Ideas Of India 3.0: Increased Trust In More Hospitals, Improved Insurance Incentives Can Reduce Healthcare Cost, Says Practo CEO

Ideas of India 2024: At a session called 'Online Lifeline', Shashank ND, CEO, Practo, emphasised the role of online services in promoting equitable distribution of healthcare services.

Ideas Of India: In order to reduce healthcare costs, a large number of hospitals should gain the trust of consumers, and not just some selected hospitals, Shashank said. "Not everyone should crowd the few beds available in selected hospitals."

Source : ABP Live

Ideas Of India Summit 2024: On the second day of Ideas Of India 3.0, the third edition of ABP Network's flagship event, Shashank ND, the founder and the chief executive officer (CEO) of Practo, an online health platform connecting patients with doctors and healthcare professionals, spoke about the importance of making healthcare accessible to everyone. At a session called 'Online Lifeline', Shashank emphasised the role of online services in promoting equitable distribution of healthcare services.

Chetan Bhagat was the anchor for the session.

Approximately 75 per cent of India's healthcare resources and infrastructure are concentrated in urban areas. But with telemedicine services, healthcare has become more accessible than before.

Explaining what Practo does, Shashank said that everyone wants to live longer and healthier, and healthcare is very opaque and like a black box. A dilemma he often faces is that he does not know who to approach for the best healthcare services. "India has quality healthcare, but accessibility is a challenge." Practo, with over two lakh doctors, makes accessibility to healthcare easier, he said. 

Shashank on how healthcare cost in India can be reduced

Bhagat told Shashank that healthcare has become extremely expensive, and asked him what can be done to ensure that everyone has access to affordable and good quality healthcare. 

Shashank replied that as the country grows, the price inflates. He explained that several Indians do not have faith in online apps and hence, directly go to doctors they trust. 

In order to reduce healthcare costs, a large number of hospitals should gain the trust of consumers, and not just some selected hospitals, he said. "Not everyone should crowd the few beds available in selected hospitals. There should be more gatekeepers, and incentives with hospitals should be more aligned.”

Shashank praised the healthcare model of Australia, and said that even with cost, quality is not compromised. 

He said that instead of going to the hospital for a minor problem or self-medicating oneself, people can consider teleconsultation. "There are limitations to self-care."

Shashank on the role of technology in healthcare

Shashank also said that India is known as the diabetes capital of the world, and genetics plays a key role in this. However, technology can cure and manage genetic diseases, he said. "The business model of insurance needs to be improved."

Explaining that a lot has improved in the preventive space, Shashank said that in India, it has now become possible to detect cancers at extremely early stages. 

He also said that the company’s valuation is just a consequence of the efforts they put into fulfilling their mission. "For us, what has kept us going for 15 years is the impact it has on people. Now that we have AI, we have introduced new solutions. The impact on crores is actually meaningful. We want to contribute to India's GDP and to a healthier India."

More about Shashank

Shashank co-founded Practo in 2008 with Abhinav Lal due to their passion to transform the healthcare industry and connect people with healthcare professionals. 

Shashank plays a key role in improving the online platform, whose mission is to promote human health and longevity. Using Practo, people can book online appointments, order medicines, and speak to doctors. 

A BTech from the National Institute of Technology (NIT), Surathkal, Shashank has been featured in the 2016 Fortune 40 under 40 most promising business leaders in India, Practo says on its website.