Recently, the document issued by the General Office of the State Council and the Ministry of Health on the reform of public hospitals clearly stated that the policy of supporting and guiding social capital to operate medical services was implemented. Song Shuli, spokesperson of the Ministry of Health, said in an interview with an Economic Information Daily reporter that allowing some areas to explore and try to guide social capital to invest in public hospitals.
The liberalization of policies has attracted investors to pay attention to the restructuring of public hospitals, and whether investing in public hospitals to make money or lose money has become the topic most concerned by venture capital institutions. Industry insiders expect that public hospitals will become a new highlight of investment and financing in the healthcare industry.
Policy Social Capital Investment in Public Hospitals On the 14th, the "Opinions on the Pilot Projects for the Comprehensive Reform of County-level Public Hospitals" issued by the General Office of the State Council proposed that county-level hospitals establish a modern hospital management system and encourage qualified regions to explore the integration of medical resources. , reorganization and restructuring, optimizing the allocation of resources, and implementing the policy of supporting and guiding social capital for medical treatment.
“The policy has long opened a big road for social capital to hold medical institutions and all of them have been let go.†Song Shuli said in an interview with a reporter of the “Economic Information Dailyâ€, following the “Notice on Further Encouraging and Guiding Social Capital to Organize Medical Institutions' Opinionsâ€. Afterwards, many of the policy issues of social capital in the organization of medical institutions were basically solved.
In addition to organizing medical institutions, Song Shuli clearly stated that “social capital can be invested in public hospitals,†allowing some areas to explore, try, and conduct pilot projects.â€
The reporter learned that social capital investment in public hospitals has been successfully implemented in Kunming, Yunnan Province. Kunming medical reform has broken through the property rights system of public hospitals and adopted the “enterprise + hospital†model to encourage various types of social capital to participate in restructuring and reorganization of public hospitals.
The First People's Hospital of Kunming First People's Hospital and Yunnan Provincial Urban Construction Investment Co., Ltd. are joint ventures. Ganmei Medical Investment Management Co., Ltd. (Gammi Company), which was jointly established by both parties, is formally listed. The registered capital of Ganmei Company is 750 million yuan, including the capital contribution of City Investment Corporation. Forty-four million yuan, hospitals with real assets for the price of 300 million shares, the proportion of the two sides opened June 4 (city investment company accounted for 60%, 40% of hospitals).
In addition, General Medical plans to invest RMB 300 million in the establishment of a New District Hospital with the Kunming Maternal and Child Health Hospital.
In another development, Yunnan Provincial Medical Investment Management Co., Ltd. will jointly build a new Kunming Hospital with a total investment of more than 2 billion yuan in Yunnan First People's Hospital, Kunming Iron and Steel Group and Yuntianhua Group, with 3,300 beds. The group also established Chenggong New District Hospital, which invested more than 2 billion yuan in the First Affiliated Hospital of Kunming Medical College, with 2,200 beds.
Zero2IPO Research Center believes that the deepening of the new healthcare reform will bring certain investment opportunities in specific segments such as medical services, commercial health insurance, and pharmaceuticals and medical devices, particularly in public hospital reform and commercial insurance. If health care reform goes smoothly, the entry of private capital will be a good opportunity.
Highlights Investment and Financing "Aiming at Public Hospitals" Yesterday, Hony Capital's people came to me to talk about investing in public hospitals. Ren Dequan, Honorary President of All China Federation of Industry and Commerce, Honorary President of the Pharmaceutical Industry Chamber of Commerce, China, on the 14th, China Health Care Investment and Financing The summit forum said.
“I will go to Kunming tomorrow to investigate the situation of local investment in public hospitals.†Wu Qinggong, vice president of the Chinese Pharmaceutical Enterprise Management Association, recently told an Economic Information Daily reporter that recently he was very concerned about the situation of public hospitals for medical reform.
In the words of Jiang Xiaodong, the managing director of NEA China, the Minister of Health Chen Hao recently stated publicly that “public medical institutions can no longer engage in debt construction and blind expansion, but also need to leave private capital and social capital to enter the health industry and meet different levels of demand. Out of space, this undoubtedly gave a boost to the medical services investment field. Investors from all walks of life explore the roads of public medical institutions and investing in public hospitals will become a new bright spot in the field of health care investment and financing.
According to the statistics of the Zero2IPO database, the hot spots in the healthcare industry in 2011 were the pharmaceutical industry, medical equipment, and medical services. Nie Zhengdong, chairman of Zero2IPO Group, pointed out that the reform of public hospitals in 2012 will focus on the reform of public hospitals and encourage social capital to participate in public hospital restructuring. Many investors may try to invest in public hospitals in the future.
An investor told reporters that he is very willing to invest in public hospitals and he has three principles for doing venture capital. First, the higher the gross margin, the better. According to his investigation, the gross profit rate of the top three hospitals in China is about 40%, which is higher than that of the production enterprises. Second, the worse the management foundation, the better. He believes that at present, the worst management in all walks of life is the education and medical industries, which are costly, inefficient, and contain numerous disadvantages and social dissatisfaction. Capital can produce higher benefits through improved management. Third, the more stable the better the demand. Medical needs are truly rigid and stable.
Jiu Ding investment partner, head of Jiuding Medicine Fund, said that he has a special liking for county-level medical institutions. "A lot of people think that public hospitals don't make money. I don't agree." He pointed out that public hospitals currently have the problem of "no management, no auditing." The problem is that the accounts are not clear, and that public hospitals do not make money.
Luan Bo pointed out that in the medical industry investment, social capital has five barriers to entry: first, policy barriers; second, talent barriers; third, capital barriers; fourth, technical barriers; and fifth, cognitive barriers to consumption. Among these five barriers, consumer cognition is also one of the most important barriers. In this regard, the county-level medical institutions have a typical regional advantage. It is responsible for the country’s basic medical services, and local people have high awareness. According to him, Jiuding has completed the investment in a county-level hospital. He said that according to the consistent style of Jiuding Investment, Jiuding is only holding shares in this hospital is not holding.
“We have participated in the investment process, the local government has also given positive support and recognition.†Yu Bo told the “Economic Information Daily†reporter, the future Jiuding will still increase investment in county-level hospitals. For investment in public hospitals in medium-sized cities, Jiuding is not yet considered.
Xiao Yu, a senior analyst at the Zero2IPO Research Center, points out that social capital's participation in public hospitals may not necessarily favor Tier III hospitals. However, public hospitals with more comprehensive medical resources and better foundations are more attractive than community hospitals. In particular, some hospitals originally subordinated to state-owned enterprises can participate in the restructuring process.
This reporter learned that Tiantu Venture Capital had joint other investors in early 2010 and invested a total of RMB 180 million in Beijing Phoenix United Hospital Management Co., Ltd. Phoenix Group has participated in many reforms of public hospitals, including the hospital's operation management role in the form of hospital trusteeship. It is reported that this new type of trusteeship has made a modest separation of hospital ownership and management rights, which has greatly promoted the win-win situation between the trustee and the custodian.
The Zero2IPO Research Center report pointed out that under the favorable conditions clearly advocated by the policy, “hospital custody†is also a good opportunity for a private capital to enter the medical market.
Risk "short-term no return, long-term see through"
However, at the second China Health Care Investment and Financing Summit Forum, many people opposed the social capital investment in public hospitals. They believe that it is a loss-making trade, short-term investment has no return, and long-term profits are unpredictable. Investors should still return to traditional medical service investment channels—high-end medical service agencies and private chain specialty hospitals.
Xu Xiaolin, general manager of CCB International Wealth Management Co., Ltd., is present. CCB had negotiated financing matters with a children's hospital in Southwest China. However, public hospitals only do public welfare. It is difficult to make returns in the short term and they eventually give up. Xu Xiaolin said that social capital investment in public hospitals needs to see returns. Many public hospitals have financing opportunities, but more often they only negotiate, and few actually invest.
Zhang Suyang, partner of ID G, said that he never invested in a therapeutic hospital, let alone a public hospital. Normal public hospitals have 5% to 18% of profits, and in the long run they have a return. However, the management of public hospitals is too complicated.
Ren Dequan even advised investors to say: “If social capital invests in public hospitals for charitable purposes, investing in public hospitals will not make money! With the increase of the middle class in the country, social capital should invest in high-end to meet differentiated demands. medical service."
Wu Qinggong pointed out that the policy of investing in public hospitals is clear. Social capital is willing to enter. The key is to solve the following three questions: First, whether the dividends can be distributed; whether the director of a public hospital can work for private capital; and third, the position of public hospitals. Is it the monopoly of medical resources or the promotion of competition in the market?
The liberalization of policies has attracted investors to pay attention to the restructuring of public hospitals, and whether investing in public hospitals to make money or lose money has become the topic most concerned by venture capital institutions. Industry insiders expect that public hospitals will become a new highlight of investment and financing in the healthcare industry.
Policy Social Capital Investment in Public Hospitals On the 14th, the "Opinions on the Pilot Projects for the Comprehensive Reform of County-level Public Hospitals" issued by the General Office of the State Council proposed that county-level hospitals establish a modern hospital management system and encourage qualified regions to explore the integration of medical resources. , reorganization and restructuring, optimizing the allocation of resources, and implementing the policy of supporting and guiding social capital for medical treatment.
“The policy has long opened a big road for social capital to hold medical institutions and all of them have been let go.†Song Shuli said in an interview with a reporter of the “Economic Information Dailyâ€, following the “Notice on Further Encouraging and Guiding Social Capital to Organize Medical Institutions' Opinionsâ€. Afterwards, many of the policy issues of social capital in the organization of medical institutions were basically solved.
In addition to organizing medical institutions, Song Shuli clearly stated that “social capital can be invested in public hospitals,†allowing some areas to explore, try, and conduct pilot projects.â€
The reporter learned that social capital investment in public hospitals has been successfully implemented in Kunming, Yunnan Province. Kunming medical reform has broken through the property rights system of public hospitals and adopted the “enterprise + hospital†model to encourage various types of social capital to participate in restructuring and reorganization of public hospitals.
The First People's Hospital of Kunming First People's Hospital and Yunnan Provincial Urban Construction Investment Co., Ltd. are joint ventures. Ganmei Medical Investment Management Co., Ltd. (Gammi Company), which was jointly established by both parties, is formally listed. The registered capital of Ganmei Company is 750 million yuan, including the capital contribution of City Investment Corporation. Forty-four million yuan, hospitals with real assets for the price of 300 million shares, the proportion of the two sides opened June 4 (city investment company accounted for 60%, 40% of hospitals).
In addition, General Medical plans to invest RMB 300 million in the establishment of a New District Hospital with the Kunming Maternal and Child Health Hospital.
In another development, Yunnan Provincial Medical Investment Management Co., Ltd. will jointly build a new Kunming Hospital with a total investment of more than 2 billion yuan in Yunnan First People's Hospital, Kunming Iron and Steel Group and Yuntianhua Group, with 3,300 beds. The group also established Chenggong New District Hospital, which invested more than 2 billion yuan in the First Affiliated Hospital of Kunming Medical College, with 2,200 beds.
Zero2IPO Research Center believes that the deepening of the new healthcare reform will bring certain investment opportunities in specific segments such as medical services, commercial health insurance, and pharmaceuticals and medical devices, particularly in public hospital reform and commercial insurance. If health care reform goes smoothly, the entry of private capital will be a good opportunity.
Highlights Investment and Financing "Aiming at Public Hospitals" Yesterday, Hony Capital's people came to me to talk about investing in public hospitals. Ren Dequan, Honorary President of All China Federation of Industry and Commerce, Honorary President of the Pharmaceutical Industry Chamber of Commerce, China, on the 14th, China Health Care Investment and Financing The summit forum said.
“I will go to Kunming tomorrow to investigate the situation of local investment in public hospitals.†Wu Qinggong, vice president of the Chinese Pharmaceutical Enterprise Management Association, recently told an Economic Information Daily reporter that recently he was very concerned about the situation of public hospitals for medical reform.
In the words of Jiang Xiaodong, the managing director of NEA China, the Minister of Health Chen Hao recently stated publicly that “public medical institutions can no longer engage in debt construction and blind expansion, but also need to leave private capital and social capital to enter the health industry and meet different levels of demand. Out of space, this undoubtedly gave a boost to the medical services investment field. Investors from all walks of life explore the roads of public medical institutions and investing in public hospitals will become a new bright spot in the field of health care investment and financing.
According to the statistics of the Zero2IPO database, the hot spots in the healthcare industry in 2011 were the pharmaceutical industry, medical equipment, and medical services. Nie Zhengdong, chairman of Zero2IPO Group, pointed out that the reform of public hospitals in 2012 will focus on the reform of public hospitals and encourage social capital to participate in public hospital restructuring. Many investors may try to invest in public hospitals in the future.
An investor told reporters that he is very willing to invest in public hospitals and he has three principles for doing venture capital. First, the higher the gross margin, the better. According to his investigation, the gross profit rate of the top three hospitals in China is about 40%, which is higher than that of the production enterprises. Second, the worse the management foundation, the better. He believes that at present, the worst management in all walks of life is the education and medical industries, which are costly, inefficient, and contain numerous disadvantages and social dissatisfaction. Capital can produce higher benefits through improved management. Third, the more stable the better the demand. Medical needs are truly rigid and stable.
Jiu Ding investment partner, head of Jiuding Medicine Fund, said that he has a special liking for county-level medical institutions. "A lot of people think that public hospitals don't make money. I don't agree." He pointed out that public hospitals currently have the problem of "no management, no auditing." The problem is that the accounts are not clear, and that public hospitals do not make money.
Luan Bo pointed out that in the medical industry investment, social capital has five barriers to entry: first, policy barriers; second, talent barriers; third, capital barriers; fourth, technical barriers; and fifth, cognitive barriers to consumption. Among these five barriers, consumer cognition is also one of the most important barriers. In this regard, the county-level medical institutions have a typical regional advantage. It is responsible for the country’s basic medical services, and local people have high awareness. According to him, Jiuding has completed the investment in a county-level hospital. He said that according to the consistent style of Jiuding Investment, Jiuding is only holding shares in this hospital is not holding.
“We have participated in the investment process, the local government has also given positive support and recognition.†Yu Bo told the “Economic Information Daily†reporter, the future Jiuding will still increase investment in county-level hospitals. For investment in public hospitals in medium-sized cities, Jiuding is not yet considered.
Xiao Yu, a senior analyst at the Zero2IPO Research Center, points out that social capital's participation in public hospitals may not necessarily favor Tier III hospitals. However, public hospitals with more comprehensive medical resources and better foundations are more attractive than community hospitals. In particular, some hospitals originally subordinated to state-owned enterprises can participate in the restructuring process.
This reporter learned that Tiantu Venture Capital had joint other investors in early 2010 and invested a total of RMB 180 million in Beijing Phoenix United Hospital Management Co., Ltd. Phoenix Group has participated in many reforms of public hospitals, including the hospital's operation management role in the form of hospital trusteeship. It is reported that this new type of trusteeship has made a modest separation of hospital ownership and management rights, which has greatly promoted the win-win situation between the trustee and the custodian.
The Zero2IPO Research Center report pointed out that under the favorable conditions clearly advocated by the policy, “hospital custody†is also a good opportunity for a private capital to enter the medical market.
Risk "short-term no return, long-term see through"
However, at the second China Health Care Investment and Financing Summit Forum, many people opposed the social capital investment in public hospitals. They believe that it is a loss-making trade, short-term investment has no return, and long-term profits are unpredictable. Investors should still return to traditional medical service investment channels—high-end medical service agencies and private chain specialty hospitals.
Xu Xiaolin, general manager of CCB International Wealth Management Co., Ltd., is present. CCB had negotiated financing matters with a children's hospital in Southwest China. However, public hospitals only do public welfare. It is difficult to make returns in the short term and they eventually give up. Xu Xiaolin said that social capital investment in public hospitals needs to see returns. Many public hospitals have financing opportunities, but more often they only negotiate, and few actually invest.
Zhang Suyang, partner of ID G, said that he never invested in a therapeutic hospital, let alone a public hospital. Normal public hospitals have 5% to 18% of profits, and in the long run they have a return. However, the management of public hospitals is too complicated.
Ren Dequan even advised investors to say: “If social capital invests in public hospitals for charitable purposes, investing in public hospitals will not make money! With the increase of the middle class in the country, social capital should invest in high-end to meet differentiated demands. medical service."
Wu Qinggong pointed out that the policy of investing in public hospitals is clear. Social capital is willing to enter. The key is to solve the following three questions: First, whether the dividends can be distributed; whether the director of a public hospital can work for private capital; and third, the position of public hospitals. Is it the monopoly of medical resources or the promotion of competition in the market?
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