Interview Synopsis

Doximity – Service Expansion Opportunities and Growth Trajectory

  • Public Equity
  • Healthcare
  • North America

The Great Resignation continues to impact the healthcare industry as burnout related to the pandemic pushes historic numbers of medical staff to quit or change careers. For professional medical social network and telemedicine company Doximity, this industry headwind could become a “significant tailwind” for the company, according to a former medical advisory board member at Doximity.

Healthcare staff retainment issues a “tailwind” for Doximity

In an Interview with Third Bridge Forum, the specialist said Doximity has a “great opportunity” to leverage the current labour market by better targeting medical professionals. The specialist told us Doximity has “a ton of information” on medical staff in the US who frequently engage with the platform, which its recruiter access service can utilise.

Doximity’s success in attracting healthcare staff to its platform can be attributed to keeping its platform “professional”, having a “deep understanding” of clinicians and their needs, as well as creating comprehensive profiles. The specialist said Doximity knows “how to speak a physician’s language”, and has built a “strong, defensible position that’s got a moat around it”, adding that they “really don’t think doctors have time for another platform”.

The specialist told us Doximity’s recent acquisition of physician scheduling platform Amion makes “a ton of sense”. They said Amion understands practice pain points in the medical industry and provides free solutions that have “a lot of value”. The purchase of Amion is likely to increase the stickiness of Doximity, according to the specialist. 

Expansion into markets outside of the US could be challenging, we were told. Other healthcare systems are not as commercialised as those in the US, nor do they have the same investment and spending on advertisement from pharmaceuticals or recruitment agencies, as they are government run. The specialist said if Doximity was to expand, it should target countries with healthcare systems that are closely aligned with the US system. 

Since going public last year, the specialist said the culture at the company has gone through a “significant shift”, with a stronger focus on short-term financial interests. However, they also said this is “part and parcel” of any company going public. Of CEO Jeff Tangney’s leadership, the specialist said they had “a lot of faith” in him and his team, describing Tangney as someone who is “exceptional at staying true to vision but also executing on that”. 

The specialist was “bullish” on Doximity’s continued success, and highlighted credentialing repository documents as a bolt-on the company could add in the future. However, the specialist also warned that there are only a limited number of physicians and licensed practitioners in the US, which will create “tremendous pressure” to grow membership. 

The specialist ended the Interview by questioning whether this “race to grow” will mean less curation and engagement with existing members. This could result, they warned, in them disengaging with the platform or leaving it altogether.

To access all the human insights in Third Bridge Forum’s Doximity – Adjacent Service Expansion Opportunities & Growth Trajectory Interview, click here to view the full transcript. 

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The information used in compiling this document has been obtained by Third Bridge from experts participating in Forum Interviews. Third Bridge does not warrant the accuracy of the information and has not independently verified it. It should not be regarded as a trade recommendation or form the basis of any investment decision.

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