practo

MSB Docs accelerates Practo’s contract signing, reduces processing time by 79%

MSB Docs has lent a perfect makeover to the HR operations and other critical processes at Practo. The implementation of eSignatures has fast-paced our contract signing process by reducing the turnaround time from days to merely hours. The ability to sign from anywhere, on any device, has lent us absolute peace of mind. Our workforce productivity has shot up, while the secure storage of documents has greatly improved our compliance. Switching to MSB has been a great decision, as it has helped us save a large chunk of our time and money. We would recommend MSB Docs to all organizations looking for a superior signing experience and expert document management services.

Manager, Practo

Key takeaways

  • Practo’s tie-up with doctor partners used to be time-consuming and followed by the cumbersome print-sign-send-store routine.
  • Practo needed a scalable solution to cut costs, improve efficiency and accelerate turnaround time.
  • MSB identified an opportunity as how doctors can identify themselves and sign their insurance agreements faster.
  • MSB Docs streamlined the signing process at Practo and reduced the processing cycle time from days to just hours.
Table Of Contents

The Company

Founded in 2009, Practo is a leading integrated healthcare company that brings seekers and providers of medical expertise on a common platform. Right from finding and booking an appointment with verified doctors, booking diagnostic tests, obtaining medicines, to storing health records, etc, Practo provides patients with a wide range of healthcare services that are high-quality, trusted and affordable. The digital healthcare expert has been leveraging the power of new-age technologies to impart superior experiences to the masses.

Business Challenge

Practo has a large, diverse team comprising of over 2,500 employees. The company keeps increasing its pool of people in order to fulfil the evolving business requirements. Human Resources (HR) therefore plays a pivotal role in the organisation, since new employees need to be continually recruited, onboarded and engaged within the organisation. Besides this, Practo also continues to tie up with more and more doctors globally on an ongoing basis. All this involves a great deal of signing and documentation work.

Traditionally, prior to integration with MSB Docs, all HR processes including employee onboarding, engagement, payroll, employee exits, etc were conducted manually at Practo. Important documents such as job contracts, background check reports, contract extensions letters, offer letters, NDAs or confidentiality agreements, etc had to be manually generated and circulated around to gather physical, ink signatures. Often, signatories were located across different company offices, in the case of which print outs were taken and shipped out to different locations. The signed documents were then collected back and manually archived. The same process was repeated for tying up with doctors globally.

Over the period of time, the company realized that the manual way of signing and documentation was extremely slow, exhausting and inefficient. A few of the challenges that Practo faced are listed below.

  • Delayed Employee Onboarding The manual way of document handling resulted in a high document turnaround time, due to which it often took several weeks to finalize and onboard a new hire. With employees joining later than expected, the output at work gradually started getting impacted. Also, such sharp delays many a times led to a loss of interest from the candidates, which could also hamper the company’s reputation.
  • Decreased HR Productivity The HR team at Practo was spending too many hours in conducting recurring paperwork. This involved taking document printouts, running around to get hard copies filled and signed, faxing/ couriering documents, storing them in physical cabinets and locating them for audit purposes. These routine, administrative tasks took a toll on the productivity of HR personnel, who were unable to perform other tasks such as employee engagement, retention, etc.
  • Greater Chances of Errors The pen and paper way of filling and signing documents invited greater chances of errors. Often, there were instances of forms being incompletely or incorrectly filled. These forms had to then go back and forth multiple times before finally getting approved.
  • Storage Issues Since the paper-based records were physically stored, retrieval of information was quite a difficult task. Also, physical storage of documents led to greater security issues, which could possibly invite troubles from the compliance, audit and regulatory perspective.
  • High Costs The cost of paper and paper-based processes was significant for the company and was severely impacting their revenues.

As Practo continued to grow, it felt an acute need to streamline its complex signing/ documentation processes, enhance efficiency and minimize costs. The health-tech platform wanted to do away with the existing operational inefficiencies/ bottlenecks and was thus looking for a new-age, scalable solution for the same.

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The Solution

Practo turned to MSB Docs for incorporating its advanced electronic signatures into their workflows. MSB Docs took the lead and automated all the HR workflows of the company. The highlights of the eSignature solution implemented by MSB Docs are given below

  • All the physical HR documents were seamlessly converted into electronic documents, and physical signatures were replaced with electronic signatures.
  • HR professionals at Practo can now simply send a link to the applicants, clicking on which they can review, complete and sign the onboarding documents directly from any internet-enable device. As a result, all forms can now be signed and completed speedily within a few minutes, eliminating delays which were present in the manual onboarding process.
  • Once the forms and documents are electronically signed, they get stored automatically, and one can quickly move on to the next stage of employee onboarding.
  • The HR professionals at Practo can now get multiple employee contracts, forms and other documents simultaneously and speedily.

Results

At Practo, paper-based documentation and manual signatures have become a thing of the past. The company is now able to operate in a time and cost-efficient manner, with the following benefits being reaped

  • Improvement in document turnaround time – As the cumbersome processes of printing, scanning, faxing, couriering, sending attachments, etc were eliminated, Practo was successfully able to reduce its document processing time by a whopping 79%.
  • Reduction in costs – As all contracts and documents are now created and signed digitally, the company has been able to save significant costs related to paper and paper-based processes.
  • Enhanced HR Productivity – As the HR employees now spend lesser time on administrative paperwork, they are able to productively perform other valuable tasks such as scouting for new talent, employee engagement, training, retention, etc.
  • Secure storage leading to improved compliance – For Practo, ensuring safety of patient records and other critical information is extremely important. With MSB Docs on board, all the company’s documents are now securely stored and safeguarded against fraud, tampering or any external threat. This has in turn ed to improved compliance.

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