"9073" - a number that everyone in the elderly care industry knows well, that is, about 90% of the elderly care for themselves at home, about 7% of the elderly rely on community support for their care, and 3% of the elderly live in institutions for care.
Although the boundaries and proportions of service functions involved in "90" and "7" are often controversial in the industry, there is no doubt that the formulation and initial formation of the pattern of "9073" is one of the key reasons why many home care service entrepreneurs choose this segmented track. After all, its market size is large enough.
At the same time, with the popularization of mobile Internet technology, entrepreneurs began to apply the " Internet + " idea to the home care service industry. In 2014, the popularity of Internet home-based elderly care services increased rapidly, and the number of new entrepreneurs entering this track and the number of entrepreneurs switching their entrepreneurial direction to this track showed an explosive trend.
Through the continuous innovation of technology, and business model by many companies in the industry, the entire industry and market of home care services has developed quantitatively and qualitatively, and it has also promoted the maturity of relevant policies. In 2017, the "Notice of the State Council on Issuing the National Aging Care Development and Elderly Care System Construction Plan for the 13th Five-Year Plan" clearly proposed to support the combination of "Internet +" and elderly care services; in January 2019, the National Health Commission issued the "On Carrying out the "Internet "Notice on the pilot work of "+Nursing Service"", determined that 6 provinces and cities including Beijing will carry out the " Internet + nursing service " pilot work, focusing on providing medical care services to the elderly or disabled elderly, post-discharge patients, convalescent patients and terminal patients and other people with limited mobility.
We have selected some representative companies in the industry whose main business is home care services and have obtained primary market financing many times. We have sorted out the evolution of their business models and financing situations in the process of development, hoping to bring some inspiration to everyone.
1. Qingsong Health Care (Qingsong Health Technology (Beijing) Co., Ltd.)
Qingsong Health Care was founded in 2004. It initially entered the elderly care industry by providing life services for the elderly. At that time, the consumption habits and willingness to pay for non-essential products of the silver-haired group were completely uneducated by the market, and Qingsong Health Care's business was very difficult to develop.
Picture source: Qingsong Kanghu official website
In the contact with the energetic elderly, Qingsong Kanghu has reached out to the care needs of the disabled elderly groups behind them. In 2007, through the investigation and model refinement of the elderly care service industry at home and abroad, as well as in developed regions such as Hong Kong, Macao and Taiwan, Qingsong Care began to position itself as a home-based elderly care service business. The first batch of caregivers recruited were all nurses. Due to policy constraints and consideration of risk factors, Qingsong Health Care did not provide medical services such as infusions and injections at that time. This made it difficult for the results of its care to be significantly different from housekeeping. As a result, customers' willingness to pay was very weak, and business development once again hit a bottleneck.
In 2009, the founder of Qingsong Healthcare listened to a forum lecture at the World Gerontological Medicine Congress. The lecture shared the results of a scientific research project - under the same circumstances, the average life span of the elderly who receive home health care is 2-6 years longer than that of the elderly who live in institutions (in institutions, the average is about two years), and they also live independently longer. This inspired Qingsong Health Care and began to incorporate "health care" into its business segment. Compared with ordinary care, the effects of health care are more "visible" to customers, and their willingness to pay has been greatly improved. Since then, Qingsong Healthcare has officially entered the field of medical care.
Through more than ten years of exploration and development, Qingsong Health Care has now formed a solution that helps medical institutions open a closed loop of online to offline, full disease course and full life cycle services through remote + door-to-door health care services, continuous medical and nursing care integrated care inside and outside the hospital, and big data decision-making assistance system, and builds a precise health empowerment platform for patients and doctors.
Picture source: Qingsong Health Care official website
Qingsong Health Care’s financing process began when it was born.The founder got angel funding from relatives, friends and his MBA classmates, and started his entrepreneurial journey. After the company's development was not going smoothly and it went through strategic hibernation, and after incorporating "health care" into its business segment, the founder once again invited the original investors for an angel round of investment.
In 2010, Qingsong Healthcare, whose business logic became increasingly mature, officially received angel investment from external investors; in January 2014, Qingsong Healthcare received millions of dollars in Series A investment from NEA Enyi Investment; in January 2016, Qingsong Healthcare received tens of millions of dollars in Series B investment from Changling Capital. It is worth mentioning that the partners of Changling Capital once worked in NEA, which also shows the recognition of Qingsong Healthcare in the capital market.
2. Fu Shoukang (Fu Shoukang (Shanghai) Medical Elderly Care Service Co., Ltd.)
Fu Shoukang was established in 2011. Unlike Qingsong Health Care, which has undergone several strategic adjustments, Fu Shoukang was positioned in the post-hospital continuous care business for the elderly at the beginning. The founder determined the strategic positioning of Fushoukang based on his own needs and pain points and a year-long research and study. When
was founded, Fu Shoukang was not immune to the problems of willingness to pay and qualification certification. Although it positioned its customer acquisition channels in hospitals, civil affairs and streets, it was still difficult to develop in a market that was still in the education stage at that time.
In 2013, Shanghai launched a medical care plan for the elderly, and Fushoukang began to seize the opportunities brought by the policy. By becoming a pilot institution, Fushoukang solved the payment problem. At the same time, the nursing stations set up in the community have the qualifications of medical institutions, which solved the previous problem of difficult recognition of institutions.
In 2017, Shanghai officially began to pilot long-term care insurance in some districts, and in 2018, the city-wide pilot program began. As a result, Fu Shoukang has ushered in a stage of rapid growth. At the same time, the advantages of nursing technology are used to extend the layout from nursing stations to small and micro institutions and day care centers.
Through eleven years of accumulation, Fushoukang has become a one-stop closed-loop service platform that can provide professional daily care, medical care, specialist care, special care, rehabilitation guidance and professional dementia care for the able-bodied elderly, semi-disabled elderly, fully disabled elderly, disease-stage elderly and dementia elderly. Behind the continuous replication and expansion, Fu Shoukang adopted the amoeba business model to decentralize power to nursing stations to improve efficiency. At the same time, it developed the "Fu Professor" online learning platform to ensure its own talent training capabilities and the service level of nursing staff.
With the help of policies, it seems natural for Fushoukang to get the help of capital after running through the door-to-door comprehensive care service model.
At the end of 2016, Lingnan Capital took the initiative to offer an olive branch to Fushoukang. In early 2017, the two parties reached an investment intention, and Fushoukang completed the first round of financing; in April 2018, Fushoukang received an angel round investment led by Huayi Capital; in September 2018, Fushoukang received investment from Fulong Investment, Fosun Pharma , Dachen Ventures , and Huayi Capital. , Maichuang Capital, Qiheng Investment and other investors jointly invested in the Series A investment; in December 2020, it received tens of millions of dollars in Series B investment led by Qiming Venture Partners , followed by Tonglong Capital and old shareholder Dachen Venture Capital; in June 2021, it received hundreds of millions of dollars in Series B+ investment led by Sequoia Capital China Fund; in December 2021, Fushoukang completed the Series C financing, and the investor was Iridium Venture Capital.
(Limited by space, we will present the remaining three cases to you in the next article)
Author of this article: Fang Wen Consulting 72 Changes
If you have any comments and suggestions on this article, you are welcome to leave a message in the comment area, and you are also welcome to contact us to discuss topics related to elderly care. Fangwen Consulting focuses on innovation and entrepreneurship in the elderly care industry.
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