Objective The study analyzes the challenges in two-way referrals within a medical consortium,thereby pro-viding references for the formulation and effective implementation of corresponding policies.Methods Focusing on the"Dapeng Model"by the medical consortium,this research analyzes the issues and optimization strategies within the two-way referral process of medical association based on stakeholder theory.Results The two-way referrals under the"Dapeng Model"has facili-tated approximately 150,000 patient referrals,significantly enhancing the utilization efficiency of medical resources.However,challenges remain,including the difficulty in aligning stakeholders'interests,the inadequate service capacity of grassroots medi-cal institutions,and the resistance to changing the perceptions and attitudes of both patients and healthcare providers.Conclu-sion It is imperative to clearly define the functional roles of stakeholders in the two-way referral system within medical consorti-ums,establish standardized referrals protocols,promote continuous information-sharing mechanisms,and strengthen the guiding role of health insurance to enhance the operational efficiency within the consortiums.