Text | Yu Yan
| Wu Ge
Produced by | Yuguan Finance
In the various WeChat family groups of "Love Each Other and Love a Family", health and wellness is estimated to be the most content sent by parents, right?
Drinking Coke while soaking goji berries is a punk health care method for the post-90s. As for middle-aged people, they are busy exchanging money for health.
The new crown epidemic, which has lasted for nearly two years, has made people pay unprecedented attention to the health of themselves and their families, and some have even appeared "health anxiety signs".
People who often brush vibrato and visit the Little Red Book may find that there is a type of knowledge blogger that is very popular, that is, the doctors of various departments in major hospitals. The online consultation volume of various Internet medical platforms has also shown a blowout trend. Capital in the field of medical and health is very active, and internet celebrity health insurance such as million medical insurance and Huimin Insurance has taken turns to be hot...
All indications are that the big health industry seems to have ushered in a real spring.
With the in-depth promotion of the "Healthy China" strategy, encouraging everyone to become the first responsible person for their own health, the era of pursuing the health of the whole people is coming.
The recently issued "14th Five-Year Plan" for National Medical Security uses a separate subsection to explain how to "encourage the development of commercial health insurance", which is unprecedented.
The "Plan" mentions that commercial insurance institutions are encouraged to provide comprehensive health insurance products and services in various fields such as medical treatment, disease, rehabilitation, care, and maternity, incorporate new medical technologies, new drugs, and new equipment applications into the scope of commercial health insurance protection, and support commercial insurance institutions to cooperate with traditional Chinese medicine institutions to carry out health management services.
Behind each sentence is a wealth of information.
For any industry and enterprise, its development opportunities and space need to resonate with the national strategy. Some insiders predict that the insurance industry has explored the health maintenance organization (ABL) model for more than a decade, which is expected to land during the "14th Five-Year Plan" period.
Ping An Insurance (Group) Co., Ltd. ("Ping An of China" ("Ping An"), the company known in the industry as the closest to the HMO model of United Health Group (hereinafter referred to as.SH "United Health Group"), has become increasingly clear.
At last year's Investor Open Day, Ping An of China fully disclosed its strategy for the medical ecosystem for the first time. At the recently held Ping An Health Medical Technology Co., Ltd. (hereinafter referred to as "Ping An Health", the stock abbreviation of "Ping An Good Doctor", 1833.HK) investor open day, Ping An of China's medical ecosystem released a new signal.
Medical ecosystem: integration, symbiosis
In the 2020 annual report, Ping An Chairman Ma Mingzhe proposed that medical care is the future of Ping An.
The medical ecosystem strategy disclosed last year distributed five ports of government, user (Patient), service provider, payer, and technology (Technology), different ports correspond to different supporting entities, and 12 entities perform their duties, forming a complete medical ecological closed loop.
According to Chen Xinying, co-CEO of Ping An of China at that time, Ping An of China provided a full range of medical services for all links and objects through the medical ecosystem, leveraged ecological resources, established scientific and technological barriers, and brought a strong enabling effect to the main business of finance and insurance.
If ping an of China was mainly committed to the vertical and horizontal opening up of the medical ecosystem last year, then the biggest change this year is that in the various channels opened up to each other in the circle, the main body and the business sector are further integrated and symbiotic.
At the 2021 mid-year report press conference, Chen Xinying explained that the connotation of Ping An's "life insurance +" is "life insurance + health care management and pension management".
In the words of Fang Weihao, chairman and CEO of Ping An Health, insurance and health management are two sides of the same coin, a symbiosis. "Integration is not a simple insurance + health management, but the service content of health management is integrated into the design concept of insurance products. Health management services should also consider the characteristics of the insurance products provided. ”
Since the beginning of this year, in terms of integration and symbiosis, there have been further attempts among various subjects in the Ping An medical ecosystem of China. For example, Ping An Life's "Zhenxiang RUN Health Service Plan", which was upgraded on September 15, joined hands with Ping An Health and Ping An Smart City, covering four major health service scenarios such as health, sub-health, chronic diseases and diseases based on professional family doctors and professional health files. The medical insurance technology that cooperates with the social security systems of many places has become a risk control entrance for Ping An Health Insurance.
For example, Ping An Health Insurance customers can enjoy Ping An Health's health management services. Ping An Health recently released the 2.0 deepening strategy, which began to switch from "online consultation" to "medical + big health" track.
Relying on the ecosystem and comprehensive financial platform, on the closed loop of "full life cycle care" of insurance + medical care + pension, life insurance + health care management and pension management are realized, and the operating logic of Ping An Medical Ecosystem of China is becoming clearer and clearer.
In addition to the integration of business and channel levels between various entities in the medical ecosystem, another important action of Ping An of China this year is to accelerate the layout of offline medical resources and further open up the road of online and offline integration.
Previously, Ping An's Internet hospitals have taken the lead in opening up commercial insurance payments online, and offline have opened up green channel hospitals.
In April this year, Ping An of China participated in the restructuring of Peking University Founder Group, which is an important part of its medical ecosystem layout, especially offline resource layout. Xie Yonglin, general manager of Ping An of China, stressed at the press conference that ping an of China's original intention in participating in the debt restructuring of Founder was to create synergy with the medical resources of Founder and create a warmer financial and insurance service unique to Ping An of China for customers.
The integration of Peking University's medical resources with The Ping An Medical Ecosystem of China has been carried out successively. It is understood that at present, Ping An Health Insurance, Ping An Life, Ping An Bank, Ping An Health, etc. have all explored the path and mode of cooperation with them.
Integration and symbiosis have further revealed the effect of Ping An's medical ecosystem. According to its 2021 interim report, as of the end of June 2021, nearly 62% of Ping An's more than 223 million individual customers have used the services provided by the medical and health ecosystem at the same time, and the average number of customer contracts has reached 3.2, and the average customer AUM has reached 41,000 yuan, which is higher than that of individual customers who do not use the medical and health ecosystem services.
In addition, Ping An Smart Healthcare has served 170 cities, empowering more than 40,000 medical institutions and benefiting about 950,000 doctors. Ping An Health has more than 2,000 of its own doctors, covering more than 150 top 100 hospitals and specialized hospitals, and has cooperated with one-third of the world's top 100 hospitals.
Market analysts believe that this medical and health ecosystem of "scene, service, temperature and frequency" will become a new engine for the sustainable growth of Ping An's future value.
HMO: Dreams come true
About a decade ago, the domestic insurance industry was exploring the HMO model, and United Health in the United States was almost regarded as a guideline in the field of medical and health care.
The so-called HMO model, the ancestor is actually the United States Kaiser Medical Group, its model can be summarized as a closed loop of "insurance + medical" composed of three parts of insurance companies, hospitals, and doctor groups, and the three parties have a high degree of dependence. Among them, insurance companies are responsible for issuing insurance products or providing health services, with premium income as a source of income; hospitals provide medical places, and doctor groups provide medical services to users.
United Health usa is another typical model of HMO. Unlike the Caissa model, which is based on the medical side, the HMO model of United Health is an open platform of "insurance + health/medical", and the insurance business and health service business are both independent and closely coordinated. From the perspective of its development for more than ten years, the model has a good anti-cyclicality, and this stability in turn drives and supports the overall improvement of its insurance sector valuation.
The success of any model depends on the soil in which it is rooted – the country's health care system and national conditions. A successful model with development prospects must be logically self-consistent and minimize the cost of market games.
Some insiders pointed out that from the current domestic reality, United Health is more practical than Caissa Medical, which is why domestic insurance companies are scrambling to take it as a benchmark.
Although insurance companies aspire to the success of United Health, not all of them have the strength to "copy their work". Many investors and industry insiders believe that from the current point of view, the closest to the joint health model is Ping An of China.
Let's first analyze the business structure of United Health. According to public information, its main business is mainly divided into two categories: United Healthcare, which is centered on health insurance, and Optum, which is centered on health services. Among them, United Healthcare has four business units to provide users with different insurance products; Optum has three major platforms under Optum Health, Information Service Company (Optum Insight) and Drug Management Company (Optum Rx) to provide users with full-process health management services.
In fact, at present, there are not a few insurance companies in the insurance industry to build medical, insurance and health insurance, and there are also many people who claim to build an ecosystem, but from the current point of view, the only one that has really built and operated is Ping An of China.
It is undeniable that China's medical system and system are completely different from those in the United States, the United States is dominated by private medical care, health insurance is developed, medical institutions can achieve all-round cost control, and China is a medical security system with public medical institutions and social security as the main body, and it is not realistic to directly copy its model.
After 30 years of exploration and accumulation, in the process of continuous adjustment and even trial and error, Ping An of China has gradually run out of its own HMO model path. In particular, the inclusion of offline medical resource groups such as Peking University Hospital into the bag has become an important step in the closed loop of its medical ecosystem, thus making it possible to achieve "three openings": one is to open up online and offline medical resources, the other is to open up finance and insurance, and the third is to open up health management, thus forming a closed loop of medical treatment, insurance and health.
Only by realizing three openings and building a "medical + insurance + health" industrial ecology, the once-unattainable HMO model can be transferred from the dream to reality, can it become possible.
Feed back the main business and ignite the B-end engine
A core point of United Health's HMO model is that its medical health is not only a value-added service provided to customers, but also empowers the insurance business, which also has strategic value and becomes the key support for its capital market valuation.
From the current point of view, medical health further empowers the main insurance business at the level of value-added services, which is also the operating logic of Ping An's medical ecosystem in China.
Chen Xinying once said at the Ping An Investor Open Day in 2020, "The potential of the medical market is huge, but it is also very complex, not just to target one of them, it is necessary to have a long-term all-round strategy to fully penetrate it, and to seize the medical demand depends on where the ecosystem can create value." ”
In a nutshell, Ping An of China wants to rely on the ecosystem and comprehensive financial platform to realize insurance + health care management and pension management on the closed loop of "full life cycle care" of insurance + medical care + pension. This is also a direction for the reform and transformation of the insurance sector on Ping An's map.
With the further integration and symbiosis of various entities in the TCM ecosystem, tapping potential and increasing efficiency, and further empowering finance, especially the main business of insurance, is the highlight of Ping An of China this year.
A change worth noting is that Ping An of China is no longer satisfied with just mining C-end customers, and the B-side with more payment capabilities has become its focus area.
Some insiders pointed out that whether in the United States or In China, obtaining stable income at the G-end and B-end can bring stable long-term cash flow to insurance companies.
The same is true in the field of health management. For this, Fang Weihao was deeply touched. In his view, the willingness of C-end users to pay is usually low, and in the reality of no hierarchical classification, their ability to pay is relatively limited, mostly small. Therefore, in order to develop better in the next step, Ping An Health "should ignite the second engine of B2C and let enterprise customers become the most powerful support of high-quality resources."
Fang Weihao said that among the many channels, the B-end channel has high quality and good effect, which is a channel that Ping An Health will focus on in the next step, so as to achieve multi-channel drainage.
Prior to the launch of the 2.0 deepening strategy, Ping An Good Doctor's customers mainly came from the main guest APP users of the C-end and the insurance customers of the RA side. The B-side means that it has expanded from making products around the user side to making products around the payer, and shifting from 2C to B2C.
At the press conference of Ping An Health's mid-report, Fang Weihao once explained the B-end playing method: "The high-value user transformation focusing on financial channels and corporate customer channels will be further extended from insurance channels such as Ping An Life Insurance and Ping An Pension Insurance to comprehensive financial channels such as Ping An Bank and Ping An Puhui in the future." ”
Of course, for the B-side, Ping An Health also has something to do and some things not to do. Wu Dejun, senior vice president of Ping An Health Internet, introduced that B2C customers mainly include two parts, one part is the employees of the enterprise, and the other part is the customer of the enterprise itself. Priority will be given from the financial industry as the entry point of the B2C side, of which the two sub-industries of insurance and banking will become priorities.
In the past, the demand for health insurance from individual customers of banks was not high, but with the continuous deepening of the concept of health, the demand for health management from high-net-worth customers in the bank's private banking and credit card departments has surged, showing a lot of room for development.
At present, Ping An of China has more than 2 million corporate customers in addition to 220 million financial customers and about 65 million life insurance users. Now, Ping An is looking forward to further igniting the B-side engine.
Through Ping An's resources, we will exert efforts in the B-end market, leverage ecological resources, further promote the deep integration of medical and health care and insurance, feed back the main financial business, and finally build a comprehensive financial scene with temperature, creating a new engine for future value growth, and have become the core of Ping An's medical ecosystem.
Ping An Health: Play a flagship role
In the creation of the Ping An version of HMO, Ping An Health, which has just turned seven years old, has been given a more important role positioning.
Chen Xinying said that the construction of the medical ecosystem is the core strategy of Ping An of China, and Ping An Health will play an important role in the flagship of the medical ecosystem.
In Ping An's medical ecosystem, Ping An Health, formerly known as Ping An Good Doctor, is the only one of the main bodies in the Ping An medical ecosystem that spans two paths for users and service providers.
In the first six years of its establishment, Ping An Health took the typical road of Internet medical treatment, mainly providing shallow information circulation applications of platform models such as Internet registration, consultation, and drug purchase, focusing on customer acquisition and traffic, and initially establishing its own competitive barriers.
If it plays its role as the flagship of the Ping An version of the joint health model, this style of play may be difficult to win.
"We are well aware that providing only online services, especially outpatient light consultations, and focusing on a small part of the outpatient clinics, will limit the pace of progress of the entire company." Fang Weihao said.
As for the doctors consulted on the Internet medical platform, some people in the medical community pointed out that online consultation is not really a diagnosis and treatment, which is closer to the C-end paid online diagnosis and treatment service of the family doctor model.
"At present, there are pain points in the industry such as the small number of wide-area customers and the lack of trust in online medical services, but there is no opportunity without pain points." denote.
Under China's medical environment, the road of pure online Internet medical platform is becoming more and more difficult to navigate. Fang Weihao believes that "medical services are largely unable to get rid offline."
Based on this judgment, Ping An Health opened the strategic 2.0 stage last year, seeking new development paths and models, and began to switch from "online consultation" to "medical + big health" track.
In the 2.0 deepening strategy, Ping An Health seeks to further expand and extend horizontally, linking offline institutions and medical and health services. An important task since the beginning of this year has been to invest a lot of energy and financial construction offline networks.
At last year's Ping An Investor Open Day, Fang Weihao made a point: seeing a doctor is a low-frequency behavior, but the hospital is the place where high frequency occurs. Therefore, by cooperating with offline hospitals and accurately obtaining customers through self-built and co-built Internet hospitals, this low-frequency behavior can be "frequency-converted" into high-frequency behavior.
Family Doctor Services is the starting point of Ping An Health's self-built healthcare ecosystem. Creating a "family doctor membership model" with "1 family doctor + 5 professional services + 1 member health file" as the core service content is one of the directions of Ping An Health 2.0's deepening strategy.
In the current national conditions, it is still difficult to fully implement hierarchical diagnosis and treatment, the matching degree of doctor-patient resources is not enough, and there is a shortage of more than 15 million medical personnel in China. Fang Weihao said that due to the existence of this gap, 60% of the consultations are concentrated in less than 10% of the top three hospitals. The patient's medical consultation is like an unknown journey, and the process is quite like "intestinal obstruction".
Fang Weihao believes that family doctors are usually general practitioners and are the first line of defense for overall triage. In the context of unbalanced supply and demand of medical resources and low utilization efficiency, membership-based family doctors have become the real navigators of patients, helping patients link offline high-quality medical resources and online medical and health services, stringing together the two ends of supply and demand, and better achieving the improvement of social medical efficiency.
"Starts with a family doctor and ends with a family doctor." This is the future path of family doctors in Ping An Health's vision.
Of course, Rome was not built in a day. Ping An Health has now launched a membership-based family doctor, which has its confidence: in 2020, the revenue of membership service products (medical treatment 360, Ping An Good Doctor Private Doctor) increased by 124.5% year-on-year, showing good development prospects. In addition, the average conversion rate of paying users reached 4.9%, of which medical users accounted for 35.1% of the paid users.
As of the end of September 2021, Ping An Health has established cooperation with 189,000 pharmacies, more than 4,000 hospitals, about 1,700 physical examination institutions, and 1,800+ health institutions, laying the foundation for Ping An Health to expand corporate users and upgrade the family doctor membership system.
More importantly, Ping An Health's own team of doctors has reached 2,247, an increase of 59.5% year-on-year in 2020. In addition, 21,116 external doctors have signed contracts and cooperated, and 175 well-known domestic doctors have established online studios.
In Fang Weihao's vision, it is hoped that in the future, 80% of users can obtain corresponding medical services through online family doctors.
Some foresee that having your own family doctor or even a family doctor should become one of the standards for the middle class.
Who wouldn't want to make the painful medical consultation process more worry-free, time-consuming, and cost-effective?
Non-stop, long-term achievement. The "14th Five-Year Plan" has begun, and the Future is not a dream in the Ping An version of HMO conceived by Ping An of China.
Photo: Ping An of China, Pexels