Doximity is a San Francisco-based healthcare networking firm for physicians. They were founded in 2010 and have become the LinkedIn for physicians over the last decade. Although we question their tactics of building physician profiles to establish their brand, we applaud their ability to grow as a company. Doximity offers a free web-based platform for physicians, including access to CMEs, a professional job board, an internal messaging portal, and a mobile phone app.
Doximity’s Financial Success
Doximity shocked most investors on June 24, 2021, when it raised nearly $606 million in its initial public offering (IPO), doubling what experts predicted. On opening day of trading, the stock was valued at approximately $53 and trended upward until September 10, 2021, when it maxed out at $102. These days the stock trades around $25-35. Since 2021, Doximty has reported gross revenues of $60-100 million per quarter.
….WTF (as the kids say).
Most of their revenue is earned thru subscription fees charged to healthcare systems and the pharmaceutical industry, including fees for advertisements and job posts. More recently, they started their own staffing agency to boost their revenues.
Beyond the incredible revenue that Doximity pulls in, it’s worth discussing their free mobile app for physicians.
Doximity Mobile App
In this article, we review the Doximity’s mobile app. The Doximity mobile app allows users to make phone calls, conduct telemedicine visits, send faxes, and earn CMEs. We explain why we believe it is a must-have mobile app for every physician.
It’s FREE. You can download the Doximity mobile app for free on either Apple’s or Google Play app stores.
Call patients without having to use *67. You no longer need to remember to hit *67 to hide your phone number from caller ID.
Alter the caller ID to match another number. You can configure the app so that calls to patients and their families appear like you are calling from the hospital or clinic. You can insert multiple phone numbers; the caller ID will show the alternate phone number, not your cell number. Let’s say you work at multiple clinics or hospitals. You can create different accounts with the phone numbers from each of those facilities so that it appears that you are calling from the main number at each of them. If your patients were to call back the number on the caller ID, they would reach the operator at the hospital or clinic.
HIPAA-compliant video conferencing to use with the patient’s family. If your patient’s family is absent, you can conference them with the App’s video feature. Instead of making a call, the app will send a text to users with a link to join the videoconference. This feature works great if the family has a smartphone and a good cellular connection.
HIPAA-compliant telemedicine visits. The app can be used to conduct telemedicine visits. Physicians start the process by inserting the patient’s phone number, and a text is sent to them with a link to join the visit.
One-way text to patients. The mobile app allows physicians to send text messages to patients and families without exposing the physician’s phone number. Doximity allows physicians to send free patient information from Up-to-Date within the text. One key element to recognize is that this is only for one-way texting, meaning the patients and their families cannot respond to your text.
Send a Fax from your phone. Have you ever sent a fax on your phone? You can expedite sending a fax by taking pictures with the app and then forwarding the fax. Doximity states that this feature is HIPAA-compliant.
Earn CMEs on the toilet. As physicians, we are busy, and finding time to get CME credits can be challenging. Instead of gazing thru your social media account, earn some CMEs on the Doximity app while you are on the toilet.
In January 2023, Motley Fool felt that Doximity’s stock was overvalued and “looked too expensive to justify putting new money into the stock.” Although Doximity may not be a wise stock to invest in at this juncture, we recommend that all physicians download their mobile app. It is a great app to call and videoconference patients and their families without your cell number being exposed on the caller ID. It also allows physicians to earn CMEs and send one-way texts and faxes from their phones. We hope that the Doximity app will continue to be free for physicians. If that changes, we will be forced to compare the Doximity app with other dialing apps on the market, which was not done for this article.
***FlexMedStaff, LLC did not receive compensation for this article, nor does Doximity sponsor any of the current content found on FlexMedStaff.com