Fay is an online platform that gives Americans access to Registered Dietitians through their insurance and empowers dietitians to build private practices with Fay’s AI-powered tools. Pulse 2.0 interviewed Fay co-founder and CEO Sam Faycurry to learn more about the company.
Formation Of Fay
How did the idea for Fay come together? Faycurry said:
“Prior to starting my MBA at Harvard Business School, I was helping my mom and sister, both registered dietitians, navigate the challenging task of launching their private practice. I quickly learned how difficult it was for many dietitians like my mom and sister to open private practices and navigate the complexities of accepting insurance, despite the large number of people in need of affordable, personal nutrition therapy.”
“Through the process of helping them, it became clear to me how big of an opportunity there was to help both clients and providers. By making nutrition therapy more affordable and accessible we had the potential to help millions of people live longer, healthier, happier lives. And by creating a seamless way for providers to start and run a thriving private practice, we had the potential to empower an entire industry of providers who have been historically underappreciated and undervalued. I was enthralled by the potential impact we could make and felt I had no other choice but to pursue creating Fay!”
“As CEO, my primary responsibility is to ensure we are building a world-class team that is focused on the right set of opportunities. Between Mark Stefanski, Co-founder & CTO, and I, we feel very confident that we are on the right track and are excited to take on this critical mission.”
Favorite Memory
What has been your favorite memory working for the company so far? Faycurry reflected:
“It is so hard to pick just one! I will say that it was incredibly special making our first few hires. It has been such a gift watching the team grow and getting to work with an amazing group of kind, ambitious, mission-driven people who genuinely want to help others live fuller lives. Every day we hear from clients and dietitians about the immense impact we’ve been able to have, and it is always so meaningful. It’s amazing what we’ve been able to accomplish so far, and we’re so excited for what’s next.”
Core Products
What are the company’s core products and features? Faycurry explained:
“Fay connects individuals with registered dietitian nutritionists to deliver personalized nutrition counseling care, covered by insurance.”
“For clients, they can visit the Fay website to choose a dietitian that fits their needs and accepts their insurance. They will then meet 1:1 with their dietitian who will design a personalized plan that is catered to their needs.”
“For dietitians, Fay provides them with a full-suite “business in a box” to make it seamless for them to start and scale their private practice. This includes insurance credentialing, an easy-to-use platform to run their practice and marketing.”
Challenges Faced
What challenges have Faycurry and the team faced in building the company? Faycurry acknowledged:
“Fay’s services come at a pivotal point for the U.S. health landscape, where over half of U.S. adults struggle with diet-related chronic conditions, with many more in dire need of preventative care. Despite the urgent need for intervention, there remains a lack of awareness about insurance coverage for medical nutrition therapy provided by RDs. Most plans don’t require a certain diagnosis or physician referral, and the benefits of nutrition counseling apply to prevention and management of health conditions.”
“Fay’s mission has been to break down these barriers so that people can access life-changing nutrition and ultimately live longer healthier lives. This has been Fay’s mission all along, but the company has made major strides in 2023 to make this a reality.”
“Fay has revolutionized the field of dietetics by making nutrition therapy affordable and accessible to the majority of Americans.”
- Fay has worked with insurance companies to champion the benefits of nutrition therapy for the prevention and management of health conditions, with over 700 insurance plans now accepting nutrition therapy as a covered benefit. Therefore, the majority of individuals with insurance will now pay as little as $0 for their sessions.
- Fay created a “business in a box” for Registered Dietitians to make it seamless for providers to start and scale their independent private practices. Dietitians now spend less time on tedious tasks such as insurance reimbursements and customer acquisition, and focus more on providing life-changing care.
Evolution Of Fay’s Technology
How has the company’s technology evolved since launching? Faycurry noted:
“Since launching Fay in 2022, we’ve made nutrition therapy accessible and affordable to the majority of Americans. Fay’s “business in a box” model has helped Registered Dietitians scale their independent private practices, allowing them to spend less time on tedious tasks like insurance reimbursements and customer acquisition and more time providing life-changing care. We’ve also added countless features to the client side to drive client engagement and improve health outcomes.”
Significant Milestones
What have been some of the company’s most significant milestones? Faycurry cited:
“I’m proud that Fay has achieved the following milestones:
- Fay has amassed the largest and fastest-growing network of Registered Dietitians in the country, with over 1,000 providers. That number expected to double by 2025.
- Fay has helped tens of thousands of patients receive life-changing care.
- Fay accepts over 700 insurance plans, so 95% of people with insurance will pay as little as $0.
Customer Success Stories
After asking Faycurry about customer success stories, he highlighted:
“Here are data points from a client survey:
- 85% of people reached or maintained their target weight.
- 9 out of 10 people adopt behaviors that improve their health and well-being.
- 93% improve their relationship with food.
We also have hundreds of client testimonials, a few that you can see on our homepage.”
Funding
When asking Faycurry about the company’s funding information, he revealed:
“Fay has raised $25 million in total. We recently announced our funding news.”
Total Addressable Market
What total addressable market TAM size is the company pursuing? Faycurry assessed:
“We believe that we can help millions of Americans live longer, healthier, happier lives by accessing life-changing nutrition therapy. Our goal is not only to help people manage existing health conditions but also to help people prevent health conditions before they arise. We believe this is the key to solving the nutrition crisis that our country faces and why we think we have such a large opportunity and TAM.”
Differentiation From The Competition
What differentiates the company from its competition? Faycurry affirmed:
“At Fay, we deeply understand that in order to improve health outcomes, we must go beyond increasing access to truly empowering and enabling dietitians to deliver the care our country so desperately needs. This understanding is why we have the nation’s largest and fastest-growing network of Registered Dietitians across all 50 states. The lived experience of clients and dietitians is what has informed and continues to inform our roadmap. Our incredible team is composed of people who are empathetic to the users’ experience, incredibly driven, and the top of their respective fields across technology, healthcare, nutrition, and insurance. We’ve been hiring the best in the business to build Fay, and ultimately our team is our differentiator.”
Future Company Goals
What are some of the company’s future company goals? Faycurry concluded:
“Fay aims to help millions of people live longer, healthier, and happier lives. We are working to transform the American healthcare system from a reactive model that treats illness to a proactive one that emphasizes prevention. Fay is leading a new era in healthcare by making effective nutrition care accessible and beneficial for patients, providers, and payors.”
“With recent investments, Fay plans to accelerate growth and enhance its offerings for both dietitians and their clients. We’re developing additional AI-powered tools to help providers run their practices more efficiently and expanding the patient-facing experience to improve engagement and outcomes. Additionally, Fay intends to broaden access to nutrition care by incorporating more insurance plans and investing in partnerships with employers.”
