Health technology company OptimizeRx (NASDAQ:OPRX) wants to utilize electronic health records to connect physicians with pharmaceutical companies without the need for pharmaceutical representatives. But what's in it for the doctors?
In this video from "Beat & Raise" on Motley Fool Live, recorded on Sept. 23, Fool.com contributors Taylor Carmichael and Brian Withers; along with tech, healthcare, and cannabis editor and analyst Olivia Zitkus; answer a viewer question and discuss the competitive advantage of OptimizeRx's platform.
Brian Withers: I saw one here for you Taylor, ProShopGuy says, "What are the incentives for doctors to sign up with OptimizeRx?"
Olivia Zitkus: I saw this question.
Withers: Oh, I'm sorry.
Zitkus: No, that's OK. Taylor, do you know the answer?
Withers: I was thinking Doximity, sorry.
Zitkus: That's all good.
Taylor Carmichael: For OptimizeRx, I guess, well, what OptimizeRx does is that tailor messages to doctors in the course of their workflow looking at those electronic health records. As a doctor, you're constantly learning about new drugs, new understandings of drugs, you spend a lot of your time with electronic health records. It's where your eye is during the course of the day all the time, what they're trying to do is hit the doctors in the course of that workflow.
It's not really the doctors that they're signing up, it's the electronic health records software companies and the companies that are providing those records. They have to make deals with them and they're very subtle about it because doctors are smart, you don't want to hit them with pop-up crap and stuff like that, so you have to tailor it to where it's helpful to them, and if it's not helpful to them, then they are going to lose that gig. They do a really good job of tailoring their message in the course of the workflow of the doctor as he's trying to diagnose an illness and find the best medicine for it. Like, for instance, if it may give them a link to a study, and that's what doctors want to know, is there a study, is there a Harvard study, click on the link, see this study. This is good, and go forward from there. That's what the electronic health records want to do it because they want the money and Optimize wants the access, and pharmaceutical companies want the access, so there are doctors, I guess, who could get an electronic health records, they had none of that. But it can be helpful to doctors to get that information as long as it's study-based, fact-based, and not just I don't know, the normal, just bragging about our pill or whatever.
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