ZocDoc announced this week that it has raked in $25 million in funding from Goldman Sachs, bringing total investment in the company to $95 million. The news comes hot on the heels of ZocDoc expanding its service to Boston last week. ZocDoc's last round of funding came in the form of $50 million from DST Global, which made the move just last month.
ZocDoc is a free iPhone, Android, or web app that enables users to schedule dentist and doctor appointments database includes user reviews of providers, which insurance they accept, and other relevant background information to help potential patients determine the best provider for them. Users can also find out ahead of time whether they will be visiting with a physician or physician assistant. While the service is free for patients, doctors pay a $250 monthly fee to fill open appointments.
ZocDoc plans on expanding its service nationwide over the next 12 to 18 months. Is nearly $100 million in funding enough to do so?
Read the press release below for more.
PRESS RELEASE -- ZocDoc, a service dedicated to improving access to healthcare, today announced it received a Series C investment from Goldman Sachs, bringing the Series C investment in ZocDoc to $75 million, following a previous investment from DST Global. Total investment in the company has reached $95 million to date. The most recent funding will enable ZocDoc to speed its expansion into additional regions.
“We are delighted to receive this funding from Goldman Sachs, which will help enable us to bring ZocDoc’s promise of improved access to healthcare to more patients,” said Cyrus Massoumi, co-founder and CEO of ZocDoc. “By speeding our growth, we are building the healthcare infrastructure needed to effectively scale this massive industry.”
ZocDoc allows patients to find nearby doctors who accept their insurance and book appointments instantly online. The service is free for patients. ZocDoc is improving access to healthcare by seamlessly integrating with doctors’ calendars in real-time and allowing patients to instantly book appointments. The service taps into the hidden supply of medical providers’ availabilities, such as the 10 to 20 percent of medical appointments that are cancelled or rescheduled at the last-minute. Doctors pay $250 per month for ZocDoc, using the service to increase patient satisfaction, appeal to the many patients looking for doctors online, and fill open appointment slots.
ZocDoc is now available in 11 metropolitan areas, six of which were launched in 2011 to date. ZocDoc currently offers more than 5.3 million available appointments with doctors and medical practitioners from among over 40 medical specialties, and is used by over 700,000 patients each month.
To learn more about ZocDoc, please visit the ZocDoc blog, press room, Twitter, or Facebook.
ZocDoc, founded in 2007, is improving access to healthcare by enabling patients to search for doctors, sort by location and insurance accepted, read verified patient reviews, and instantly book an appointment online. There are over 5.3 million medical appointments available on ZocDoc. Approximately 700,000 people use ZocDoc to find a doctor or dentist each month. Free ZocDoc Apps for iPhone and Android allow patients to find doctors and book appointments instantly on-the-go.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.