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Problem Tech Solves
Tech Brief
One of the great ironies of our healthcare system is the misalignment of patient demand and provider availability. Patients wait an average of 29 days to see a doctor, yet 30% of appointment cancellations go unfilled. This hidden inventory wastes providers' resources and leaves patients waiting for doctors when earlier appointments are available. Zocdoc solves this problem by matching patient demand with provider availability, via Zocdoc Syncs. The functionality of Zocdoc Syncs enables patients to see available appointments and hidden inventory slots in real-time. This is unique in the industry: Zocdoc is the only company in healthcare to build and deploy this kind of platform at scale. By applying the marketplace concept to healthcare, Zocdoc is able to connect patients with primary care providers within 24-72 hours. In doing so, Zocdoc brings consumer power to an industry that has not prioritized the consumer experience. In any other industry, the companies delivering such a poor customer experience would not survive. But in healthcare, patients lack market power, which means they are expected to accept the unacceptable. By giving patients the ability to see and choose, Zocdoc gives them power. In doing so, Zocdoc can make healthcare work like every other consumer sector, where businesses compete for customers, not the other way around. In time, this will drive quality up and prices down.
Tech Differentiators
Zocdoc is the only company that can deliver a comprehensive healthcare marketplace. Patients don’t want to have to go to one platform to check who is in-network, another to book a specialist, and yet another for virtual care. They shouldn’t have to, and with Zocdoc they don’t have to. The company focuses every day on building the healthcare experience patients expect and deserve. In June 2021, Zocdoc announced the completion of its 150th Zocdoc Sync, the patented technology that aggregates healthcare’s appointment inventory, drives ease of integration for providers, and enables seamless online scheduling for patients across 245 unique specialties. It also allows patients to avoid hundreds of logins, and seamlessly find and book in-network care. Additionally, Zocdoc recently launched “Zocdoc for Developers”, a public API platform that enables developers to create custom solutions to digitize the nation’s patient flow and streamline operations. This technology allows developers to build referral tools for partners. Care coordinators can then use the tools to view provider availability, and instantly book appointments online with specialists who have signed up to receive referrals. This choice, efficiency, and interoperability benefits patients’ well-being, and helps providers grow their practices. Zocdoc helps providers reach millions of patients searching for care in one place, and manage growth more efficiently than with other marketing channels.
Validation
Health systems that use Zocdoc, which operates using a transaction model in which providers are charged a fee per each new patient booking facilitated on Zocdoc’s marketplace, see significant ROI. Based on surveys we have conducted with existing clients, the average health system sees $781 in value for every booking. Further, the best-performing clients see ROI in the $1000s, and the worst still receive more than $500. In a blinded study of a New York City health system customer, patient encounters were analyzed over a 12-month period. Across 2,508 patients and 9,653 total encounters, the total revenue generated from bookings facilitated through Zocdoc was $3,675,964 ($1,466 per patient), while the total contribution margin was $2,389,377 ($953 per patient). Also, Zocdoc has verifiably made significant improvements to the patient wait time gap. The national wait time to see a primary care provider is 29 days on average, when booked over the phone, and these wait times continue to rise. By contrast, the typical appointment booked through Zocdoc takes place within 24-72 hours. Zocdoc dramatically expedites patients’ access by uncovering the “hidden supply of care,” meaning the 20% to 30% of appointments that become available last-minute due to cancellations and rescheduled appointments.
