SHANGHAI, Oct. 24, 2021 /PRNewswire/ -- In six years,
Ping An Good Doctor has excelled
across various metrics becoming China's leading healthcare platform –average
daily consultations now exceed 1 million visits far outpacing the
figure set by peer platforms.
Meanwhile, the total number of registered users on the platform
exceed 400 million halfway through the year. In the same period,
cumulative consultations were close to 1.2 billion; in comparison,
480 million consultations were recorded in 2018.
Such achievements have been the result of a six-year strategy,
Strategy 1.0, that was focused on rapid expansion enhancing the
company's footprint across the market, (online) channels, products
and services.
Following the success of Strategy 1.0, Ping An Good Doctor announced on its Investor
Day in Shanghai a new plan for the
future – Strategic 2.0 Continuum.
"Ping An Good Doctor is
sharpening its plans for the future with Strategic 2.0 Continuum,
which will focus on premium B2C users and introduce a Family Doctor
Membership that will offer differentiated solutions to serve the
multi-layered medical needs of a diverse population," stated Fang
Weihao, Chairman and CEO of Ping An Good
Doctor.
"Meanwhile, we will continue to improve our O2O services and
ultimately look to provide all of our customers with an 'easier,
faster and more affordable' user experience."
In particular, Ping An Good
Doctor will introduce "Family Doctor Memberships", a product
that will deliver "1 family doctor + 5 specialized services + 1
health profile " as a core service to users. Each user will also
get a full-lifecycle electronic health profile and secure
appropriate O2O healthcare services.
A new strategy for a new era
Focused on three fronts - an improved value proposition centered
on the family doctor membership product, an ecosystem empowerment
(involving efforts to uplift various stakeholders within the Ping
An Group and elsewhere in China's
vast healthcare sector) and integration of a three-tier business
model (online healthcare users, healthcare providers and corporate
healthcare users) – Strategic 2.0 Continuum should see the platform
grow sustainably towards profitability in the coming years.
Possessing the industry's largest in-house medical team with
nearly 2000 members, an effective offline network (that ensured the
firm did not rely solely on e-commerce) and user acquisition
capabilities across multiple channels, Ping
An Good Doctor has built a solid foundation.
At the same time, there is valuable synergy yet to be explored
in a country with growing healthcare management needs.
China's healthcare sector is
projected to grow by more than 10% annually leading to healthcare
expenditure increasing by RMB6
trillion in the first five years of the decade
alone.
The effective promotion of the "Family Doctor Membership" will
also help professionalize government medical services and achieve
social healthcare efficiency in a country where there's a mismatch
in the supply and demand of medical resources. There's a dire need
to improve the low utilization efficiency of medical services.
Meanwhile, the online healthcare sector has been instructed by
relevant authorities to improve their value proposition so they can
provide a differentiated service for individuals who have
multi-layered and sophisticated needs within a large and diverse
population.
Going beyond the user, integrating with internal and external
stakeholders
Given how Ping An Good Doctor is
a part of Ping An Group, China's
largest insurance conglomerate, the platform has a strong network
across China.
In many ways, Ping An Good Doctor
has pioneered the "Insurance + Health Management" service in
China and therefore has a
significant first-mover advantage.
It can potentially serve 220 million financial customers
(defined as those subscribing to various financial services like
insurance services) that interact with various subsidiaries of the
Ping An Group.
Currently, Ping An Good Doctor
has secured 740,000 paid users arising from corporate healthcare
channels. The Ping An Group has an employee base of 70 million
employees. The corporate healthcare sector, which is also expected
to see exponential growth in four years, currently is underserved
and has a potential addressable market of 310 million corporate
employees.
As such, there is a large market that will increasingly look for
better and integrated online-and-offline healthcare services.
Ping An Good Doctor sees strong
prospects in leveraging Ping An Group's integrated finance channels
to offer medical and health service products with stronger
synergies and higher value.
Apart from individuals and corporate customers, Ping An Good Doctor aims to play a valuable role
servicing offline service providers as well.
As of 30 September 2021,
Ping An Good Doctor has forged
offline-to-online co-operation deals with 189,000 pharmacies, over
4,000 hospitals, around 1,700 checkup centers and more than 1,800
medical institutions, a network that keeps growing every month.
The alliances have laid a solid foundation for Ping An Good Doctor to tap corporate clients and
introduce family doctor memberships.
Ultimately, Ping An Good Doctor
aims to integrate three different types of business models – the
health maintenance organization model popular in the United States, the new membership-based
family doctor model and the O2O medical services model – to meet
new and ambitious mid-term targets.
Ambitious mid-term targets set
Profit drivers are expected to increasingly transition towards
membership-based fees with additional revenue set to arise from
value-added services or offerings.
Other mid-term targets set by Ping An
Good Doctor for the future include quadrupling the total
paid userbase to 60 million and an ambition to become the top
partner for medical care providers and healthcare providers.
In the bid to become the largest healthcare platform in the
world, Ping An Good Doctor has grown
aggressively but Strategic 2.0 Continuum has also seen the
management declare an ambition to become profitable in the near
term.
To this end, healthcare service revenue, which currently
accounts for 28% of the revenue base, is forecasted to comprise
more than half of all future sales.
Ping An Good Doctor remains
confident of continuing the good work that has seen the firm become
one of the top names globally in the nascent healthtech field.
With over 1,000 medical patents, top-notch healthcare AI-based
technologies and a diagnosis accuracy rate that exceeds 95%,
Ping An Good Doctor has a
competitive moat like no other healthtech firm in China.
By leveraging Ping An Group's experience, technology, customers
and resources, Ping An Good Doctor
aims to offer a unique value proposition that will provide
customers from all walks of life with an "easier, faster and more
affordable" user experience.
Ultimately, Strategic 2.0 Continuum will bridge the gap between
providers and payers in China's
medical and healthcare industry and help the country reach its
long-term healthcare goals.
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SOURCE Ping An Healthcare and Technology Company Limited