WEBVTT - Oliver Kharraz, Zocdoc CEO

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 2>Tim Stenebeck on Bloomberg Radio.

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<v Speaker 1>Hey. Earlier this year, Bloomberg reported out on how the

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<v Speaker 1>pharmaceutical industry is using AI to speed up drug discovery,

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<v Speaker 1>with companies including Eli, Lilly and Santa Fe striking licensing

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<v Speaker 1>deals with AI companies. And yet, and this was earlier

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<v Speaker 1>this year, AI has really shown some promise in the

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<v Speaker 1>early stages of drug development. There is some caution though,

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<v Speaker 1>as the FDA has never cleared an AI designed treatment,

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<v Speaker 1>and some AI made treatments have failed in clinical trials. So,

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<v Speaker 1>you know what, we're finding our way through this, And

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<v Speaker 1>that's true when it comes to AI and how healthcare

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<v Speaker 1>is delivered and how we interact with healthcare professionals.

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<v Speaker 2>Yeah, we have these guardrails set up to prevent bad

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<v Speaker 2>things from happening and slowly move through them.

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<v Speaker 3>Right.

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<v Speaker 2>Yeah, that's the bureaucracy doing what it's supposed to do.

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<v Speaker 3>Exactly.

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<v Speaker 1>The guardrails do matter. Hey, We're curious what our next

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<v Speaker 1>guest has to say, because they just last week and

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<v Speaker 1>as a partnership with the Gemini app to make a

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<v Speaker 1>gentic healthcare appointment bookings a reality. Delighted to have back

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<v Speaker 1>with us, doctor Oliver. Oliver, excuse me, Kiraz. He is

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<v Speaker 1>the CEO and co founder of ZocDoc. It is a

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<v Speaker 1>platform that connects patients with doctors and also provides telehealth.

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<v Speaker 1>According to our producer Anna, it's the only way to

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<v Speaker 1>find healthcare professionals, and he joins us in New York City,

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<v Speaker 1>Doctor carraz good to have you here with Joe and myself.

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<v Speaker 1>Ai tell us how it's impacting your world increasingly and

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<v Speaker 1>also how patients communicate and interact with healthcare professionals.

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<v Speaker 3>Thank you, caroleen good to be here. So, as you

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<v Speaker 3>pointed out, ZocDoc is known as a destination side that

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<v Speaker 3>makes it really easy to find in book doctors, and

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<v Speaker 3>we've built the infrastructure that makes us possible over the

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<v Speaker 3>last twenty years. What's new now is that we're opening

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<v Speaker 3>up this infrastructure to third parties so we can power

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<v Speaker 3>access to care everywhere patient search. As part of this,

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<v Speaker 3>we just announced our partnership with Gemini to bring that

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<v Speaker 3>seamless agentic appointment booking experience to the Gemini app. What

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<v Speaker 3>does that mean?

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<v Speaker 1>Unpack that? So you're opening it up to third parties,

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<v Speaker 1>so tell us how that changes the experience if I'm

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<v Speaker 1>on your app.

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<v Speaker 3>Yeah, So if you're in our app, as you've always

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<v Speaker 3>been able to do, you can say this is the

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<v Speaker 3>kind of care I need, this is where I am,

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<v Speaker 3>this is my insurance coverage, and we will immediately show

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<v Speaker 3>you which doctors are available in your neighborhood that accept

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<v Speaker 3>your insurance, and we show you the real time availability

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<v Speaker 3>that you can then book with just a couple of clicks.

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<v Speaker 3>So that's been sort of sect a classic if you

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<v Speaker 3>want to. But what's true is that not everyone starts

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<v Speaker 3>their care journey on zoctoc And for us, it's important

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<v Speaker 3>that whichever front door patients choose, uh, they that this

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<v Speaker 3>store actually opens and we're enabling this, you know, for everyone.

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<v Speaker 3>So to the degree that a patient is using AI,

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<v Speaker 3>they can tell the I use a ZocDoc or or

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<v Speaker 3>just say here, I want a for example, gematologist near

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<v Speaker 3>me that accepts my insurance, and then you'll see the

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<v Speaker 3>options and you can go through an a genetic booking experience.

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<v Speaker 2>I mean, can we can we go further into this

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<v Speaker 2>discussion of people using AI for potential medical advice and

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<v Speaker 2>needs and what ZocDoc is trying to do right, I mean,

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<v Speaker 2>in some level speaking of the guardrails, like it feels

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<v Speaker 2>like you guys are coming in here and saying that's

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<v Speaker 2>all great, but you do still need a reliable platform

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<v Speaker 2>to get you connected with these folks, like how are

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<v Speaker 2>you guys? You know, day by day this is changing

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<v Speaker 2>addressing this for your business.

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<v Speaker 3>Model, Yeah, high level. The way that we look at

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<v Speaker 3>it is that you know, AI can provide information to

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<v Speaker 3>patients and a doctor is going to provide the care,

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<v Speaker 3>and we are the connective tissue between those two things.

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<v Speaker 3>We don't necessarily provide the AI, but when a patient

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<v Speaker 3>gets engaged, gets very personalized information you know, from AI,

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<v Speaker 3>and says, oh, I should take action on this, I

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<v Speaker 3>should actually receive care. We make it very easy with

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<v Speaker 3>just a couple of clicks or voice commands to then

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<v Speaker 3>book an appointment and be seen in a short amount

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<v Speaker 3>of time. And to the question, how does this fit

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<v Speaker 3>in our business model? While we are in the business

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<v Speaker 3>of making these connections, right, we make it really easy

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<v Speaker 3>for the patient to find care when they need it,

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<v Speaker 3>and we do that dramatically better than the classic you know,

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<v Speaker 3>pick up the phone and down for doctor's experience. We're

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<v Speaker 3>on average it takes a patient thirty one days to

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<v Speaker 3>be seen on ZocDoc. The typical point happens within twenty

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<v Speaker 3>four to seventy two hours, So an order of magnitude

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<v Speaker 3>faster and that level of convenience can make a real

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<v Speaker 3>difference to patients. You can keep them out of the

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<v Speaker 3>emergency room, can get them to better care, and can

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<v Speaker 3>get them to that care sooner before their conditions get worse.

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<v Speaker 1>I am curious, though, how you track Chris listen doctor.

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<v Speaker 1>Google love you alphabet and Google use it all the time,

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<v Speaker 1>but I mean how much that often freaks somebody out,

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<v Speaker 1>leads them to going to see a doctor that they

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<v Speaker 1>don't really need to. And so we've all been there

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<v Speaker 1>talking to your GGP and they're saying, get off of

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<v Speaker 1>stop searching and just talk to me and listen to me.

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<v Speaker 1>So I am just curious how you track that. You know,

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<v Speaker 1>somebody searches on something and says, okay, I need to

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<v Speaker 1>go see an E and T professional and then ultimately

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<v Speaker 1>you guys can track on the platform that that's not

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<v Speaker 1>what they needed. They needed something else. So I'm just

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<v Speaker 1>curious how much of searching on something leads you to

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<v Speaker 1>somebody that you're really a practitioner you don't need to see.

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<v Speaker 1>And this is why people still say a gatekeeper is

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<v Speaker 1>really important, a gatekeeper who really understand you and your

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<v Speaker 1>physical and well being history.

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<v Speaker 3>Yeah. So look, I think AI has become a starting

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<v Speaker 3>point for patients seeking health information. But before I started Zoctoc,

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<v Speaker 3>I trained as a physician many many years ago, and

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<v Speaker 3>I remember still when people came in with the advice

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<v Speaker 3>columns that they cut out of magazines, and then it

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<v Speaker 3>was doctor Google, then was social media, NOWADAYI and I

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<v Speaker 3>think the underlying pattern that patients are seeking help, they

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<v Speaker 3>want to know what's going on that trying to get

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<v Speaker 3>help to interpret the world, that stays the same. I

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<v Speaker 3>think what we have seen sort of a gradual increase,

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<v Speaker 3>is how specific and tailored that information feels and how

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<v Speaker 3>engaging it is. And I think we can bemoan that

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<v Speaker 3>maybe people are engaged in things that they shouldn't be.

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<v Speaker 3>But you know, in general, when we talk to doctors

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<v Speaker 3>that are seeing these pa they like that the patients

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<v Speaker 3>are more engaged, you know that they care about their

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<v Speaker 3>health because this is the thing they're like an ounce

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<v Speaker 3>of prevention is better than a pound of cure, and

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<v Speaker 3>this gets patients, you know, to engage with the health

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<v Speaker 3>because the threshold and the complexity of the information gets reduced.

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<v Speaker 3>So we think this can very well function as a

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<v Speaker 3>net benefit as long as it's clear that THEI sort

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<v Speaker 3>of stays in its lane and provides information and the

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<v Speaker 3>care is delivered by a doctor who then actually has

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<v Speaker 3>the judgment as to what the right course of treatment

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<v Speaker 3>will be.

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<v Speaker 2>A more informed patient is better for a doctor. But

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<v Speaker 2>at what point do they become too informed by the

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<v Speaker 2>AI and it becomes problematic.

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<v Speaker 3>Well see, I think this is interesting because when we

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<v Speaker 3>talk to patients, they said, well, I do use AI,

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<v Speaker 3>and I keep it secret from my doctor. And then

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<v Speaker 3>when you ask the doctors to say, hey, I can

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<v Speaker 3>tell I know when someone you know searts this up

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<v Speaker 3>and be I welcome it. So my stipulation would be

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<v Speaker 3>be just a lot more open with it. There is

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<v Speaker 3>really not such a thing as having too much information. Now,

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<v Speaker 3>not all the information might apply to you, and this

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<v Speaker 3>is where a conversation with the provider can really help out.

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<v Speaker 3>But you know, I would I would say that an

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<v Speaker 3>informed patient is generally a better patient.

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<v Speaker 1>Tell us in general about the platform, the growth, the users,

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<v Speaker 1>the amount of activity you guys are seeing. Just curious.

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<v Speaker 1>You guys have been around for a while, you know,

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<v Speaker 1>talking in the newsroom, I think you guys started it. Gosh,

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<v Speaker 1>how many years ago is it now?

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<v Speaker 3>Yeah, nearly twenty years ago at this point. So that's

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<v Speaker 3>what I thought.

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<v Speaker 1>Two thousand and seven, right, two.

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<v Speaker 3>Thousand and seven. Yeah, you're right, you're right.

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<v Speaker 1>So tell yeah, No, I'm curious about the growth that

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<v Speaker 1>you're seeing and the monetization that you continue to see.

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<v Speaker 1>Give us an idea.

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<v Speaker 3>We're Bloomberg.

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<v Speaker 1>We like financials and growth and numbers.

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<v Speaker 3>We at this point have more than two hundred thousand

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<v Speaker 3>providers on the platform and that number has compounded with

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<v Speaker 3>roughly fifty percent over the last few years. So we

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<v Speaker 3>see rapid network growth, and you know, because of that scale,

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<v Speaker 3>we're now in a position where we can partner with

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<v Speaker 3>lots of you know, third parties that need that scale

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<v Speaker 3>to function. Obviously, Google Gemini is something that announced last week,

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<v Speaker 3>but before that, we announced the Blue Shield of California,

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<v Speaker 3>the Department of Veteran Affairs through well Hive YELP Health Grade.

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<v Speaker 3>So we are you know, working as this connective tissue

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<v Speaker 3>and really the health access infrastructure you know, for the country.

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<v Speaker 3>We make sure that every single front door took care opens,

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<v Speaker 3>even though not every single search needs to start on zoctoc.

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<v Speaker 2>I mean, it's amazing how far we I have, Yes,

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<v Speaker 2>I have zuctoc and it just it used to be

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<v Speaker 2>to find a new doctor, like you just had to

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<v Speaker 2>ask a friend or co worker, I know, And now

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<v Speaker 2>not only can you get a recommendation, but that can

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<v Speaker 2>be located within your small neighborhood.

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<v Speaker 1>Which is super helpful and useful. How do you rate

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<v Speaker 1>doctors and like, how do you know, what's the transparency

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<v Speaker 1>in terms of who can be on the platform or

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<v Speaker 1>how do you pick and choose?

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<v Speaker 3>Yeah, so we actually, interestingly have the only closed loop

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<v Speaker 3>review system that I know of in healthcare, where the

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<v Speaker 3>only way that you can leave a review on a

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<v Speaker 3>doctor on zoctoc is by having booked and seen that

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<v Speaker 3>doctor through doctors falls. There's none of that leaving reviews

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<v Speaker 3>on yourself or on your competitor, which is something that

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<v Speaker 3>patients really rely on. And we have patients ranking doctors

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<v Speaker 3>on a number of factors that are important to them,

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<v Speaker 3>and we also have internal rights on you know doctors

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<v Speaker 3>that that we can match to the patient you know,

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<v Speaker 3>and and the specific criteria that they have mentioned looking for.

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<v Speaker 3>So it's really something that goes way beyond just asking

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<v Speaker 3>a co worker. I'll also point out that you know

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<v Speaker 3>frequently you know, availability is one of the things that

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<v Speaker 3>is critical, and I'll just give you sort of a

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<v Speaker 3>taste for how different that is. The average time you

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<v Speaker 3>know to get and see a doctor if you pick

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<v Speaker 3>up the phone and dial for doctors is thirty one days.

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<v Speaker 3>That's a month. On ZocDoc, you can see a doctor

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<v Speaker 3>within twenty four to seventy two hours. And why is

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<v Speaker 3>that possible? Because doctors have last minute cancelations, they have

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<v Speaker 3>no every skal, they have the odd available appointment which

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<v Speaker 3>you could never find if you had to call around.

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<v Speaker 3>But on doctor, if they are all right there for you.

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<v Speaker 1>For me to pick, that makes it. Yeah, that's that

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<v Speaker 1>I understand efficiency and that that makes sense to me. Oliver,

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<v Speaker 1>we have to run. Thank you so much. Good to

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<v Speaker 1>check in with you. Oliver Kralz He is the CEO

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<v Speaker 1>and co founder of Zachdac, joining us

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<v Speaker 3>M