The current scenario is daunting for everyone. Almost all major businesses, including successful ones, are witnessing a drop in sales. However, few of them seem to be flourishing. The telemedicine industry is one of them. By 2021, the worldwide market size is expected to hit USD 270.3 billion. Online health consultations have increased significantly amid Covid-19, according to the ”Rise of Telemedicine – 2020′ report by Telemedicine Society of India and Practo.
What does it provide?
- For Customers
They are assured that the chosen physician only provides consultation and no one else. Users benefit from subscription and can save 60% on their annual expenses for healthcare, including online consultations without limits, prompt appointments, and much more.
Online consultation is one of the most recent and sought-after forms of consultation during these unprecedented times. It provides a clinic-like experience by offering virtual consultations with doctors any time, anywhere.
- For hospitals & clinics
It helps clinics and hospitals to provide patients with excellent consultation experiences by making hassle-free payments, scheduling appointments, exchanging documents, and much more.
The app for hospital management increases productivity and enhances the patient experience. Health organizations can handle both departments, patients, employees, and more with ease through this app.
It offers an ad slot for clinics and hospitals to easily make their practice available to others and connect with more patients.
- For Physicians
Doctors can create and enhance their digital presence with this app and provide psychoeducation to their patients and other users. With their virtual practice, healthcare professionals can offer follow-up sessions for their patients and increase earnings by communicating with more patients online.
It provides physicians a voice to inform and inspire millions of lives without putting any effort into it.
How does Practo Healthcare software make money?
It encompasses a lively revenue model with numerous goods and acquisitions. With good margins, Practo is on the path to competitiveness. Let’s split it into more broad categories to make it easy.
Acquisitions revenue:
Practo has purchased businesses such as InstaHealth etc. This amounts to a fairly decent portion of their total derived sales.
- Prime subscriptions
This operates on a basic model of pay-per-use. It charges technology fees from medical institutions, although it is free for consumers.
- Online consultation fee
Customers need to pay their respective physicians a consultation fee. The same is deducted from a physician for availing the services of their platform.
- Fees for the supply of medicines:
Practo also has approved and involved partners who distribute medications and perform diagnostic tests. Sharing these medications and tests with the users and contributing to their sales is the model of income. For all the features mentioned above, the Practo healthcare app’s profits are worth $15 million.
Conclusion
Looking at their success today, it is impossible to believe that the first three years have been frugal. Each business idea faces its fair share of difficulties. However, they have focused hard and exclusively on their technology, customer service, market offerings, and more. Today, for entrepreneurs and business owners worldwide, this healthcare application serves as an inspiration.
Reading this astonishing journey to success, The fruition story of Practo might inspire you to create your practo clone app. If your answer is yes, you can also build your version of Practo. The way to develop your understanding of a Practo clone app is at the crossroads- you can either build your app from scratch or stake your claim with the Practo clone app. To get a clone app, you would need an experienced healthcare software development team to turn your dreams into reality. To develop a personalized and scalable solution, you need a technology partner. Choose a development company that has many years of experience in the industry. Make a mint!
