Zocdoc: the Cure for a Boring Investment Portfolio
Picture this: It’s 1995. You have been experiencing a mildly annoying medical complaint for the past week or two. Your ears are ringing, or your jaw is clicking, or you feel pain when you bend your left knee… Whatever. It’s not enough to warrant a visit to the emergency room but… the fact that the symptom has been consistent for so long is becoming a concern. So, you open the Yellow Pages (remember, it’s 1995) and hope that the specialist you find is the right one for your ailment. Then you call the doctor’s office and leave a message with the answering service. When the office administrator calls you back the following week, you are offered an appointment at the end of next month, but first you need to call your insurance carrier and double-check that you will not need a referral from your primary care physician. Defeated, you decline the appointment and pray that the symptoms might disappear on their own, sparing you from the agony of medical scheduling hell.
Now, consider this happier reality: it is 2019 (or any time in the past decade, after Zocdoc’s founding). You are plagued by a mystery symptom. You open your Zocdoc app and answer a question or two regarding your malady. You are then directed to the specialist appropriate to your needs and conveniently located near your home. The app already knows the ins and outs of your medical insurance coverage because you had already filled out a detailed profile so issues about referrals, if any, are plainly addressed. You are then given access to the doctor’s appointment book, allowing you to schedule your own appointment like you would buy movie tickets on Fandango. Most commonly, patients book next-day visits.
And that’s not all, folks! Zocdoc Check-in also allows you to bypass the clipboard-in-the-waiting-room routine by providing the opportunity to fill out your medical and insurance information online, from the comfort of your own home. Just like that, the experience of visiting the doctor has shed most of its associated hassles in one easy-to-use app.
Zocdoc earns its revenue by charging doctors a subscription fee. Doctors are gladly willing to pay ZocDoc’s subscription fees as they significantly reduce administrative expenses. The scheduling system can be accessed by subscribers as an online service supplemented by the deployed office calendar software or, alternatively, as a feature plugged in to a doctor’s customized website.
Launched during the TechCrunch40 conference in 2007, Zocdoc was at first limited to medical providers in New York City. It has since expanded to cover more than 40% of the U.S. population, and its area of influence is constantly expanding. More than 5,000,000 people per month now book through Zocdoc, and the service may be used as an Android, iOS, or web application, as well as through Zocdoc en Español.
The most recent figures give Zocdoc a valuation of $2 billion. Investors include Founders Fund, Bezos Expeditions, Goldman Sachs, and many more. We at Iron Edge VC are proud to announce that we have pre-IPO access to Zocdoc shares. Please contact us right away if you are interested in learning more.