On Wednesday, Practo’s hospital management system, Insta, announced its transition to a SaaS model in order to give more value, efficiency, flexibility, and scalability to its partner clinics and hospitals.
The program, which is part of the company’s overall development and profitability plan, is expected to have a positive impact on the top line, with a 25% increase in healthcare centers, according to a press statement. According to the firm, it intends to deepen its integration, allowing for faster updates and better usability at a cost of four times that of typical IT systems.
“Insta’s ambitious development goal includes further entry into the Middle East and Indian markets by satisfying local expectations,” the business stated on Wednesday. “It would also help hospitals to improve operational efficiency by 20-25% while decreasing revenue leakage.”
According to the company, after its acquisition by Practo in 2015, Insta has experienced a 368 percent increase in the number of hospitals and clinics using the service, as well as a 25-30 percent year-on-year revenue growth during the preceding two to three years. According to the firm, thanks to constant on-demand service and highly automated operations, the retention rate has been 92 percent, making it one of the highest in the industry.
Currently, Insta collaborates with hospitals in India such as Apollo Health and Lifestyle, Ovum, Bansal, and Omni Hospitals, as well as hospitals in the UAE such as Emirates Healthcare, Right Health, Etihad Airways Medical Centre, VPS-Lifeline, VPS-Lifecare, and Valiant Clinic.
“We are committed to achieving a healthy balance of growth and profitability.” While our consumer business grows, our B2B business is becoming profitable. This transition to SaaS is a strategic move in the correct direction. It helps us estimate revenues, reduce sales cycles, and deepen integration, resulting in a more predictable environment for both growth and profitability. We are the Middle East market leaders and will continue to invest in that region to improve both market and revenue share. The India sector is ready for SaaS; it provides the much-needed agility that healthcare firms want, giving us the confidence to move further in a shorter amount of time,” Practo’s Co-Founder and Chief Technology Officer, Abhinav Lal, said in a statement.
During a press conference, Insta CEO Vikas Kumar claimed that SaaS-based cloud solutions offer various advantages over traditional systems, including lower costs, enhanced data security and interoperability, and easier access to information and data sharing.
