Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company

CNBC2021-06-28

Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...

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TTLZ
·2021-06-28
Tell me more
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jamesCP
·2021-06-28
Ok
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Winkingbear
·2021-06-28
Haha nice
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- skyel:
  Nice
  2021-06-28
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skyel
·2021-06-28
Another medic unicorn? Please like and comment. Thanks
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abp
·2021-06-28
Please like and comment
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- Earthboii:
  like and comment
  2021-06-28
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MaxNZH
·2021-06-28
Like & comment pls
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- MaxNZH:
  Done and Thank yoU
  2021-06-28
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- skyel:
  Please like and comment too. Thanks
  2021-06-28
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Hazydusk
·2021-06-28
Daring
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Roticanai
·2021-06-28
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Joker_Smile
·2021-06-28
At least he learn from the past and put it to use.
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Butt3rc00ki3
·2021-06-28
Like
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tchaikovskia
·2021-06-28
Sweet nuts
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Zhenke
·2021-06-28
Good luck everyone
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- AngelaJiaEn:
  [Great]
  2021-06-28
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Shiki0306
·2021-06-28
Hmm
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CynthiaGho
·2021-06-28
Nice, pls like and comment
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- MRRICH:
  Ok
  2021-06-28
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- Shiki0306:
  Sure
  2021-06-28
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- Don3:
  ok
  2021-06-28
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JimTrade
·2021-06-28
Thanks
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chinkheng
·2021-06-28
Like please
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1Man2Stonks
·2021-06-28
Impressive ceo
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Liol
·2021-06-28
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HHTan
·2021-06-28
Please like. Thanks
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- bennyl:
  ok
  2021-06-28
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xnoobletx
·2021-06-28
Gdd
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- Ling96000:
  Good
  2021-06-28
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While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Source Link</a>\n\n</div>\n","source":"lsy1609915699154","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DOCS","symbol_name":"Doximity, Inc.","start_time":0,"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","article_id":"1152478622","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","pubTimestamp":1624840033,"sourceInfo":{"source_id":"lsy1609915699154","name":"CNBC"},"weMediaInfo":null,"summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","collect":0,"end_time":0,"defaultTopTitle":"cnbc.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"DOCS":"Doximity, Inc."},"translate_title":"Doximity首席执行官无视硅谷的智慧，建立了一家100亿美元的医疗科技公司","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DOCS":0.9},"content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":127661651,"gmtCreate":1624846499773,"gmtModify":1703846060384,"author":{"id":"3581826176705129","authorId":"3581826176705129","name":"TTLZ","avatar":"https://static.tigerbbs.com/3285bfaae2742e85571cc7d44bad2420","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581826176705129","authorIdStr":"3581826176705129"},"htmlText":"Tell me more&nbsp;","listText":"Tell me more&nbsp;","text":"Tell me more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127661651","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127877845,"gmtCreate":1624844742087,"gmtModify":1703845983738,"author":{"id":"4087355611938430","authorId":"4087355611938430","name":"jamesCP","avatar":"https://static.tigerbbs.com/dadca8a428678176a6d208b0177d9f90","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4087355611938430","authorIdStr":"4087355611938430"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127877845","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127870839,"gmtCreate":1624844472521,"gmtModify":1703845970678,"author":{"id":"3566159832938847","authorId":"3566159832938847","name":"Winkingbear","avatar":"https://static.tigerbbs.com/fa59ca544b59fdba57ec5b04668be509","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3566159832938847","authorIdStr":"3566159832938847"},"htmlText":"Haha nice&nbsp;","listText":"Haha nice&nbsp;","text":"Haha nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127870839","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5046334,"gmtCreate":1624845855594,"gmtModify":1663230164755,"authorId":3581505866102985,"author":{"id":3581505866102985,"idStr":"3581505866102985","authorId":3581505866102985,"name":"skyel","avatar":"https://static.tigerbbs.com/a4e416c9b1fabad56fbe0e086388d5b0","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127870839,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"}],"langContent":"EN"},{"id":127852474,"gmtCreate":1624844113898,"gmtModify":1703845951343,"author":{"id":"3581505866102985","authorId":"3581505866102985","name":"skyel","avatar":"https://static.tigerbbs.com/a4e416c9b1fabad56fbe0e086388d5b0","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3581505866102985","authorIdStr":"3581505866102985"},"htmlText":"Another medic unicorn? Please like and comment. Thanks&nbsp;","listText":"Another medic unicorn? Please like and comment. Thanks&nbsp;","text":"Another medic unicorn? Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127852474","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127839488,"gmtCreate":1624842548544,"gmtModify":1703845878778,"author":{"id":"3581979721991802","authorId":"3581979721991802","name":"abp","avatar":"https://static.tigerbbs.com/f0c0424f61209387c56148e921c507f1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581979721991802","authorIdStr":"3581979721991802"},"htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127839488","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5045338,"gmtCreate":1624842914847,"gmtModify":1663230160351,"authorId":3579176504922766,"author":{"id":3579176504922766,"idStr":"3579176504922766","authorId":3579176504922766,"name":"Earthboii","avatar":"https://static.tigerbbs.com/220705ec8b1493ac8654f6c555727a1d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127839488,"type":1,"supId":0,"prevId":0,"content":"like and comment","text":"like and comment","html":"like and comment"}],"langContent":"EN"},{"id":127894375,"gmtCreate":1624842413997,"gmtModify":1703845870387,"author":{"id":"3565330740240476","authorId":"3565330740240476","name":"MaxNZH","avatar":"https://community-static.tradeup.com/news/0f24ae30fe15b912bbd0a0060a47c4fe","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3565330740240476","authorIdStr":"3565330740240476"},"htmlText":"Like &amp; comment pls","listText":"Like &amp; comment pls","text":"Like & comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/127894375","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5047842,"gmtCreate":1624852571195,"gmtModify":1663230173241,"authorId":3565330740240476,"author":{"id":3565330740240476,"idStr":"3565330740240476","authorId":3565330740240476,"name":"MaxNZH","avatar":"https://community-static.tradeup.com/news/0f24ae30fe15b912bbd0a0060a47c4fe","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127894375,"type":1,"supId":5045760,"prevId":0,"content":"Done and Thank yoU","text":"Done and Thank yoU","html":"Done and Thank yoU"},{"id":5045760,"gmtCreate":1624844130845,"gmtModify":1663230162442,"authorId":3581505866102985,"author":{"id":3581505866102985,"idStr":"3581505866102985","authorId":3581505866102985,"name":"skyel","avatar":"https://static.tigerbbs.com/a4e416c9b1fabad56fbe0e086388d5b0","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127894375,"type":1,"supId":0,"prevId":0,"content":"Please like and comment too. Thanks","text":"Please like and comment too. Thanks","html":"Please like and comment too. Thanks"}],"langContent":"EN"},{"id":127802107,"gmtCreate":1624841998109,"gmtModify":1703845853525,"author":{"id":"3573677641656185","authorId":"3573677641656185","name":"Hazydusk","avatar":"https://static.tigerbbs.com/8a582cea556a27fd219a803a1bc56961","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3573677641656185","authorIdStr":"3573677641656185"},"htmlText":"Daring&nbsp;","listText":"Daring&nbsp;","text":"Daring","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127802107","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127806355,"gmtCreate":1624841930377,"gmtModify":1703845852557,"author":{"id":"3581913988119713","authorId":"3581913988119713","name":"Roticanai","avatar":"https://static.tigerbbs.com/4da10b7952b9a699e2c4703a67642740","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581913988119713","authorIdStr":"3581913988119713"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127806355","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127800073,"gmtCreate":1624841704692,"gmtModify":1703845844944,"author":{"id":"3574572092080891","authorId":"3574572092080891","name":"Joker_Smile","avatar":"https://static.tigerbbs.com/fb5bf41aabce75edc01766ad80e2bf49","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574572092080891","authorIdStr":"3574572092080891"},"htmlText":"At least he learn from the past and put it to use.","listText":"At least he learn from the past and put it to use.","text":"At least he learn from the past and put it to use.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127800073","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127177574,"gmtCreate":1624841699998,"gmtModify":1703845844297,"author":{"id":"3581548481060535","authorId":"3581548481060535","name":"Butt3rc00ki3","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581548481060535","authorIdStr":"3581548481060535"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127177574","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127147807,"gmtCreate":1624841399709,"gmtModify":1703845831200,"author":{"id":"3582428558829452","authorId":"3582428558829452","name":"tchaikovskia","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3582428558829452","authorIdStr":"3582428558829452"},"htmlText":"Sweet nuts","listText":"Sweet nuts","text":"Sweet nuts","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127147807","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127142474,"gmtCreate":1624841260798,"gmtModify":1703845828548,"author":{"id":"3586862182297188","authorId":"3586862182297188","name":"Zhenke","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586862182297188","authorIdStr":"3586862182297188"},"htmlText":"Good luck everyone&nbsp;","listText":"Good luck everyone&nbsp;","text":"Good luck everyone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127142474","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5044945,"gmtCreate":1624841637442,"gmtModify":1663230164527,"authorId":3578447748737529,"author":{"id":3578447748737529,"idStr":"3578447748737529","authorId":3578447748737529,"name":"AngelaJiaEn","avatar":"https://static.tigerbbs.com/74974e5ac7abd30d64a15b94e430f6c4","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127142474,"type":1,"supId":0,"prevId":0,"content":"[Great]","text":"[Great]","html":"[Great]"}],"langContent":"EN"},{"id":127127196,"gmtCreate":1624840638515,"gmtModify":1703845805020,"author":{"id":"3573425836738111","authorId":"3573425836738111","name":"Shiki0306","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3573425836738111","authorIdStr":"3573425836738111"},"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127127196","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127124197,"gmtCreate":1624840612319,"gmtModify":1703845803885,"author":{"id":"3585269828090771","authorId":"3585269828090771","name":"CynthiaGho","avatar":"https://static.itradeup.com/news/f4e1adb658462550fca78ca358f2bf01","vip":1,"hat":"https://static.tigerbbs.com/63f4db5a25402cce463d975948213b15","crmLevel":2,"crmLevelSwitch":0,"idStr":"3585269828090771","authorIdStr":"3585269828090771"},"htmlText":"Nice, pls like and comment&nbsp;","listText":"Nice, pls like and comment&nbsp;","text":"Nice, pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/127124197","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5044816,"gmtCreate":1624841085160,"gmtModify":1663230160848,"authorId":3582792409142285,"author":{"id":3582792409142285,"idStr":"3582792409142285","authorId":3582792409142285,"name":"MRRICH","avatar":"https://static.tigerbbs.com/35ba916bd4fa84b460ff38eee7294c37","vip":1,"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127124197,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":5044662,"gmtCreate":1624840627975,"gmtModify":1663230159437,"authorId":3573425836738111,"author":{"id":3573425836738111,"idStr":"3573425836738111","authorId":3573425836738111,"name":"Shiki0306","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"60.59%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127124197,"type":1,"supId":0,"prevId":0,"content":"Sure","text":"Sure","html":"Sure"},{"id":5044697,"gmtCreate":1624840751063,"gmtModify":1663230157244,"authorId":3581937274949753,"author":{"id":3581937274949753,"idStr":"3581937274949753","authorId":3581937274949753,"name":"Don3","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127124197,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":127125474,"gmtCreate":1624840603098,"gmtModify":1703845802811,"author":{"id":"3585029790923127","authorId":"3585029790923127","name":"JimTrade","avatar":"https://static.tigerbbs.com/1ef2658d19253a76b0b1452af23cb1ad","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3585029790923127","authorIdStr":"3585029790923127"},"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127125474","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127126142,"gmtCreate":1624840531686,"gmtModify":1703845798908,"author":{"id":"4087897868449270","authorId":"4087897868449270","name":"chinkheng","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4087897868449270","authorIdStr":"4087897868449270"},"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127126142","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127121003,"gmtCreate":1624840456902,"gmtModify":1703845795478,"author":{"id":"3576990637797737","authorId":"3576990637797737","name":"1Man2Stonks","avatar":"https://static.tigerbbs.com/2c93182b4ac6670e37860fa9cbdfd2d4","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3576990637797737","authorIdStr":"3576990637797737"},"htmlText":"Impressive ceo","listText":"Impressive ceo","text":"Impressive ceo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127121003","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127123229,"gmtCreate":1624840436961,"gmtModify":1703845795153,"author":{"id":"4087220384365920","authorId":"4087220384365920","name":"Liol","avatar":"https://static.tigerbbs.com/88c351765dd8f19d5891cef83e0af018","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4087220384365920","authorIdStr":"4087220384365920"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127123229","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":127123848,"gmtCreate":1624840432184,"gmtModify":1703845794665,"author":{"id":"3582782817523238","authorId":"3582782817523238","name":"HHTan","avatar":"https://static.tigerbbs.com/c8134085c63f43886300c1e18d3ab40c","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3582782817523238","authorIdStr":"3582782817523238"},"htmlText":"Please like. Thanks&nbsp;","listText":"Please like. Thanks&nbsp;","text":"Please like. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127123848","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5044924,"gmtCreate":1624841535512,"gmtModify":1663230158436,"authorId":3581800101455463,"author":{"id":3581800101455463,"idStr":"3581800101455463","authorId":3581800101455463,"name":"bennyl","avatar":"https://static.tigerbbs.com/91e2217be24dc85605689fffeb1bd28c","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.29","exceedPercentage":"93.84%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":9,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127123848,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":127167509,"gmtCreate":1624840351401,"gmtModify":1703845790237,"author":{"id":"3555275345264532","authorId":"3555275345264532","name":"xnoobletx","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3555275345264532","authorIdStr":"3555275345264532"},"htmlText":"Gdd","listText":"Gdd","text":"Gdd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127167509","repostId":1152478622,"repostType":4,"repost":{"id":"1152478622","kind":"news","pubTimestamp":1624840033,"share":"https://ttm.financial/m/news/1152478622?lang=&edition=fundamental","pubTime":"2021-06-28 08:27","market":"us","language":"en","title":"Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company","url":"https://stock-news.laohu8.com/highlight/detail?id=1152478622","media":"CNBC","summary":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble","content":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n<blockquote>\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n</blockquote>\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","source":"lsy1609915699154","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html>CNBC</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a ...\n\n<a href=\"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCS":"Doximity, Inc."},"source_url":"https://www.cnbc.com/2021/06/27/doximity-ceo-ignored-silicon-valley-wisdom-built-10-billion-company.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152478622","content_text":"Jeff Tangney launched his first health-tech start-up, Epocrates, in the middle of the dot-com bubble. While the company survived the crash and eventuallywent public, the endgame was a disappointingacquisitionfor less than $300 million.\nBy the time Tangney started his next venture, Doximity, in 2010, he'd learned a few things: Don't raise too much money. Don't burn too much cash. Fix a real problem for doctors.\nWith Doximity, Tangney created a web service that's both a professional network — think LinkedIn for doctors — and a secure way for medical experts to communicate and share information with patients and colleagues. It now counts 1.8 million medical pros in the U.S. as users, including over 80% of physicians.\nOn Thursday,Doximity debutedon the New York Stock Exchange, closing the week with a market cap of almost $10 billion after raising around $500 million in its IPO. Tangney's stake is worth $2.9 billion.\nThose are big numbers especially when you consider that, prior to this week, Doximity never showed up on a \"unicorn\" list of billion-dollar tech companies. Itslast financing roundin 2014 valued the company at under $400 million. Tangney said that because Doximity is profitable it still hasn't touched the $50 million it raised seven years ago.\n\"I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things,\" Tangney, 48, said in an interview on Thursday, after ringing the bell at the NYSE.\nIn Doximity’s target market, there’s no point in aiming for rocketship growth, Tangney said. The company generates revenue from drugmakers, who use the site to market treatments to a very targeted audience, and health systems looking to promote content to doctors across the country. It’s also a recruiting tool hospitals and health centers use to fill key jobs.\nTangney recognized early on that he could expand only as rapidly as customer budgets would allow.\n“The reality of health care and our clients, who are very staid institutions, a lot of non-profits that have been around for 100 years, is that even if you lean in and hire tons of sales and marketing people, they’re not going to let you grow,” Tangney said.\nHe’s also not inclined to pay for branding just for the sake of building his profile — another reason why the company has remained largely unknown in Silicon Valley even though it’s headquartered in San Francisco. Doximity’s advertising budget for last fiscal year totaled $2.6 million, or roughly the amountUberspends on an average day.\nTangney said the best advertising has come from doctors touting the product within their practitioner networks.\nMeanwhile, the company generated over $200 million in revenue last fiscal year and produced over $50 million in net income.\nClimbing trip at Stanford\nTangney’s journey to Doximity started in the late 1990s while he was living in New York with a trained physician namedRichard Fiedotin. From their un-air-conditioned apartment, the pair came up with the idea of creating an app for the Palm Pilot, which had just hit the market, that would allow doctors to get critical information.\nTangney and Fiedotin took that idea with them to Stanford Graduate School of Business, where they met another physician named Tom Lee. The three bonded over the intersection of tech and health care while on a teambuilding climbing trip for students in the program.\nIn 1998, they started what became Epocrates, and over the next two years raised about $40 million from some of Silicon Valley’s top health investors. As mobile moved to BlackBerry devices and then to iPhones, Epocrates gained traction as a way for doctors to make decisions about prescriptions and patient safety while on the move.\nThe venture capitalists told Tangney to hire like crazy, so he did. Then came the tech crash and the crisis from the 9/11 terrorist attacks. In 2002, Epocrates was forced to cut a bunch of jobs, Tangney said.\nThe company held on, but it was a slog. Fiedotin left a few years later, and Lee departed to startOne Medical, a chain of primary care clinics that uses technology to improve the patient experience. Tangney stuck around a bit longer, and tried to take Epocrates public. Then came the financial crisis of 2008, and the company had towithdraw its prospectus.\nTangney finally left in late 2009, a year before the eventual IPO and four years beforeAthenahealth bought the company for $293 million.\n“There was a point during the last couple years of my tenure where it felt like we were in this tunnel, marching toward a goal,” Tangney said. “I wasn’t having as much fun. When you’re not in that place of loving what you do, you’re not doing your best work.”\nTangney had spent the past decade selling products to medical centers and talking to doctors about the challenges they faced doing their jobs. He kept those conversations going and learned that communication was a constant point of stress, whether it’s getting in touch with patients, other doctors, administrators or recruiters. In Tangney’s estimation, 80% of communication in the industry “is done via snail mail and fax.”\n“Software is indeed eating the world but it kind of choked a little bit on health care,” he said.\nShari Buckhad worked with Tangney at Epocrates. She’s one of the first people he approached with the idea of creating a professional network designed for doctors. Buck said she hopped on board “without reservation,” joining as one of the three co-founders, along withNate Gross, a doctor who is also the founder of health-tech incubatorRock Health.\n“Before we had an office, Jeff would drive up to Marin to meet me,” Buck said. “We would meet in a workspace above the garage. We used to laugh at howAppleit was,” she said, referring to thestoried locationwhereSteve JobsandSteve Wozniakstarted their computer company.\nTangney also turned to Lee as a sounding board and advisor. At One Medical, Lee had the perfect test audience for Tangney: A growing base of doctors who were enthusiastic about technology.\nAt the time, Tangney was not at all focused on revenue, but was rather pursuing an approach more akin to consumer internet start-ups, trying to build a big base of engaged users with the hope that money would eventually follow.\nLee said they batted around ideas for future revenue opportunities. Helping medical recruiters find talent was a clear possibility.\n“Recruiting doctors is not a well-defined profession and had been done poorly,” said Lee, who’s now founder and CEO of health company Galileo. “A doctor receives a lot of job opportunities. In classic medical marketing, you’d get these glossy photos of opportunities that were completely outdated, showing glorious pictures of suburban communities and symphony life and fishing.”\nBest ideas come over cocktails\nFor Tangney, product development at Doximity has always been centered around what doctors need. So he created a medical advisory board a decade ago, bringing together a few dozen physicians in the network for a weekend every year.\nThe group gets together on a Saturday afternoon to provide feedback on new products, learn about updates that could be coming and for some general brainstorming. The talks continue informally over evening drinks and then resume Sunday morning, ending with lunch.\n\n “Software is indeed eating the world but it kind of choked a little bit on health care.”Jeff TangneyDOXIMITY CEO\n\nWhile Doximity had to skip this year’s gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company’s San Francisco office.\n“It’s been probably the biggest influence on our product roadmap,” Buck said. “We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night.”\nBuck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.\nKevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity’s first investment, a$10.8 million financing round.\nSpain was thoroughly invested in Doximity’s success, and not just because of the money Emergence had on the line. He wasn’t yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.\nSpain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.\n“They felt like they had a hand in co-creating this thing Doximity was building,” said Spain, whose firm owns a $1.35 billionstake in the companyas of Friday’s close. “I’d never seen that before.”\nSome of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity’s stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.\n“Physicians are sort of outsiders in the financial markets and business world,” Tangney said. “Yet in our life and world they’re the insiders, they’re the people we care about most. We’d rather the shares go to them if there’s a pop than to some hedge fund somewhere.”\nOne challenge for Tangney as he continues to seek expansion opportunities is that there’s a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.\nStill, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there’s the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.\nDoximitySource: Doximity\nDoximity also just entered telehealth, a $4.3 billion market opportunity, according to theprospectus. As a response to the pandemic, Doximity launched a video-based virtual visit service that doctors can use from their existing app and patients can use without having to download anything.\nThe company said it signed over 150 telehealth subscription agreements with medical systems and served over 63 million virtual visits in the fiscal year that ended in March. Yet the product only accounts for 2% of its revenue.\nAt the highest level, Tangney said, health care accounts for 18% of the U.S. economy, so there’s no shortage of money available if Doximity’s service continues to add valuable features.\n“We’re steadfastly focused on these very busy million people who really take care of the sick all day and aren’t given great tools to collaborate with each other easily and to make care better,” he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5044657,"gmtCreate":1624840616493,"gmtModify":1663230158925,"authorId":3582201259788496,"author":{"id":3582201259788496,"idStr":"3582201259788496","authorId":3582201259788496,"name":"Ling96000","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127167509,"type":1,"supId":0,"prevId":0,"content":"Good","text":"Good","html":"Good"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":190,"commentSize":23,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}