Ping An Good Doctor reports revenue of RMB 7,334 million in 2021 with proportion of revenue from medical services grows to 31.2%
[Sponsored Article]
Ping An Good Doctor (1833.HK) has announced its 2021 annual results. During the reporting period, the Company maintained steady growth with total revenue reaching RMB 7,334 million. Total gross margin reached 23.3%. In particular, medical services contributed revenue of RMB 2,288 million, representing 31.2% of total revenue. Building on the “health maintenance organizations (HMO) + family doctor memberships + O2O-based medical services” model, the cumulative number of paying users crossed 38 million in 2021 while the conversion rate of paying users increased to 24.8%.
HMO model begins to bear fruits with growing acceptance in corporate healthcare
With the deepening of Strategy 2.0 Continuum, the Company shifted its focus onto B2C users to better serve paying users and empower providers. By virtue of different membership fees and value-added health services for tiered users and categorized products, the Company improved user coverage and stickiness. The Company’s registered users reached 420 million and cumulative consultations reached 1.27 billion, strengthening its leading position in the industry. In 2021, the cumulative number of paying users climbed to 38 million with the conversion rate of paying users at 24.8%.
As an integral part of Ping An Group’s HMO model and the flagship platform of its healthcare ecosystem, the Company has been committed to integrated finance channels and has strived for synergies with Ping An Group to develop “heartwarming financial services” under the “integrated finance + healthcare services” strategy driving rapid growth of user base, stickiness, recognition, etc. Taking "Zhen Xiang RUN" Health Services Plan, Ping An's life insurance product empowered by Ping An Good Doctor, as an example, the medical and health rights are internalized into the policy, and chronic illness insurance policy users can enjoy high-quality medical and health services without additional payment. The Company is accelerating the conversion of new and existing financial customers within Ping An Group, mapping the value of customers and exploring other untapped channels.
With the immense business opportunities presented by the 310 million corporate employee market, the Company has developed three product categories, including employee health checkup services, employee health management and corporate benefit redemption platform, and has partnered with numerous large-scale central state-owned enterprises and state-owned enterprises on several projects driving corporate employee traffic within the Company’s product ecosystem to facilitate the cross-selling of medical and healthcare products. Going forward, the Company will continue to expand user acquisition channels, accurately target users’ healthcare needs, offer tailored services and implement innovative health plans. Meanwhile, family doctor memberships system can better assist corporate customers to provide more efficient, comprehensive and professional healthcare services to their employees, so that employees can feel the care and warmth of the company more effectively.
Establishes family doctor memberships with an increase in revenue from medical services