Business model of Practo

Introduction

Practo Ray, the SaaS platform, managed the affairs of small practices in terms of appointment scheduling, patient record maintenance, billing, accounting, and analytics – catering to the SME segment. The Business model of Practo involves its business plan, revenue model, its competitors, SWOT Analysis and many more.

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Once the B2B product got the initial traction, the team focused on the consumer and began with the B2C platform — Practo Search. For efficient time management, 24×7 booking for patients, hassle-free management of appointments, and to minimise the number of patients no-shows, healthcare providers are advised to enable the booking of appointments online.

Teleconsults on Practo have witnessed an average increase of over 100 percent per week, with 53 percent of all GP eConsults related to coronavirus.

Business Plan

Practo has been connecting various stakeholders, including patients, doctors, clinics, and pharmacy stores. Practo has made it easy for patients to perform multiple tasks in a hassle-free manner.

Practo is a digital platform that is now established in more than 15 countries. Practo is an online health platform that connects patients with doctors and healthcare professionals; it also allows customers to book appointments, check-ups, consultations, and order medicines by uploading prescriptions. Within ten years of its establishment, Practo has become a one-stop solution for health-related services and hospitality. IoT, Machine Learning, Artificial Intelligence, etc., have made the healthcare industry more advanced and promising.

Doctors and clinics can increase their business reach by registering themselves on this platform, as Practo has different products and services for doctors and clinics.

Revenue model

Practo’s revenue model is quite different from other online medicine delivery apps. They initially started by keeping a certain percentage of money for every service or booking by the patient. But later, they expanded and came up with more resources than offered better revenues. For every medical service booked online, customers pay a certain extra price which goes to Practo. It is the initial source of revenue when it is launched. Practo charges a certain amount of commission from doctors, clinics, pharmacy stores, and hospitals for getting listed on the app and website.

Doctors need to get on top of the list to be able to do more online consultations and hence earn more. Practo Profile sells premium listing and for this, the doctors have to pay some money. This is a part of their revenue.

Practo which is called as Practo Ray. This helps the doctors Manage the hospital or clinic. It is a PMS (Practice Management Software) for the doctors. For doctors to use this, they need to pay a fee, monthly. This is the largest source of revenue for Practo.

Competitors

The healthcare sector going through a rapid revolution through internet. The top competitors of Practo are:

  • Lybrate
  • DocsApp
  • 1mg
  • Goqii
  • Portea

SWOT Analysis

Strengths

  • Stronger consumption capability: The gross national income (GNI) increased to 55790 in 2010 from 32780 in 2001. The GDP likewise increased from $91148 in 2001 to $208765 in 2010. The GDP growth rate is 14.5%. Strong financial position and health can allow the firm to make further investments.
  • Pleasant company environment: Practo Case Swot Analysis has a high income category and ranks in all elements of company. The well-developed and efficiently integrated IT infrastructure can improve the operational efficiency and increase knowledge of the latest market trends.
  • Easy to begin service: Laws are relaxed for starting brand-new business.
  • Low terrorism and political violence: Practo Case Swot Analysis has a tranquil political environment that most likely attracts investors.

Weaknesses

  • Near BRIC countries: Purchasers are influenced by others countries like India and China.
  • Island size: Organisation advancement is limited since of the limited size of island. The inability to understand customers’ needs and expectations lead to an ineffective strategic decision-making process.
  • International orientation: Practo Case Swot Analysis generally depends on trade. If any enormous ecological change happens, development will be subjected. The cash shortage or insufficient current assets negatively affect the liquidity position and harms the overall business performance. Less expenditure on the research and development activities can weaken the company performance due to poor local/international market knowledge.
  • Federal government involvement: Government intervention might restrict brand-new entrepreneurs to develop their services.

Opportunities

  • Land may increase: Practo Case Swot Analysis can have its land increased if the dispute with Malaysia is resolved. The exponential growth in the population, and particularly in the existing or potential customer segments is a great growth opportunity for the business organisation. The diminishing boundaries and rising global interconnectedness allow the organisation to get into the international market; target geographically dispersed customer base and increased profitability
  • Emerging markets: Business can be expanded in the land by generating ingenious ideas and items. The emergence of e-commerce and social media marketing as a trend can be a great opportunity for PRACTO if it can ensure strong online presence on different social networking sites.
  • Tourism nation: Through making sufficient financial investments in the tourism sector, more inflow of income can be generated as more and more tourists will be checking out the nation.

Threats

  • Incomplete supply chain: Practo Case Swot Analysis’s production generally depends on raw material that are imported from other countries. This make them based on importation.
  • Increasing globalization:  The globalisation pushes the organisation to cross national boundaries and deal with cultural diversity, which may have a detrimental impact if the organisation lacks the cultural intelligence.
  • Multi lingual nation: Practo Case Swot Analysis has 3 languages used together at the very same time. This can cause issues to respective ethnic groups.
  • Economic Conditions: The deteriorating economic conditions affect business performance when they directly influence the customers’ spending patterns and purchasing power.

Conclusion

Doctor consultation and medicine ordering technology were skeptical, but the pandemic has changed the scenario. People now rely more on apps like Practo as it keeps them safe and gets things done in no time.