DocStation Company Research Report

Company Overview

• Name: DocStation

• Mission: DocStation aims to revolutionize the pharmacy operational model from dispensing medications to enhancing quality patient care by leveraging pharmacists' skills and knowledge.

• Founded: Incorporated in 2017, after founders Josh and Samm met.

• Key People: No information is available.

• Headquarters: No information is available.

• Number of Employees: No information is available.

• Revenue: As of today, DocStation has generated over $4MM in revenue for pharmacies.

• Known For: DocStation is known for its all-in-one platform that helps pharmacies streamline billing, grow clinical services, and increase revenue.

Products

DocStation offers an array of products and services, each aiming to enhance pharmacy operations and patient care. Below is a high-level summary and key features of its major offerings:

1. Electronic Health Records (EHR)

• Description: Comprehensive EHR built specifically for pharmacies to care for the whole patient.

• Key Features: Integration with multiple data sources, unified patient profiles.

2. Medical Billing

• Description: Facilitates submitting medical claims electronically to major insurance companies in the U.S.

• Key Features: Streamlined electronic claims submission, revenue cycle management support.

3. Patient Appointment Scheduling

• Description: Allows pharmacies to run appointment-based clinics.

• Key Features: Built-in scheduling and reminders, customizable appointment types.

4. Clinical Health Assessments

• Description: Utilizes clinical assessment builder and pre-built templates to elevate pharmacy practice.

• Key Features: Standard assessments and customizable options.

5. HIPAA Compliant Messaging

• Description: Ensures secure communication between pharmacies and patients.

• Key Features: Two-way messaging capability, data security.

6. Revenue Cycle Management

• Description: Simplifies billing and boosts revenue.

• Key Features: Streamlined payments, expedited claims processing.

Recent Developments

New Products and Features

• Auto-Billing: DocStation introduced this solution to streamline the identification and creation of billable opportunities.

• Medical Billing for Commercial Use: Launched to enhance commercial applicability of DocStation's billing services.

New Partnerships

• Collaboration with CPESN® USA: This partnership aims to enable pharmacies through medical billing collaboration.

Historical Milestones

• 2018: Beta testing of value-based program for Wellmark BCBS.

• 2020: Launched a value-based program with BCBS Minnesota.

• 2021: Raised $3.4M Series Seed for medical billing launch.

• 2021: Medical billing launched for commercial use.

Industry Impact

• DocStation has been pivotal in transforming pharmacy workflows using AI, specifically helping pharmacies navigate DIR fee changes and optimizing clinical programs.

Conclusion

DocStation presents a comprehensive, evolving suite of tools and resources designed to support pharmacies and payers in optimizing operations and enhancing patient care. By aligning incentives and focusing on innovative care delivery models, DocStation positions itself as a trusted partner in pharmacy transformation and patient engagement.