*15:42JST Atra G Research Memo (2): Comprehensive support for the management of acupuncture and orthopedic clinics, including the development of the Honetsugi chain (1)
■Company overview
1. Company profile
Atra Group provides comprehensive services to support the management of acupuncture and orthopedic clinics, with judo therapists, acupuncture therapists, and acupuncture therapists as its main customers, based on its corporate philosophy of “we want to make people around the world healthy.” There is. Judo therapists, acupuncture therapists, and acupuncture therapists are medical qualifications that can only be obtained by those who enter a university or training facility, study anatomy, physiology, general clinical science, etc., and then pass a national exam. be. The company’s business segments are broadly divided into two: acupuncture/orthopedic clinic support business and toy sales business. In the acupuncture and orthopedic clinic support business, the company focuses on the chain development of the company’s brand “Honetsugi,” and provides accompanying acupuncture and orthopedic clinic support services. This includes services such as selling equipment needed to run an acupuncture and orthopedic clinic and billing for medical expenses. The toy sales business is handled by subsidiary Pelican, which operates 31 brick-and-mortar toy stores (as of December 2023) mainly in western Japan. At first glance, there appears to be no connection between the acupuncture and orthopedic clinic support business and the toy sales business, but by utilizing the management guidance know-how of physical stores cultivated through the acupuncture and orthopedic clinic support business, we are aiming to improve the productivity and sales of existing stores. We are working on expanding.
2. Business details
The company’s business, which comprehensively supports the management of acupuncture and orthopedic clinics, can be broadly divided into two parts: acupuncture and orthopedic clinic support business and toy sales business.
(1) Acupuncture and orthopedic clinic support project
In the acupuncture and orthopedic clinic support business, we provide comprehensive support for customers’ management, centering on the acupuncture and orthopedic clinic brand “Honetsugi” and the company’s proprietary acupuncture and orthopedic clinic management system, “A-COMS”. provide services.
a) Honetsugi chain
The company operates a chain of 165 acupuncture and orthopedic clinics across Japan (as of the end of December 2023) under the brand name “Honetsugi.” In this business, we are working to expand the number of new franchisees entering the acupuncture and orthopedic clinic industry by building a comprehensive support system to ensure success even when new customers enter the industry without experience. At the same time, the company is encouraging existing franchisees to open multiple stores. The company’s unique training menu is such that after a customer hires a Judo therapist at the time of opening, the company provides training for about a month to the Judo therapist, including how to perform the treatment at their own expense. Even after the hospital opens, supervisors provide regular management guidance, and training on self-funded treatments is also provided. This makes it possible to regularly update technology and knowledge and always provide users with the latest treatments. By providing continuous support from before the opening to after the opening, we have created a system that allows even those with no experience in the industry to succeed.
Honetsugi’s member clinics are provided with services such as “Atra Billing Service,” “HONEY-STYLE,” “Atra Academy,” and “Atra Store” through “A-COMS,” an acupuncture and orthopedic clinic management support system developed by the company. ‘ provides all services. In addition, we also provide individual services or combinations of services to meet the needs of customers other than Honetsugi member clinics, allowing us to flexibly respond to customer needs. The profit structure consists of initial membership fees, royalty income, system usage fees, etc. The initial membership fee is generally fixed, and for new entrants from a different industry, the membership fee is 2 million yen. , the royalty is 100,000 yen per month, and if a company that is already in the same industry joins (renewal type), the membership fee is 500,000 yen and the royalty is 70,000 yen per month. The number of new memberships in the December 2022 fiscal year was 8, and the number of new memberships in the December 2023 fiscal year was 10, with all of the new memberships in both years being renewal-type, with zero entries from other industries. In the case of entering a different industry, the initial membership fee may be a little high, and it may be difficult to attract customers at the beginning of business, resulting in a lack of working capital. It seems possible that new entrants will increase by diversifying the price menu.
b) Sales of equipment and consumables
The company’s customers are hospitals that are members of the Honetsugi chain and other acupuncture and orthopedic clinics, and sells the products necessary for self-pay treatment. Specifically, when new member clinics or existing member hospitals open acupuncture and orthopedic clinics, and atla academy (portal site that provides useful information and holds seminars for judo therapists, acupuncture therapists, and acupuncture therapists) The company sells equipment to new customers who have attended seminars. Even after sales, training is provided on how to use the equipment and how to perform the treatment at your own expense, in an effort to improve customer satisfaction. The company is also actively working on discovering and developing equipment for use in self-funded treatments, and is focusing on selling and developing equipment that will appeal to franchisees and patients. “Compound high-frequency EMS” that can train inner and outer muscles at the same time as equipment for self-pay treatment, “MI Impact” that can target bones in delicate parts that are difficult to approach with manual techniques or large equipment, and remove bad active oxygen The hydrogen inhaler “Co.UP” is the company’s original product.
In terms of sales of consumables, we sell a wide range of products from taping and bandages to cleaning and laundry supplies through Atrastore, an e-commerce site for acupuncture and orthopedic clinics, and are actively promoting sales using various campaigns and point systems. This is being carried out in a specific manner. We are also focusing on developing private brand products and discovering new products, and are building an e-commerce site that is appealing to acupuncture and orthopedic clinics.
(Written by FISCO Visiting Analyst Hiroki Nagaoka)
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2024-04-12 06:48:46
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