Medical services, a place for big health investment

Since 2018, although the VC/PE industry has suffered from capital winters, the investment and financing in the medical and health fields is still hot.

Statistics show that in the first half of 2018, there were 295 financing events in the domestic medical and health industry, an increase of 7% year-on-year, and the financing amount was 5.46 billion US dollars (about 35 billion yuan), a year-on-year increase of 1.35 times, setting a domestic medical health industry. The highest amount of financing in the first half of the year.

Among them, medical services are the core of the link to the entire industry chain. The part that reflects the medical care is hard core, but the service is still a non-negligible component of medical institutions.

In recent years, many surveys on medical services show that most hospitals have some common problems in current medical services, such as poor service attitude, inconvenient medical treatment, and opaque medical charges. These problems still need to pass hospital medical services. The details of the improvement have been achieved.

At the same time, China has few institutions that can provide comprehensive health services in a comprehensive manner. From market development to industrial construction, it is in its infancy, including health check-up centers with medical examination as the core and medical service organizations with TCM health conditioning as the core.

These are not enough to meet people's need to systematically solve health problems, and the big health industry needs a revolutionary transformation.

Therefore, investing in medical service institutions has become the focus of capital entry.

Of course, medical health is a technology-oriented and policy-oriented industry. Investment in this field has high professional thresholds and resource integration requirements. As competition advances, investment in medical services will become more rational and cautious.

As an investor, it is necessary to understand the advantages of investment and barriers to entry, and analyze the feasibility of investment according to the conditions of investment and the pressure it can withstand.

And considering the livelihood attributes of medical care, it is necessary to judge whether the public system or resources in this potential market can predict the future, and because of certain institutional bottlenecks, it is impossible to provide effective and sufficient supply. This is the decision. Injecting opportunities and operating space for private capital.

At this stage, the state has relaxed the free practice of doctors in addition to fully opening up private capital investment in the medical field.

Doctors have gradually stepped out of the system and are moving towards multi-point practice, regional practice and free practice. They are also relatively easy to acquire talents. Under the leadership of medical treatment and medical associations, private hospitals have begun to receive attention and patient resources. Increasingly, the overall medical market is relatively optimistic.

The doctors' group has been very hot for two years. It is mainly divided into two categories: one is a group of doctors within the system, which can temporarily do not need excessive management and is only used as a tool for talent flow.

The other is a group of doctors who are completely out of the system. For example, the Bodg Jialian Medical Group is a medical service model innovation that maximizes the social value of doctors' core resources in a way that is completely different from public hospitals.

Lin Feng, founder of Bodejialian, pointed out: China's medical industry chain, third-party diagnosis, commercialization of hospitalization platform, lack of surgical platform, lack of family doctor system and general management, all these governments have no ability to take advantage of If you can't do this, then the doctors' group can be used as a supplement to the market. ”

On the other hand, the medical and health industry is a weak cycle industry. Even if the economic outlook is uncertain and the economy is going down, people will still have medical needs.

At this stage, the government's new round of medical reform, superimposed consumption upgrades and social aging trends will continue to boost the rapid development of the medical industry.

Senior medical industry investors have revealed to the "polypeptide chain": "The medical industry is maturing, early projects are gradually decreasing, investment is more concentrated in the head institutions, and the importance of mergers and acquisitions and strategic investment is gradually increasing, so from now to the future In the past three or five years, medical services are industries that deserve special attention."

Huang Wei, managing director of Morningside Ventures, also said: "For medical services, China will definitely have a Chinese model, which is different from the US. Of course, from the perspective of our investors, the model innovation, the risk is also Very big, there are many innovative medical services in the United States that can be successful because their payment systems are relatively mature, and the innovative model is easier to verify under the mature system. The Chinese medical pattern has huge hidden dangers and is in the process of change. In the uncertainty, the risk of model innovation may be greater."

The root cause behind the dilemma of social medical treatment lies in the fact that the service level of the social medical industry and the improvement of service quality have a great relationship with the quality of the service providers and the understanding of service perception;

Second, the lack of resources for doctors, the low value of added value, and the lack of high-quality core competitiveness of products have resulted in the reality that the cost of running a medical institution is high and the money cannot be earned.

As a knowledge-intensive service industry, talents must be the top priority of their operations. How to attract, develop and retain talents, and how to develop talent incentives is the core of hospital talent management.

Public hospitals monopolize a large number of high-quality resources, especially in terms of talents. Private hospitals are hard to find their backs. After social capital invests in hospitals, the management of talents must take into account the introduction of talents and the follow-up talent cultivation methods. It has great complementary advantages in terms of doctor's value enhancement and ability complementation.

In recent years, under the urgency of capital, how many socially-run doctors have not understood the key technologies, just for an industry dividend period, how many social doctors disregard social responsibilities, drill market loopholes, and let an emerging market start from the beginning. Lay hidden.

Non-standard social medical treatment is very common, and the level of medical services will also be discounted. This will have a major impact on the quality and safety of medical service products. Therefore, in order to formulate reasonable implementation standards and regulations in the industry, social medical practitioners will be able to connect with high-quality services.

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