The "1x 1N" health security service business model built by the company around the joint operation of the three doctors has landed for the first time in Zhenjiang, with a budget of 10 million per year. As a pilot city of "Liangjiang" medical insurance, Zhenjiang takes the lead in deepening medical reform in the whole country, which has a positive demonstration effect on other health insurance areas, accelerates the expansion and replication of the company's business, promotes the company's long-term performance growth, and maintains a "highly recommended-A" rating.
Event: on July 21, the company signed the "Strategic Cooperation Agreement on the Construction of Health Service guarantee platform" with the Zhenjiang Municipal people's Government, which will make use of the accumulated technical advantages and service experience to build health as the core and medical insurance as the starting point for the construction of Zhenjiang. Based on the construction of an open and integrated platform, we will build an overall data support system to achieve a health service guarantee platform with information interconnection, benign interaction of elements and data security application.
The annual fee of medical insurance service is moving towards 10 million, and the "1-1-1-N" service model establishes the sustainability of the company's revenue. For the first time, the company's Zhenjiang project has realized that all medical insurance integrated service products are packaged and charged 10 million annual service fees, which are far higher than the annual service fees of DRGs, third-party evaluation services and other single products previously carried out in Foshan, Jiangmen and other health insurance co-ordinated areas. The savings of the health insurance fund provided by the company around the services provided by the three doctors far exceed the service fees charged by the company, and the larger the size of the fund, the more health insurance expenditure can be saved. Although the service content related to the fund expenditure savings is not specified in the company's cooperation agreement with Zhenjiang, considering that the expenditure of the basic medical insurance fund in Zhenjiang is only 2.5 billion in 2016. in the fund size of each co-ordinated area is at a low level (the average expenditure of each co-ordinated area is 3.3 billion in 2016), we believe that the annual fee volume that the company will be able to achieve in other larger fund areas in the future is likely to be higher. The company will gradually package a full range of medical insurance products in the existing 153 planning areas, and the scale of charges will increase explosively.
The connotation of the company's health security service continues to extend, from G-side to B-side / C-side. The health security service model of the company's landing in Zhenjiang includes "a data resource center, a collaborative application platform and an expanded application service package (N)". Among them, the extended application service package (N) provided by the company includes products such as consumable material recruitment and supervision for medical insurance fund management agencies, pharmaceutical equipment supervision, profit and loss prediction and analysis platform for medical insurance fund, medical joint resource sharing for hospitals, performance evaluation of medical institutions, health insurance payment standard service for pharmaceutical companies, chronic disease management for C-end, etc. Help the company to extend its service clients from G-end to B-end and C-end users such as hospitals and pharmaceutical companies, create full-life-cycle health security service products, and further expand market space.
The qualification of central enterprises helps to deepen the application of big data. Through the construction of Zhenjiang Health big data Center, the company will provide demand-oriented value-added services through the application of health care big data in the future. The company's central enterprise qualification continues to provide a strong guarantee for the company to carry out health big data applications in various places. In the future, the company will rely on the good card at the end of health insurance and give full play to the advantages of central enterprises to open TPA services for commercial health insurance.
Maintain the "highly recommended-A" rating: it is estimated that the net profit in 2018-20 will be RMB 1.132 billion, the company's charging model for various services will continue to expand in 2018, and the health security service business will achieve overall growth. Maintain the "highly recommended-A" rating.
Risk tips: 1, the health security service business charging model falls short of expectations; 2, the promotion speed of commercial insurance business is slow, and the market competition intensifies.
