Healthcare as a New Driver of Value Growth
Ping An has upgraded its healthcare strategy to build a Chinese version of HMO-managed care model, connecting stakeholders including customers, patients, insurers, hospitals, doctors, and health service institutions. Ping An is exploring an innovative managed care model centering on "HMO + family doctor + O2O (online-to-offline)", leveraging its years of operational and managerial experience in the insurance and healthcare industries. The healthcare ecosystem is served by Ping An Good Doctor (also known as Ping An Health), Ping An Smart Healthcare, Ping An Life and Ping An Annuity.
The healthcare market in China has enormous growth potential as demand for quality medical and healthcare services rises. Among Ping An's more than 227 million retail customers, nearly 63% used services from the healthcare ecosystem in 2021. These customers held an average of 3.3 contracts, 1.6 times more than customers who did not use the healthcare ecosystem. They also held RMB40,000 in AUM per capita, 3 times more than those held by customers who did not use ecosystem.
Ping An Health (HKEX: 01833. HK; also known as Ping An Good Doctor) is China's leading online healthcare services platform. Ping An Health had nearly 423 million registered users as of December 31, 2021. The number of cumulative paying users surpassed 38 million in 2021.
Ping An Health has a strong service network, including:
- More than 40,000 in-house doctors and contracted external doctors
- More than 3,600 partner hospitals, more than 50% of which are top grade 3A hospitals
- 202,000 partner pharmacies, which represent about 34% of all pharmacies across China
- More than 1,700 health checkup centers and about 96,000 healthcare management institutions
In 2021, Ping An Health's revenue rose to RMB7,334 million, and its gross profit margin reached 23.3%.
Transforming Healthcare with Artificial Intelligence
Ping An Smart Healthcare is the public healthcare regulation platform for disease management, medical institution management and medical worker management. As of December 31, 2021, Ping An Smart Healthcare benefited approximately 1.32 million doctors and 10.48 million chronic-disease patients at more than 45,000 medical institutions in 187 cities.
A demand for healthcare grows in China, AI has great potential to raise the standard of medical services. Ping An continues to invest in research and development to build leading technological capabilities to empower our ecosystems, including healthcare. Ping An ranked first globally by the number of digital healthcare patent applications（1).
Ping An Smart Healthcare is committed to building proprietary AI technology, such as AskBob, an AI-based diagnosis and treatment assistance tool for doctors that launched in 2019. It provides intelligent literature analysis and the latest scientific research insights to help doctors make diagnoses and treatment decisions. Since its launch, AskBob AI-driven doctor has been used for over 1,269 million consultations, and the accuracy of AI-based medical case triage has exceeded 99%.
（1）Source: Digital Healthcare Patent Composite Index Report 2021 released by PatSnap Innovative Research Center