Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Tim Stenavic on Bloomberg Radio. All right, everybody, as we've
Speaker 1: said before, chachypt is the AI world's new egg girl,
Speaker 1: and we're going to talk about how it applies to
Speaker 1: feeling good, maybe in the medical world. William Blair Analysts.
Speaker 1: By the way, Ryan Daniels weighing in today, saying he
Speaker 1: believes chat chypt applications are bounding across all industries, including healthcare,
Speaker 1: and he specifically said that Doxymity is an early adopter
Speaker 1: of chat chpt via dos chpt uh and talks about
Speaker 1: monetization efforts, though he says that it's too nascent to
Speaker 1: have concrete use cases yet. So we'll see what our
Speaker 1: next guest has to say. Because lucky for us, we
Speaker 1: are back with us. Anna Bryson, CFO at doc Simity.
Speaker 1: It's about a six point three billion dollar market cap
Speaker 1: online healthcare resource platform, and she joins us once again
Speaker 1: on the phone in San Francisco. Anna, nice to have
Speaker 1: you here with Gina and myself. So let's talk about
Speaker 1: the business. Tell us how things UH faired in the
Speaker 1: last quarter and how it looks in the current quarter. Sure, well,
Speaker 1: thanks so much for having me again, Caroline Tina. It's
Speaker 1: really nice to be here at Doxtimity. We're proud to
Speaker 1: be the leading digital platform for US medical professionals, and
Speaker 1: across the board, business is performing really well. We had
Speaker 1: a record quarter in Q three in many ways. Firstly,
Speaker 1: we had a record number of EVADN margins, so we
Speaker 1: continue to run a profitable and very high cast generating business.
Speaker 1: And then secondly, we had record usage across our platform,
Speaker 1: so we had a record number of quarterly active users
Speaker 1: amongst our core membership, and a lot of that is
Speaker 1: due the fact that we continue to innovate despite this
Speaker 1: economic downturn. We're continuing to innovate for our customers, and
Speaker 1: we're also continuing to innovate for our physician members. And
Speaker 1: like you just said before, we're very very excited about
Speaker 1: docs GPT and all that could bring to help physicians
Speaker 1: really quote unquote cut the scut we call it, which
Speaker 1: is a lot of the work that they have to
Speaker 1: do that you know, isn't as a fighting right, and
Speaker 1: we're trying to make sure we can make their lives
Speaker 1: easier and more efficient. So we're really excited about bringing
Speaker 1: further text to medicine. There Anna staying on the earning story,
Speaker 1: congratulations on a great quarter and especially those Evadam margins
Speaker 1: forty percent. You don't hear a lot of great news
Speaker 1: on margins these days. Considering the inflation pressures, maybe talk
Speaker 1: to us a little bit about how you are managing costs,
Speaker 1: what kind of inflation pressures you are seeing, UM, and
Speaker 1: where you see that sort of input cost pressure maybe
Speaker 1: easing over the course of sure. And we continue to
Speaker 1: run a very, very highly profitable business mainly because of
Speaker 1: the fact that we're able to scale our vertical sales
Speaker 1: model very efficiently. We focus on one vertical, which is
Speaker 1: in that verticals, healthcare, and so we find that by
Speaker 1: focusing in on a single vertical and really focusing all
Speaker 1: our attention on both our customers and our physician members,
Speaker 1: were able to scale our business very efficiently. We're really
Speaker 1: fortunate that we're actually one of the companies out there
Speaker 1: that's we're still hiring and we're still able to invest
Speaker 1: in future growth, and we think that that will only
Speaker 1: reap dividends long term for both our shareholders and our
Speaker 1: our customers. So, having said that, UM, the outlook for
Speaker 1: your company was definitely um overshadowing the past quarter and
Speaker 1: the numbers that you guys posted because we did see
Speaker 1: the stock sell off as a result, and you had
Speaker 1: a lot of analysts coming in and weighing in. If
Speaker 1: you will so talk to us about the delayed launches
Speaker 1: of these new media formats and how long it will
Speaker 1: be a drag. Absolutely. Yeah, we did launch two large
Speaker 1: new products for our customers, which we are really proud
Speaker 1: of our new product launch. We always focus on continuing
Speaker 1: to innovate for our customers. However, that said, we did
Speaker 1: run into some delays in getting these products live. The
Speaker 1: good news is is that the revenue is not lost lost,
Speaker 1: it's just delayed. But we did see some delays and
Speaker 1: that did have some some impact on our our new
Speaker 1: term revenue. But that as we look ahead to next year,
Speaker 1: we're really encouraged that we're guiding to a year of
Speaker 1: growth and greater than evenson margins. So we're maintaining our
Speaker 1: commitment to being a rule of sixty plus company. Okay,
Speaker 1: and one of these one of these new promising ap
Speaker 1: I integrations that you've got going on, dux GPT, maybe
Speaker 1: you could talk to us about this do you talk
Speaker 1: about as being cutting the scut, which maybe we can
Speaker 1: get down to what that means. How are you going
Speaker 1: to really change your customers lives with this technology? Sure? Yeah,
Speaker 1: I mean the truth of the matter is is that
Speaker 1: doctors still handle a lot of actual paperwork, and much
Speaker 1: of that is sent by facts. So that's where they
Speaker 1: call it the scut work, right, And by integrating chat
Speaker 1: GPT with our free fact service, we hope to help
Speaker 1: medical professionals do what we just said and cut the
Speaker 1: scut with dox GPT. We're really excited about this launch.
Speaker 1: You know, it is still in our earlier phases here,
Speaker 1: too often physicians aren't given a seat at the table
Speaker 1: and technology development, and for us, we really focus on
Speaker 1: working side by side with physicians and in many cases
Speaker 1: our best ideas actually come directly from our physician members.
Speaker 1: So we look forward to continuing to iterate on docs
Speaker 1: GPT with the feedback that we get from our physicians.
Speaker 1: Well tell us how it would work on it, because
Speaker 1: you know, it's interesting. I feel like a lot of
Speaker 1: my doctors, um increasingly they're on a computer when I'm
Speaker 1: in the office with them, and I've kind of gotten
Speaker 1: used to it. Right there writing stuff down as I
Speaker 1: say it. Um, So I'm just wondering you still say
Speaker 1: a lot of paperwork? Is that the stuff that happens
Speaker 1: after we leave the office, or or what a lot
Speaker 1: of it happens after we leave the office. Yeah, So
Speaker 1: when the physician is with a patient, you know, they're
Speaker 1: focusing obviously in on on the conversation with the patient,
Speaker 1: but then afterwards there is a lot of follow up,
Speaker 1: a lot of prior authorizations that need to happen if
Speaker 1: they're going to be sending a referral, for example. A
Speaker 1: lot of this is still sent by facts, and a
Speaker 1: lot of it is really time consuming for doctors. So
Speaker 1: our aim is to just be another input in their
Speaker 1: efficiency process and allow them to not have to spend
Speaker 1: as much time on these these facts is and prioriphs,
Speaker 1: et cetera. Can you tell us how AI plays into
Speaker 1: that though? I mean, I think of effects and the
Speaker 1: replacement for effects is the email. We're moving from facts,
Speaker 1: which seems so antiquated right to AI, which seems so new, new,
Speaker 1: you know, futuristic. Where where how does AI play into
Speaker 1: this story? Sure? So, as you know there's that buzzy
Speaker 1: new AI tool chat chat GPT that I'm sure you've
Speaker 1: played around with. We're all playing around with that that
Speaker 1: here in different aspects of our our day to day
Speaker 1: and we're integrating with with chat GPT. So for us,
Speaker 1: you know, the admin burden that we're seeing, it's a
Speaker 1: leading contributor to burnout amongst physicians. And what this is
Speaker 1: allowing physicians to do is it's allowing them to be
Speaker 1: much more productive and much more efficient in how they
Speaker 1: are able to handle a lot of this paperwork. So
Speaker 1: can you give us an example of how it would work?
Speaker 1: And just got about a minute left. Um, sure. So, say,
Speaker 1: for example, there is a you know doctor that needs
Speaker 1: to send a prior authorization to a you know, say
Speaker 1: you say it's a pharmacy for example, it can be
Speaker 1: a simple as you to help me write a prior
Speaker 1: off and it can literally write that for for for
Speaker 1: the for the doctor in the same way if I
Speaker 1: go to chat GPT and say, you know, help me
Speaker 1: help me write this email for example. So it really
Speaker 1: just makes it much much more efficient in terms of
Speaker 1: having to write that that prior off or paperwork or
Speaker 1: whatever it may be. Well, as long as we're making
Speaker 1: the doctor's lives better my life maybe there as well.
Speaker 1: So I'm going to be all for it if we can,
Speaker 1: if we can move beyond the facts, we're all better off,
Speaker 1: right well, and I do think about write more time
Speaker 1: for the patients. Um, do you have one last question
Speaker 1: or yeah? I mean I'm curious that you also mentioned
Speaker 1: that you're collaborating with Kelly Lee. Can you tell us
Speaker 1: a little bit about what you're doing with them, how
Speaker 1: that's different from what you're doing with your Ducks GPT program. Yeah. Absolutely,
Speaker 1: we're really excited to collaborate with Callie as well. So
Speaker 1: each year, doctors attend millions of events to stay up
Speaker 1: to date with the latest treatments, and by integrating with
Speaker 1: Callie scheduling software, by integrating that into our platform, doctors
Speaker 1: will now be able to easily schedule appointments with colleagues
Speaker 1: and with the members of industry without having to navigate
Speaker 1: the multiple platforms or waste all that time with the
Speaker 1: kind of back and forth scheduling emails. So we're trying
Speaker 1: to bring ease of use to physicians scheduling. Alright, Gonna
Speaker 1: leave it on that note. Anna Bryson, thanks so much
Speaker 1: for a time once again here at Bloomberg, chief financial
Speaker 1: officer of Doximity, joining us on the phone from San Francisco.
Speaker 1: You're listening and watching Bloomberg Business Week