![]() “We probably spent more time worrying about the liability of that product than the monetization of it so far.” In an earnings call earlier this month, cofounder and CEO Jeff Tangney was asked how Doximity planned to monetize DocsGPT. Before each response DocsGPT generates, a disclaimer runs across the top, asking the user to “PLEASE EDIT FOR ACCURACY BEFORE SENDING.” It provides a library of curated prompts based on what other doctors have searched for in the past, and is designed to remind doctors who use it that it is not a medical professional. Doctors can use the tool to draft letters, including patient referrals, insurance appeals, thank you notes to colleagues, post-surgery instructions and even death certificates. Getty ImagesĭocsGPT is built on ChatGPT but is trained on healthcare data, such as anonymized insurance appeals letters. ![]() Healthcare systems continue to use fax machines because, ironically, it's easier to share data that way than to work with incompatible software systems. The basic versions are generally free with upsells for enterprise integrations, says Gross. But it also offers a range of tools for doctors to help “cut through the scut” – medical slang for reducing administrative burden. Often referred to as a “LinkedIn For Doctors,” Doximity has a $6.3 billion market cap and generates most of its revenue ($344 million in its fiscal year 2022) from pharma companies looking to advertise and health systems looking to hire. “Our design thesis is to make it as easy as possible for doctors to interface with the novel digital standards, but also be backwards compatible with all the old stuff that healthcare actually runs on,” says Gross. That’s why Doximity’s new workflow tool, DocsGPT, a chatbot that helps doctors write a wide range of letters and certificates, is connected to its online faxing tool. The fax machine isn’t going away anytime soon, says Nate Gross, cofounder and chief strategy officer of Doximity, a San Francisco-based social networking platform used by two million doctors and other healthcare professionals in the U.S. And that encapsulates the challenge facing companies hoping to build time-saving AI back-office tools for a healthcare system stuck in the 1960s. Gelfand can use a chatbot to electronically generate an appeal letter. It’s estimated around $265 billion of that was “wasteful” - unnecessary expenditures necessitated by the antiquated technology that undergirds the U.S. In 2019, around a quarter of the $3.8 trillion spent on healthcare went to administrative issues like the ones bemoaned by Gelfand. ![]() ![]() spends more money on healthcare administration than any other country. ![]()
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