Doximity Explained

Doximity, Inc.
Former Name:3MD Communications, Inc.
Type:Public
Key People:Jeff Tangney (CEO)[1]
Industry:Internet
Revenue: (2024)
Operating Income: US$163.9 million (2024)
Net Income: US$147.6 million (2024)
Assets: US$1,079.4 million (2024)
Equity: US$901.4 million (2024)
Num Employees:827 (2024)
Footnotes:Financials .[2]

Doximity is an online networking service for medical professionals. Launched in 2010, the platform offers its members curated medical news, telehealth tools, and case collaboration.[3]

History

The company was launched in March 2011 by co-founders Nate Gross,[4] Jeff Tangney[5] and Shari Buck.[6]

By 2013, it became one of the largest networks for U.S. healthcare professionals, with approximately 10 percent of U.S. doctors as members.[7] [8] [9] By the beginning of 2014, 40 percent of U.S. physicians became members.[10] [11] In 2018, the company announced that it had reached 1 million members, accounting for more than 70 percent of U.S. physicians.[12] Today, Doximity serves more than 2 million registered members, including over 80 percent of U.S. physicians and over 50 percent of nurse practitioners and physician assistants.[13]

In 2016, the company was ranked #6 on the Deloitte Technology Fast 500 list.[14]

In November 2019, Doximity was listed on the Deloitte Technology Fast 500 list for the fourth consecutive year.[15]

In May 2020, Doximity Launched Dialer Video, a video telehealth app allowing physicians to video call patients through personal smartphones.[16]

In June 2020, Doximity Acquires THMED and launches the Curative Brand. Curative is a staffing and recruiting company offering permanent and Locum/Temporary placement services.[17] [18]

In May 2021, Doximity, a professional network for physicians with telehealth and scheduling tools, filed for an initial public offering (IPO) seeking to raise $100 million. Morgan Stanley, Goldman Sachs and J.P. Morgan Securities were the lead underwriters for the IPO. Doximity raised nearly $606 million in its IPO.[19] [20]

Investors

In April 2014, the company announced it had raised a $54 million financing round led by the venture capital firm Draper Fisher Jurvetson and the mutual fund company T. Rowe Price. Morgan Stanley Investment Management also invested. This investment brought Doximity's total funding to $81 million.[21]

Doximity received $10.8 million in venture capital funding from Emergence Capital Partners and Interwest Partners in March 2011, and $17 million in Series B funding led by Morgenthaler Ventures in September 2012.[22] [23]

Products

Dialer

In 2016, Doximity built Dialer, a free communication tool for physicians to call their patients. The Doximity Dialer app allows physicians to call patients from their personal cell phone, and the patient sees the doctor's office number on caller ID.[24]

Dialer Video

In May 2020, Doximity released Dialer Video, a telemedicine tool that allows physicians to video call their patients directly from their own smartphones.[25]

In July 2020, Doximity said that more than 100,000 U.S. Doctors use Dialer Video, its telemedicine app.[26]

Acquisition

In June 2020, Doximity acquired THMED, a healthcare company. Following the purchase, THMED changed its name to Curative and started concentrating on customized medical-personnel queries.[27]

In February 2022, Doximity acquired Amion, an on-call doctor scheduling company.[28]

See also

Notes and References

  1. https://venturebeat.com/2012/07/06/facebook-for-doctors-doximity/ "Venturebeat.com - Facebook for Doctors Network Doximity Tackles America’s 5th-leading Cause of Death"
  2. Web site: Doximity, Inc. FY 2024 Annual Report (Form 10-K) . . 23 May 2024.
  3. Web site: 2021-06-27. Doximity: Potential Teladoc Killer. live. 2021-07-23. Seeking Alpha. en-US. https://web.archive.org/web/20210627214610/https://seekingalpha.com/article/4436828-doximity-stock-docs-potential-teladoc-killer . 2021-06-27 .
  4. Web site: Doximity: A social media platform doctors can trust. 2011-09-07. Modern Healthcare. en. 2019-04-19.
  5. Web site: Jeff Tangney. CEO. Doximity. 2017-10-18. Crain's. en. 2019-04-19.
  6. Web site: Forbes Technology Council. Buck. Shari. Forbes. en. 2019-04-19.
  7. Web site: Doximity — the 'LinkedIn for doctors' — has signed up more than half of U.S. physicians. 2014-12-09. VentureBeat. en-US. 2019-04-19.
  8. https://www.washingtonpost.com/blogs/innovations/wp/2014/12/09/doximity-the-social-network-for-physicians-continues-impressive-growth// "Washington Post: Doximity, the social network for physicians, continues impressive growth
  9. Web site: Half of All Doctors Use This Social Network You've Never Heard of. Montini. Laura. 2014-12-09. Inc.com. 2019-04-19.
  10. Web site: Doximity: Financing a Social Network for Physicians. Stanford Graduate School of Business. en. 2019-04-19.
  11. Web site: With 40% Of U.S. Doctors Signed On, Doximity's Jeff Tangney Reveals How The Social Network For M.D.s Hit The Tipping Point. TechCrunch. 15 March 2014 . en-US. 2019-07-22.
  12. Web site: Doximity hits 1M member milestone in 2017: 3 things to know. www.beckershospitalreview.com. 2021-06-20.
  13. Web site: Doximity brings in $155M profit in 2021. www.fiercehealthcare.com. 18 May 2022 . 2022-05-25.
  14. Web site: Deloitte Technology Fast 500 Winners 2016. www2.deloitte.com. 2021-06-20.
  15. Web site: Deloitte Technology Fast 500 Winners 2019. www2.deloitte.com. 2021-06-20.
  16. Web site: SF Digital health company launches new feature to help physicians securely video call patients. www.bizjournals.com. 2020-07-22.
  17. Web site: Digital physicians network Doximity Inc(DOCS) . USSTOCK. 2021-05-28.
  18. Web site: Doximity Acquires THMED, Launches Curative Brand . doximity.com. 2021-05-28.
  19. Web site: Digital physicians network Doximity files for a $100 million IPO . Renaissancecapital. 2021-05-28.
  20. Web site: Doximity doubles in public debut and blows away IPO goal with $600M haul . 25 June 2021 .
  21. Web site: Alden. William. Doximity, an Online Network for Doctors, Raises $54 Million. New York Times. 29 April 2014 . 29 April 2014.
  22. Web site: Doximity Raises $10.8M, Helps Physicians Connect On The Web – And On The Go. TechCrunch. 16 March 2011 . en-US. 2019-04-19.
  23. http://www.prnewswire.com/news-releases/doximity-raises-17-million-series-b-led-by-morgenthaler-ventures-168665156.html/ "PRNewswire.com - Doximity Raises $17 Million Series B Led by Morgenthaler Ventures"
  24. Doximity Reaches Nearly 3 of 4 US Physicians, Syneos Health Communications, Nov. 2016
  25. Web site: Doximity launches dialer video to connect primary physicians with their patients. www.medicaleconomics.com/. 2021-06-20.
  26. Web site: More than 100,000 doctors are already using this telemedicine video app. wwww.bizjournals.com. 2021-06-20.
  27. Web site: 17 June 2020. Doximity acquires healthcare staffing company THMED. live. https://web.archive.org/web/20200617223447/https://www.mobihealthnews.com/news/doximity-acquires-healthcare-staffing-company-thmed . 2020-06-17 . 29 June 2020. mobilehealthnews.
  28. Web site: 8 February 2022. Doximity Acquires Doctor Scheduling Company Amion For $82.5 Million. live. https://web.archive.org/web/20220915061123/https://www.forbes.com/sites/katiejennings/2022/02/08/doximity-acquires-doctor-scheduling-company-amion-for-825-million/ . 2022-09-15 . 17 May 2024. forbes.
  29. News: Hobson. Katherine. 2011-05-25. Reader Consult: Does the Culture of Medicine Enable Bad Behavior?. en-US. Wall Street Journal. 2021-12-04. 0099-9660.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Doximity".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.