Jeremy Friese — Dec 8, 2025

Attendees: Thomas, Michael, Jeremy Duration: 30 min How we connected: Brad Fluegel (Wharton professor) introduced us.

Jeremy's Opening Frame

"It's a big enough problem. We need more people jumping in to solve it. I have zero concerns of competitive challenges."
AI adoption in healthcare is 2x faster than any other industry, driven by: (1) ambient dictation/AI scribes, (2) back-office — coding, prior auth, medical necessity, concurrent review
Key insight: concurrent review, prior auth, and medical necessity are all the same problem with different niches. Same tech deployment, different applications. Tells us to frame it that way for investors: "We're starting in concurrent review. It's the same problem as PA and medical necessity. We'll expand."

Their moat is "a bunch of really high paid lawyers." MCG especially is litigious.
They care more about payer customers than provider customers → provider side may be safer to start
DaisyAI is already on their radar after approaching InterQual (they brought a lawyer to a student call)
"5 billion incentives to make sure you are not successful"
Don't be sneaky. "They will know. It will either be so tied up you can't raise money, or it will kill your company."
Not about ethics — "anybody can sue for anything" — it's about not catching their eye
Iodine precedent: Took first-principles approach on CDI (similar to our approach). "Worked until $100M, then went completely flat and started going down."

Start unsexy. Workers comp is interesting — sizable market, MCG/InterQual don't care about it. Legal profession angle also worth considering.
Don't think about scalable sales process yet. Build trust, understand one person's problem, build for them. Just make sure their problem is the same as 10 others' (don't build a one-off).
Tandem example: $1B business selling to tiny clinics. Serve a market segment others ignore.
Get a clinical person on the team ASAP. Healthcare buyers are skeptical of non-healthcare people. Borrow credibility. "Between Doctor Joe and I, we've done 10,000." Find a nurse with sales instincts — most don't have it.
Don't raise until you have to. "Once you raise money the clock is ticking." Get as far as you can with bootstrap + first contracts.

Jeremy has always planned to expand Humata into concurrent review but hasn't — "it's a quagmire" with MCG/InterQual dynamics
Prior auth keeps exploding so he hasn't needed to
Every single health system customer asks him for concurrent review help. "No doubt there's a need. You just got to thread the needle."