Practo and Pristyn Care, are the 2 names in surgical care that are always on the forefront of healthcare. A few years back Practo was considering selling its health tech startup to another recently started healthcare company, Pristyn Care.
But, recently the news left everyone flabbergasted when Practo with its new initiative became Pristyn’s competition in this world of healthcare. So, let’s dive deep into Practo’s healthcare strategies and initiatives that lead to its journey of success.
The Story of Practo’s Success:
To begin with, let’s get into the story of Practo and its mission. This healthcare organisation is on a mission to make quality healthcare affordable and accessible for all Indians. They believe in providing their users with the most accurate, comprehensive and curated information and care, helping them in making better healthcare decisions. All in all, Practo wants to make the journey of quality healthcare easy for everyone and help them live healthier lives.
The company is built on 3 important pillars:
- Deep Connections between doctors and patients lead to continuous care and better outcomes.
- Building Trust with patients as well as doctors.
- Transparency and honesty
Practo’s services include:
- A comprehensive medical directory of verified doctors across India that allows users to book appointments at over 9,000 prominent hospitals and clinics online.
- Practo Prime, which offers unlimited online doctor consultations.
- Ray is a platform for managing doctor-patient relationships.
- Insta is a software system for clinical practice management.
- Practo Associate Labs provides diagnostic testing.
- Medicine is delivered via a nationwide network of verified pharmacies.
More about Practo
The Past:
But, 2 years back, reports emerged about Practo that surprised some after Practo made promises to bring a change in the healthcare industry. The reports showed that Practo was thinking about selling its business to a new competitor, Pristyn Care. The acquisition would have essentially been a stock swap, with Practo, who is 13 years old, valued at $650 million and Pristyn, who is 3 years old, valued at $1.4 billion.
The Present:
Practo had just recently entered the $12 billion secondary care, or elective, surgery industry after years of developing a platform for doctor discovery, appointments, online consultations, tests, and prescription delivery. Some industry observers recognised inherent synergies between the two companies — Pristyn was already a pioneer in the surgery field — and cited Sequoia Capital as a common investor.
A little background about Pristyn Care, It is a Gurgaon-based healthcare firm that was formed in 2018 by Harsimarbir Singh, Dr Vaibhav Kapoor, and Dr Garima Sawhney to provide patient-centric healthcare services throughout the disease-to-health journey.
The Future:
After making the decision of selling the whole healthcare company and then leading the secondary care market. This was made possible with Practo’s success in ensuring strategies for healthcare and also with the help of Sequoia Capital, an American venture capital firm. The firm is known to have funded companies that are now managing $1.4 trillion of the total combined value of the stock market.
Reasons Why Practo is back to being on the Fore-front of Healthcare
Sequoia’s review:
According to a key executive at Sequoia Capital-backed Practo Technologies Pvt Ltd, a web-based clinic management software maker that obtains a large percentage of its revenue from primary clinics, the company is focusing on hospital chains and developing suitable solutions to expand in that market. “We’re keeping a close eye on the hospital chain market.” As we want to grow in this industry, we’ll be building more products that are tailored for it,” said Shashank ND, co-founder and CEO of Practo.
“Thanks to the hard work of an immensely dedicated entrepreneurial team, Practo has come a long way since our first seed investment in 2011.” We are fully committed to Practo’s mission to improve healthcare access and have a good impact on society.” Sequoia Capital Managing Director Shailendra Singh stated.
Practo’s Origin:
Created in 2008 by two college students, Shashank ND and Abhinav Lal, Practo initially focused on the Hyderabad market. Six years later, the company has expanded to 35 cities in India and several more international locations, helping hundreds of millions of consumers find the best doctors and make better healthcare decisions.
Practo’s services:
Practo offers several online tools for patients, including the ability to find doctors and compare them based on location, credentials, and availability. It also allows doctors to schedule appointments, manage patient records and billing, and provides a software-as-a-service that clinics can use for certain functions. Earlier this month, it launched its tablet for hospitals and clinics. Patients can use it to register for appointments, watch educational videos about their conditions and give feedback about their experiences with the service.
The Large Trend:
Practo, according to Shashank, could aim to raise more financing in the next 12-18 months. Internal accrual would account for the majority of this expansion. “We’ve been rising at a rate of 50-100 per cent per quarter.” We expect to end the fiscal year with a profit of Rs 20 crore,” he said.
Conclusion
So, to conclude, Practo’s aim and mission are to change the course of healthcare with elective surgeries, easily accessible and affordable treatments, tests, diagnoses and consultations by the best Doctors in the field of medicine. And, the vision and mission of this healthcare organisation were recognised to their fullest by Sequoia.
So, the initiatives by Practo in conjunction with the funding and support by sequoia brought Practo near to its goal and made it a rival to Pristyn care too.
Reference:
- https://www.linkedin.com/posts/the-captable_inside-practos-new-gambit-from-being-pristyn-activity-6911640495463030784-dFAB?utm_source=linkedin_share&utm_medium=ios_app
- https://the-captable.com/2022/03/practo-pristyn-acquisition-surgeries/
- https://digital.hbs.edu/platform-digit/submission/practo-indias-home-for-health/
- https://www.practo.com
- https://www.pristyncare.com/gp/brand/?utm_source=google&utm_medium=cpc&utm_campaign=ET-102-Search-Brand-Procto&utm_Adgroup=ET-102-A01-Brand-Variation&utm_source=google&utm_medium=cpc&campaign_id=1725054615&adgroup_id=67853216392&Keyword_Id=kwd-652393837669&Network=g&Device=c&Matchtype=e&Location=9302312&Keyword=pristyn%20care&Placement=&Ad_Position=&gcl_Id=Cj0KCQjw1N2TBhCOARIsAGVHQc4aWHy2UvksQLD8ZxqxmmTa7yZ9qP6L1Vco5sK5__TH-JAyS1BQH9waApPEEALw_wcB&gclid=Cj0KCQjw1N2TBhCOARIsAGVHQc4aWHy2UvksQLD8ZxqxmmTa7yZ9qP6L1Vco5sK5__TH-JAyS1BQH9waApPEEALw_wcB
- https://yourstory.com/2015/02/practo-raises-30-million/amp
- https://www.vccircle.com/sequoia-backed-practo-targeting-hospital-chains-grow-business
