Innovative Health Plan Phone Number – The global Covid-19 pandemic has changed many businesses forever. From e-commerce and streaming to cloud computing and remote work habits, our daily routines are very different when we leave the other side.
One such industry that has experienced “high growth” during the Covid-19 pandemic is healthcare. When we think of telehealth, we think of seeing a “doctor on Zoom,” but it’s so much more than that.
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This is why it is often seen as one of the most exciting growth trends worldwide in the next decade.
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While companies like Teladoc Health Inc (NYSE: TDOC ) are an advantage for investors, there is actually a lot of mobile medical innovation happening in China.
It is no wonder that Chinese citizens live well on the Internet. That being said, China’s growing healthcare market should be on every investor’s radar.
A major healthcare company in China is Ping An Healthcare and Technology Co Ltd (SEHK: 1833), also known as Ping An Good Doctor.
A subsidiary of Chinese financial company Ping An Insurance Group Co of China Ltd (SEHK: 2318), Ping An Good Doctor is a pioneer in the use of technology in healthcare in China.
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By the end of 2020, the number of registered users on the Ping An Good Doctor health platform will reach 373 million (about 60 million annually), while the average daily consultations will reach 903,000 in 2020, up 23.9% year-on-year. has increased. .
Meanwhile, total revenue rose 36% to 6.86 billion yuan (US$1.07 billion) in 2020. Ping An Good Doctor’s goal is to create a complete offering based on providing a great user experience.
It employs independent doctors like other large healthcare companies in China, but has also built the country’s largest medical team (by generation) with more than 2,200 employees.
More importantly, the company also uses an AI-driven system that has collected data and knowledge on over 3,000 diseases and has recorded an impressive 99.6% accuracy rate through its system.
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A large part of Ping An Doctor’s value proposition lies in being able to provide comprehensive online medical services while leveraging the strengths of its parent network. individual health and insurance needs.
Second, there’s Alibaba Health Information Technology Ltd (SEHK: 241 ), a subsidiary of e-commerce and cloud giant Alibaba Group Holding Ltd (NYSE: BABA ) (SEHK: 9988 ).
In its latest annual earnings report for the 12 months ended March 31, 2021, Alibaba Health posted revenue of 15.5 billion yuan, up 61.7% from the previous year.
As a result, its direct medical sales accounted for more than 85% of its revenue last year.
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Using its parent’s e-commerce and payment methods, Alibaba Health has been able to effectively sell to hundreds of millions of consumers.
For example, over the past 12 months, Alibaba Health has seen unique user growth through its Tmall pharmaceutical platform, with annual users exceeding 280 million, but AliPay’s health channel reaching 520 million users annually.
With the acquisition of Ping An Doctor, Alibaba Health is building its online healthcare service through the “Dr Deer App + AliPay Healthcare Channel” platform.
Finally, there is another subsidiary of the e-commerce giant, JD Health International Inc (SEHK: 6618). A recent IPO from parent JD.com Inc (NASDAQ: JD ) (SEHK: 9618 ), JD Health’s business has more in common with Alibaba Health than Ping An Doctor.
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It also ranks third in total revenue, with 2020 sales of 19.4 billion yuan, up 78.8% year-on-year.
Leveraging the supply chain of JD.com (China’s largest e-commerce company), it has been able to build an impressive collection of warehouses and fulfillment centers in the country.
In addition, JD’s drug express delivery service, which covers more than 300 cities in China, offers next-day, same-day and 30-minute delivery.
Similar to Alibaba Health, sales of pharmaceuticals and medical products account for more than 85% of total revenue.
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It also hopes to develop its own online medical services to compete with Ping An Good Doctor. It will receive 100,000 regular consultations in 2020 with its online offering – JD Internet Hospital.
It’s important for investors to remember that Ping An Good Doctor, Alibaba Health and JD Health are loss-making companies looking to thrive in an exciting emerging market.
Representing a compound annual growth rate (CAGR) of 30.9%, there will be significant growth for all these companies in the Chinese healthcare market over the next ten years.
Disclosure: Chief Operating Officer Tim Phillips owns shares in Ping An Healthcare and Technology Co Ltd, JD Health International Inc and Ping An Insurance Group Co of China Ltd.
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Based in Singapore but originally from Hong Kong, Tim caught the investment bug at a young age and is a strong advocate of looking at long-term investments as the best way to build wealth.
He has held several key roles at Schroders and the Motley Fool, focusing on Asian funds, but believes in buying the best prices wherever they may be. He is also a certified SGX Academy instructor. If you pay attention to the beginning of the scene, your ears will probably hear the idea of ”disruption”. However, innovation in healthcare is a force that is just finding its feet and gaining real power in the industry. From healthcare cost transparency to data collection, this year promises to be a year where real progress is being sown around the world.
The technologies driving the four areas of healthcare innovation are powerful and efficient, enabling greater precision in patient care.
As the use of utilities and the shift to high-deductible health plans under the ACA creates a higher morbidity model, expect providers and payers to appreciate price transparency. The Healthcare Financial Management Association (HFMA) has had a task force focused on price transparency since 2013 and has the support of many major insurance companies. While most patients have reasonable access to billing information when making health care decisions, many are still in the dark when it comes to actual costs.
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This challenge has led to the development of many technological tools that give patients a better understanding of health care costs, including apps that track payments and deductibles, web-based services that allow users to “shop” for medical treatment and services locally, and etc. . Comparison of equipment from new players and existing players.
According to Connor Landgraf, founder of digital stethoscope EKO Devices, clarifying health costs isn’t just a 2016 trend — we could be in the spotlight for the next 10 years.
Gone are the days of being physician-centric; Not only are they empowering patients to manage their own health and treatment, but they are also redefining the boundaries of medicine through ideas like online health communities and human health.
If you haven’t been there yet, online health communities are places where people dealing with common ailments come together to discuss treatments, choosing doctors, medications, and many other life-affecting options. They have been found to facilitate communication between providers and patients, coordinate care, and improve hospital outcomes. Online health communities are driven by traditional social technology channels, including social media, mobile devices, and apps.
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Similarly, population health is redefining innovation in healthcare and becoming a primary focus of industry organizations. The idea that only the health of a special group, offers promises that have not been found before. Human health technology (used by insurers, government organizations and research centers) is in high demand, including electronic health records (EHRs) and electronic medical records (EMRs), predictive analytics. , cloud technology plays a central role.
You may have missed it, but earlier this year a wearables manufacturer was hit with a class action lawsuit that claimed its health monitoring devices were defective. The ruling helped open up a debate about the technical challenges in developing the health technology market. Enter a true example of innovation in healthcare – an FDA-approved medical device.
The agency began studying mHealth and the technology used for medical devices at the end of 2015, which represents an important change in health and new opportunities to promote methods and treatments proven by the world of medicine. Look for not just precision wearables, but devices, diabetes monitors, and even new things about apps and insurance programs.
All those devices and devices we’ve mentioned will generate a lot of data (IDC estimates that healthcare will generate 2,000 exabytes of data by 2020), and lots of it. Data obtained without clinical effort will strengthen public health and data collection as well as improve EMR concept development. It includes everything from checking blood pressure and sugar to monitoring the form of an elderly person living alone at home to alert doctors and family when they fall or others.