Edit | Wang Xiao
By the end of 2020, Ali Health (0024 1. HK), the first profit in six years, the market value of JD Health (66 18. HK) surpassed Ali Health on the day of listing. Internet medical care, which has been heated up by the epidemic, has continuously triggered an upsurge in the investment community.
Avoiding the high competition with Internet medical giants and cutting into the market from third-and fourth-tier cities are not only the initial choices of companies such as Xiaopin and Health Road, but also the strategies of Internet companies such as Pinduoduo and Meituan when they later entered the medical field.
Limited by the lack of medical insurance payment, the overall plate of Internet medical care is still too small. In the eyes of many Internet medical practitioners, it is far more important than "internal competition" to be able to make the online "cake" bigger together in the huge medical market.
"Didn't you find it? Since 20 19, the financing of internet medical care has disappeared on a large scale, and only part of it is concentrated on large-scale financing. " The above investors pointed out that there are more and more money, but fewer and fewer Internet companies can make money. Now the industry itself can't make a profit, and its hematopoietic capacity is insufficient, so it can only rely on continuous financing.
If you can get a lot of money, you have to be a leader in the industry. In 2020, Ali Health newly increased its capital by HK$ 654.38+000 billion, and then JD Health completed Series B financing of US$ 830 million before listing, and raised HK$ 26.4 billion on the first day of listing.
In terms of subdividing the vertical track, Dingdang Kuaiyao raised 65.438+billion yuan, Micropulse raised 65.438+billion dollars, and Dr. Chun Yu also completed tens of millions of yuan of E-round financing.
This is the fifth financing since the establishment of micro-pulse medical care five years ago. Affected by the COVID-19 epidemic, investors extended the investigation period of micro-pulse.
Wang Yu and his team finally decided to take out the money because "the cooperation between Wheat and public hospitals in third-and fourth-tier cities has brought offline to online, from in-hospital to out-of-hospital, which has increased the stickiness of local users. The COVID-19 epidemic greatly reduced offline visits, which really affected the data of wheat, "Wang Yu said.
With the help of the epidemic, the number of online medical services on the Internet has surged. Especially after the "closed city" in Wuhan, Ping An doctors and micro-doctors opened online consultation and drug delivery platforms, and the medical insurance department also gave timely support, taking the lead in opening medical insurance payment in Wuhan.
By the end of September 14, the micro-medical rescue platform had provided free services for 22 times10000, with the total number of visits exceeding1500,000. 65438+1October 2 1 day, Micropulse also took the lead in launching a free clinic platform in COVID-19. By March, Micropulse has consulted more than 2 million patients online nationwide, and the whole network has reached more than 75 million users.
The traffic growth of giants such as Ali, JD.COM and Ping An Doctor is more obvious. During the epidemic period, the number of newly registered users of Ping An Doctor's mobile phone application (APP) increased by 10 times, and the average daily consultation volume of new users was 9 times that of usual. As of February 10, the cumulative online consultation volume of Ali Health exceeded10.04 million. As of April 30th, the amount of free online consultation in JD Health has reached 1 1 ten thousand.
Along with the traffic, there is also a strong willingness of public hospitals to embrace the Internet. Wang Hang, the founder of Good Doctor Online, has received suggestions from public hospitals on how to build an Internet hospital since the first half of this year.
Enterprises that build Internet platforms for hospitals can be roughly divided into two categories. One is to charge public hospitals to build a whole set of internet hospital system, which is a one-time transaction. The other is willing to establish a port for the hospital for free, and at the same time access to their own platform operations, and tap the value through the transformation of patient traffic.
"The capital chain of a hammer sale is shorter and the profit model is clear. In contrast, the platform-based Internet medical service has a longer capital chain, greater uncertainty and greater imagination. This is also the reason why Ali Health can have a market value of more than 200 billion without profit. JD Health is listed, the market value of the industry has reached a new high and investment has grown. " The above investor analysis.
Once the online platform is connected to medical insurance payment in the whole country, the richest enterprises will run out first, no matter in several cities, such as JD.COM, Ali and Ping An Doctor, which have the highest market value. For other enterprises, the user stickiness accumulated in the early stage will be tested.
Although Xiaomai is a platform-based enterprise, Wang Yu saw the advantage of Xiaomai's offline hospital as its business center in the later period of the epidemic, and realized the rapid "blood transfusion" in a single-point hospital, betting that its model could be quickly replicated and spread.
There is no money to take, and there will be pressure to increase the price after each A round of financing.
"The amplification speed should be 2-3 times that of the past", and Qiu Jialin is not immune from this situation. In the past two years, arterioles have covered 1 1 province, nearly 100 cities and more than 1000 cooperative hospitals.
When talking about cooperation with 100 hospitals, micropulse is moving towards deep cooperation. It is necessary to dig deep into specialized diseases, covering more than 30 specialized diseases such as gynecology, obstetrics, pediatrics, orthopedics, tumors and chronic diseases to meet the differentiated service needs of patients and form competitive barriers based on regional and landing hospitals. This is a borrowing move.
Similarly, micro-medicine originally docked 1.8 million pharmacies for users to buy drugs online, but this was not enough to stick to users. Therefore, micro-medicine has further opened up the cooperation between pharmacies and community health centers, forming a pharmacy+clinic model and increasing user stickiness.
Dr. Ping An also applied AI technology to nearly 150 offline hospitals to improve user stickiness, and formed a service model of "Internet plus artificial intelligence+1,000-person-scale self-owned medical team", which runs through online and offline.
However, in the eyes of the above investors, this user stickiness is "risky". The real stickiness of patients is still in public hospitals. Who can hang up the number, who can ask for consultation and follow-up, and who can have deeper cooperation. Then once the cooperative hospitals of public hospitals change, users will lose a lot.
In order to increase the "bundling" with doctors, and then "sticking" users, Internet medical care mostly tries to package the consultation provided by doctors with the extended services provided by the Internet platform through the business model of cooperation with hospitals or doctors, that is, to realize service value-added, user transformation and further expand the influence of doctors. A good doctor is to use a huge group of online doctors to level the Internet medical circle.
The goal is the same, the realization path is different, and the micro-pulse chooses the localization service based on public hospitals. In the cooperation with public hospitals, enterprises are bound to be the weak side, and the path of micro-pulse selection is not easy. Fortunately, Qiu Jialin has hardly encountered the termination of cooperation due to the change of hospital leadership.
In fact, compared with the innate genes that giants such as Dr. Ping An Hao can brush their own insurance users, JD Health's own shopping malls, and micro-medicine's good government relations, there are few alternative ways for start-ups to develop Internet medical care.
Qiu Jialin, who came from the hospital information industry, is familiar with the cooperation between public hospitals. "So from the beginning, I chose to help public hospitals and doctors improve their income space, and the deep cooperation that is beneficial to hospitals, doctors and patients can last."
However, due to the need to optimize offline and online services at the same time, the labor cost of micro-pulse is relatively high. The offline team of a large hospital can have as many as thirty or forty people. Although it has not achieved overall profitability, Micropulse can achieve profitability within half a year at the earliest in a single hospital or a single city.
"Whether the single-point profit data can be realized in the subsequent expansion is a test for micro-pulses." An investor who has inspected micropulses said.
The article comes from the official account of WeChat, Holly (ID: Holly Bloom), which is a new media project of Caijing magazine's technology and health team, insisting on independence, exclusiveness and originality.