DOCSLIB.ORG

2017 0424 ZOCDOC Executive Summary FINAL

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2017 0424 ZOCDOC Executive Summary FINAL ZOCDOC EXECUTIVE SUMMARY ZOCDOC EXECUTIVE SUMMARY WHAT’S THE STORY ZocDoc is an online find-a-doctor company that provides an Uber-like service for consumers to quickly find and book doctor’s appointments. Through its proprietary scheduling system that manages provider appointments, schedule changes, cancellations, and “no shows” in real time, ZocDoc lets consumers tap a “hidden supply” of last-minute open appointment slots, find doctors and other providers covered by their health plans, and book appointments online or by mobile apps. Appointments are typically made within 24 to 72 hours. A Spanish version of ZocDoc is also available. In addition, ZocDoc Check-In allows patients to complete their paperwork online in advance of appointment times. ZocDoc helps more than 6 million patients schedule appointments each month, serves more than 60% of the U.S. population in over 2,000 cities nationwide, and plans to continue its growth nationwide. Following explosive growth in the consumer sector, in 2014 the company launched ZocDoc for Business, a premium version of its scheduling solution that is tailored to employers’ health plans, the doctors who accept those plans, and the appointment times most likely to work with their employees’ schedules. Using the platform, employees access enhanced ZocDoc features including premium access to weekend and evening appointments as well as wellness treatments. HOW IT WORKS For consumers, ZocDoc is free. They create a ZocDoc account, and when they wish to see a doctor they log-in, choose the type of doctor they want to see, their location, and their insurance plan. ZocDoc lists multiple doctors who match their needs. Consumers can instantly view a provider’s profile – including available times, education, office photographs, and patient reviews – and then book an appointment in less than a minute. Doctors or health systems pay a flat monthly fee (estimated at about $3,000 per doctor, per year) to use the ZocDoc scheduling platform and © Copyright 2016 Strategy Advantage. All rights reserved. 2 list open appointments. ZocDoc does not manage doctors’ billing practices; it simply provides an appointment connection between consumers and healthcare providers. For providers, ZocDoc provides a solution to address the estimated 25% of cancellations and no-shows in a given practice setting, helping to reduce lost revenues and improve operational efficiency. ZocDoc for Business customers pay ZocDoc on a monthly basis, per employee. The service helps to lower costs for employers by reducing employee selection of out-of-network providers and increasing access to primary care doctors, thereby reducing the need for employees to use more costly urgent care and emergency room services. HOW THE IDEA, COMPANY, AND MODEL OF CARE ARE EVOLVING ZocDoc was founded in 2007 by CEO Cyrus Massoumi with a mission to improve access to healthcare. Massoumi is joined by co-founders Oliver Kharraz (COO of the company and a doctor) and Nick Ganju. Today, the company has more than 550 employees with headquarters in both New York City and Phoenix, Arizona. The company has grown rapidly, is quickly building to cover the entire nation, and believes that ZocDoc provides a solution for ObamaCare and the many previously uninsured individuals who are gaining medical coverage and seeking primary care. ZocDoc has attracted the attention of traditional healthcare companies, including Aetna which reportedly offered to acquire the company for $300 million in 2013. The company is currently valued at more than $1.8 billion following a round of funding lead by Atomico that generated $130 million on top of prior funding led by some of the tech world’s most respective investors including DST Global, Goldman Sachs, Founders Fund, Khosla Ventures, jeff Bezos, Marc Benioff and Ron Conway. In June 2015, Methodist Healthcare of Memphis, Tennessee adopted ZocDoc’s online scheduling system to increase their population’s access to care. ZocDoc and another disruptive startup, Oscar Health, joined forces in December 2015 to help push the initiative of Healthcare.gov signups forward. In January 2016, ZocDoc announced a partnership with the EHR platform drchrono. This partnership gives doctor’s working with ZocDoc the ability to sync the information contained in their EHRs and calendars with ZocDocs platform. In February 2016, the company revealed a complete branding refresh. This included a new logo that they call “Zee” that was developed to take a more “friendly, simple, and, most of all, reflective of patients and real life.” The logo comes in 10 different ways, each displaying a different emotion. In addition to the logo transformation, both the website and the app were redesigned with a new, modern, color scheme, and images. In March 2016, ZocDoc laid off 5% of their staff citing “the strategic direction of [their] business and the evolution of the healthcare industry” as their main reason for doing so. In April 2016, Holy Name Medical Center in New Jersey announced that they would use ZocDoc’s services to be the first in their geographic region to provide their patients with a website that gives them access to online scheduling for primary care visits and many specialty visits. In May 2016, the company announced new updates to their system which included a more streamlined experience for healthcare facilities working with the same patients across the healthcare spectrum. © Copyright 2016 Strategy Advantage. All rights reserved. 3 In June 2016, the company announced a partnership with the Mayor of New York City that marked the integration of ZocDoc’s platform into the WorkWell NYC initiative, whose aim is to support the health of the city’s employees and their families. Also in june 2016, MediTouch and ZocDoc announced a partnership that would fuse their services together. Through this collaboration, MediTouch provides ZocDoc with exposure to new users while ZocDoc’s technology fills the gaps in MediTouch’s platform such as “cancellations, time changes” and no-shows. In July 2016, Geisinger Health System announced that they would begin using ZocDoc’s platform to offer their patients online appointment booking services as well as doctor reviews. In September 2016, Summa Health announced their use of ZocDoc’s platform to allow their patients to make appointments with primary and specialty care providers, check future availability of those providers and leave reviews of their experiences. In October 2016, ZocDoc announced that they, along with some of their partners, would begin offering their employees an “unsick day.” This day will give employees the opportunity to take preventative measures in protecting their health such as check-ups with their doctor, regular dentist appointments, and other important screenings they may need to have. In November 2016, Edward-Elmhurst announced that they would integrate ZocDoc’s patient scheduling and review system into their existing platform for users. In March 2017, ZocDoc announced the launch of a new, more sophisticated and personable search function. Using advanced “machine learning and natural language processing” the system takes out the complication in searching for the right doctor by removing the need to know exact terms, conditions or spelling and rather the Patient Powered Search function responds to more common, natural language usage. Development was based on gathered data from the last 10 years. © Copyright 2016 Strategy Advantage. All rights reserved. 4 .
Load more

Recommended publications
  • Curating Innovation Within Entrepreneurship Centers: an IPA Study Exploring The
    1 In partial fulfillment of the requirements for the degree of Doctor of Education Northeastern University Curating Innovation within Entrepreneurship Centers: An IPA Study Exploring the Entrepreneurial Learning Experiences of Center Directors Across Different Types of Post- Secondary Institutions by Anna L. Etienne Committee: Dr. Margaret Gorman, Chair Dr. Tova Sanders, 2nd reader Dr. Kellie Byrd Danso, 3rd reader Dissertation Defense: November 20, 2019 2 Abstract Entrepreneurship within the U.S. economy has long been established as a source of economic growth for job creation. According to “The Facts about Small Business,” small businesses contribute up to 75% of new jobs (Bohdan, Tipton, Kiefer, & Djatej, 2014). Entrepreneurial centers (ECs) are tools that can develop a culture of entrepreneurship, increase human capital skills, and increase revenue (Fernández Fernández, Blanco Jiménez, & Cuadrado Roura, 2015), thus, contributing to the entrepreneurial ecosystems via the networks established (Redondo & Camarero, 2018). Although higher education has developed a platform of curating innovation within entrepreneurship centers (EC), there is a limited amount of information regarding the experience of directors and leadership responsible for creating and expanding these centers within an academic environment. The purpose of this qualitative, interpretive phenomenological analysis is to uncover how entrepreneurship centers’ directors, with a post-secondary institution, describe their learning over time. Guided by entrepreneurial learning theory (ELT), the study incorporates a conceptual framework of entrepreneurial learning as an experiential process that addresses four phases of transition in entrepreneurial knowledge, entrepreneurial work experience, the transformation process, and factors influencing the transformation process. Semi- structured interviews adopted from IPA. Four themes emerged included: a sense of support, proficiency, limitations, and impact.
    [Show full text]
  • THE LONG VIEW a Student Talks to a Seasoned Alumna About Sustainable Investing
    THE ALUMNI MAGAZINE OF COLUMBIA BUSINESS SCHOOL RISK REWARDFour alumni CEOs tell us about their approach to risk. p. 8 Healthy Living 2.0 Start-up trends to watch in the health and wellness space. p. 13 Behind the Buzz Jon Steinberg ’03 of BuzzFeed attributes his success to mistakes and luck. p. 16 THE LONG VIEW A student talks to a seasoned alumna about sustainable investing. p. 23 Jennifer Vaughan Maanavi ’00, CEO of Physique57 SPRING 2014 THE ALUMNI MAGAZINE OF COLUMBIA BUSINESS SCHOOL 23THE LONG VIEW: Mary Jane McQuillen ’07 (EMBA) welcomes Uzayr Jeenah ’14 to ClearBridge Investments. SPRING 2014 FROM THE DEAN’S DESK Learning from Our Community of Leaders We are at the very center of business, developing students with the knowledge and ability to make a powerful impact on the world. This issue of Columbia RISK AND REWARD: Business captures our unrivaled HEALTHY LIVING 2.0: “We’re never afraid to culture of academic excellence, Start-ups take employee take risks,” says Michael our unmatched exposure to the pulse of business, 13 wellness to the next level. 8 Diamant ’93 of Skip Hop. our diverse entrepreneurial community, and our lasting impact on the business world. In “Risk and Reward,” alumni CEOs of high- performing companies talk candidly about the risks IN BRIEF CLASS NOTES they took that were critical to their success. The FEATURES knowledge they graciously share is applicable to 3 LAUNCH 29 Alumni SPotliGHT leaders of any organization. And in “The Long View,” 8 Risk and Reward 16 Behind the Buzz current student Uzayr Jeenah ’14 interviews sus- Better Jerky Hair Hero by Amanda Chalifoux and Simone Silverbush by Jen Itzenson tainable investing expert Mary Jane McQuillen ’07 Jon Sebastiani ’12 (EMBA) is bringing jerky Robert Bernstein ’04 (EMBA) (EMBA), shedding light on a rapidly growing area into the healthy snacks category.
    [Show full text]
  • A Year in Business
    20111219-NEWS--0001-NAT-CCI-CD_-- 12/16/2011 6:09 PM Page 1 ® www.crainsdetroit.com SPECIAL HOLIDAY EDITION 2011 $2 a copy; $59 a year ©Entire contents copyright 2011 by Crain Communications Inc. All rights reserved Page 3 AG in no hurry for action on health insurance exchange M1 Rail back where it started day. “And the clear sense coming Private backers see rail complementing bus plan from that is that there is every rea- son to press forward.” BY DANIEL DUGGAN As the corporate donors and Rapson was one of close to 20 cor- Timing of the project is contin- AND NANCY KAFFER leaders of the rail project regroup porate and non- gent on government approvals, but CRAIN’S DETROIT BUSINESS for another run at Woodward light profit leaders on construction could start 12 months rail, they say they’ve learned from a conference call after getting a green light. What started as a small, private- the experience. And, they say, Wednesday in ly funded rail system took three those lessons will inform the sec- which it was de- years to morph into a regional, fed- ond life of M1 Rail. cided to press on Back to 2007 erally funded bus system. “There must have been 20 criti- with the plan. The original vision for M1 was In between are a number of deci- cal decision points that at the time “We had an simple: Find corporate investors sions that, in hindsight, the pri- seemed reasonable and necessary informal call to back a privately funded rail sys- vate backers of the M1 light rail to follow,” said Rip Rapson, presi- yesterday of the tem that would run from Jefferson project in Detroit — who remain dent of the Troy-based Kresge Foun- M1 member- Avenue to Grand Boulevard.
    [Show full text]
  • How Ebay NY Plans to Conquer the World
    FOUR MEN IN A ROOM If only we could listen in on that CRAIN’S® Albany conversation... PAGE 6 NEW YORK BUSINESS VOL. XXIX, NO. 19 WWW.CRAINSNEWYORK.COM MAY 13-19, 2013 PRICE: $3.00 DIGITAL NY WTC site sits empty as rivals lease up With no big deal inked since Condé Nast, all three buildings there have huge vacancies RIDING HIGH: Tom Pinckney leads eBay New York’s push to remake online shopping. BY DANIEL GEIGER The 408-foot spire that will crown 1 World Trade Center as the tallest build- ing in the hemisphere was lifted last week to the top of the 104-story tower, the latest milestone in the $14 billion rebuilding of the trade center site. How eBay NY plans Down below, however, there is less to celebrate. As of today, more than 3 mil- lion square feet of to conquer the world vacant office space is expected to open in 2014 at 1 WTC BY MATTHEW FLAMM and the neighbor- ing tower under The Chelsea quarters of eBay New York make up a tiny outpost of the $14 billion San Jose, Calif.-based e- construction, 4 WTC. And more commerce company. But as online shopping heads toward a new stage, the Sixth Avenue location, which than 2 million opened in the fall, could become the tail that wags the giant dog.The 30 or so engineers and developers in the square feet are on high-ceilinged third-floor offices are working on making shopping on eBay more like hanging out on Pinter- the drawing board est—turning a site once known for auctions of attic junk into an eye-pleasing stream of See eBAY on Page 19 at 3 WTC, whose construction is buck ennis stalled at seven stories for lack of commercial ten- ants.
    [Show full text]
  • The Magazine for the Wharton Health Care Business Conference February 2012 an Update on Politics, Policy and Reform: The
    The The Magazine for the Wharton Health Care Business Conference Pulse February 2012 A Free Market for Health Information The Pulse discusses meaningful use and other health IT related issues with Jonathan Bush, CEO of athenahealth page 5 An Update on Politics, Policy and Reform: The Uncertain Future of the Patient Protection and Affordable Care Act Former U.S. Senate Majority Leader William H. Frist shares his views on healthcare policy page 18 The Rise of Health Tech Accelerators The Pulse takes a look at the emergence of companies focused on providing seed funding and mentorship to health entrepreneurs page 45 Table of Contents 4 Letter from the Editors Entrepreneurial Corner 45 The Rise of Health Tech Accelerators Health Policy and Reform Environment 52 Innovation in Healthcare IT: 5 A Free Market for Health Information Revolutionizing the Doctor Appointment 8 Countdown to October 1, 2013: ICD-10 Conversion 56 Gamification of Health 13 Training our Future Doctors: Global Perspective What’s Happening to the Medical Residents? 60 Lessons from Micro Insurance in India 18 An Update on Politics, Policy and Reform: 63 Senior Globetrotters: The Uncertain Future of the Patient Protection Medical Tourism and an Aging Population and Affordable Care Act 67 Breaking New Ground: Cleveland Clinic Expands to Abu Dhabi Innovation in Care Delivery 24 The Future of Health Systems Technology Wharton’s Healthcare Management Program 27 The Heart of the Matter: 71 New Conference on the Block Kaiser Permanente’s Success with Integrated Care Wharton Health
    [Show full text]