Benzinga | Jul 1, 2021 08:31AM EDT

Zhongchao Inc. Announces Establishment Of New Subsidiary, Ningxia Zhongxin Internet Hospital Co., Ltd. For Patient Management

Zhongchao Inc. (NASDAQ:ZCMD) ("Zhongchao" or the "Company"), a healthcare services company offering patient management, online healthcare information, professional training and educational services, announced the establishment of a new subsidiary Ningxia Zhongxin Internet Hospital Co., Ltd. ("Zhongxin Ningxia") under Shanghai Zhongxin Medical Technology Co., Ltd., a subsidiary of the Company. Zhongxin Ningxia will build an internet hospital ("Zhongxin Internet Hospital") focusing on inpatient management services. It is another important initiative for Zhongchao's patient management business since the launch of its patient management service on the professional field of tumor and rare diseases in May 2021.

Combined with Zhongchao's current patient management services for outpatients, the establishment of Zhongxin Internet Hospital will enable Zhongchao to form an all-in-one patient management service (the "All-in-One Service") from diagnosis, treatment solutions, treatment engagement management to living improvement. The All-in-One Service will support continuity in treatment resulting in the improvement in patients' treatment experience. In addition, through sharing the data of inpatients and outpatients, the All-in-One Service can provide more efficient patient management service and potential business opportunities such as health insurance, medicine sales, patient recruiting and more.

Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, "Zhongchao's subsidiary Shanghai Zhongxin Medical Technology Co., Ltd. has accumulated a vast experience in outpatient management services. With the implementation of inpatient management service provided by Zhongxin Internet Hospital, we believe our All-in-One Service would greatly improve our patients' treatment experience. During the Covid-19 outbreak, the visitation volume of internet hospitals increased 17 times over the same period of the last year. The National Health Commission has also released a few guidelines this April promoting the rapid development of internet hospitals. We believe that the recent favorable trends could further boost the development of our Zhongxin Internet Hospital's business inpatient management service."