Doximity

Doximity, Inc.
Formerly3MD Communications, Inc.
TypePublic company
Traded as
  • NYSE: DOCS (Class A)
  • S&P 400 component
IndustryInternet
FoundedJune 2010 (2010-06)
Founders
  • Nate Gross
  • Jeff Tangney
  • Shari Buck
HeadquartersSan Francisco, California, U.S.
Key people
Jeff Tangney (CEO)[1]
RevenueIncrease US$343.55 million (2022)
Operating income
Increase US$113.54 million (2022)
Net income
Increase US$154.78 million (2022)
Total assetsIncrease US$991.36 million (2022)
Total equityIncrease US$878.59 million (2022)
Number of employees
887 (2022)
Websitewww.doximity.com
Footnotes / references
Financials as of March 31, 2022[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]

References

  1. ↑ "Venturebeat.com - Facebook for Doctors Network Doximity Tackles America’s 5th-leading Cause of Death"
  2. ↑ "Doximity, Inc. Form 10-K for fiscal ended March 31, 2022". U.S. Securities and Exchange Commission. 27 May 2022.
  3. ↑ "Doximity: Potential Teladoc Killer". Seeking Alpha. 2021-06-27. Archived from the original on 2021-06-27. Retrieved 2021-07-23.
  4. ↑ "Doximity: A social media platform doctors can trust". Modern Healthcare. 2011-09-07. Retrieved 2019-04-19.
  5. ↑ CEO, Doximity (2017-10-18). "Jeff Tangney". Crain's. Retrieved 2019-04-19.
  6. ↑ Buck, Shari. "Forbes Technology Council". Forbes. Retrieved 2019-04-19.
  7. ↑ "Doximity — the 'LinkedIn for doctors' — has signed up more than half of U.S. physicians". VentureBeat. 2014-12-09. Retrieved 2019-04-19.
  8. ↑ "Washington Post: Doximity, the social network for physicians, continues impressive growth
  9. ↑ Montini, Laura (2014-12-09). "Half of All Doctors Use This Social Network You've Never Heard of". Inc.com. Retrieved 2019-04-19.
  10. ↑ "Doximity: Financing a Social Network for Physicians". Stanford Graduate School of Business. Retrieved 2019-04-19.
  11. ↑ "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. Retrieved 2019-07-22.
  12. ↑ "Doximity hits 1M member milestone in 2017: 3 things to know". www.beckershospitalreview.com. Retrieved 2021-06-20.
  13. ↑ "Doximity brings in $155M profit in 2021". www.fiercehealthcare.com. 18 May 2022. Retrieved 2022-05-25.
  14. ↑ "Deloitte Technology Fast 500 Winners 2016" (PDF). www2.deloitte.com. Retrieved 2021-06-20.
  15. ↑ "Deloitte Technology Fast 500 Winners 2019" (PDF). www2.deloitte.com. Retrieved 2021-06-20.
  16. ↑ "SF Digital health company launches new feature to help physicians securely video call patients". www.bizjournals.com. Retrieved 2020-07-22.
  17. ↑ "Digital physicians network Doximity Inc(DOCS)". USSTOCK. 2021-05-28.
  18. ↑ "Doximity Acquires THMED, Launches Curative Brand". doximity.com. 2021-05-28.
  19. ↑ "Digital physicians network Doximity files for a $100 million IPO". Renaissancecapital. 2021-05-28.
  20. ↑ "Doximity doubles in public debut and blows away IPO goal with $600M haul". 25 June 2021.
  21. ↑ Alden, William (29 April 2014). "Doximity, an Online Network for Doctors, Raises $54 Million". New York Times. Retrieved 29 April 2014.
  22. ↑ "Doximity Raises $10.8M, Helps Physicians Connect On The Web – And On The Go". TechCrunch. 16 March 2011. Retrieved 2019-04-19.
  23. ↑ "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. ↑ "Doximity launches dialer video to connect primary physicians with their patients". www.medicaleconomics.com/. Retrieved 2021-06-20.
  26. ↑ "More than 100,000 doctors are already using this telemedicine video app". wwww.bizjournals.com. Retrieved 2021-06-20.
  27. ↑ "Doximity acquires healthcare staffing company THMED". mobilehealthnews. 17 June 2020. Archived from the original on 2020-06-17. Retrieved 29 June 2020.
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