01:23:56 · Wayne Ting
[01:23:56] S9: Exactly. And in fact, one of the first things I did when I became CEO was shrink our footprint. Mhmm. Because I mean, you're if you are running a coffee shop and you are losing money at every cups every single cup of coffee, should you probably sell fewer cups of coffee and figure out how to make money before you started opening up new coffee shops. And that was the reality of Lime eight years ago. I think I want to say our gross margins were negative 300%. Every dollar of revenue, we lost $3. And it was like, before we think about growth, let's fix that. We should be making money at the trip level, at the scooter level. So we shrunk our footprint, focused on the things that matter, fixed our unit economics, and but and then really accelerate the growth once we got that right. Mhmm. And I think the companies that really had a growth at all cost mentality, even when it doesn't make financial sense, actually raise more money for a period of time, but the law of economics catches up to everybody. You can be economically irrational for a period of time, but you can't be economically irrational forever. Even the dumbest VC at some point figures out the game. And I think when the when the irrational funding left the industry, that's actually when I think Lime's competitive strengths really became more obvious because we were not competing on our ability to raise more capital and to burn it faster. We started to compete on the quality of our hardware, the quality of our operations. And I actually think getting past the hype cycle was a major reason why Lima is here. If we're still in the middle of the hype cycle, then we'll be on that treadmill of crazy growth, burn all this money to raise more money, to burn more of that in order to raise more money. And I think that is a loser's game.
01:25:40 · Jordi Hays, Wayne Ting, John Coogan
[01:25:40] S0: Yeah. Congratulations to the whole team. I'm sure when when you took the job as CEO, maybe eight out of your 10 friend closest friends were like, you're absolutely crazy for taking that job, but you We did got it here. It's very cool. I [01:25:55] S9: was texting with a friend. The date I got took this job, I was having drinks on the rooftop of a friend's house, and I was there with six friends from Uber. Yeah. Every single person is like, this is such a dumb decision. It's a no win job. You will never be able to turn this around. You should have never done this. You locked yourself into a trap that you can't get out of. [01:26:16] S1: Yeah. And I just recall [01:26:17] S9: I mean, the fact that you mentioned that, I recall this conversation. Was texting with that group of people being like, remember what you said to me? [01:26:23] S0: Contrarian and right. [01:26:25] S1: The Victory Lab. You deserve a drink on top of the roof deck. Hopefully you got one. I'm sure it's been a long day. [01:26:31] S0: No. I I literally knew. I knew. I was like, these guys I'm sure around a lot of smart It was very contrarian to to go and do this and congratulations on an incredible moment. [01:26:43] S1: Thank you so much. [01:26:44] S9: Thanks so much. Really appreciate it and congratulations to all your success as This is a great podcast. Really, really appreciate it.
01:26:44 · Wayne Ting, John Coogan, Jordi Hays, Jeffery Liu, Jon Wang
[01:26:44] S9: Thanks so much. Really appreciate it and congratulations to all your success as This is a great podcast. Really, really appreciate it. [01:26:50] S1: Thanks, Have a good one. Let me tell you about Railway. Railway is the all in one intelligent cloud provider. Use your favorite agents to deploy web servers, databases, and more while Railway automatically takes care of scaling, monitoring, and security. Our next guests are from Asort Health. We have the cofounders and co CEOs. Co CEO Alert, how are guys doing? Welcome to the show. Hey. Introduce yourself for everyone. Love the cowboy hats. Jackson, can you grab mine? Yeah. We gotta get some cowboy You hats for [01:27:21] S0: gotta get as many as we need. Maybe get John the bear mask over The [01:27:25] S1: bear mask? I'm not a bear [01:27:26] S0: mask. [01:27:26] S2: We we love that you're in J and J as well. We always we were our Slack is at j j. You guys [01:27:31] S1: are John. John. Well, tell us about the company. Tell us about the round. I wanna hit the gong. Tell us what's going on. [01:27:39] S10: Sweet. Yeah. So we're John and Jack, co CEOs of Assort Health. We are an agentic platform for the entire patient journey for provider groups. So health care providers, we do everything from work call center automation, voice AI to handling fax and document processing, patient intake forms, care gap activation, and payment collections. [01:28:04] S1: So we have a bunch more questions, but tell us how much you raised. Gotta hit the gong together. Double gong for [01:28:09] S0: You go first.
01:28:09 · Jordi Hays, John Coogan, Jeffery Liu, Jon Wang
[01:28:09] S0: You go first. [01:28:10] S1: No. Together. Together? Together. Tell us how much you raised. $222,000,000 [01:28:15] S2: total. Last year, we had million applications in the next year, [01:28:24] S1: Thank you. [01:28:25] S0: Wait. When did you guys start the company? [01:28:28] S10: 2023. [01:28:29] S0: 2023. Alright. Not bad. Just a couple 100,000,000 of value creation annually. I like it. [01:28:36] S1: Take us through take us through the actual the customer journey. Who's buying? How do you interface with both the doctors, the patients, the hospital networks and the insurers? Like health care is like famously a seven party negotiation for everything. But how do you who do you actually sell to and how do you flow through? [01:28:56] S10: Yeah. I'll let Jeff answer that.
01:28:57 · Jeffery Liu
[01:28:57] S2: Yeah. In terms of how we actually approach these provider groups, it's I think when we first started the business, was actually educating the market on voice AI agents. Like, when we first started, it might have been too early, right? No one else was really thinking about this in early twenty twenty three, and I think the landscape has now completely evolved where all of our customers and partners, they know voice AI agents really well. They understand they have this burning need, and they're really eager to adopt, right? I think the big difference for us now is we're really overarching, as John mentioned, a gentic platform for every part of the patient care navigation journey. That's really our huge durability and differentiator. It's like you've all experienced this, having to tell your story over and over and over over again with the healthcare system. Why didn't you remember that? Like, patient, like, you feel invisible as a patient, right? So really with our Assort Synapse model, which is now powered by over 190,000,000 patient facing interactions, super proprietary data that our agents are generating to feed back into our product and agents to make the next interaction more concierge and personalized, and then also the fact that every product talks to each other, right? If you engage with our Voice AI agent inbound and you book your appointment through us, when we send you those patient intake forms for consent and everything, it's gonna be 70% prefilled. And it may also recognize like, hey, John is eligible for a colonoscopy colorectal screening. Let's get him through that, right? And that's high intent. Congratulations. Make sure
01:30:29 · Jordi Hays, Jeffery Liu, John Coogan
[01:30:29] S0: to take care [01:30:30] S2: of your health, right? So, you've to be really preventative with these things. Yeah. And then also be like, instead of getting a paper bill, it's going surface that payment right there to be like, You have this outstanding bill, Right? And then let's say on that first inbound call, you're like you know, you will remember that you prefer Monday mornings. We'll remember what type of voice you like, what tone you like. For us, it might not be you know, we won't the next call with the agent, it's not gonna repeat itself over and over again for a more elderly patient. It is gonna proactively repeat their Medicare number back to them to address how to get there. So this level of personalization per patient and really the kind of durability that we've built across all of our products talking to each other where it's like, I'm never going to turn off iPhone because I have iMessage, right? Talk You know, that's what we really want to build with patient journey memory to really create the best experience possible for our patients in practices. [01:31:22] S0: Flipped in the procurement process over the last few years? Because I mean, if if we were doing this show and you're building in healthcare, you know, five years ago, you guys would be doing this round after like twelve years or something like that and you'd probably have less revenue, you know. It just it just was always like every healthcare founder would be like, it's an insane slog. [01:31:42] S1: Your