Founders: Florence Luna, Johanna Schneider
Fig Medical is at the forefront of health tech, leveraging intelligent automation and predictive analytics to streamline the prior authorization process. This innovative B2B software startup, founded by Florence Luna and Johanna Schneider, is making significant strides in transforming healthcare administrative processes.
The journey began with a unique blend of personal passion and a sense of purpose in health tech. Florence Luna, with a finance background and a year of public sector service, recognized the need for innovative solutions to address societal challenges. Motivated by a commitment to positive impact and a desire to create opportunities, Florence embarked on the entrepreneurial path. Fig Medical emerged as the convergence of experiences, values, and a burning desire to create a more equitable future.
1. Extensive Customer Engagement:
- Interacting with over 100 customers, Fig Medical gained insights into their pain points and refined its product to meet the needs of healthcare providers and clinics.
- The in-depth customer interaction proved invaluable, shaping the platform to make workflows smoother and more efficient.
2. Collaborations with Health Systems and Clinics:
- Fig Medical established impactful collaborations with health systems and clinics, directly influencing prior authorization processes and workflows.
- These partnerships represent a significant milestone, contributing to improved patient care and outcomes.
Investing heavily in customer discovery, Fig Medical completed the National Science Foundation Innovation Corps (I-Corps) Hub’s Northeast region program. The emphasis on understanding customer needs before complex technical buildouts allowed them to pivot and adapt. A customer-centric approach to product development became their key strength, ensuring alignment with user needs.
MBA Program's Contribution
The MBA program played a pivotal role in advancing Fig Medical:
- Involvement in Venture Capital club aligned personal passion with potential for impactful entrepreneurship in health tech.
- Exposure to relevant courses such as Designing New Ventures, AI for Healthcare, and Startup Studio provided knowledge and skills crucial for entrepreneurship.
- Support from clubs like Johnson Consortium Club and HABLA, along with the flexibility and encouragement, made the MBA program an invaluable asset.
Two founders who inspired Florence in her journey:
- Christy Johnson (Float Health): Credibility with customers, lasting relationships, and a motivating attitude made her a beacon for Florence.
- Andrea Ippolito (Simplified): Dedication to improving access to care and willingness to give back provided wisdom and guidance.
Valuable MBA Class: Big Red Ventures
Big Red Ventures, led by Tom Schryver and Thatcher Bell, provided insights into the due diligence process and diverse founder journeys. The lesson learned was the uniqueness of each startup's path to success, emphasizing the personal and diverse nature of entrepreneurship.
Significant Professor Contribution: Tom Schryver
Tom Schryver's genuine care for students, ability to simplify complex subjects, and commitment to their success had a profound impact on Florence's plans and aspirations.
Local Startup Ecosystem's Role
The local startup ecosystem in Ithaca and New York City played a crucial role in Fig Medical's development. Exposure to entrepreneurial programs, clubs, and courses, along with interactions with passionate individuals, contributed to finding co-founders, partners, and gaining valuable insights.
Fig Medical's long-term goal is to enhance patient health outcomes by revolutionizing health care administrative processes. By streamlining and making these processes more efficient, they aim to reduce the administrative burden on healthcare providers and create a patient-centered, efficient, and effective healthcare system.