In 2020, the new crown epidemic has made people more aware of the preciousness of life and health, and has also made people call for the Internet health care to be able to enter thousands of households as soon as possible.
On September 22nd, the Ping An investor open house for the first time comprehensively shared the construction of the entire Ping An Group healthcare ecosystem. At the meeting, Ping An not only showed its strong ecological strength, but also depicted the broader blueprint of its ecological picture.
An ecological prescription for the pain points of the medical industry
Chen Xinying, co-CEO of Ping An Group, said, "We don't just want users to buy a few more policies, we want to really solve the problem of medical care in China."
The medical industry is very complex, currently, China's population aging process is accelerating, the medical ecosystem of all parties in the pain points are still highlighted. For example, the shortage of healthcare workers and the lack of professionalism in primary healthcare; the difficulty and cost of medical treatment for residents; the uneven distribution of healthcare resources among institutions, the lack of trust in the public; the large differences in healthcare policies across multiple cities, and the lack of data connectivity, and so on.
It can be said that the medical problems in the industry in all aspects, the problems are also interrelated, can not only headache headache feet, very tricky.
But if you look at the market size, it is expected to increase from 6 trillion to 16 trillion yuan from 2019 to 2030. Whoever can gnaw this piece of hard bone will be able to obtain huge gains and a broad future.
Along with the rise of "Healthy China 2030" as a national strategy, Ping An has accelerated its investment in the field of healthcare, and newly upgraded its medical ecosystem strategy.
At present, Ping An has built a comprehensive healthcare ecosystem covering "technology-based, user-side, service provider, payment-side, and government-side". By the end of June 2020, the healthcare ecosystem covered more than 370 cities, 17,000 medical institutions and 346 million users. The Ping'an good doctor as a portal, connecting Ping'an life insurance, Ping'an pension insurance, Ping'an health insurance and other companies to serve a wide range of online and offline individual customers; through the Ping'an smart city business empowers the government regulatory departments and medical services to participate in; through the Ping'an medical insurance technology to establish an intelligent medical service platform empowered by the Bureau of Medical Insurance, the commercial insurance company and other payers.
On the user side, Ping An Good Doctor provides one-stop medical and healthcare services to more than 346 million users.
Ping An Good Doctor relies on its own full-time medical team and self-developed AI-assisted diagnosis and treatment system to connect online and offline, providing users with timely and high-quality online medical services, covering the entire process of 7 x 24-hour online consultation, health management, prescription, registration, second opinion, and one-hour delivery of medication, etc. Ping An Good Doctor is the world's leading provider of medical and healthcare services. As of the end of June 2020, Ping An Good Doctor had a cumulative user base of over 346 million, with nearly 825 million online consultations in the first half of the year, and a full-time medical team of 1,836 people. In addition, Dr. Ping An empowers its ecosystem partners with AI technology, medical services, and other high-quality resources, and has partnered with more than 3,700 hospitals, including nearly 2,000 tertiary care hospitals, and more than 111,000 pharmacies, covering 371 cities across the country. On the service provider side, Ping An has built an intelligent and integrated platform covering the entire process of pre-diagnosis, diagnosis, and post-diagnosis for government regulators and medical service providers. Currently, Ping An's smart healthcare has covered more than 17,000 healthcare organizations, providing a full range of services including an integrated monitoring platform, smart disease prediction, smart image screening, and AskBob, an assisted diagnosis and treatment tool, with a cumulative total of 22.04 million calls to AskBob in the first half of the year, benefiting about 413,000 doctors. On the payment side, Ping An Medical Insurance Technology is committed to becoming a smart technology company that empowers the healthcare ecosystem in all aspects, and is tightly focused on healthcare insurance to realize empowerment, and through the provision of its own software and services, it promotes the linkage of healthcare insurance, healthcare, and pharmaceuticals, and realizes the goal of reducing healthcare costs, enhancing the service experience, and improving the level of protection. Ping An Medical Insurance Technology takes the intelligent medical insurance system as the core to build an integrated platform for intelligent medical insurance, empowering the medical insurance bureau; at the same time, starting from medical insurance, Ping An Medical Insurance Technology actively extends and builds a comprehensive solution for medical management around hospitals, doctors, pharmacies, and insured people; and empowers commercial insurance companies in terms of insurance product design, risk control, and marketing channels. The company's products and services have been widely recognized as the best in the world, and the company's products and services have been widely recognized as the best in the world. On the government side, Ping An has built a healthcare big data platform to build a digital governance system for the regulator, such as "medical insurance fee control" and "intelligent healthcare". In this epidemic, Ping An intelligent medical "AskBob health" new crown pneumonia epidemic prediction and analysis system, can do to "seconds" refresh frequency uninterruptedly for Wuhan, Beijing, Chongqing, Shenzhen and other more than 200 local governments across the country to provide real-time information to monitor and accuracy of up to 99% of the epidemic prediction. In the future, Ping An will continue to build a closed loop healthcare ecosystem from the government, users, service providers, payers, technology and other five aspects, to seize the huge opportunities for development of the healthcare market, to create a new engine of growth in the future value of the company. Specifically,Ping An medical ecosystem will focus on three major directions: first, horizontal integration, from the user side to seize the user traffic, from the payment side to manage the long arm of the organization, and empower the service side, to maximize the value; second, vertical integration, through the services of the government, prying hospitals, doctors, medicine core resources, and with the help of scientific and technological handholds, to empower members of the ecosystem, to establish a competitive barriers; third, the main business of Ping An Financial Services in the acquisition of customers, the acquisition of customers, the payment side, and technology, to build a new engine of future growth of the company. The third is the synergistic value with Ping An's main financial industry in terms of customer acquisition, enhancing customer stickiness, and improving customer average value.
Among them, Ping An intelligent medical services government side, Ping An good doctor occupy users and online medical services side, Ping An intelligent medical services side, Ping An life, Ping An pension insurance, Ping An medical insurance technology, Ping An health insurance services payment side, Ping An medical technology research institute to provide technical research support. Ping An's medical ecosystem includes a number of online + offline medical and health-related companies, which effectively complement each other's business. The company is prepared to take the medical ecosystem as a prescription to get through the entire Chinese medical blockage status quo.
Second, the technology empowers the ecology, driving synergies
Although the power of medical ecology is not just for the policy growth, but the medical and Ping An Group's financial business itself has a natural scene synergistic effect, from the strategic height of the entire group of the medical ecology and the financial ecology can be rendered in the form of a mutual help.
The growing healthcare ecosystem has been a significant contributor to Ping An's financial success. This open day disclosed for the first time that 15% to 20% of Ping An's new financial customers come from the medical ecosystem each year, and that the average number of contracts for financial customers using the medical ecosystem services is 3.1 (2.0 for those who don't use them), and that the AUM for financial customers using the medical ecosystem services is about 10,000 yuan (5,600 yuan for those who don't use them). In the future, the synergies between the medical ecosystem and the main business of finance will be further reflected in products, traffic, services, technology, costs and many other aspects.
Ma Mingzhe has used " three empowerment ", describing the three stages of development of Ping An: technology-enabled financial, technology-enabled ecological, ecological-enabled financial.
The rapid rise of medical ecology today is also due to technology empowerment, and the rise of medical ecology and financial empowerment. Before may not fully understand the meaning of it, and now its intention to appear.
Today Ping An also focused on the world's leading medical technology for the first time, the core advantage is leading data and knowledge. Xie Guotong, Chief Medical Scientist of Ping An Group, introduced that relying on the Group's huge five medical databases (disease database, medical product database, prescription treatment database, medical resource database, personal health database), the establishment of the world's leading medical data center, which contains about 100,000 disease concepts, 420,000 disease terminology, etc.; medical product database contains 180,000 copies of the instructions for medicines, 84,000 examples of traditional Chinese medicines, etc. The database also contains the information on the use of the Internet and the Internet; The medical product database contains 180,000 drug manuals, 84,000 Chinese medicine prescriptions, etc.; the prescription library contains 150,000 prescription information, 30 million medical literature, etc.; the medical resource library contains 500,000 Chinese doctors' information, 2.2 million scientific researchers, etc.; and the personal health library contains 1 billion diagnosis and treatment information.
Xie Guotong also introduced Ping An's leading data and knowledge has been the largest, most technologically advanced, most complete and most richly applied medical knowledge base. These knowledge base information through the Ping An " medical brain " to support artificial intelligence decision-making, widely used.
At present, Ping An has the world's largest intelligent diagnostic assistance platform, the world's largest chronic disease management platform, the world's largest medical database, the world's second largest number of medical technology patents, with the world's leading scientific and technological strength.
Peace of mind spends 1% of its annual revenue on research and development of innovative technologies, a large portion of which is invested in the medical ecosystem. Peace of mind was an insurance company in the early days, then it transformed into a technology company, and from today's strategy, it may become a medical technology company in the future.
Third, the medical ecological key position: Ping An good doctor
Ping An good doctor has become an important member of the Ping An medical ecosystem strategy of the user and the service side of the China's leading Internet medical service platform occupies a key position in the health care ecosystem.
Peace of mind is the leading Internet medical service platform in China.
Peace is a leading Internet medical service platform in China, occupying a key position in the Ping An medical ecosystem. Meanwhile, Ping An Good Doctor has the largest self-built doctor service group in China, with more than 1,800 doctors and nurses in the company and nearly 10,000 specialists across the country, and has established the largest offline service network, including 110,000 cooperative pharmacies, 49,000 cooperative clinics, and more than 2,000 medical examination centers. In the first half of 2020, Ping An Good Doctor's revenue grew 21% year-over-year to RMB2.75 billion, with online medical revenue growing 107% to RMB695 million.
In addition to serving individual users, on the B-side, Ping An Good Doctor has created a professional, convenient, and reassuring corporate infirmary for corporate users, which has already covered more than 500 companies; on the H-side, Ping An Good Doctor has launched 14 Internet hospitals, and three of them have already been connected to medical insurance.
During the peak of this year's epidemic, the number of new user registrations on the APP main site reached 10 times the number before the epidemic, and the average daily number of consultations by new users reached 9 times the number before the epidemic.
On May 15, Dr. Ping An announced that the Board of Directors had appointed Mr. Wei-Hao Fang to be an Executive Director, Interim Chairman of the Board of Directors, and Chief Executive Officer.
Whether the ecosystem works smoothly, the CEO of Ping An Good Doctor is a key position to connect the ecosystem.
The fact that such a key position has been given to Mr. Fang Weihao means that he is certainly not an ordinary person. He was awarded the "Shanghai Leader Golden Talent" by the Organization Department of the Shanghai Municipal Party Committee and the Financial Work Committee for his efforts and achievements in the field of business innovation.
Fang Weihao, 47, is a doctor of applied economics from Xi'an Jiaotong University and is now co-chairman and CEO of Ping An Medical Insurance Technology and chairman and CEO of Ping An Leasing. He has extensive experience in business management, finance, and especially medical technology, with excellent strategic leadership and outstanding performance contributions.
Important people go to important positions, which shows the importance Ping An attaches to the healthcare ecosystem.
This appointment will be conducive to seizing the significant development opportunities in the Internet healthcare industry and further closing the Ping An healthcare ecosystem.
In line with the strategic upgrade, at the open day event, Ping An Good Doctor launched a new service brand called "Ping An Medical Home". According to Fang Weihao, its mission is to build a professional bridge between doctors and patients, and it is committed to building China's largest and most advanced Internet medical service platform with the most solid competitive barriers, and it will make efforts to improve the existing doctor system and launch innovative products.
Starting in mid-2020, Ping An Good Doctor will focus on comprehensive strategic upgrades in three major directions: channels, services, and capabilities. It will gather patients through the four major channels of individual users, insurance services, corporate services, and Internet hospitals, and provide "medical + health" and "private doctor + family doctor" medical and health services, and continue to strengthen and expand the network of self-built + external doctors, focusing on online medical care and constantly connecting offline services. We are constantly strengthening and expanding our own + external doctor network, focusing on online healthcare, and continuously opening up offline services.
Fourth Conclusion
Although this year's epidemic has had a huge impact on the social economy and people's lives, on the other hand, it has also greatly boosted the demand for Internet healthcare services, and also recognized that there are many shortcomings in the healthcare industry that need to be addressed as soon as possible.
Over the past 30 years, the only one that has survived the financial turmoil and the epidemic and yet remained standing is the medical industry. In the last 10 years it has come in second, and the only thing that has overtaken it is technology companies. Because the last few years have been steady build returns, but healthcare has been the number one industry investment globally for the last 30 years.
Because healthcare is a livelihood, it is a necessity. But to make this money, you must solve the pain points in the ecosystem. And with the volume of the Ping An Group, only to solve big problems can have big returns.
16 trillion in the market, Ping An can actually take how much share is hard to say. But compared to Ping An in the trillions of life insurance market share of about 17%, assuming that the synergies in the financial ecosystem to help, Ping An medical ecology can only get 10% of the market, even if only 10% of the net interest rate and 10 times PE, valuation level is 1.6 trillion. In the future, medical ecology is expected to become a new growth engine for Ping An Group.
The construction of medical ecology also reflects the Spider-Man line " the greater the ability, the greater the responsibility ". Chen Xinying said, "The medical ecosystem is one of the core of Ping An Group's long-term strategy, and after more than 20 years of cultivation in the field of healthcare, Ping An is already China's leading medical and healthcare enterprise. We hope that by building a closed loop of medical ecological services and establishing strong technical barriers, we are committed to actively assisting in the construction of a healthy China, improving people's health, seizing the opportunities for market development, and creating greater value."