experts registered and handles over 50 Million appointments every year.
•  The health-tech startup looks at 20 Million patients every month.

Source: Twitter.com

What Makes Online Healthcare Solutions Like Practo Successful?

Solving real-world problems: First thing comes first! Solutions like Practo are bridging the gap between people, physicians and health systems. In the time, when the word is dealing with the pandemic adversity, these tend to be of great help. Especially, for the symptomatic patients, these serve to be no less than a blessing. People can communicate with expert physicians through different, virtual channels.

While these offer personal 1:1 consultation, these help in reducing the spread of the virus too. Hence, both the patients and healthcare experts on the frontlines, feel safer. In fact, the majority of respondents stated that their telemedicine patients have been current and stable.

Source: Statista.com

One solution for multiple services: Practo like healthcare applications serve to be a comprehensive marketplace for the health industry. It ideally caters every single need of patients, doctors, clinics, and hospitals. Below is a brief on some of the major solutions.

For consumers

• Prime – It allows users to leverage from experts doctor visits as per their convenience. With prime they can rest assure that consultation is only provided by the opted physician, and no one else.
• Plus – With Plus services, users can benefit from subscription and save 60% on their yearly healthcare expenses. It includes unlimited online consultations, timely appointments, and much more.
•  Online Consultation – This is among the most recent and popular solution. Offering virtual consultation with quality doctors anytime, anywhere, it provides clinic-like experience.

For clinics & hospitals

• Prime – It is helpful to clinics and hospitals in delivering exceptional visit experiences to their patients.
• Ray – Basically, it is a practice management solution. It enables easy payments, appointment scheduling, document sharing, etc.
• Insta – This hospital management software enhances productivity and improves the patient experience. Health organization can manage all departments, patients, staff and more with ease.
• Reach – It is an ad slot for clinics and hospitals. Simply, they can make their practice visible to millions of users without putting efforts.

 For doctors

• Practo Profile – Doctors can create their digital presence and help patients discover them with the right information shared.
• Practo Consult – Healthcare experts can start with their virtual practice. Connecting with more patients online, they can offer follow-ups to your patients and maximize earnings.
• Practo Health Feed – A simple platform for doctors and health experts to educate and inspire millions of lives.

How Healthcare App Like Practo Makes Money?

Having multiple products and acquisitions, it ensures a vibrant revenue model.  With healthy margins, Practo is on the road to profitability. To make it simple, let’s divide into two broader categories.

Revenue from acquisitions: Practo has acquired companies like QikWell, FitHo, Genii, Enlightiks, and InstaHealth. This amount to a reasonably good part of their overall revenue generated.

Revenue from products: Besides the acquisitions, Practo has its own revenue lines. Explore them below:

•  Prime subscriptions: This works on a simple pay per use model. Though it is free for users, it charges a one-time technology fee from medical establishments.
•  Online consultation fee: The consumers need to pay a consultation fee to their respective doctors. A standard platform development fee is deducted from the same.
• Medicine delivery charges: Practo also have authorized partners who deliver medicines and conduct diagnostic tests. It is the revenue sharing model for these services which add more to their revenue.

With all these, the revenue for the healthcare app Practo is estimated around $15 Million. Looking at their success today, it is hard to believe that it was frugal for the first 3 years. Every business idea faces its fair share of challenges. Practo was no exception. However, with the passage of time, they have worked hard on their technology, customer experience, business offerings, and more. Now, this healthcare marketplace is inspiration to entrepreneurs and business owners worldwide. Are you too inspired by Practo’s incredible journey? If yes, then you too can create your own version of Practo.

How To Build A Healthcare Mobile App Like Practo?

Creating your own Practo clone gets simpler. This detailed infographic answers all your query right here. Have a look:

To take your Practo clone onboard, you will require an experienced team of healthcare app developers. You need a technology partner to build a customized and scalable solution. Code Brew ends your search for the best development company to get a Practo like app developed. We have experience and expertise in developing exceptional technology solutions for the healthcare industry. Backed with the most advanced and high-end features, we enable you to run a successful healthcare marketplace. Why don’t you just check out the detail on the feature list here?

In case you need to know how much does it cost to develop an app like Practo, we’re happy to help. Ask for your free quote right away. And you can even book a free consultation with our business experts to discuss your healthcare app idea now. 

Author

Neha Sharma

Being a Senior Content Writer at Code Brew, Neha is intrigued by new trends and technologies in the digital world. She is fond of curating, developing, and designing different types of content to help businesses grow in this competitive era.

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