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TCM Chain "Unicorn" Sample: How does Gushengtang seize the new track?

2022-09-16 07:11:41


On May 17, a PE person who had inspected the model of the Chinese medicine hall told reporters that most of the chain TCM medical institutions make money by selling drugs, and the income from the doctor's outpatient fees is not too much, "Such institutions can make a profit or not much profit at present, most of them are small profits or no profits."


Guangzhou, 6: 00. When the city had just woken up, Lin Jing arrived at the gate of the Guangzhou Haizhu Branch of the Gushengtang Traditional Chinese Medicine Chain Management Group (hereinafter referred to as "Gushengtang").Before her, two young women had lined up at the door, and the three of them exchanged views, and it was no surprise that they were going to see the same doctor today, Dr. Li Liyun, known as "Guanyin for Sending Sons".The number of the day had been grabbed on the Internet two weeks ago, and they had to wait for gushengtang to add 5 numbers on the spot at 8 o'clock.

Private chain of Chinese medicine in the country is not a case, in addition to Gu Sheng Tang, Yunnan Holy Love, Jun He Tang, Zheng An, he shun Tang, and so on, are also well-known. This is regarded as capital risk and opportunity co-exist industry, although the profit model is not clear, but there is no lack of institutional pursuit. Not long ago, Guosen Tang, Jun and Tang received a huge funding sensation.

Famous Doctor Mode

以广州为代表的广东地区,是一片极其适合中医生长的土壤。作为中国医疗服务领域里的“独角兽”,固生堂虽然诞生在北京,但它的成长壮大却是在广东。

In Guangdong, on the one hand, the government frequently introduces policies to support the inheritance and development of traditional Chinese medicine; On the other hand, the herbal tea shops on the street are a scene in Lingnan, and Cantonese people are accustomed to using Chinese herbal medicine to cook soups for health, and they are also accustomed to seeing Chinese medicine.

This makes Guangzhou's famous doctors of traditional Chinese medicine, “No. Fortunately, as a result of cooperation with the guangzhou-based Gu Sheng Tang, a large number of top-three hospital doctors were invited to the grass-roots clinic.

"Guangdong Provincial Hospital of Traditional Chinese Medicine allows doctors to spend 15% of their time outside," explained Tu Zhiliang, chairman of Gushengtang on April 12, "Gushengtang and the Second Hospital of Traditional Chinese Medicine in Guangdong Province signed a cooperation agreement to jointly build a grass-roots TCM specialist outpatient department."”

In the same way, Gusheng Tang hired five Chinese medical masters and 24 national-level veteran Chinese physicians to build a team of more than 2,700 Chinese medicine experts across the country, with 76 percent of them holding senior professional titles.

“固生堂请来的医生,是老百姓挂不上号的那些医生,都是三甲医院顶尖医生、头部医生。”涂志亮介绍。

名医号召力确实非凡,在绝大部分三甲医院的平均回头率在50%的时候,固生堂2017年的患者年度回头率已经超达到82%。

“在广深,刚开始时,医生带来的患者占比高达70%-80%,两年以后通过固生堂口碑带来的患者已占50%。”涂志亮说。

At present, the key is how to attract famous doctors from top-three hospitals to make house calls in Chinese medicine clinics.

The art of winning is to allow doctors to make money with their medical skills.Simply calculate an account: a patient comes to Gushengtang to see a doctor, the registration fee is about 150 yuan, and the total cost is about 400 yuan.The doctor's consultation fee in Gushengtang is 80% of the national average.In other words, when seeing a patient, the doctor takes an average of 120 yuan commission.

The ledger of the top three hospitals is like this: a doctor sees a patient and earns about 1-5 yuan.Looking at 30 people a day, the maximum is 150 yuan.This income is a world apart from the consultation fee earned at Gushengtang.

值得一提的是,固生堂正在打造一个商业模式——“医生合伙人”模式:医生可以以单店入股的形式,与固生堂一起开办中医馆。固生堂占股70%,医生占股30%,由固生堂负责运营管理,医生负责出诊。医生随时可保底退出。据固生堂预测,这种方式的医馆8年回报可达8-10倍。


那么,诊金收入占比微乎其微的固生堂,利润主要来自哪里?

涂志亮介绍,“我们目前‘贵细’中药材销售营业额的比重已经接近20%,患者在固生堂把病治好,信赖我们,就有进一步消费滋补品的需求,这成了我们一个比较大的盈利点。另外,在中药上,我们也有一定的收益,但不显著。”

公开数据显示,2017年固生堂营业收入达11亿,其中中药饮片收入达7亿。

“现在我们成熟的医疗机构盈利,非成熟的机构暂时还不盈利,但整体是盈利的。”涂志亮透露。

云南圣爱中医的董事长刘琼曾公开过一笔账:“一般我们的医馆投入都在1500万元左右,最开始每年至少亏六七百万,那是5年前的一个分界线。如果说2010年以后的一个分界线就要亏上千万元,因为房租在涨,工资成本在涨,装修费用也在涨。”

5月17日,一位考察过中医馆模式的PE界人士告诉记者,大部分连锁中医医疗机构是通过卖药来赚钱,靠医生的门诊费收入不太多,“这类机构目前能盈利或者盈利好的不多,大部分都是微利或者没利润”。

不过,固生堂认为,其盈利模式与其他中医医疗机构不太一样。固生堂主要依靠的是非医保患者的医疗消费,靠良好的疗效和优质的服务才能建立口碑。

For example, the income of gushengtang doctors is only linked to the consultation fee, and has nothing to do with the drug commission, so the doctor will intimately prescribe "small prescriptions" to patients, and patients can see the disease as long as they spend a small amount of medicine money.The better the reputation among patients, the more money this doctor makes.This is different from the model of linking the income of doctors in top three hospitals with "big prescriptions" and big examinations.

资本追逐

It seems that the chain of Chinese medicine halls that cannot make money has capital to rush to it.Not long ago, Gushengtang and Junhetang had both received large amounts of financing.

Founded in 2011, Junhetang started from Nanjing, and currently has more than 10 chains of traditional Chinese medicine halls in many cities across the country, and in February 2018, it received 100 million yuan of C round financing.

Gushengtang received a larger scale of financing.Gushengtang, which was established in 2010, plans to have at least 60 stores in 2018, and the number of outpatient clinics will reach 8 million.According to this data, the outpatient volume of Gushengtang currently ranks first in the national private chain of traditional Chinese medicine halls.

Gushengtang has obtained four rounds of financing totaling 1.7 billion yuan.The most recent of these was a Series D financing of RMB1.01 billion (510 million equity 500 million bonds) in July 2017, with an investment team including China State-owned Capital Venture Capital Fund, Chinese Life, CMB International, Gimpo Health And other institutions.

When it received angel investment in the early 2010 start-up period, Gushengtang was valued at 15 million yuan; By 2018, its valuation had risen to 6.7 billion, growing into a "unicorn" of a chain of Chinese medicine halls.

"We are looking for our own capital and long-term capital, which are mainly insurance capital, etc., and we are not eager to withdraw money."Tu Zhiliang said.

In Guangdong, in addition to Gushengtang, well-known chains of Chinese medicine halls also include Heshun Hall and Kangmei Chinese Medicine Hall headquartered in Shenzhen.

It is worth noting that the capital is divided into two factions of the chain of Chinese medicine halls, "some people resign and return to their hometowns, and some people rush to the science field at night".

On May 17, Zhang Chi, chairman of Xinding Capital, told reporters, "Chain TCM medical institutions must be a relatively large development trend in the future, especially with the aging of the population, everyone attaches more importance to health care, TCM is mainly prevention, side effects are small, and there is a huge market."”

有业内人士指,目前中医医疗服务的规模接近2000亿,而中医在未来的10年,将有20%以上的复合增长率。

张弛说:“中医医疗机构既有机会也有风险,到底现在能不能投?不知道。因为它不是一个成熟的模式,但现在进去,一旦未来这行业崛起,利润会很可观。”

不过,张弛也表示,“对这个领域始终看不太明白。在这领域机构的投资,不是用传统的市盈率方法,目前都是一些大基金在做赛道布局,中小基金暂时还不敢介入。”