On June 17th, the China Ping An Family Doctor Brand Upgrade Conference was held.
As the flagship medical and health service brand under Ping An Health, Ping An Home Medicine has undergone a new transformation, which is not only an important promotion of the company's own development strategy, but also will have a profound impact on the development of the entire industry.
So, what innovative measures have been brought about by the upgrade of Ping An Home Medicine, and what will it mean for Ping An Group? Let's delve deeper into this topic.
1. Upgrades in four dimensions, Ping An Home Medical's service capabilities reach new heights
At this event, Ping An demonstrated its value proposition of striving to create a worry free, time-saving, and cost-effective one-stop family health management service, and released the "11312" one-stop proactive health management service system to the public. At the same time, the conference also launched three major user service commitments on site; quot; Active management of health, effective management of chronic diseases, and full process disease management; quot;。
The launch of the 11312 system also marks a new evolution and breakthrough in the service model of Ping An Home Medicine. Specifically, 11312 is a professional family doctor team with dual certifications from Peking University Medical International Hospital and the World Organization of Family Doctors (WONCA); 1 5A standard service path guided by the General Practice Branch of the Chinese Medical Association and certified by the RACGP of the Australian Medical Association; Three sets of needles provide proactive health management services for sub healthy populations, chronic disease populations, and disease populations, as well as 12 scarce medical resources.
It can be said that& quot;11312" The service system provides users with a comprehensive and coherent health management platform, and this system also has four major capabilities provided by Ping An Group Technology and Good Doctor Technology teams, including health records, medical big models, AI business models, and intelligent doctor workstations, as the foundation, jointly supporting the realization of its value vision of creating a worry free, time-saving, and cost-effective one-stop home health management service.
In addition, by upgrading the following four dimensions, Ping An Home Medicine's service capabilities will be further pushed to a new height.
Firstly, there is a standard upgrade.
Ping An Family Medicine is benchmarking against international standards, responding to national policies, and pioneering global family medicine group standards. This standard is established by
The expert group of the General Practice Branch of the Chinese Medical Association leads the evaluation, and academicians from the Royal Australian College of General Practice also participate in the writing. The standard formulation fully reflects the organic combination of international perspectives and local medical practices. Through the formulation and implementation of this global family doctor group standard, Ping An Family Medicine has not only taken solid steps in improving its own service quality, but also made positive contributions to promoting the overall progress of China's medical service industry and enhancing international competitiveness.
Next is team upgrade.
By covering four authoritative qualifications and service certifications, including doctor qualification certification, talent training certification, service standard certification, and remote medical management certification, Ping An Home Medical ensures the professionalism and service quality of its doctor team. From this, it can also be seen that Ping An Home Medicine has invested more resources in the selection and training of professional talents, and has a team of experts from top tier hospitals with vice high or above qualifications, which will also bring more professional and authoritative medical services to users.
Once again, there is a service upgrade.
From face-to-face first visit services to proactive health management, digital management of chronic diseases, and full process management of diseases, Ping An Home Medical has achieved full cycle management of user health through technological means. This not only improves service efficiency, but also provides users with more personalized health management solutions.
Finally, there is an ability upgrade.
Ping An Home Medicine is committed to providing globally leading medical and health service capabilities, providing users with more comprehensive and in-depth medical services through top-level medical networks, full process service systems, and cutting-edge technological capabilities.
It can be said that through& quot;11312" The construction of the service system and multidimensional upgrades have not only brought about a new transformation of the existing model and a qualitative improvement in service capabilities, but also further consolidated its leadership position in the field of medical and health services, and promoted the development of the entire industry to higher standards.
Regarding this, Li Dou, Chairman and CEO of Ping An Health, stated that the newly upgraded "Ping An Family Medicine" medical and health service brand aims to create; quot;11312" The one-stop proactive health management service system, through an exclusive family doctor entrance, aims to achieve "quick treatment for minor illnesses, worry free recovery for major illnesses, and peace of mind for recovery", comprehensively extending the health lifespan and improving the quality of life for users.
2. In the medical and health racetrack, the value of "water is big, fish is big," and the value of safety to "hitting the water in the middle" is promising
The reason why Ping An values family doctor services so much is due to its optimistic outlook on the vast development prospects of the medical and health market.
With the intensification of population aging and the increase in the number of chronic disease patients, family doctor services, as an important component of the grassroots medical system, can effectively meet the needs of society for continuous and comprehensive medical services. Ping An values family doctor services, which is a positive response to market demand and an important step in its strategic layout in the medical and health field.
From the perspective of market size, the healthcare market can be described as a typical "long slope and thick snow" track. Frost Sullivan data shows that the market size of China's Internet medical and health industry is expected to grow from 0.7 trillion yuan in 2022 to 3.8 trillion yuan in 2030, and the penetration rate of the Internet medical and health industry will also increase from 9% in 2022 to 25% in 2030. It can be seen that both in terms of scale and growth rate, this field demonstrates strong growth potential and broad development prospects.
As the saying goes, "water is big, fish is big." The layout and growth trajectory of United Health in the medical and health market provides a valuable reference for Ping An Group.
As one of the world's largest commercial health insurance companies, Union Health ranks tenth on the 2023 Fortune Global 500 list. In 2023, the company's annual revenue reached $371.6 billion and net profit was $22.4 billion.
The core business of United Health consists of two major segments: United Healthcare and Optum. In 2023, both segments achieved double-digit growth, with Optum's growth rate rapidly reaching around 25%, about twice that of the insurance department. The annual revenue reached $226.6 billion. In the first quarter of this year, Optum's revenue in the health services business was 61.1 billion US dollars, a year-on-year increase of 12.94%; United Healthcare's revenue was $75.4 billion, a year-on-year increase of 6.95%. From the perspective of revenue volume, both account for half of the joint health revenue.
While maintaining high growth performance, Union Health's performance in the capital market is also impressive. From 2009 to 2023, the stock price of United Health has been on an upward trend, rising from approximately $20 per share to a peak of approximately $553 in December 2023, and has remained around $500 so far. It can be said that it is the true benchmark for value growth in the US stock market.
It is obvious that Ping An's layout around the medical and health market is also benchmarking against the Optum business under Union Health. Considering the growth potential nurtured by a larger population base in the domestic medical market, Ping An has enormous room for imagination in this field in the future.
3. Lift the trump card of healthy ecology with strategic power, and unlock the key "key" for future development safely
From the perspective of the collaboration between the two major sectors of United Health, Ping An's overall business model actually shares similarities and differences. Both have the core foundation of insurance business, and for Ping An, the deeper logic of its layout in the medical and health market lies in its ambition to become an "internationally leading comprehensive financial, medical and elderly care service provider.".
As the flagship of Ping An Group's medical and elderly care ecosystem, Ping An Health continues to deepen its cultivation; quot; Family doctor; quot;、" Retirement Butler; quot; The construction of two core hubs has become a professional, comprehensive, high-quality, and one-stop provider of medical, health, and elderly care management services in recent years. Currently, it is also providing full lifecycle health management and elderly care services to billions of households at an unprecedented speed and quality.
The construction of this medical and elderly care ecosystem not only responds to the call of the national health strategy, reflects Ping An's profound understanding and satisfaction of customer needs, but also brings significant synergy and empowerment to its overall business development.
Previously, the company's first quarter financial report showed that as of March 2024, Ping An had nearly 234 million individual customers, of which more than 63% also used the services of the medical and elderly care ecosystem. The average number of contracts per customer reached about 3.37, and the average AUM per customer reached 57600 yuan, which is 1.6 times and 3.6 times that of individual customers who do not use the medical and elderly care ecosystem services, respectively. It can be seen that Ping An's popularity and attractiveness in providing medical and elderly care services have been highly recognized by the market.
In addition, customers who enjoy the benefits of medical and elderly care ecosystem services account for about 70% of the new business value of Ping An Life Insurance, an increase of 6 percentage points year-on-year. This further highlights the important contribution of ecosystem services to the growth of new businesses. It is worth mentioning that in the first quarter of 2024, over 10 million Ping An Life Insurance customers used the services provided by the medical and elderly care ecosystem, with over 60% of new contract customers using health services. It can be seen that medical and elderly care services also play a key role in attracting and retaining customers.
It is not difficult to see from the above that continuous development and improvement of the medical and elderly care ecosystem will be the key to unlocking the future safely. Among them, "family doctors" will also play a core hub function.
On the one hand, Ping An is committed to providing health management services that cover the entire life cycle through its two core roles of family doctors and caregivers, and is expected to achieve greater breakthroughs in the field of medical and elderly care. This will not only help Ping An achieve growth in its existing core business, but also open up new growth paths for the company by providing differentiated products and services, which will further enhance the company's market competitiveness.
Ping An's family doctor team consists of private family doctors, professional specialists, and services that can provide global expert consultations. This team configuration ensures that customers receive timely and professional medical support regardless of their health issues. At the same time, through the "three to" service model of "to the line, to the store, and to the home", Ping An has achieved seamless coverage of medical services. In addition, whether it is online consultation, physical clinic visits, or home hospital bed services, customers can also choose the most suitable medical treatment method according to their own needs and convenience.
More importantly, Ping An's health and medical management services cover multiple aspects such as health care, disease management, and chronic disease management. Through these services, customers can not only reduce the occurrence of diseases, but also effectively control medical expenses, achieving less cost and burden.
It can be said that through these genuine services, Ping An provides customers with a comprehensive, in-depth, and personalized health management experience. It not only improves the quality of life for customers, but also provides a solid foundation for the company's long-term development and market competitiveness.
On the other hand, Ping An has built a "HMO+service" model to deeply integrate comprehensive finance with the medical elderly care industry. This model will also inject stronger growth impetus into its long-term sustainable development and help the company create long-term value.
Family doctor services, as a key part of Ping An's "comprehensive finance"+"medical elderly care" strategy, are an important lever for managed healthcare. It not only helps the company acquire customers, attract customers, and increase scale in its main business, but also enriches service scenarios and explores more commercial monetization potential by connecting payment and service providers, as well as online and offline resources.
The upgrade of family doctor services has further promoted the synergy between Ping An Health and its comprehensive financial services. By integrating various resources, Ping An will not only provide customers with a more comprehensive and efficient service experience, but also open up greater imaginative space for future growth.
4. Conclusion
Overall, the upgrade of Ping An Home Medicine is a significant expansion of Ping An Group's depth and breadth of health management services. It not only enhances the customer's medical experience and reduces medical and health costs, but also vividly reflects Ping An Group's continuous cultivation and innovation in the field of medical and health.
At the same time, with this upgrade, Ping An has also built a more comprehensive and efficient medical and health service system, contributing its efforts to achieving the goal of "Healthy China 2030".
More importantly, through continuous improvement of the medical and elderly care ecosystem and coordination with its comprehensive financial services, Ping An is also continuously expanding and strengthening its capability circle, continuously tapping into greater growth potential, and its future value is promising.