With Qikwell's acquisition, Practo gets a product that delivers a great consumer experience in hospitals and clinics by providing smooth appointment booking, significantly reduced waiting time as well as hassle-free payment at the hospital.
The key proprietary technologies and algorithms help synchronize patients, doctors and front office staff at the hospital to reduce the average wait time by over 3x, resulting in a much better consumer experience as well as better optimization of the hospital operations.
How has healthcare and Practo's vision evolved over the last seven years?
Healthcare is one of the latest industries to be completely transformed by technology. In the age of Internet, there are billions of spam mails but getting health records digital is a tough task.
We started out by enrolling doctors first. In 2009, we launched Practo Ray, the first SaaS product in India-a cloud based clinic management software. We kept it cloud based so that doctors didn't have to worry about software updates, hardware requirements, data security and data backups. This allowed them to focus on what is important for their patients. Practo Ray has evolved on the basis of direct feedback from doctors and therefore is keenly tuned into their workflows and specific needs. Today Practo Ray has over 90 percent market-share in India and doctors use Practo Ray to manage healthcare for millions of patients every month.
We then moved on and created the world's first ever hyper-loop between doctors and patients and in 2013, we launched Practo.com - our doctor discovery platform which allows consumers to find the right doctors and book instant appointments. We now manage over 40 million appointments every year. In the past few years, we've also expanded our global footprint and are now present in over 15 countries across the globe.
What are the trends you can see in the healthcare industry? And what strategies you are implementing to do well in this space?
The rising mobile led Internet penetration has given consumers access to products and services that they can avail at lightning speed. We've been successful in playing a role in bringing that shift by building world-class products like Practo Ray and Practo Search.
Over the past several years, we've grown to emerge as a company that touches millions of lives in multiple cities and countries every month, by helping them make better healthcare decisions. This holds testimony to the fact that disruptive innovation can bring a structure and change in the way an industry functions.
We envision a world where technology will help consumers find the best doctors with a few clicks. Generating, accessing and storing health records have been made entirely digital. Patients will have a single account linked to their families that stores their health information securely provides helpful information in a timely manner to help people live healthier, longer lives. We also plan to enter 100 more cities in India and 10 more countries across South East Asia, Middle East, Latin America and Eastern Europe.
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