This article is fromPublic Number: Arterial Network (ID: vcbeat) author: high Road, Long, title figure from: vision China
The medical service industry in 2019 is slightly low-key compared to the hot innovative drugs, innovative devices, and the more diverse exit mechanisms brought by the science and technology board.
On the one hand, the overall external financing environment is relatively deserted, and corporate financing is more difficult. On the other hand, capital is increasingly flowing to head companies that have a clear growth potential or have already run through.
However, as a recipient of medical behavior and landing scenarios, the ability to undertake medical services is far from keeping up with the needs of patients’ medical services, especially in large public hospitals, overloaded, strong and strong, although they are To improve the quality of medical services and the efficiency of hospital operations, but far from achieving a balance between medical effects and service experience and price, there is still a long way to go.
As a supplement to public hospitals, encouraging social education has become a visible trend in the development of the medical industry. New clinics and specialist hospitals with distinctive features in brand operations, product design, service capabilities, operating models, and operational levels are emerging, and are deployed in areas that are difficult to operate in some public hospitals, with differentiated features or relative margins, such as Women and children, medical beauty, ophthalmology, oral cavity, rehabilitation, etc., form an evasive positioning.
Generally, when these companies choose the track, they will be misplaced in public hospitals, and create departments, projects, processes, and products according to the needs of patients, providing more convenient, user-accessible services, and improved medical services. More flexible in marketing management.
Under the capital-driven, some segmentation areas have formed a head chain brand, but this model is heavier and regionalized. It is very tired to be a “chain” and become the voice of some entrepreneurs. How to use digital tools to change workflow, improve efficiency, or extend business in the vertical and horizontal directions, and evolve in organizational management mode, and become a consensus in the field of medical services.
How do companies in the medical service industry evolve, how to run through the chain model, why some companies can move toward IPOs, achieve staged success, and what new business models are quietly forming, how to expand new profit models? The arterial network has combed and interpreted this.
Next, you will learn:
1. In the medical service field, which segment of the track is most favored by investors;
2, what are the conditions for a good clinic or hospital;
3. Excellent field of securitization in the field of medical services;
4. Why are companies with an annual income of 1 billion yuan and a profit of 100 million yuan?
5. Analysis of new medical service models and specialist medical cases.
Medical services are not hot, and in the long run are anti-cyclical industries
The capital’s whereabouts of capital is a weather vane in a field.
Reporters combed the data on financing in the medical services sector as of October, showing that 16 companies with entities have completed a total of 17 financings, which are not among the hot financing sectors in the entire medical industry. Among them, Chaoyang Ophthalmology, Youshimeidi, Mengmei Life, Penguin Almond, Yuying Medical, Jianxiang Hospital Group, Hejia Medical, and Weiji Orthopaedics all completed transactions of 100 million yuan and above.
It can be found that most of the companies that have completed financing this year have innovative head enterprises on the track and model, focusing on pediatrics, ophthalmology, maternity, ENT, pain, orthopedics, reproduction, tumors, etc. The department generally meets the patient’s need for (pediatrics, pain, obstetrics), high reproducibility (ophthalmology, oral) or customer unit price (tumor, assisted reproduction) characteristics.
From the scale of income, the reporter learned that the compound annual growth rate of beauty, rehabilitation, ophthalmology and stomatology hospitals is more than 20%, and the income scale is growing rapidly. It is a good income situation. There are also more new clinics.
It must be mentioned that due to the continuous decline in the birth rate, the growth rate of the income of obstetrics and gynecology hospitals has decreased significantly compared with the previous years. Therefore, some pediatric clinics also generally carry out some new additions in the service population and project expansion. , grafting new service resources.
So, how does the capital side view the medical service industry and how to judge the quality of the target? Lin Weicheng, the investment director of Daowei, believes that the market capacity should be considered first, and the contradiction between supply and demand should be prominent. Secondly, the subdivided track with strong consumption attributes should be considered. “The choice of the track determines the speed of the growth of the enterprise and the medical service. Enterprises need to rely on medical insurance and not rely on public hospitals to grab food and grab customers. This is a dimension. After that, it is considered whether it is easy to copy and achieve chain scale.”
Evaluating an investment target is generally considered from the two dimensions of monomer and chain. Even a single clinic is a small but complete. Yi Kai Capital Liu Zeyuan believes: “Single units need to observe the single store’s climbing period, input-output ratio, and need to achieve certain operational and financial indicators. Chain, then examine regional distribution, standardization, scale effect, etc.”
In a nutshell, from a investment perspective, a significant feature of a good medical service entity is: strong anti-cyclical and good profits. If you can achieve the scale of the US-China Yihe, Yaxin Hospital, Sanbo Brain, etc., there is no shortage of capital concerns. But whether it is a clinic or a hospital, how to let patients walk in and retain, to achieve profitability, requires a systematic operation involving a set of keywords: market capacity, transformation, patient retention and repurchase.
A good track and segmentation area determines the size of the market. The design of products and services determines the strength of transformation, the optimization of medical procedures and the improvement of efficiency, which determines the retention of patients, the quality of doctors and the ability to operate the brand, and ultimately determines the repurchase of patients. This is a group of combination punches, which are indispensable.
For the future of the medical service industry, Yi Kai Capital Liu Zeyuan told reporters: “Overall, the medical service industry is still picking up, but it is a phenomenon of polarization. In the early days, companies that did not match concepts, valuations and profits Faced with awkward situation, but the income is very good, the head enterprise with sustained profit, the investment is hotVery high, sought after.
What are the characteristics of listed companies with a profit of 100 million+?
In the field of medical services, in the secondary market, there are two benchmarks that can’t be avoided: Aier Ophthalmology and Tongce Medical, to understand its mode and the latest trends, to see the height and trend of the industry.
Tongce Medical’s 2019 mid-year report showed that the number of oral outpatients reached 1 million, its operating income was 847 million yuan, up 24% year-on-year; the net profit attributable to shareholders of listed companies was 208 million yuan, up 54% year-on-year.
To summarize its model, we can summarize it as a continuous development model of “Regional General Hospital + Branch” and a group-based replication model, focusing on creating “Tongshi Doctor Group”, and continuing to implement the CM team diagnosis and treatment model, and comprehensively promote “ The Dandelion chain program participates in the investment of the big health industry and maintains the company’s innovative development. Building an academic flagship store, solving doctors’ problems, improving service quality, investing in new businesses, and finally forming a chain-like layout is a step-by-step development logic.
Aier Ophthalmology 2019 semi-annual report shows that operating income was 4.749 billion yuan, up 25.64% year-on-year; net profit was 731 million yuan, up 33.6% year-on-year; net profit after deduction was 695 million yuan, up 31.93% year-on-year .
The current status of the model is that the graded chain system has been further improved, and multi-level ophthalmic medical services have gradually landed. While accelerating the construction of the medical network system, we will actively integrate the international industrial ecology and promote the clinical transformation and innovation of ophthalmology and visual science.
In addition, in August, Gaochun Capital and Temasek jointly invested in Aier Ophthalmology. Gaochun Capital has previously become a shareholder of Aier Ophthalmology through secondary market investment, and subscribed for the first time since the listing of Aier Ophthalmology in 2018. Aier Ophthalmology 3,718,180 shares, the subscription amount of 1.026 billion yuan, ranked sixth in the company’s shareholder list. After the completion of the equity transfer, Gaochun Capital will become the fifth largest shareholder of Aier Ophthalmology with a shareholding ratio of 2.57%.
In October, Aier Ophthalmology announced the acquisition of 28 eye hospitals of CITIC Industry Fund and Zhongsheng Pharmaceutical, and the cooperation of Aier Ophthalmology, CITIC Industry Fund and Zhongsheng Pharmaceutical, showing that the superior funds are accelerating to the superior enterprises. trend.
Incomplete statistics, the companies that have achieved listing this year are: Jinxin Reproduction, Deshijia and Hejia, and Pengai Medical will alsoLanded in Nasdaq this month, a total of four.
In June, Jinxin Reproductive Medical Group was listed on the Hong Kong Stock Exchange. The group has three auxiliary reproductive technology centers including Chengdu Xiqiao, Shenzhen Zhongshan and US HRC Fertility. According to the Frost & Sullivan Report, Jin Xin Reproductive ranked third in China’s assisted reproductive services market in 2018, and carried out 20,958 in vitro fertilization (IVF) The egg retrieval cycle has a market share of approximately 3.1%.
The benefits of Jinxin’s reproduction mainly come from the provision of assisted reproductive services, management services and ancillary medical services. From 2016 to 2018, Jinxin’s reproductive income was 346.4 million yuan, 662.8 million yuan and 922 million yuan respectively. The total profit and total income for the period were 103.7 million yuan, 198.6 million yuan and 212.1 million yuan respectively.
In July, TPG, the world’s leading alternative asset company, announced that it would sell its shareholding in Hejia Medical to Xinfeng Tianyu. According to the agreement, Xinfeng Tianyu will acquire and acquire from existing shareholders such as TPG and Fosun Pharma. Home, after the acquisition, the company will become one of the largest listed integrated private medical service institutions in China. The company’s corporate value after the transaction was completed was approximately $1.44 billion. Upon completion of the acquisition, the company will be renamed as “Xinfeng Medical Group” and will continue to provide quality and comprehensive health care services in China. In the future, it plans to achieve sustainable development through endogenous growth and strategic acquisitions.
Hejia is one of the few private comprehensive medical institutions in China with national coverage, providing medical services centered on general practice throughout the life cycle, including primary care, family medicine, pediatrics and obstetrics, and gynaecology. , IVF, surgery, orthopedics, oncology, etc. Services include primary care, physical examination and prevention, counseling, diagnosis, treatment and surgical services, as well as patient-centered care for chronic and acute illnesses. As of August, there are 9 hospitals in four first-tier cities and a number of second-tier cities (two under construction) and 14 clinics.
In October, Deshijia was listed on the Hong Kong Stock Exchange. Deshijia officially entered China in 2013, and the first clinic was located in Shanghai Jinmao Tower. In just 6 years, Deshijia Ophthalmology became the first German eye company listed in Hong Kong.
In the past three years, DeTV has experienced a period of rapid growth in its domestic market. From 2016 to 2018, its compound annual growth rate reached 79.6%, and its income increased from 3.76 million euros in 2016 to 2018.The share of revenue in the Group’s total turnover increased from 12.4% in 2016 to 28.2% in 2018, which is close to half of the German market.
Recently, Peng Ai Medical issued a prospectus, which will also land on NASDAQ on the 25th of this month. According to the prospectus, Peng Ai Medical was established in 1997 and is currently positioned as a leading provider of medical beauty services in China. The group currently has 21 medical beauty centers (19 of which are wholly-owned or mainly controlled beauty centers, spanning mainland China, Hong Kong, China and Singapore.
Financing, from 2011 to 2018, Peng Ai Medical received the shares of Andafu Capital, IDG and Shanghai Chuangrui Investment (SCI) Equity investment. With the help of capital, from 2016 to 2019, Peng Ai achieved a leap-forward development.
Peng Ai Medical’s revenue in 2016-2018 was 585 million, 697 million, and 761 million yuan respectively, and the income for the first half of this year was 393 million. In 2016, the Group achieved a profit of 50.53 million yuan, and in 2017-2018, it lost 72.43 million yuan and 253 million yuan respectively. 2016-2018, adjusted EBITDA(profit before interest, taxes, depreciation and amortization) were 96.06 million, 112.1 million, and 113.1 million yuan respectively. In the first half of this year, the group’s profit was 80.2 million yuan, a year-on-year increase of 374%.
From the above, we can see that these enterprises are mostly concentrated in the fields of oral, ophthalmology and maternity, which meet the above-mentioned analysis of the first-choice track, and then run through the chain mode logic of the group, positioning the high-end self-funded, Insurance customers, without medical insurance payment, the doctor team forms a team from the core experts to the attending team, and can cover all core specialties, gain patient trust through medical quality and experience, they also have obvious advantages in reproducibility and customer unit price.
High-end medical care represented by Hejia is more special. The high-end foreign market is a relatively separated market. In theory, high-end can not compete with the public, and does not rely on medical insurance to create its own market segment, and the success of the family. , verify this.
Entity hospitals and clinics, compared to some companies with the concept of “Internet medical”, are not as high in valuation and attention, but if the income reaches 1 billion and above, profits>
The above mentioned is the tip of the iceberg of the new model of medical services. In the field of medical services, it is generally the specialized medical institutions that can achieve better results, such as oral, medical, physical examination, maternity, ophthalmology, etc., or such as heart, tumor, brain, pediatrics, rehabilitation. Just waiting for medical treatment.
Consumer medical companies will undoubtedly need to make outstanding efforts at both the supply and demand sides to run through the model. In addition to the fact that the organization has certain medical resources, because the demand is not completely rigid and constant, it is necessary to have strong market measures in the marketing and operation services to achieve success.
Specialized enterprises with just-needed categories, the overall market is in short supply, such as pediatrics, rehabilitation, and tumors are obvious, but at the same time supply resources are not easy to obtain, such as the lack of overall market supply such as pediatricians, or the core resources are in public, such as Tumors, brains, etc., so the organization’s reserve of medical resources is the key to success.
In summary, medical service companies need to manage and operate beyond medical and medical care, carry out new model innovations and resource restructuring, and continue internal optimization to win in the industry.
Using contraction tactics, optimizing stocks, improving efficiency, reducing internal strength, deepening the area, and looking at the country, this may be the most authentic portrayal of many clinics and hospitals in 2019.
This article is from the public number:Arterial Network (ID: vcbeat), author: high Road, Long.