Depth independent penetration
If you want to wear a crown, you must bear its weight
Author: Li Qingyu.
Editor: He Jing.
Style: Shen He.
*: Shoucai - Shoutiao Institute of Finance and Economics.
Hammering the head of an 82-year-old patient, coupled with a real **, brought Aier Ophthalmology to the forefront.
Late at night on December 21, Aier Ophthalmology's apology gave the final hammer. The doctor involved has seriously violated the code of conduct for practitioners of medical institutions, and has been removed from the post of CEO of Guigang Aier and suspended from the position of the president (i.e., the surgeon).
However, a wave has not settled, and a wave has risen. Also on the 21st, netizen @Emergency Sunflower Ai Fen broke the news again and released two copies labeled "Mid-Autumn Festival Outreach Schedule"** involving a number of public officials and shopping cards, and the unit involved is Guigang Aier Eye Hospital.
On the afternoon of December 23, the relevant competent departments reported that an investigation team had been established and would carry out verification and handling of the relevant situation in accordance with regulations, discipline and law.
has repeatedly fallen into internal control turmoil, why has it come to this?Will you be able to pass the test smoothly?
There is no small matter in the benevolence of a doctor
On December 19, Weibo blogger "Emergency Sunflower Aifen", who has 2.09 million followers, broke the news that Feng Moumou, a doctor at Guangxi Guigang Aier Eye Hospital, slammed the patient's head with his fist on the operating table. After the operation, the patient was blind in his left eye, and Feng Moumou was also the president of Guigang Aier Eye Hospital.
The identity of the dean of the well-known institution and the person involved made this doctor-patient dispute once on the hot search on Weibo.
In this regard, on December 21, the unit involved, Guigang Aier Ophthalmology, explained: due to local anesthesia during the operation, the patient had surgical intolerance, reached up and tried to touch the eye, near the eye is the surgical sterile area, once touched it may cause infection, and the operation is in progress, the doctor in order to avoid danger, in an emergency, he quickly hammered the patient with his hand to remind the patient, there is no motive and behavior to harm the patient.
After the doctor's explanation to the patient and the family, the two parties have cleared up the misunderstanding and reached an understanding.
Justified, the situation was reversed for a while. However, on December 21, the plot reversed again. On the night of the same day, the latest statement of Aier Eye Hospital Group said that after investigation, it was understood that the incident occurred on December 12, 2019. The doctor's rough treatment of patients has seriously violated the code of conduct for medical institution practitioners.
The group's investigation team believes that doctors are benevolent, and doctors must never treat patients roughly, no matter what the reason. Moreover, the hospital failed to report in a timely manner in accordance with the group's regulations, which seriously violated the group's medical safety management regulations.
Having an attitude and practice, and having the courage to admit mistakes are worthy of affirmation, of course, it is also related to supervision.
According to Red Star News, Mr. Su, a family member of the patient, said that in December 2019, the 82-year-old mother went to Guangxi Guigang Aier Eye Hospital for ** surgery because she could not see clearly in her left eye. Unexpectedly, during the operation, he was beaten by Feng Moumou, a doctor who was also the dean, "not by pressing, but by beating it hard." Afterwards, he was compensated 500 yuan, and Mr. Su thought that such a person "should not be a doctor".
The words are sharp enough, but the mood can be understood. An old incident four years ago caused such an uproar, which many people may not have expected, and once again reminded practitioners that medical treatment is no trivial matter and that the benevolence of doctors is very important.
In particular, a leading enterprise with a large volume and rapid growth like Aier Ophthalmology, superimposed on the "Mid-Autumn Festival Outreach Schedule" incident, no matter what the result is, it is always wrong to reflect on self-examination in a timely manner and firmly establish the internal control fence.
Why is the market value shrinking?
According to the information on the official website, Aier Eye Hospital Group is an ophthalmic medical group with the scale of hospitals and high-quality medical capabilities in China and around the world. It has 3 listed companies in Chinese mainland, Europe and Southeast Asia.
Golden Eyes, Silver Teeth, Bronze Orthopedics!Aier Ophthalmology, which occupies the top track, has achieved an amazing growth rate in recent years. Oriental Wealth data shows that corporate revenue increased from 19.1 billion yuan has increased all the way to 161 in 2022100 million yuan. In 2007, the net profit was only 14.59 million yuan, and it has climbed to 25 in 2022$2.4 billion.
In the first three quarters of 2023, Aier Ophthalmology's revenue was 1604.7 billion yuan, a year-on-year increase of 2295%, approaching the level of the whole year of 2022;Net profit attributable to the parent company 318.1 billion yuan, a year-on-year increase of 3497%, more than 25 for the whole of 2022$2.4 billion.
In the first half of 2023, the company's outpatient volume will be 726950,000 person-times, a year-on-year increase of 3119%；The number of surgeries reached 60780,000 cases, a year-on-year increase of 3662%。By the end of the first half of the year, there were 229 hospitals and 168 outpatient departments in China. Compared with the end of 2022, the number of companies increased by 14 and 20 respectively. In 2009, when it was first listed on the A-share market, it only had 19 chain hospitals, which can be seen in the speed of expansion.
With scale and growth rate, Aier Ophthalmology is prosperous enough. The interesting thing is that compared with this prosperity, the stock price has shrunk in the past two years.
In 2009, Aier Ophthalmology landed on the GEM, and its market value soared from the initial 6.9 billion yuan to 10 billion yuan and 100 billion yuan one after another, and once exceeded 360 billion yuan in July 2021, and the stock price broke 42 yuan. After that, it will start to ** down, as of December 26, 2023** price of 1508 yuan, compared with 23 at the beginning of the year8 yuan fell by more than 30%, with a market value of less than 141 billion yuan, a decrease of more than 6% from the high point in 2021.
As of the end of the third quarter of 2023, there are 200 main holding institutions of Aier Ophthalmology, with a shareholding of 483.8 billion shares, a decrease of 38.6 billion shares, a decrease of more than 400 institutions.
What is the market hesitating about, and what is the problem?
Of course, the market capitalization is related to the track environment, and this year's pharmaceutical white horse stocks are generally **, and Aier Ophthalmology is difficult to be alone. However, the hidden worries of its own shortcomings cannot be ignored.
In the first half of 2023, Aier Ophthalmology will spend 47.1 billion acquisition of 15 medical institutions, goodwill reached 594.7 billion, an increase of 48.9 billion. Goodwill as of the third quarter was 590.1 billion yuan.
From 2020 to 2022, Aier Ophthalmology will receive 16.4 billion yuan, 22.3 billion yuan, 27.2 billion yuan, with a sales fee of 106.6 billion yuan, 144.7 billion yuan, 155.6 billion yuan. The volume gap is visible to the naked eye.
In terms of dismantling, advertising and business promotion expenses account for the highest proportion of sales expenses. Taking the first half of 2023 as an example, a total of 54.2 billion, accounting for 51 percent of sales expenses71%；The second is salary, which costs 4 for half a year0.3 billion, accounting for 3842%。
As of the end of the third quarter of 2023, Aier Eye R&D will be 24.6 billion yuan, and the sales fee was 160.7 billion yuan, which has exceeded the whole year of last year, and the gap between the two has increased again.
Industry analyst Yu Shengmei said that medical care focuses on refinement and professionalism. To achieve the real scale effect, it is necessary to combine volume and quality, provide patients with more valuable services, and characteristic word-of-mouth is the basis of value. The scale expansion of Aier Ophthalmology is a double-edged sword, bringing high growth performance and quality control and risk control challenges.
Pattern Follow-up
It's not too demanding. Looking at this dispute, an old incident in 2019 can be so powerful, or it may be related to the long-term accumulation of defects in the company's internal control and the fermentation of emotional savings.
In 2017, Wuhan Aier Ophthalmology lost sight in the patient's left eye due to an intraocular lens installation error. In 2018, Huludao Aier Ophthalmology caused a patient's retina to detach due to negligence in diagnosis and treatment.
In July 2020, Aier Ophthalmology announced in a number of *** that "naked eye vision will be included in the evaluation index of the high school entrance examination", but it was later refuted by the Ministry of Education.
In January 2021, Ai Fen questioned that the doctor did not carefully examine the fundus of his eye during the visit to Aier Ophthalmology, which delayed the detection and retinal detachment, resulting in almost blindness in his right eye. In June 2023, based on the final judgment of the reputation infringement case, Ai Fen pinned his apology to the doctor on Weibo.
In March 2021, Sang Lin, a former employee of Aier Ophthalmology, posted on Weibo that because the surgeon did not communicate in detail about the surgical plan, sequelae and contraindications of surgery as required, his naked eye vision on the first day after refractive surgery was 025。After more than three years**, the unaided visual acuity of both eyes still declined to 005, corrected visual acuity is only 02。
It is worth mentioning that, according to the Tianyancha APP, Guigang Aier Eye Hospital, which was deeply involved in the whirlpool, was established in May 2015 and is jointly held by Aier Ophthalmology, Guigang Zhongmu Medical Investment Partnership (Limited Partnership), and Guilin Vision Medical Investment Center (Limited Partnership). Risk information shows that in 2022, the company was sued for a dispute over liability for medical damages.
According to Tianyancha APP, Aier Eye Hospital Group Co., Ltd. was established in January 2003, the legal representative is Chen Bang, and it was listed on the A-share market in October 2009. According to foreign investment information, the company directly holds more than 200 shares. According to the risk information, a number of hospitals under Aier Ophthalmology have been fined for illegal use of medical insurance funds, ** fraud, doctors practicing without licenses, and broken surgical instruments.
According to the financial report, as of the end of last year, the estimated liabilities of the group's overseas subsidiaries and patients during the year had been estimated to be about 1.19 million yuan.
Returning to the "hammering" incident, judging from the statement that "the hospital did not report in a timely manner in accordance with the group's regulations", the Aier Group did not know about the incident four years ago in advance. Is it a loophole in management supervision?
According to Silver Persimmon Finance, Aier Ophthalmology adopts a "partner plan" to carry out the incubation of the hospital in vitro, that is, the core technical personnel and management personnel who meet certain qualifications can apply as partner shareholders to set up a new hospital with the assistance of the company's specially established mergers and acquisitions, and the control of the new hospital will be repurchased by the listed company after maturity.
Aier Ophthalmology's annual report also introduced: "The company has allowed its investment and establishment hospitals to use the company's designated trademark and 'Aier' brand name by participating in investment industry mergers and acquisitions**, so as to better meet the needs of ophthalmology patients around the world." Authorized to use the brand hospital as an independent legal person, not a subsidiary of a listed company, not controlled or managed by a listed company, and independently bear the debts or legal liabilities arising in the process of operation. ”
"The authorized use of brand hospitals may not be able to meet the operating standards proposed by the company due to inadequate implementation, operation errors, improper understanding and other reasons, and in serious cases, risk events such as violations of laws and regulations, medical accidents and medical disputes may occur, affecting the company's overall brand image. ”
Considering the words and sentences, combined with the above-mentioned disputes and penalty cases, should there be strategic reflection and optimization of the development model?
Taking 2023 as an example, in March, Yongchun Aier Eye Hospital*** included the cost of drugs in violation of the limited payment scope into the settlement of medical insurance**, resulting in a loss of 8More than 90,000 yuan, fined 8More than 90,000 yuan;
In April, Ganzhou Aier Eye Hospital*** was fined 5 for exceeding standard charges, exceeding the restriction of medication, repeating charges, and including medical expenses that do not fall within the scope of medical security ** payment into medical security ** settlementMore than 50,000 yuan;
In May, Guilin Aier Eye Hospital was fined 3,000 yuan for non-compliance with surgical instrument disinfection, damage and rustIn the same month, Shanghai Aier Eye Hospital*** was fined 50,000 yuan for practicing without obtaining a medical institution practice license
In September, Xuchang Aier Eye Hospital was fined 70,000 yuan for fraud
In October, Lanzhou Aier Eye Hospital was fined more than 50,000 yuan for publishing illegal medical advertisementsLater, in 2021, he was fined more than 50,000 yuan for repeated charges, excessive standard charges, collusion of diagnosis and treatment project charges, and inclusion of medical expenses that are not within the scope of medical security** payment into the medical security** settlement;
In November, Shaoyang Aier Eye Hospital*** Huangshi Aier Eye Hospital*** was fined 110,000 yuan, 1140,000 yuan.
After Guilin Aier Ophthalmology was fined in May 2023, an investor asked: "Why has Aier Ophthalmology been fined for repeatedly using substandard surgical instruments?"How to ensure the safety of patients when Aier Ophthalmology uses substandard medical devices?”
On June 5, the secretary of the board of directors of Aier Ophthalmology replied: "The company is patient-centered, adheres to compliance management, corrects mistakes, and draws inferences from one example. ”
However, on June 15, Chongqing Kaizhou Aier Sunshine Eye Hospital was fined 4 for using expired medical devices580,000 yuan.
Objectively speaking, the lag of fines does not represent the current situation. At the same time, the above-mentioned fined hospitals are also not controlled or managed by listed companies and operate independently.
But after all, sharing a "Aier", sharing honor and disgrace, how much is the backlash of the brand value image, and is it worth the loss?While chasing scale effect, should we also be wary of scale risks and scale traps?
It is necessary to recite the Sutra of Responsibility thoroughly
Fortunately, judging from the thunderous treatment of Guigang Aier, Aier Ophthalmology has a positive attitude and decisive treatment. The market awe shown is worthy of recognition.
In fact, responsibility and feelings are also the two key words of Aier Ophthalmology.
Before the Spring Festival in 2022, Chen Bang wrote an internal letter to all employees. In this letter, Chen Bang shared that when he was starting Aier, he saw an elderly woman kneeling down in the outpatient clinic to thank the doctor. That scene is still deeply imprinted in my mind, and it was from that moment that I suddenly realized that what we were doing was not just a simple business, but to help more patients regain their sight. ”
It was also in this letter that Chen Bang reflected on the many loopholes of the company: the level of some management personnel is uneven, the growth rate of medical talents is relatively lagging behind, the service system with patient satisfaction as the core is not sound enough, and the system management ability does not match the development speed. And announced: from now on, Aier will fully embrace social supervision and promote self-innovation.
More than just talking, entering 2023, some practical chapters demonstrate the determination to innovate and evolve.
For example, Aier Global Ophthalmology Medical Research Center was unveiled. Another example is the Aier Ophthalmology International Clinical Training Center, which has invested nearly 60 million yuan and has 4 full-skill ophthalmology practical function divisions, which is officially open to ophthalmologists around the world.
At the National Ophthalmology Academic Conference held in September, Aier Ophthalmology released its internationalization strategy, medical education and research strategy, etc., and made every effort to promote the 1+8+N strategic goal and build a world-class ophthalmology medical center.
Zhang Yongmei, Director of the International Strategy Department of Aier Eye Hospital Group, said that in the future, it will further deepen the strategic deployment of 'sharing global ophthalmic wisdom', focus on cutting-edge technology progress, strengthen clinical diagnosis and treatment innovation, promote the implementation and transformation of research results, and truly realize domestic and international two-way empowerment in multiple dimensions such as diagnosis and treatment technology, education and training, and academic research.
Careful consideration of every word, Aier Ophthalmology also has a sense of responsibility and has been on the road of innovation and evolution.
Objectively speaking, as the world's largest ophthalmic medical chain institution with the largest number of diagnoses and treatments, it is not realistic to completely zero errors and eliminate medical disputes.
However, after all, the market waits for no one, and competing products wait for no one. Again, if you want to wear a crown, you must bear its weight. The larger the scale and the greater the responsibility, the lower the fault tolerance rate of the market, and it is a good start to embrace social supervision and have the courage to innovate themselves. However, whether we can really read the responsibility and quality control scriptures can test the integration of the enterprise in the short term, compliance and awe, and test the courage to dare to reform the model and the resilience of short-term profits.
Both scale and temperature, both speed and quality, how to take into account both, perhaps the current "hammering" turmoil, "gift card" questioning is an opportunity. Can Aier Ophthalmology and Chen Bang catch it?
This article was originally written by Shoucai