Managed care business delivers robust performance
Market leadership in corporate health management drives loss narrowing by 47.2%
HONG KONG and SHANGHAI, Aug. 24, 2023 /PRNewswire/ — Ping An Healthcare and Technology Company Limited (“Ping An Good Doctor” or “Ping An Health”, Stock Code: 1833.HK) presents its 2023 interim results. Closely integrated into Ping An’s “integrated finance + healthcare” strategy, Ping An Health has consistently pursued its unique business model of “managed care + family doctor memberships + O2O healthcare services”, continuing to exemplify a model example of China’s managed care system. During the period, business restructuring was essentially completed, and the proportion of strategic business revenue continued to rise. The Company achieved revenue of approximately RMB2.22 billion, with the proportion of medical service revenue increasing to 46.5%. Revenue generated from corporate health management and the cumulative number of paying users grew significantly. With continuous optimisation of the business structure and a significant impact on cost reduction and efficiency enhancement, the gross profit margin further increased by 5.6 percentage points year-on-year, reaching 32.2%. In addition, the net loss was significantly reduced by 47.2% year-on-year to RMB244.9 million. This notable improvement expedites progress towards the ultimate profitability target.
Corporate health management market sets benchmark, demonstrates significant synergy in integrated finance + healthcare
Drawing upon core competitive advantages including a comprehensive supplier network, leading services, extensive payer resources and strong eco-system empowerment, Ping An Health has further deepened its exploration and implementation of the managed care model. This rapid expansion within China’s corporate health management field has resulted in the Company achieving a position of market leadership. As of end of June 2023, the number of enterprises served by the Company totalled 1,198, marking an increase of 449 from the same period of the previous year. This encompassed 3.9 million enterprise employees and users, with the number of paying accounts exhibiting consistent growth over the past 12 months, exceeding 45 million. During the period, the contract renewal rate for the Company’s existing large-scale enterprise customers approached 90%.
During the period, the Company underwent a revamp of its “Enterprise EZHealth” corporate employee health management product system. This transformation yielded a differentiated product and service matrix with a substantial competitive edge, catering to the diverse needs of various enterprises while comprehensively promoting workplace well-being. This was realized through two primary solutions: “Health Checkup +” and “Health Management +”. A case in point involves a prominent state-owned financial enterprise, wherein Ping An Health offered over 10,000 employees and their families booking services at tertiary hospitals and renowned health check-up organisations across the country. Furthermore, customised packages encompassing consultation services, accompanied medical check-ups, and post-diagnosis reports were provided through the integration of the Company’s internal resources. This effectively resolved the complex challenge of delivering healthcare to a widespread company workforce with varying geographical needs. Notably, an offline service satisfaction survey revealed a remarkable employee satisfaction rate of 98%. In addition, the newly launched ‘1 Question 3 Worry-free’ product system strives to provide a medical and health management solution, ensuring enterprise users are free from concerns about chronic diseases, medical treatment, and serious illnesses, thereby bolstering the Group’s comprehensive financial business across all facets.
Furthermore, employing the business model of “deep collaboration, “procurement of benefits, and value-added services”, the Company has consistently aided the integrated financial business in customer acquisition, stickiness, re-engagement and penetration of users. For instance, in the “insurance + healthcare” domain, the Company has continued to enhance the “Zhen Xiang RUN (2023)” healthcare service plan in partnership with Ping An Life, resulting in an upgraded “insurance with warmth” concept. This approach includes a “user-focused” tiered member operation system, providing a range of 18 healthcare services encompassing family doctors, healthcare management plans, health check-ups, and chronic disease prevention and control. This comprehensive plan caters to users’ pursuit of a high-quality and diversified healthy life. Corporate clients increasingly recognize Ping An Health’s comprehensive service capability due to its high-quality, full-lifecycle services delivered. During the period, the number of paying users originating from Ping An’s integrated financial channels exceeded 38 million, constituting a penetration rate of approximately 16.6% among Ping An’s nearly 229 million personal financial users.
Fortifying the foundation of healthcare services: strengthened role of family doctors within the service network of “online, in-store and delivery to home/corporate “
The foundation of Ping An Health lies in its medical and healthcare service capabilities. During the period, the Company established a comprehensive closed-loop service management system, encompassing “Online + Offline”, “In-hospital + Out-of-hospital”, and “Medical + Healthcare” services. This intricate system comprises 830 distinct sub-services, each guided by its dedicated standard operating procedures. A paramount focus was placed on cultivating medical quality and safety management capabilities, leading to the creation of a three-tier medical quality and safety management system. Through a collaborative mechanism involving multiple departments and shared governance, coupled with the implementation of various management policies, the Company effectively bolstered its achievements in quality and safety management, consistently maintaining a patient satisfaction rate exceeding 98%.
At the core of the Company’s healthcare services stands Ping An Family Doctor, delivering comprehensive “online, in-store, and delivery to home/corporate” management along the entire service journey. As of 30 June 2023, Ping An Family Doctor offers users the efficiency of 24/7 online availability, with responses within 60 seconds, and delivery of medicines to 249 cities nationwide within an hour. Moreover, users are seamlessly connected to a network encompassing nearly 4,000 hospitals, 226,000 pharmacies, nearly 103,000 health service institutions, and over 2,000 health checkup institutions.
Ensuring service quality and optimizing user experience remain priorities for Ping An Health. This led to the development of a comprehensive “4S supply management process system,” covering the entire spectrum from supplier admission and exit. This includes meticulous service quality reviews, access accreditation, site visits, risk control, and more, all designed to facilitate efficient and precise alignment with user demands.
AI technology powers diverse business scenarios: ‘Thousands of People, Thousands of Faces’ – customized digital health check-up solutions in new era of digital intelligence
After years of development, Ping An Health has autonomously created an AI-based diagnostic and treatment system. Presently, it encompasses diagnostic knowledge of over 2,000 diseases, boasting a diagnostic accuracy surpassing 99%. This empowers medical practitioners with a heightened knowledge base and amplified efficiency in delivering medical services. A distinctive innovation within the Company, the “PINGAN GPT” – Askbob Doctor’s Station, has catered to over 1.4 million doctors spanning 46,000 medical institutions across the nation. Impressively, it provides medical assistance decisions approximately 270,000 times each day.
During the reporting period, Ping An Health embarked on a pioneering journey by establishing the “Medical Health Check-up Research Institute”. This institute is steadfastly dedicated to research in the field and consistently furnishes enterprises with “1+N+X” tailor-made health checkup service solutions. Operating via the Ping An Health App, a digital nexus connecting numerous health check-up institutions, the Company proffers 1,000 health check-up packages to 1,000 individuals. These encompass thorough and comprehensible post-examination interpretations and health management strategies, effectively aiding enterprises and employees in resolving health issues more proficiently. The establishment of the Digital Insight Research Institute further amplifies the Company’s prowess. Through extensive data harnessed from diverse integrated channels, it evaluates users’ medical habits and needs, providing all-scenario, full-lifecycle digital marketing solutions for partner products. Moreover, the Company’s shrewd business model continues to evolve, culminating in deep integration with medical devices, wearables, and smart speakers, offering a seamless “hardware + service” solution. Notably, an intensified partnership with Huawei in the field of “Smart Wearable + Health Service” has facilitated services to numerous users via products like the Huawei Watch D.
In the pursuit of sustainable development, the Company’s board of directors established a dedicated Sustainability Committee. Leveraging corporate responsibility, the Company actively contributed to improved healthcare accessibility. This endeavor entailed the construction and modernization of 1,228 rural health clinics in remote locales, training over 11,000 village doctors, and fostering 10,000 village doctor-volunteer partnerships. These initiatives have tangibly elevated basic healthcare services in various regions. Additionally, the Company was granted the ISO 27799 Personal Healthcare Information Security Management System Certification, solidifying its position as the initial enterprise in the internet healthcare sector to secure such recognition from DNV. Notably, Ping An Health has received an A-grade ESG rating from MSCI for two consecutive years.
Since its inception, Ping An Health has remained steadfastly dedicated to bridging doctors and patients with professionalism and safeguarding everyone’s health Fang Weihao, Chairman and CEO of the Company, expressed that the Company will unwaveringly uphold its value proposition of “worry-free, time-saving, and money-saving”. It will continue to deeply fathom user needs, enhance its array of products and services, and ardently contribute to the nation’s health industry in alignment with the “Healthy China” initiative.
About Ping An Healthcare And Technology Company Limited
Ping An Healthcare and Technology Company Limited (“Ping An Good Doctor” or “Ping An Health”; Stock Code: 1833.HK), is an integral part of Ping An’s managed care services system and also the flagship platform of the Group’s healthcare ecosystem.
With its extensive payer resources, comprehensive supplier network, leading services and strong eco-system, Ping An Health has established a unique business model based on managed care + family doctor membership + O2O healthcare services. At present, the Company has become a professional, comprehensive, high-quality and one-stop corporate health management service provider.
67% of larger hospitality operators are unhappy with their current tech stack: insights unveiled in new research report from Vita Mojo
New research from Vita Mojo and KAM reveals the shortcomings of modern restaurant tech, with over half of operators reporting inefficiencies are stopping them achieving business goals.
LONDON, Sept. 22, 2023 /PRNewswire/ — Vita Mojo, the hospitality tech specialist, has launched a new research report into the impact of technology on the hospitality industry, shining a light on how operators feel about their current tech stack.
Commissioned by Vita Mojo and conducted by specialist hospitality market research agency KAM, the survey asked 81 executives from the leading quick-service restaurant (QSR) and coffee chain brands about their experiences with restaurant technology.
The resulting report – Hospitality Tech 2024: Bridging the efficiency and profitability gap – indicates that certain technologies are holding the industry back.
The survey results show that the hospitality sector is facing a number of challenges:
- A disconnect between efficiency and growth
56% of operators say that not having enough time is a significant barrier to achieving their business goals, but only 28% report fixing inefficiencies is a focus area for the business.
- Frustrations with the complexity of technology
44% of operators don’t think they have the in-house skills to make the most out of their tech solutions, and 31% believe that too much training is needed to use digital solutions properly.
- Missing out on data-driven decision-making
Two in three businesses are frustrated that they are not making the most of the data they collect through their tech solutions. Nearly 40% find it hard to use data because it’s split across siloed platforms.
- Technical support is failing to deliver
Just one in four are very satisfied with the support or advice they receive from their providers.
“When tech works well, your restaurant works well,” says Vita Mojo’s co-founder and CEO, Nick Popovici. “But when it goes wrong – which is often – running a restaurant becomes an uphill struggle. By combining multiple point solutions from a range of different suppliers, the modern Point of Sale (POS) restaurant tech stack used by so many restaurants and chains has become a serious barrier to growth and success.”
“The results of this survey prove that the POS-centric model isn’t working for restaurants. From wasting time updating menus across multiple systems to spending countless hours updating pricing and site information, there are just too many ways in which restaurant tech isn’t making the grade.”
Along with insights from the survey results, Vita Mojo’s report includes real-life examples of exactly how restaurant brands are managing to overcome these tech challenges and fix inefficiencies, which has allowed them to operate and grow with new confidence.
About Vita Mojo
Vita Mojo transforms chaos into confidence for hospitality operators worldwide. Founded in 2016, Vita Mojo started life as the UK’s first cashless, digital-only restaurant, but it soon became clear the entire hospitality industry could benefit from its end-to-end, flexible Order Management System.
Today, Vita Mojo empowers over 130 brands across five countries (including LEON, YO!, tossed and GAIL’s Bakery) to streamline order management, improve guest relationships, seamlessly expand across channels, and grow their business.
For more information visit www.vitamojo.com
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Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
President Nana Akufo-Addo unveils country’s roadmap for green growth and decarbonizing key economic sectors developed by Government of Ghana and SEforALL
NEW YORK, Sept. 22, 2023 /PRNewswire/ — His Excellency Nana Akufo-Addo, President of the Republic of Ghana, launched the country’s new Energy Transition and Investment Plan yesterday during a Global Africa Business Initiative event in New York.
The plan marks Ghana’s commitment to fighting climate change and fostering economic development in tandem. It details a credible pathway for how Ghana can achieve net-zero energy-related carbon emissions by 2060 through the deployment of low-carbon solutions across key sectors of its economy, including oil and gas, industry, transport, cooking, and power.
Ghana’s government intends to use the plan as its main tool to engage the international community and investors for support with its energy transition. All measures suggested in the plan represent a USD 550 billion opportunity for the international community to invest in sustainable development in Ghana. If the plan is achieved in full, it would generate 400,000 net jobs within Ghana’s economy.
The country’s existing Energy Transition Framework previously set a target of net zero by 2070, but this new plan shows Ghana has increased its ambition and is targeting net zero by 2060.
Various sectoral changes and technologies are proposed in the plan. Four main decarbonization technologies – renewables, low-carbon hydrogen, battery electric vehicles and clean cookstoves – would cover over 90 percent of the targeted abatement by 2060.
Without pursuing the plan, under a business-as-usual scenario, Ghana’s emissions are expected to rise from 28 Mt CO2e in 2021 to over 140 Mt in 2050, with the bulk of emissions growth coming from transport, driven by population growth, GDP per capita growth, and vehicle ownership.
By implementing this plan, Ghana and its partners can instead bring the country’s energy-sector-related carbon emissions to net zero, while demonstrating that action against climate change does not need to come at the expense of economic development.
The Energy Transition and Investment Plan was developed by the Government of Ghana with technical support from Sustainable Energy for All (SEforALL).
“This pioneering Energy Transition and Investment Plan maps out Ghana’s journey to achieve net-zero emissions by 2060 based on the latest data and evidence, ensuring that as our economy thrives, it does so in harmony with the environment. This plan is a testament to our dedication to fostering green industries, nurturing the evolution of cutting-edge low-carbon technologies, and propelling our nation towards a sustainable industrial revolution while giving equal growth opportunities to men and women.”
-His Excellency Nana Akufo-Addo, President of the Republic of Ghana
“Ghana’s commitment to a just and equitable energy transition has translated to an ambitious plan that builds a case for low-carbon and energy-efficient solutions across Ghana’s entire energy system. These solutions present a tremendous opportunity for partners and investors from around the world to contribute to climate action and sustainable development in Ghana.”
–Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy
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World Investment Forum to incentivize global investment in sustainable development
ABU DHABI, UAE, Sept. 22, 2023 /PRNewswire/ — Recognizing sustainability as the defining challenge of our time, the upcoming UNCTAD World Investment Forum (WIF), to be held from 16 to 20 October 2023 in the UAE’s capital Abu Dhabi, will serve as the perfect opportunity to facilitate the transition to a more sustainable economy, particularly for developing countries.
The 8th edition of the Forum, to be anchored on the overall theme of “Investing in Sustainable Development,” will bring together heads of state and ministers, CEOs of largest global companies, and other investment stakeholders from various countries to formulate policies and strategies that will address key and emerging investment-development challenges through a series of local and international forums and conferences.
Over 7,000 investment stakeholders from 160 countries will be participating in the 8th edition of WIF at the Abu Dhabi National Exhibition Centre (ADNEC).
The UAE hosting WIF this year coincides with the country’s declaration of the year 2023 as the “Year of Sustainability,” which will encourage nationwide commitment to sustainable practices and innovative solutions to help address environmental issues on a global scale.
His Excellency Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, reaffirmed the country’s dedication to sustainability, saying that “the UAE is committed to playing a leading role in the global transition to a more sustainable future. We believe that WIF 2023 will provide a unique platform for international leaders to come together to mobilize the necessary investments to make this transition a reality.”
His Excellency Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED) said: “Hosting WIF 2023 reflects Abu Dhabi’s approach and commitment to sustainable socio-economic development, which is based on strong beliefs and a long history of the wise use of resources. We will be working closely with all partners to ensure that the Forum’s conversations generate innovative ideas and solutions to create a more sustainable future for all.”
Some of the sustainability sessions include “Delivering Public Sector Investment for Sustainable Development” in partnership with ACCA; “Alignment of Investment in Sustainable Infrastructure with the Paris Agreement” with Middlesex University Dubai; and “Accelerating Green Investments in Tourism for Sustainable Development” with the United Nations World Tourism Organization (UNWTO).
- 67% of larger hospitality operators are unhappy with their current tech stack: insights unveiled in new research report from Vita Mojo
- Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
- World Investment Forum to incentivize global investment in sustainable development
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