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
01:31:42 · John Coogan, Jordi Hays, Jon Wang, Luca Ferrari
[01:31:42] S1: Your [01:31:43] S0: hands. And now that's clearly flipped because Yeah. You guys are growing [01:31:47] S1: Accelerating. [01:31:48] S0: Super quickly. A bunch of other founders have been been on the show saying that there's like such insane pull. It's just the magic of of AI and and it's real. Are are there any other factors at play? How do you guys see it? [01:32:02] S10: Yeah. It's really interesting. I'd say there's, like, two components of market and then, of course, our unique approach. In terms of the market, if you talk to any of these provider groups, it's real it's challenging more challenging than ever to run a business in health care. Right? You're seeing revenue actually go down every year from from insurance [01:32:20] S4: Mhmm.
01:32:20 · Luca Ferrari, Jon Wang, Jeffery Liu, John Coogan
[01:32:20] S4: Mhmm. [01:32:21] S10: Costs are going up because the cost of working with payers, the cost of administering health care, it's literally going up 20% year over year. Right? So they're in this one of the hardest businesses, every single admin labor person they hire typically has a 40 to 50% turnover rate on average, right, per per year. So they're just in this really tough position as a business and as a market. And in the past ten, twelve years, if if you talk to any provider group CEOs, they have not really seen any change to their their technology stack. It's been pretty static. A lot of existing partners have not really innovated in the space because there hasn't really been much appetite or hunger for, like, AI, right, historically. And so with this technology, you know, it's really mind blowing. We work with, like, groups across the entire country, over 200 customers, and, like, we'll fly out to, like, rural parts of Idaho. [01:33:13] S2: Founder Moe. And they [01:33:16] S10: will literally, like, hear our demo and be like, this is mind blowing. Like, this technology is going to change and transform my practice. Patients will no longer [01:33:23] S1: have to [01:33:24] S10: be on hold for thirty minutes. Right? They can actually finally get access to care. You know, elementary school teachers working from 8AM to 5PM can actually, like, get access to care after after their work. Right? So stuff like that is really heartwarming to hear. It's awesome. So, yeah, that's been a really inflection point in the market.