Doximity: The Hub of Healthcare - [Business Breakdowns, EP.236]

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Dec 5, 2025

Jim Jones, a partner at William Blair Asset Management and healthcare investing expert, shares insights on Doximity, dubbed the ‘LinkedIn for doctors.’ He discusses how Doximity has evolved from a social network to a comprehensive workflow platform for medical professionals. Key topics include its revenue model driven by targeted pharma advertising, the shift to digital engagement spurred by COVID, and the impressive profit margins that enable reinvestment. Jim also highlights potential AI opportunities and the importance of maintaining doctor engagement for sustained growth.

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INSIGHT

Doctor-Centric Workflow Platform

Doximity is a digital workflow platform built specifically for healthcare professionals, not a generic social network.
It combines social networking with tools like telehealth, secure messaging, e-signing, CME and clinical reference to keep doctors engaged.

INSIGHT

One-Stop Toolkit For Doctors

Doximity bundles many household productivity tools (DocuSign, Zoom, Slack) into one platform tailored to doctors.
That bundling makes it both a constant workplace presence for clinicians and a high-value ad channel for marketers.

INSIGHT

Advertising Is The Core Revenue Engine

Doximity's primary revenue model is advertising targeted at prescribing physicians.
The goal is to maximize doctor time on platform to sell high-value ad inventory to pharma.

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Today, we are breaking down one of the more impressive B2B media businesses I have come across, Doximity. It's been called “the LinkedIn for doctors.”

Jim Jones, partner and analyst at William Blair Asset Management, helped explain exactly how Doximity works as a business. Jim gets into the community engine that works for and around medical professionals. And yes, there is a social network, but it's the add-ons, such as the required continued education that doctors can complete on the platform, including script signing, and all of those little tools that make a doctor's or medical professional's life much easier.

The revenue engine is advertising, and Jim delves into the nuances of how that spend works, explaining why this is the business model they've chosen. Please enjoy this Breakdown of Doximity.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠⁠⁠ here.⁠⁠⁠⁠⁠

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Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:02:52) Overview of Doximity

(00:03:46) Doximity's Business Model and Revenue Streams

(00:07:25) History and Evolution of Doximity

(00:08:33) Competition and Market Position

(00:13:27) Advertising Trends and Digital Shift

(00:20:20) Doximity's Financials and Profitability

(00:22:39) AI Integration and Future Prospects

(00:29:32) Valuation and Market Perception

(00:32:40) Lessons From Doximity