event
November 26, 2021, Notice of the state medical security administration on printing and distributing the three-year action plan for DRG / Dip payment method reform (Medicare [2021] No. 48), proposed to accelerate the progress in stages and batches, fully complete the task of DRG / Dip payment mode reform from 2022 to 2024, and promote the high-quality development of medical insurance. By the end of 2024, all overall planning regions in China will carry out DRG / Dip payment mode reform. By the end of 2025, DRG / Dip payment mode will cover all qualified medical institutions carrying out inpatient services, and basically realize the types of diseases The medical insurance fund is fully covered.
Investment logic
Medical insurance fee control has entered the stage of fine management, and informatization promotes the standardization of hospital management. In 2019, DRG reform will be launched and piloted in 30 cities to change from medical service evaluation to medical insurance payment. Technical specifications were formed in 2019. In the three years since the pilot, all 101 cities have entered the actual payment, and the pilot cities have basically achieved the expected results. The change of medical insurance payment from project to value, from passive payment to initiative, from manual to big data management, and from extensive to fine management is expected to balance the cost reduction and quality improvement of hospitals, medical insurance and patients in a real sense.
Drive medical institutions from incremental efficiency to quality and efficiency, promote medical service providers to actively control costs, realize high-quality development of hospitals, and the development of innovative technology can be expected in the future under the continuously improved payment method. DRG / Dip payment reform, from the results of the pilot area: promote hierarchical diagnosis and treatment, increase the proportion of patients in grass-roots medical and health institutions, and better reflect the medical essence guided by health results; In terms of innovation, from international experience, even in European and American countries where DRG has operated for many years, the development of innovative products and technologies is still in the forefront of the world. China has started the payment side reform for a short time. Innovative technologies or products and payment side reform will continue to develop in the future under the continuous improvement of the payment system.
We are optimistic about products and services with more cost-effective advantages, and the informatization in the hospital is expected to be upgraded again. The further promotion of DRG / Dip system is expected to further promote the return of medical activities in public hospitals and private hospitals to medical essence, squeeze unreasonable excessive medical treatment and use products and services with cost-effective advantages; It will also force the capital market to re-examine whether the services and products provided by specific listed enterprises comply with the medical essence, which can truly improve the treatment effect / improve patients’ survival and life experience, and innovative products with high medical technology value are expected to benefit. At the same time, the information construction in the hospital is expected to usher in a large market increment with the reform of the payment end.
Investment advice
We believe that private medical service institutions with remarkable curative effect, equipment and consumables that can provide high-quality medical service projects and help medical institutions reduce costs, innovative technologies and products, and reduce hospital turnover pressure are expected to benefit from the related targets of hospital information construction;
It is suggested to pay attention to the high-quality domestic instruments in the hospital: Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Micro-Tech (Nanjing) Co.Ltd(688029) , etc. Information construction in the hospital: Winning Health Technology Group Co.Ltd(300253) , B-Soft Co.Ltd(300451) , etc. Private medical service institutions that help to improve the turnover rate of hospital beds are expected to benefit. It is suggested to pay attention to Aier Eye Hospital Group Co.Ltd(300015) .
Risk statement
The risk of policy implementation falling short of expectations, the risk of intensified market competition, and the risk of medical insurance fee control and price reduction.
