Practo’s hospital management system, Insta, announced its switch to a SaaS model on Wednesday in order to provide additional value, efficiency, flexibility, and scalability to its partner clinics and hospitals.
According to a press release, the initiative, which is part of the company’s overall growth and profitability plan, is projected to have a favorable impact on the top line, with a 25% rise in healthcare centers. According to the corporation, it hopes to strengthen its integration, enabling quick upgrades and increased convenience of use at 4x the cost of traditional IT infrastructures.
“Insta’s ambitious expansion strategy involves wider penetration into the Middle East and Indian markets by meeting local demands.” It would also allow hospitals to enhance operational efficiency by 20-25% while reducing revenue leakage,” the company said on Wednesday.
According to the firm, after its purchase by Practo in 2015, Insta has increased 368 percent in terms of the number of hospitals and clinics utilizing the service and has seen a 25-30 percent year-on-year revenue growth over the previous two to three years. According to the company, the retention rate has been 92 percent due to regular on-demand service and highly automated processes, making it one of the highest in the industry.
Currently, Insta works with hospitals such as Apollo Health and Lifestyle, Ovum, Bansal, and Omni Hospitals in India, as well as Emirates Healthcare, Right Health, Etihad Airways Medical Centre, VPS-Lifeline, VPS-Lifecare, and Valiant Clinic in the UAE.
“We are dedicated to balancing growth and profitability.” While our consumer business expands, our B2B company is becoming lucrative. This shift to SaaS is a strategic step in the right path. It assists us in forecasting revenues, shortening the sales lifecycle, and deepening integration, resulting in a more predictable environment for both growth and profitability. We are the market leaders in the Middle East and will continue to invest in that region in order to increase both market and revenue share. The India industry is primed for SaaS; it gives the much-needed agility that healthcare businesses want, allowing us the confidence to go farther in a shorter period of time,” Practo’s Co-Founder and Chief Technology Officer, Abhinav Lal, made the announcement in a statement.
Vikas Kumar, CEO of Insta, stated during a press conference that SaaS-based cloud solutions have several benefits over traditional systems, such as cheaper costs, improved data security and interoperability, and simpler access to information and data sharing.
