YiPing XinSheng Files IPO Prospectus: Leveraging Big Data to Help Patients Find Trusted Doctors

Recently, the third-party data service platform Talking Data released the "2015 Mobile Healthcare Industry Data Report." The report shows that as of April 2015, the number of mobile healthcare users reached 90 million. However, compared to the annual 7 billion patient visits nationwide, there is still enormous growth potential for mobile healthcare.

From late 2014 to early 2015, the mobile health sector saw its user coverage grow by 208% over the preceding six months, ranking first among all O2O (Online-to-Offline) segments. Driven by robust demand and high user expectations, an unprecedentedly large cohort of mobile health product managers conducted a comprehensive, 360-degree sweep to identify pain points across every link of the healthcare industry, thereby catalyzing a market worth nearly RMB 10 billion. Every track within mobile health—including appointment scheduling, medical consultation, pharmaceutical services, information and literature resources, chronic disease management support, and healthcare informatization—is crowded with competitors.

One-Stop Doctor Search: Big Data Empowers Patients to Receive Quality Care

Structural supply-demand asymmetry is one of the key pain points in the current healthcare market. On the demand side, when experiencing physical discomfort, most patients and their families either spend days and nights anxiously searching online or seeking advice through personal connections amid distress and helplessness, or they shuttle between multiple renowned Grade 3A hospitals, investing substantial time and money in an attempt to find suitable physicians and obtain the most accurate diagnosis and treatment. For physicians, due to the lack of a well-established tiered diagnosis and treatment system, the concentration of patients at Grade 3A hospitals means that many specialists must see hundreds of unguided patients daily. This forces them to devote significant time and energy to the diagnosis, treatment, guidance, and education of patients with common conditions. This not only results in an irrational allocation of medical resources but also significantly diminishes the patient experience.

Is there a better way to address the challenge of finding the right doctor, so that patients’ journey to seek medical care is no longer fraught with twists and confusion? The “YiPing” app, launched by YiPing Xinsheng (Xiamen) Information Technology Co., Ltd., aims to tackle this issue through big data mining.

In 2014, YiPing XinSheng was officially established. The team comprises medical doctors from Fudan University, professionals from prominent Wall Street investment banks and funds, serial internet entrepreneurs, executives from multinational corporations, and experienced big data engineers. Focused on leveraging big data to build a physician evaluation and rating system, the company is mission-driven to help patients identify trustworthy doctors. It aims to resolve the critical question of “which doctor to choose,” alleviate patient concerns, enhance confidence and trust in physicians, and truly provide a one-stop solution for finding the right doctor.

The “Yi Ping” app it launched primarily collects and quantifies information across three dimensions to recommend the most suitable physicians for users, thereby addressing the challenge of finding the right doctor:
1. Collect patient feedback to transform fragmented word-of-mouth information into structured, quantifiable, and comparable data;
2. By collecting and organizing each physician’s areas of expertise, leveraging our proprietary search engine to match patient needs, and recommending a list of physicians specialized in the relevant condition for patients to consider, thereby addressing information asymmetry;
3. By collecting and organizing physicians’ practice qualifications, academic achievements, and professional experience, we assist in quantifying physician quality to help patients identify trustworthy doctors. As of the end of March 2015, the Yiping Xinsheng APP database had covered 8,552 medical institutions and profiles of 511,653 physicians across China.

The “Yi Ping” app has already attracted a loyal user base. Through user research, the Yi Ping Xinsheng team found that these users are predominantly middle-aged adults with both elderly parents and young children to care for. They lead busy professional lives, yet their aging parents’ health is steadily declining; their growing children frequently require medical attention; and they and their spouses often suffer from occupational health issues. For them, family health is an unavoidable concern. Unlike the previous panic-driven, haphazard approach to seeking medical care, Yi Ping Xinsheng enables them to better plan for their family’s health, effectively reducing the time and cost associated with trial-and-error when needs arise, and helping them find appropriate solutions. This undoubtedly serves as an effective safeguard for family health.

Exclusive Physician Rating System: Mobile Healthcare Also Needs a “Dianping”-Style Review Platform

Leveraging vast existing datasets and proprietary data mining technologies, Yi Ping Xin Sheng has launched two innovative products designed to measure physician quality:
1.1 PS – Comprehensive Physician Quality Score, which primarily quantifies physician quality through patient feedback as well as the physician’s practice credentials, academic standing, and professional experience;
2.1 PD—Network Comprehensive Evaluation Index, which comprehensively summarizes patient reviews of doctors from publicly available online information through big data analysis.
The Yiping Xinsheng team has high expectations for these two systems. Leveraging its proprietary data search and processing technologies, the system collects the most objective and up-to-date information on physicians’ backgrounds and medical achievements to ensure comprehensive provider profiles. Simultaneously, it aggregates and consolidates the most extensive patient reviews available online for each physician. By prioritizing both objective data and subjective feedback with equal rigor, the platform aims to provide patients with maximum convenience in selecting their physicians.

As data continues to accumulate and capabilities for data integration and analysis are constantly upgraded, these two systems will gradually evolve toward greater intelligence. Furthermore, as these two physician evaluation systems advance, they will not only reinforce the Matthew Effect by continuously enhancing the reputation of highly regarded physicians, but also provide a new platform for doctors who are willing to devote more time to patient care. This will facilitate the identification of outstanding young physicians who possess both medical ethics and clinical expertise, thereby offering patients a wider range of high-quality healthcare options.