Tag: online consultation services

Top 14 Healthcare Business Ideas For Medical Entrepreneurs in India [2022]
Healthcare is a rapidly developing industry in India and opportunities are always on the rise. The Healthcare sector is one of the fastest-growing sectors in India and by 2022 it is expected to grow up to Rs. 8.6 trillion. The healthcare business in India has grown considerably in 2021 because of the global pandemic that started in March 2020.

Looking at the current state of the world, the thing which we learned is the importance of health care. Pandemic has taught us how small things can affect our health. Equally, this also gives a boost to the healthcare business opportunity, so if you are an entrepreneur planning to enter the healthcare industry this is the right time to invest and grow in this business.

Why You Should Consider Healthcare Business in 2022

Healthcare App Statistics

Medical business ideas have become the most profitable business ideas these days. Here are the reasons to consider a medical-related business in 2022.
- The Healthcare industry in India is expected to grow up to Rs. 8.6 trillion in 2022.
- The healthcare sector can create employment opportunities for millions of people by 2021.
- India’s medical device market size could grow up to $50 billion by 2025.
- The applications of AI in the healthcare industry is progressing at a high pace. Soon India will be worth US$ 6 billion by 2021.
- There are a total of 4,892 startups in the Indian health-tech space.
Best Medical Business Ideas for Doctors in India
Best Business Ideas in Medical Field in India

List of the top 14 Best Healthcare Business Ideas in India (2022)

Medical Transcription Services

One of the most well-known medical business ideas is Medical transcriptions as it listens to the voice recordings submitted by the physicians or healthcare workers and converts them into written notes. It ensures that the patients receive the right treatment and medications. Medical Transcription Services is one of the best business ideas for healthcare professionals. The recent advances in a speech to text technology are likely going to affect medical transcription jobs in the future.

Medical Records Management

One of the successful healthcare startup ideas and best business ideas for doctors in India as it can assist doctors and hospitals by managing their medical records. You can either provide full-service medical records management. You can also assist your clients by helping them to manage their medical records by training their staff.

Healthcare app

Health apps and smart health devices Usage in India

In this growing world of technology patients already have a plethora of apps to deal with, which is why making a healthcare app is a good healthcare business idea in India. So providing a holistic app to the patients that will fulfil their every healthcare need is a great approach. This approach to personal health will benefit the patients as well as the business.

Medical Billing Service

It is the right time to begin a business in the healthcare sector as Medical billing services because of the rise in insurance claims by the patients. Due to which the hospitals face the hassle during insurance claims. So to assist them and reduce the burden on hospitals. A medical biller is a person who handles medical claims for insurance companies. This will lessen the burden on the hospitals during medical claims by the patients.

Home Healthcare Service

Home healthcare services are the services that are been provided in the convenience of home to the patients. These services are provided to elderly people. Home healthcare services are less expensive and convenient. And are more effective as compared to that of the care you might get in hospitals.

There are three types of home healthcare services.
Personal care- In personal care nurses are being provided to the elderly people to help them in their daily activities like bathing, dressing, and preparing meals for them.
Private nursing care- In private nursing care, home-based skilled nurses are provided for long term or hourly nursing care for elderly or adults with an illness injury or disability. These services include ventilator service, nursing care, and catastrophic care.
Home healthcare- In-home healthcare service the patients can request a short term physician who can help the patient to recover from illness.

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Diabetic Care Center

The diabetic care centre is one of the top healthcare business ideas in India. The diabetic management centre has all the diabetic management facilities under one roof. It helps the patients to control their diabetes and avoid any serious diabetic complications that may arise due to uncontrolled diabetes.

Physical Therapy Center

Physical therapy is also known as physiotherapy. It is one of the allied healthcare professionals who treat patients with conditions like acute pain or soft tissue injury. A physical therapy centre is a prominent business idea that is profitable as well. You have to open a facility in which you can hire professional physiotherapists to treat the patients. They are also required by fitness centres or sports facilities.

Medical Supply Sales

Customers are always on the look for healthcare products such as medical supplies, braces and many more. You can supply the medical supplies to individual patients or to retailers. An e-commerce site is a better option to increase sales and it also helps the customers, who might face difficulty reaching the stores.

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Nutritionist

Being a Nutritionist is a profitable and less stressful job as compared to other healthcare services. a nutritionist is an expert in the field of food and nutrition. He/she advises people on what to eat to maintain a healthy lifestyle. Many organizations such as hospitals, schools and cafeterias need nutritionists.

Childbirth Services

Childbirth services are a bit complicated and crucial healthcare business to handle. If you hire an expert for the job who can make your business grow then childbirth services are a great option. The sole purpose is to attend to a woman during delivery and while birth.

Fitness and Gym Centre

Fitness and Gym Centres are arguably one of the most profitable healthcare business ideas. For both of these centres, one must find a good location and good equipment in order to attract customers. Due to Covid-19 and the increase of other diseases people want to stay healthy and stay fit. And if you are a fitness trainer you can try opening a gym.

Virtual doctor services

Telemedicine Market expected growth in India

This telemedicine market is currently on the rise especially after the pandemic, as people prefer online consultation of doctors than compared to going to the hospital. In 2021, the platform already connects over 100,000 doctors with 300 million users in over 200 cities and has helped people who don’t have time or even rural people to get good quality doctor services.

Aerobics Centre

Aerobics exercise helps in improving the human cardiovascular system in absorbing and transporting oxygen. Learning aerobics are now in demand as people have become more and more health-conscious and preferring to go to aerobics centres instead of going for medicines.

Retail Pharmacy

Annual Turnover of Indian Pharmaceutical market

The $312.1 billion pharmacies and drug store industries are expected to increase in the next five years. Retail pharmacy includes facilities that dispense over-the-counter medications and prescription drugs and also includes operations that deliver prescriptions to patients at discharge, as well as mail-order pharmacy services.

Conclusion

These are the Top 14 Healthcare Business Ideas For Entrepreneurs in India. There are many business opportunities in the healthcare sector regardless of rural, suburban, or metro cities in the coming future. For any entrepreneur planning to start a healthcare business in India, it is the right time to commence your business.

FAQs

What is the healthcare business in India?

The healthcare sector consists of businesses that provide medical services, manufacture medical equipment or drugs, provide medical insurance, or otherwise facilitate the provision of healthcare to patients.

What are the medical business ideas for 2022?
- Retail Pharmacy
- Aerobics Centre
- Virtual Doctor Services
- Child Birth Services
- Nutritionist
- Fitness and Gym Centre
What are the best future business ideas for healthcare?
- Medical supply sales
- Physical therapy centre
- Diabetics care centre
- Home healthcare services
What are the healthcare startup ideas?
- Medical billing service
- Medical transcription services
- Medical records management
- Healthcare app
May 2, 2022
Practo- Business Model & Revenue Model | How Does Practo Make Money?
Numerous technological innovations and advancement has made the world a smaller place. Irrespective of type of business, online services is booming. The demand of online service has taken over the healthcare industry as well. Online doctor consultation is rising popularity and growing with high speed after Covid Pandemic. There has been 500% increase in online doctor consultations in India in 2020.

Practo is one of those online doctor consultation platform which has revolutionized the healthcare industry. Practo enables consumers to find the best doctors, book appointments, and consultations for better health care decisons and treatment. The bangalore based healthcare platforms has gained tremendous popularity. Here are insights of Practo’s Business model, its revenue model, and more to know about Practo.

About Practo
Services Provided by Practo
Business Model of Practo
Why Should Doctors Use Practo?
Practo’s Customer Segments
Key resources for Practo
How Practo makes money?
Acquisitions of Practo
Revenue Model of Practo
FAQs

Practo Business Model | How Practo earns money?

About Practo

Practo is an Indian based company that is now established in about 15 countries. It is an application that works as a bridge between doctors and patients and is mainly focused on booking interactions with doctors. It was founded by 2 Indian B.Tech students, Shashank ND and Abhinav Lal. They aimed to come up with a way to save or keep reports and other medical prescriptions. Their idea was then put into action and they came up with an online platform where the patients can interact with the best online doctors, book appointments and so on.

Services Provided by Practo

Their major value proposition for patients was to make online healthcare search easier. The application must be able to help patients look for various medical help like doctors, hospitals, clinics, laboratories, check-up and scan bookings and so on. This must be done through the app or website and without any issue. They should be able to get a virtual doctor on demand.

The next plan was Practo Plus, which is a subscription-based membership. This is to provide perfect 24/7 care.

Practo not just helps book appointments but also consult a doctor online. This is a cost and time-saving attribute in the app. In this case, the communication can be through audio call, video call and also image sharing through the app. This can help the doctors diagnose and give necessary medical advice.

Just like Google drive helps us save details and records for future use, Practo drive helps patients store the necessary medical records like test results, prescriptions, schedules, etc. This is highly secure and safe.

Business Model of Practo

Practo Logo

The first thing that a business has to do is to figure out the major activities and value propositions and make a perfect, working business model. Practo, being a common platform for patients and doctors, they had to make sure there was proper value provided to both sides.

Why Should Doctors Use Practo?

Practo competitors

Practo helps the doctors get more patients and grow their practice online. They can hence maintain a better relationship with the patients and also chat with them whenever necessary. A prescription can also be uploaded through the app. Follow-ups and other notifications can also be given by the doctors to the patients. They can also publish health-related articles and tips. Practo makes the entire system easier and efficient.

Practo provides a complete tool for clinic management for doctors which helps in generating invoices, reminders, storage of bills and prescriptions, etc. On the whole, the online visibility of the clinic and the doctor grows with the use of Practo.

Practo’s Customer Segments

Practo has segmented their customers into 3. Which are:

Practo’s customer segment

Key resources for Practo

The major resources that they use are the website, the app, their staffs and manpower and Information technology.

Their major activities are:
- Marketing and advertising, through which they promote their product and services. With the growing use of social media, they use those platforms to promote Practo.
- This, being a technology-based app, their another major activity is to develop an easy to use software.
- They also had to bring in and enhance the network between patients, doctors, labs, clinics and so on.
They also have the perfect customer relationship management strategies. They provide 24/7 customer service through mails, chat and also phone calls and their automated services, like notification system and SMS services have helped them maintain customer relationships.

HealthifyMe Success Story – Founders | Funding | Revenue | Business Model

Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has been approved by the organization it is based on. Having a fit and healthy body is everyone’s dream, but it has somehow not beeneveryone’s cup of …

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How Practo makes money?

Any company thinks of how to increase revenues and hence generate more profits. Practo also has its way to make huge revenue. We know that Practo has a few products and services and using this they generate the revenue.

They initially started by taking a certain percentage of money for every booking that takes place. As they expanded, they found more opportunities to get better revenues.

Practo charges the doctors and hospitals some money for getting listed in the app or the website. This also gives them some revenue. They are now expanding their domain and are now connecting bigger hospitals, labs and pharmacies and take commissions from all these. This is their basic revenue model. Over this, there are a few other ways by which they generate revenue.

Acquisitions of Practo

They get revenues through their acquisitions. Practo has acquired 4 companies.
- QikWell: It is an online appointment booking software
- FitHo: It is a disease prevention app
- Genoo: A software development firm
- InstaHealth: Hospital management software
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Revenue Model of Practo

Over the years, Practo has helped doctors reach a lot of patients and also helped them practice medicine.

Just like there are search results on search engines, Practo has a search result. 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.

The next way of generating revenue is through Practo reach wherein, Practo provides ad spaces on their website and app. It is available in various sizes and the payment depends on various factors. Displaying ads on their website also gives them good revenue as we know that Practo has a lot of users.

There is another division in 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.

Next comes Practo Plus. It is a subscription-based yearly healthcare plan for patients. It offers unlimited online doctor consultation and Practo gets some revenue from this too.

Practo earns from medical deliveries too. Now that they have tie-ups with labs and pharmacies, they get some commission for bookings and also from delivering medicines to the patients. They also make the sale of medicines to drug stores and chemists.

The main reason for Practo to be able to attract the customers is because they can cover the right audience. They know that there is no big point in covering famous doctors as they would have already established themselves and would not pay much for Practo and so, they started by approaching new doctors and clinics who will need to get patients. Also, there are not many competitors in the field as Practo has already attracted most doctors and patients and it is well established.

FAQs

What is the revenue of Practo?

Practo has recorded a revenue of Rs 124.3 crore for the financial year ended March 31, 2019.

How does Practo work?

Practo offers a secure and encrypted platform for patients to connect with doctors online to interact at their own convenience.

What is the valuation of Practo?

Practo valuation stands at $904 Million (April, 2021).

Who are the top competitors of Practo?

The top 10 competitors of Practo are:
- Lybrate
- DocsApp
- 1mg
- Goqii
- Portea
September 25, 2021