Xingxiangyuan Files IPO Prospectus: Ten Physician Groups Launched to Advance Premium and Community Health Management

In one month,XingxiangyuanPhysician Crowdsourcing Platform (hereinafter referred to as “Xingxiang Garden”) is about to turn one year old. Since the establishment of Xingxiangyuan, VCBeat has been continuously tracking and monitoring its development. According to the plan, the number of physician groups under Xingxiangyuan will reach 10 by June 18 this year. Under its umbrellaYinian Health(hereinafter referred to as “Yinian”) is positioned in the high-end health management sector, “Dr. Xingxiang"The brand focuses on serving the grassroots level."

Xingxiangyuan is byShen FarongLed by the Dean, it was founded in April 2015 as China’s first physician crowdsourcing platform. The number of contracted top-tier physician groups has already “met the target,” with disciplines spanning internal medicine, surgery, and general practice. Service offerings include VIP gastroenterology, varicose veins, pain management, urology, oncology, ophthalmology, premium health management, maternal and child health, and cardiology, among others.

Walk 100 meters up a quiet bluestone staircase within the Huanglong Cave Scenic Area in Hangzhou, and you will see the paifang (traditional Chinese archway) inscribed with “Yinian.” Venturing further inward, the headquarters of Yinian, surrounded by mountains and waters and featuring traditional pavilions and terraces, comes into view. Here, the founder of XingxiangyuanShen FarongShared the future development path and strategic planning of Xingxiangyuan.

Yinian Positions Its Services for the High-End Market

Last December, Yinian secured tens of millions of yuan in angel-round financing.Yinian HealthYinian targets high-end clients, providing a comprehensive suite of services spanning health screenings, wellness management, and medical care. The key differentiator between Yinian and its peers is its robust network of medical experts. Yinian boasts a multidisciplinary medical team led by Professor Shen Farong, a top cardiovascular specialist in China, as well as a renowned team of wellness experts.

Xingxiangyuan and Zhejiang Greentown Cardiovascular Hospital serve as strong medical resource backbones for Yinian Health. It is reported that Yinian has introduced an advanced health management system, which connects with hospitals and expert physician resources through this platform.

The second major highlight of Yinian Health lies in its “individual-centered health stewardship management model,” which provides personalized services based on users’ health profiles and individualized needs. For instance, Yinian can establish health records, provide daily health management, and offer medical care assurance for its clients.

So, where do high-end clients come from? Shen Farong introduced that in the early stage, most of the clients signed by Yinian were corporate executives, who signed contracts individually, thereby creating a word-of-mouth effect. Clients are differentiated based on their needs.

As planned, the company will gradually expand its services from individual clients to corporate clients over the course of one year, customizing corresponding health management services for enterprise employees. In addition, Yinian has sequentially entered into strategic cooperation agreements with US HaoDaifu, Chuanqi Health, and Ruitai Health, respectively, to collaborate on green medical access channels in the United States, Japan, and Beijing.

Xingxiangyuan Physician Group

Shen Farong stated that after inviting several physician groups to a meeting for discussion last year, the National Health and Family Planning Commission formulated a basic definition of physician groups: first, they must be founded by physicians; second, they must comprise at least two physicians; and third, they must be physical entities.

Shen Farong told VCBeat that the physician group established by Xingxiangyuan must have certain barriers within Zhejiang Province. In the early stage, the ten physician groups aggregated the highest-quality, high-end physician resources in their respective specialties from major Grade A tertiary hospitals in the province, such as The First Affiliated Hospital of Zhejiang University School of Medicine, The Second Affiliated Hospital of Zhejiang University School of Medicine, Sir Run Run Shaw Hospital of Zhejiang University School of Medicine, Zhejiang Provincial People’s Hospital, and Zhejiang Provincial Hospital of Traditional Chinese Medicine. To date, more than 100 multidisciplinary experts have been signed.

“Xingxiangyuan Physician Group differs fundamentally from public hospitals in that we can achieve team-based collaboration,” said Shen Farong. “Physicians in the group not only share technical expertise but also pool patient resources. Successful treatment outcomes serve as a form of promotion for the team’s brand.”

Furthermore, physician groups require physical hospitals to support their development. Greentown Cardiovascular Hospital is the first offline clinical base for Xingxiangyuan and currently the first hospital in Zhejiang Province to operate an open multi-site practice platform, with coverage for both provincial and municipal medical insurance.

“We do not pursue the sheer number of contracted physicians; the key is to identify core backbone physicians,” said Shen Farong. Xingxiangyuan operates as a “group of physician groups,” establishing a multi-site practice alliance for physicians through online and offline interactions to facilitate their multi-site practices. Xingxiangyuan provides commercial guarantees and legal support to physicians engaged in multi-site practices. In essence, Xingxiangyuan serves as a master brand or incubator, under which numerous relatively independent sub-projects operate.

Partnering with Ping An Insurance

Whether for high-end health management or serving patients in grassroots communities, insurance plays a crucial role. In March this year, Xingxiangyuan signed a strategic cooperation agreement with Ping An Health Insurance’s Zhejiang Branch, leveraging the strengths of its multidisciplinary physician group to provide high-quality, end-to-end, and customized private health management services and products to Ping An Health Insurance’s premium clients. These offerings include health consultations, medical check-ups, health assessments, expert-led health seminars, lifestyle guidance, and even wellness-oriented dietary supplements, all aimed at improving the health status of insured individuals and thereby reducing medical expenditure.

In terms of VIP premium medical services, Xingxiangyuan will provide Ping An Health Insurance’s high-end clients with access to experts across various specialties within its physician group, facilitate green-channel access, and deliver one-stop, high-quality medical care. In return, Ping An Health Insurance will prioritize the customization of exclusive high-end health insurance plans and other health products for Xingxiangyuan’s clients in need.

Going forward, Ping An Health Insurance’s high-end clients will be referred via green channels to various physician groups at Xingxiangyuan, which will deliver one-stop, precise, authoritative, and exclusive private healthcare services through the physician groups’ affiliated hospitals.

At Xingxiangyuan, all Ping An Health Insurance customers enjoy access not just to a single specialist in a specific department, but to multiple experts from a multi-disciplinary physician group, working together to resolve complex and challenging medical conditions for patients.

Seizing the Community Market

“Dr. Xingxiang“ is a sub-brand under Xingxiangyuan, dedicated to building the grassroots healthcare ecosystem. By leveraging expert consortiums’ medical access channels and remote services, it enhances the medical service capabilities of grassroots healthcare institutions, fostering a “self-sustaining grassroots healthcare ecosystem” within the tiered diagnosis and treatment system.

Since the implementation of tiered diagnosis and treatment, community health centers have gradually become the preferred choice for initial consultations among residents. Consequently, due to limited resources, there has been a growing number of cases that exceed the diagnostic and therapeutic capabilities of community facilities, as well as an increasing demand for hospitalization. How to appropriately refer these patients to more suitable hospitals has thus become a pressing practical issue. In light of this,Dr. XingxiangLaunched its first product, the “Xingxiang Community” platform, providing patients with an important additional channel for referrals. Xingxiang Community is a WeChat Service Account product that offers simple and quick operation, enabling users to locate specialists matching their symptoms and achieve one-click referrals.

Patients are precisely matched with specialists through the “Xingxiang Community” and referred to affiliated hospitals of the Xingxiang Doctor Group. The doctor group then arranges for appropriate specialists to provide diagnosis and treatment at the nearest well-equipped hospital with no waiting queues.

Shen Farong told VCBeat that Xingxiang Community achieves cooperation and resource sharing by providing free IT service systems to communities. Currently, Xingxiang Yuan has divided Zhejiang Province into five major strategic zones. With a total of 1,600 communities in Zhejiang Province, the company plans to complete its deployment in 300 communities by the end of the year.