The managed care model has been firmly implemented, and Ping An Health has achieved its first half-year profit
2024-08-20
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On August 20, Ping An Good Doctor Healthcare Technology Co., Ltd. (stock abbreviation "Ping An Good Doctor", 1833.HK, hereinafter referred to as "Ping An Health") released its 2024 interim results announcement. Ping An Health firmly implements the managed care strategy, strengthens the construction of two core hubs: family doctors and elderly care butlers, and achieves sustained and steady growth in strategic businesses. The performance report shows that during the period, Ping An Health's revenue was 2.09 billion yuan, turning losses into profits for the first time and achieving a profit of more than 60 million yuan, and the adjusted net profit was nearly 90 million yuan. Among them, the service revenue of insurance and financial clients was 1.12 billion yuan, a year-on-year increase of 3.4%, and the employee health management service revenue of the enterprise side reached 710 million yuan, a substantial year-on-year increase of 58.8%. In addition, relying on informatization, digitalization and AI empowerment, Ping An Health's resource allocation efficiency continues to be optimized and improved, and the expense rate has decreased by 17.9 percentage points year-on-year.
Under Ping An's unique managed care model, Ping An Health provides one-stop, 7×24-hour, proactive medical and health management services online and offline for users of Ping An Group's comprehensive financial business terminals such as life insurance, property insurance, health insurance, and banks. During the period, medical and insurance collaboration continued to deepen, upgraded tiered service capabilities, and innovated service scenario construction. As of the end of March 2024, the average number of contracts and average AUM per customer of individual comprehensive financial customers who used Ping An Group's medical and elderly care ecosystem services were 1.6 times and 3.6 times that of other individual customers, respectively. In the first half of the year, both the insurance and financial client revenue and the number of users increased, the number of paying users was approximately 14.8 million, an increase of approximately 7% year-on-year, and the revenue was 1.12 billion yuan, a year-on-year increase of 3.4%.
In addition, corporate health management is another important strategic layout for the deepening of Ping An Health Strategy 2.0, and is also the core driving force for long-term growth. During the period, in terms of products and services, Ping An Health continued to improve the construction of the corporate health management product system of "Health Management +" and "Physical Examination +" under "Easy Enterprise Health", and established a more competitive differentiated product service matrix to meet the diversified needs of different corporate customers. With the continuous improvement of the penetration rate of Ping An Group's corporate customers and the continuous growth of independently expanded corporate customers, the corporate business has developed strongly, recording revenue of 710 million yuan, a significant increase of 58.8% year-on-year, and the number of corporate customers served has also increased rapidly. As of the end of the reporting period, the cumulative number of corporate customers served reached 1,748, an increase of 46% over the same period last year, firmly occupying the leading position in the market.
At present, the aging of Chinese society has entered a stage of rapid development, and the people's awareness of diversified elderly care and health management is also changing, updating, and upgrading, and the market demand for medical care and elderly care is constantly increasing. In the past ten years of development, Ping An Health has deeply understood the market demand, continued to strengthen the construction of its unique advantages of differentiation and high barriers, and cultivated the construction of two core hubs: family doctors and elderly care butlers. It has now become a leading medical, health and elderly care service provider in China.
During the period, Ping An Health comprehensively upgraded its family doctor membership service brand "Ping An Family Doctor". With the four-fold upgrade of service team, standards, models and capabilities, it built a "11312" one-stop active health management service system, which has a professional and authoritative family doctor team with multiple certification guidance, a domestic leading and world-class standard service path, three sets of active health management services, and 12 scarce medical resources. While continuously strengthening the hub role of family doctors, the newly upgraded "Ping An Family Doctor" further advanced and optimized its active and full-process service capabilities, and launched the user service commitment of "active health management, chronic disease management, and disease management throughout the process", which has attracted widespread attention from the market. During the reporting period, the number of family doctor membership rights users exceeded 14 million, with an annual average usage frequency of more than 4 times per person, an increase of 8% from the end of 2023, active service coverage of 100%, and a five-star praise rate of users for consultation exceeding 98%.
At the same time, Ping An Health has further built a "three-in-one" elderly care butler that integrates smart butler, life butler, and doctor butler in recent years, creating services covering 10 scenarios of home-based elderly care, and providing users with 7×24 hours, one-stop home-based elderly care solutions. During the reporting period, Ping An Health continued to deepen the construction of medical, housing, nursing, and entertainment scene service systems, linking more than 600 home-based elderly care services, empowering Ping An Group's main business, and optimizing customer experience. As of June 2024, Ping An Health and its partners have built a "nursing alliance, housing alliance, and entertainment alliance" to jointly build industry service standards and quality supervision systems, making the exploration of the "insurance + home-based elderly care" model a step further.
Xinmin Evening News reporter Jin Zhigang
