Practo’s cloud based HMS Insta to work on SaaS model

Cloud-based hospital management system Insta, acquired by Practo in 2015, has transitioned to SaaS or software-as-a-service model.

This means Insta provides hospital management system or HMS to its clients, who are hospitals, clinics and healthcare centers, via cloud computing. HMS helps hospitals manage their information like clinical data, inventory, patient information and financials, and integrate all of it across departments.

Also, Insta’s own SaaS transition will render it with benefits and also the clients it serves.

Insta says its new SaaS-powered system will enable the hospitals – its clients – to improve operational efficiency by 20-25% with minimal revenue leakage.

“The India market is ripe for SaaS. It provides the much-needed agility that healthcare players are looking for, thus, giving us the confidence of further expansion in a shorter period of time,” said Abhinav Lal, co-founder and chief technology officer, Practo.

Scalability & cost-efficiency
The company has ambitious growth plans ahead – to grow the number of its clients by 25%. The SaaS model will provide it with scalability.

The company said that the SaaS transition will also provide more value to its partner clinics and hospitals in addition to flexibility. More importantly, the new system will make it more cost-effective, and it can be passed on to its clients.

“With this move, the company aims to improve its integration, enabling timely upgrades and greater ease of use, at four times reduction in costs as compared to conventional IT infrastructure,” Insta said in a statement.

‘Helps anticipate revenues & shorten sales lifecycle’
Since it was acquired in 2015 by Practo, Insta grew its business by 368%. It has been clocking 25-30% revenue growth year-on-year, for the last two to three years.

“While our consumer business continues to grow, our B2B business is turning profitable. This transition to SaaS is a strategic step in that direction. It helps us anticipate revenues, shorten sales lifecycle, and deepen integration, thus, creating a more predictable ecosystem for both growth and profitability,” said Lal.

The global cloud computing market in healthcare is estimated to reach $51.9 billion by 2024. The company hopes to have a 10% share in this market, going ahead.

“We are the leaders in the Middle East market and will continue to invest in that market, to grow both market and revenue share,” Lal said.

Some of Insta’s clients include Apollo Health and Lifestyle, Ovum, Bansal, Omni Hospitals in India and Emirates Healthcare, Right Health, Etihad Airways Medical Centre, VPS- Lifeline, VPS-Lifecare and Valiant Clinic in UAE. Business Insider