When my co-founders and I created ZocDoc in 2007, we believed that a determined and hard-working group of people could radically transform the healthcare system. We believed that the efficiency that web technology has brought to other industries should extend to healthcare.
It is now 2011, and over the last four years we have seen explosive growth. When our virtual doors opened, we offered just 5,000 dentist appointments in Manhattan; today, we offer 5 million appointments across nine major metropolitan areas and dozens of medical specialties. In cities like Los Angeles and Philadelphia, where patients were accustomed to waiting 24 and 27 days on average for an appointment, ZocDoc has delivered same-day access to healthcare. We have found that demand for ZocDoc is great in towns large and small, from New York City to Mesquite, Texas, and beyond.
Transforming healthcare across the globe will be far from easy, and there is still much work to be done. But we have just taken a serious step towards this goal with the help of Yuri Milner, one of the most prolific technology investors of our time, and his team. It is with great pride that I announce that ZocDoc has secured a $50 million investment from DST Global!
Healthcare has become the largest and most intractable problem of our generation, and it is tempting to doubt the feasibility of ZocDoc’s mission. In the US alone, healthcare costs account for $2.47 trillion – that’s nearly 18% of our total GDP. Globally, healthcare represents about 10% of most countries’ GDPs. Regaining control of these spiraling costs will require something beyond cost-cutting gimmicks or fancy technology. It will require a new way of thinking about healthcare. We don’t just believe that change is possible; we believe that it is necessary. DST Global’s investment in ZocDoc is not just a statement of confidence in our viability as a business model, but an endorsement of our vision – and the shared principles which underlie it.
ZocDoc, I am both inspired and humbled to say, has shown that it is ready to usher in this new paradigm. Over the last four years, we have demonstrated success in obtaining fast, widespread, and viral adoption by patients and doctors. The 700,000 patients who use our service each month have embraced ZocDoc’s patient-centered approach to health-management, while doctors who work with us have brought new efficiency to their practices, and satisfaction to their patients. This is the surest sign that ZocDoc has begun building a better system: everybody wants to participate, and everybody enjoys the results.
The only challenge ZocDoc has faced has been expanding quickly enough to match the demand for our service. This new investment will help us do exactly that. In the short term, our highest priority is bringing ZocDoc to the country and the world, making healthcare more efficient and usable for everyone. The future of healthcare represents truly limitless possibilities.
ZocDoc offers DST Global and Yuri Milner our sincerest gratitude for sharing this vision of a world in which every person can get the excellent healthcare he or she deserves. We also offer our profound thanks to our patients and doctors, who make our work possible – and, in fact, make it wonderful. The future of healthcare is bright, and we are honored to help bring it to you.
– Cyrus Massoumi, ZocDoc CEO / Co-founder