In a conversation with Sammy Faycurry, co-founder and CEO of Fay, explore how his platform is reshaping personalized nutrition care. Sammy discusses innovative ways to enhance access to dietitians and the vital role of technology in overcoming healthcare barriers. He shares insights from Fay’s journey, including raising $25M in funding and navigating the complex landscape of dietetics. Additionally, they dive into the impressive impact of GLP-1 medications on dietary practices and the future of the food-as-medicine approach.
Fay's innovative three-sided marketplace facilitates access to dietitians, bridging gaps between patients, providers, and insurance companies for improved healthcare outcomes.
The company's successful funding journey post-COVID emphasizes the importance of technology in scaling nutrition services and enhancing patient support.
Deep dives
Insurance Companies' Interest in Nutrition
Insurance companies are increasingly eager to reimburse for nutrition services similarly to how they cover medications. There is a significant financial commitment already established by these insurers, as they aim to responsibly deploy funds for nutrition counseling. Conversations with these companies indicate a struggle to integrate and promote nutrition services effectively. This shift reflects a growing recognition of the value of dietitian-led care in improving health outcomes.
The Three-Sided Marketplace Model
Fae operates a three-sided marketplace connecting dietitians, patients, and insurance companies, which creates a unique ecosystem. The company primarily empowers dietitians by enabling them to build their own practices, providing marketing support and referral partnerships. This model helps dietitians gain clients while also ensuring that insurers save costs on healthcare. The approach builds a sustainable flywheel effect, enhancing the overall health and nutrition service offerings.
Challenges and Innovations in Dietitian Care
Dietitians face numerous barriers, including historical underrepresentation in the healthcare system and challenges with insurance claims. The founders recognized that existing support for dietitians was minimal compared to their therapist counterparts, prompting a need for tailored solutions. By actively working to remove these barriers, Fae aims to better support dietitians and improve access to nutritional care. This commitment to addressing challenges has led to a rapid increase in the number of dietitians within Fae’s network.
Scaling Through Venture Funding and Technology
Fae has successfully scaled its operations by raising venture capital, particularly at a favorable time post-COVID when virtual consultations became reimbursable. The founders were strategic about leveraging funding to build a robust technology platform that supports dietitian practices and enhances patient care. They emphasized the importance of finding long-term partners who understand and share their vision. This growth allows for significant advancements in nutrition access and insurance partnerships, aligning with market needs.
Today, I'm joined by Sammy Faycurry, co-founder and CEO of Fay.
Making preventative health affordable, Fay’s three-sided marketplace connects patients with in-network dietitians for clinical nutrition support.
In this episode, we talk about increasing access to personalized nutrition counseling.
We also cover:
• The evolving food-as-medicine landscape • Learnings from raising $25M in funding • GLP-1s’ impact on the space
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Chapters: (00:00) Introduction (01:42) The Journey to Founding Fay (04:40) Challenges and Growth in the Dietitian Space (08:57) The Importance of Technology and Partnerships (12:28) Navigating the Venture Capital Landscape (18:03) Scaling and Team Building at Fay (22:55) Future Roadmap (33:50) Conclusion
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