NEW YORK, NY (August 25, 2023) — Memorial Hermann Health System, a non-profit health system committed to creating healthier Houston communities, today announced an investment in Zocdoc, the country’s leading digital healthcare marketplace that makes it easy for patients to find and book in-person or virtual care across over 250 specialties and more than 18,000 insurance plans.
Zocdoc, year to date, has grown its revenue by more than 30% YoY, an impressive growth trajectory. This strong performance has been driven by the company’s successful transition to a variable revenue business model which has led to healthy, sustainable growth. Thanks to its strong financial performance, Zocdoc has made significant investments in launching new care types on its marketplace — such as urgent care and perinatal care services — and expanding its reach through its first-ever public API platform, Zocdoc for Developers.
“By making strategic investments in companies that support our mission to improve health, we ensure that we can continue to meet the needs of our fast-growing Greater Houston community, while also creating greater effectiveness in our operations,” said Feby Abraham, PhD, executive vice president and chief strategy officer for Memorial Hermann. “It’s clear that Zocdoc is an efficient and effective patient acquisition channel and we believe there is tremendous untapped opportunity still ahead for the company — both through its core marketplace and product extensions that will reduce providers’ administrative burden — and we are happy to invest in its future.”
“While Zocdoc’s mission is to give power to the patient, we would not exist without providers who deliver the quality care our millions of users are seeking,” said Oliver Kharraz, MD, Zocdoc founder & CEO. “Zocdoc has cemented our place as an essential utility for provider groups of all shapes and sizes. It makes sense for leading care organizations like Memorial Hermann — who has been a Zocdoc client since 2022 — to invest in Zocdoc’s long-term trajectory, and we are pleased to welcome them as our most recent investor.”
Memorial Hermann is one of the largest not-for-profit health systems in Southeast Texas. While practicing the highest standards of safe, evidence-based, quality care, the system’s 6,700 affiliated physicians and more than 32,000 employees provide a personalized and outcome-oriented experience across more than 260 care delivery sites throughout the Greater Houston area.
About Memorial Hermann Health System
Charting a better future. A future that’s built upon the HEALTH of our community. This is the driving force for Memorial Hermann, redefining health care for the individuals and many diverse populations we serve. Our 6,700 affiliated physicians and 32,000 employees practice high quality, innovative, evidence-based care to provide a personalized and outcome-oriented experience across our more than 260 care delivery sites. As one of the largest not-for-profit health systems in Southeast Texas, Memorial Hermann has an award-winning and nationally acclaimed Accountable Care Organization, 17* hospitals and numerous specialty programs and services conveniently located throughout the Greater Houston area. Memorial Hermann-Texas Medical Center is one of the nation’s busiest Level I trauma centers and serves as the primary teaching hospital for McGovern Medical School at UTHealth Houston. For more than 115 years, our focus has been the best interest of our community, contributing nearly $500 million annually through school-based health centers and other community benefit programs. Now and for generations to come, the health of our community will be at the center of what we do – charting a better future for all.
About Zocdoc
Zocdoc is the leading digital healthcare marketplace that aims to help every patient find and book every type of care. Each month, millions of people use its free service, via Zocdoc.com or the Zocdoc app, to find in-network doctors, instantly book in-person or virtual appointments, read reviews from verified users, get reminders for upcoming appointments and preventive checkups, and more. With a mission to give power to the patient, Zocdoc’s platform delivers the accessible and simple experience they expect and deserve.
Media Contacts:
press@zocdoc.com