WEBVTT - Doximity Rolls Out DocsGPT AI for Medical Community

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Tim Stenavic on Bloomberg Radio. All right, everybody, as we've

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<v Speaker 1>said before, chachypt is the AI world's new egg girl,

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<v Speaker 1>and we're going to talk about how it applies to

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<v Speaker 1>feeling good, maybe in the medical world. William Blair Analysts.

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<v Speaker 1>By the way, Ryan Daniels weighing in today, saying he

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<v Speaker 1>believes chat chypt applications are bounding across all industries, including healthcare,

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<v Speaker 1>and he specifically said that Doxymity is an early adopter

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<v Speaker 1>of chat chpt via dos chpt uh and talks about

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<v Speaker 1>monetization efforts, though he says that it's too nascent to

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<v Speaker 1>have concrete use cases yet. So we'll see what our

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<v Speaker 1>next guest has to say. Because lucky for us, we

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<v Speaker 1>are back with us. Anna Bryson, CFO at doc Simity.

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<v Speaker 1>It's about a six point three billion dollar market cap

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<v Speaker 1>online healthcare resource platform, and she joins us once again

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<v Speaker 1>on the phone in San Francisco. Anna, nice to have

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<v Speaker 1>you here with Gina and myself. So let's talk about

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<v Speaker 1>the business. Tell us how things UH faired in the

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<v Speaker 1>last quarter and how it looks in the current quarter. Sure, well,

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<v Speaker 1>thanks so much for having me again, Caroline Tina. It's

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<v Speaker 1>really nice to be here at Doxtimity. We're proud to

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<v Speaker 1>be the leading digital platform for US medical professionals, and

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<v Speaker 1>across the board, business is performing really well. We had

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<v Speaker 1>a record quarter in Q three in many ways. Firstly,

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<v Speaker 1>we had a record number of EVADN margins, so we

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<v Speaker 1>continue to run a profitable and very high cast generating business.

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<v Speaker 1>And then secondly, we had record usage across our platform,

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<v Speaker 1>so we had a record number of quarterly active users

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<v Speaker 1>amongst our core membership, and a lot of that is

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<v Speaker 1>due the fact that we continue to innovate despite this

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<v Speaker 1>economic downturn. We're continuing to innovate for our customers, and

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<v Speaker 1>we're also continuing to innovate for our physician members. And

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<v Speaker 1>like you just said before, we're very very excited about

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<v Speaker 1>docs GPT and all that could bring to help physicians

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<v Speaker 1>really quote unquote cut the scut we call it, which

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<v Speaker 1>is a lot of the work that they have to

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<v Speaker 1>do that you know, isn't as a fighting right, and

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<v Speaker 1>we're trying to make sure we can make their lives

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<v Speaker 1>easier and more efficient. So we're really excited about bringing

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<v Speaker 1>further text to medicine. There Anna staying on the earning story,

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<v Speaker 1>congratulations on a great quarter and especially those Evadam margins

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<v Speaker 1>forty percent. You don't hear a lot of great news

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<v Speaker 1>on margins these days. Considering the inflation pressures, maybe talk

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<v Speaker 1>to us a little bit about how you are managing costs,

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<v Speaker 1>what kind of inflation pressures you are seeing, UM, and

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<v Speaker 1>where you see that sort of input cost pressure maybe

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<v Speaker 1>easing over the course of sure. And we continue to

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<v Speaker 1>run a very, very highly profitable business mainly because of

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<v Speaker 1>the fact that we're able to scale our vertical sales

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<v Speaker 1>model very efficiently. We focus on one vertical, which is

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<v Speaker 1>in that verticals, healthcare, and so we find that by

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<v Speaker 1>focusing in on a single vertical and really focusing all

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<v Speaker 1>our attention on both our customers and our physician members,

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<v Speaker 1>were able to scale our business very efficiently. We're really

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<v Speaker 1>fortunate that we're actually one of the companies out there

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<v Speaker 1>that's we're still hiring and we're still able to invest

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<v Speaker 1>in future growth, and we think that that will only

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<v Speaker 1>reap dividends long term for both our shareholders and our

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<v Speaker 1>our customers. So, having said that, UM, the outlook for

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<v Speaker 1>your company was definitely um overshadowing the past quarter and

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<v Speaker 1>the numbers that you guys posted because we did see

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<v Speaker 1>the stock sell off as a result, and you had

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<v Speaker 1>a lot of analysts coming in and weighing in. If

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<v Speaker 1>you will so talk to us about the delayed launches

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<v Speaker 1>of these new media formats and how long it will

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<v Speaker 1>be a drag. Absolutely. Yeah, we did launch two large

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<v Speaker 1>new products for our customers, which we are really proud

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<v Speaker 1>of our new product launch. We always focus on continuing

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<v Speaker 1>to innovate for our customers. However, that said, we did

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<v Speaker 1>run into some delays in getting these products live. The

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<v Speaker 1>good news is is that the revenue is not lost lost,

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<v Speaker 1>it's just delayed. But we did see some delays and

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<v Speaker 1>that did have some some impact on our our new

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<v Speaker 1>term revenue. But that as we look ahead to next year,

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<v Speaker 1>we're really encouraged that we're guiding to a year of

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<v Speaker 1>growth and greater than evenson margins. So we're maintaining our

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<v Speaker 1>commitment to being a rule of sixty plus company. Okay,

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<v Speaker 1>and one of these one of these new promising ap

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<v Speaker 1>I integrations that you've got going on, dux GPT, maybe

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<v Speaker 1>you could talk to us about this do you talk

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<v Speaker 1>about as being cutting the scut, which maybe we can

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<v Speaker 1>get down to what that means. How are you going

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<v Speaker 1>to really change your customers lives with this technology? Sure? Yeah,

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<v Speaker 1>I mean the truth of the matter is is that

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<v Speaker 1>doctors still handle a lot of actual paperwork, and much

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<v Speaker 1>of that is sent by facts. So that's where they

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<v Speaker 1>call it the scut work, right, And by integrating chat

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<v Speaker 1>GPT with our free fact service, we hope to help

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<v Speaker 1>medical professionals do what we just said and cut the

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<v Speaker 1>scut with dox GPT. We're really excited about this launch.

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<v Speaker 1>You know, it is still in our earlier phases here,

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<v Speaker 1>too often physicians aren't given a seat at the table

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<v Speaker 1>and technology development, and for us, we really focus on

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<v Speaker 1>working side by side with physicians and in many cases

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<v Speaker 1>our best ideas actually come directly from our physician members.

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<v Speaker 1>So we look forward to continuing to iterate on docs

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<v Speaker 1>GPT with the feedback that we get from our physicians.

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<v Speaker 1>Well tell us how it would work on it, because

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<v Speaker 1>you know, it's interesting. I feel like a lot of

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<v Speaker 1>my doctors, um increasingly they're on a computer when I'm

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<v Speaker 1>in the office with them, and I've kind of gotten

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<v Speaker 1>used to it. Right there writing stuff down as I

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<v Speaker 1>say it. Um, So I'm just wondering you still say

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<v Speaker 1>a lot of paperwork? Is that the stuff that happens

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<v Speaker 1>after we leave the office, or or what a lot

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<v Speaker 1>of it happens after we leave the office. Yeah, So

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<v Speaker 1>when the physician is with a patient, you know, they're

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<v Speaker 1>focusing obviously in on on the conversation with the patient,

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<v Speaker 1>but then afterwards there is a lot of follow up,

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<v Speaker 1>a lot of prior authorizations that need to happen if

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<v Speaker 1>they're going to be sending a referral, for example. A

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<v Speaker 1>lot of this is still sent by facts, and a

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<v Speaker 1>lot of it is really time consuming for doctors. So

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<v Speaker 1>our aim is to just be another input in their

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<v Speaker 1>efficiency process and allow them to not have to spend

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<v Speaker 1>as much time on these these facts is and prioriphs,

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<v Speaker 1>et cetera. Can you tell us how AI plays into

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<v Speaker 1>that though? I mean, I think of effects and the

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<v Speaker 1>replacement for effects is the email. We're moving from facts,

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<v Speaker 1>which seems so antiquated right to AI, which seems so new, new,

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<v Speaker 1>you know, futuristic. Where where how does AI play into

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<v Speaker 1>this story? Sure? So, as you know there's that buzzy

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<v Speaker 1>new AI tool chat chat GPT that I'm sure you've

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<v Speaker 1>played around with. We're all playing around with that that

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<v Speaker 1>here in different aspects of our our day to day

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<v Speaker 1>and we're integrating with with chat GPT. So for us,

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<v Speaker 1>you know, the admin burden that we're seeing, it's a

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<v Speaker 1>leading contributor to burnout amongst physicians. And what this is

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<v Speaker 1>allowing physicians to do is it's allowing them to be

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<v Speaker 1>much more productive and much more efficient in how they

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<v Speaker 1>are able to handle a lot of this paperwork. So

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<v Speaker 1>can you give us an example of how it would work?

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<v Speaker 1>And just got about a minute left. Um, sure. So, say,

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<v Speaker 1>for example, there is a you know doctor that needs

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<v Speaker 1>to send a prior authorization to a you know, say

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<v Speaker 1>you say it's a pharmacy for example, it can be

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<v Speaker 1>a simple as you to help me write a prior

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<v Speaker 1>off and it can literally write that for for for

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<v Speaker 1>the for the doctor in the same way if I

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<v Speaker 1>go to chat GPT and say, you know, help me

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<v Speaker 1>help me write this email for example. So it really

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<v Speaker 1>just makes it much much more efficient in terms of

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<v Speaker 1>having to write that that prior off or paperwork or

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<v Speaker 1>whatever it may be. Well, as long as we're making

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<v Speaker 1>the doctor's lives better my life maybe there as well.

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<v Speaker 1>So I'm going to be all for it if we can,

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<v Speaker 1>if we can move beyond the facts, we're all better off,

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<v Speaker 1>right well, and I do think about write more time

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<v Speaker 1>for the patients. Um, do you have one last question

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<v Speaker 1>or yeah? I mean I'm curious that you also mentioned

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<v Speaker 1>that you're collaborating with Kelly Lee. Can you tell us

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<v Speaker 1>a little bit about what you're doing with them, how

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<v Speaker 1>that's different from what you're doing with your Ducks GPT program. Yeah. Absolutely,

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<v Speaker 1>we're really excited to collaborate with Callie as well. So

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<v Speaker 1>each year, doctors attend millions of events to stay up

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<v Speaker 1>to date with the latest treatments, and by integrating with

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<v Speaker 1>Callie scheduling software, by integrating that into our platform, doctors

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<v Speaker 1>will now be able to easily schedule appointments with colleagues

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<v Speaker 1>and with the members of industry without having to navigate

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<v Speaker 1>the multiple platforms or waste all that time with the

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<v Speaker 1>kind of back and forth scheduling emails. So we're trying

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<v Speaker 1>to bring ease of use to physicians scheduling. Alright, Gonna

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<v Speaker 1>leave it on that note. Anna Bryson, thanks so much

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<v Speaker 1>for a time once again here at Bloomberg, chief financial

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<v Speaker 1>officer of Doximity, joining us on the phone from San Francisco.

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<v Speaker 1>You're listening and watching Bloomberg Business Week