Niko Fotopoulos 💥
@nikofotos
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building @usesparx | building the best insurance experience for businesses
Joined April 2019
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Pinned Tweet
💥Thrilled to publicly launch Sparx and the news of our $3.1 million seed round from Drive Capital, Thrive Capital, Human Capital and Wicklow Capital! Thank you for the nice feature
@ChristineMHall
in TechCrunch today
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Independent pharmacists — the untapped quarterbacks of our healthcare system.
A thread on the market you never knew about. 💥
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Every company CFO is in default cost cutting mode
Here's some Sparx magic 💥
Automating vendor negotiations, cutting our customers' expenses by 16.3% for free!
Our bot usually generates savings in the background, but we spun up a little demo to give you an idea of how it works
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@Julian
There should be a biz built around this
1. Charge to create a report that analyzes my house + how to optimize w these devices in diff categories (health, safety, fun, etc)
2. Charge fee to implement it all + recurring fee to manage the subscriptions/maintenance
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A quick thread on a shady part of pharma-payer back office dealings: copay cards, accumulators, and maximizers. 💊
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@Austen
Let me know if you want a quick pharmacy 101 rundown on how the system works/why that happened
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New to CFO twitter? Let me save you some time
-
@sweatystartup
: the engagement-bait 🐐
-
@OnlyCFO
: helping startups grow revenue + avoid the mistakes of public comps
-
@SecretCFO
: meme your way to cash-flow positive
-
@cjgustafson222
: startup CFO who actually walks the walk
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A quick explainer on D&O insurance and why it may save the OpenAI board from having to pay out $50M of personal cash👇
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Still scared about OpenAI killing your startup? They don't even have a permanent CEO
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Partnering with the best, bringing more savings to our ecosystem
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PBMs are squeezing these pharmacists left and right, continually increasing DIR fees (money that payers take back at the end of the year based on arbitrary “quality measures”).
On many medications and vaccines, pharmacists are actually losing money (negative reimbursement).
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Wanna learn more about our story?
💥 Excited to publicly launch Sparx and also share that we’ve raised a $3.1 million seed round from Drive Capital, Thrive Capital, Human Capital and Wicklow Capital! Thank you for
@ChristineMHall
for covering our raise in TechCrunch today
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@damccormick13
@GovKathyHochul
We'll regulate creatine, but let the bodegas sell shit like kratom? Good to know where the priorities are
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@Austen
It’s much more socially acceptable and encouraged to talk about mental health, there must be some marginal improvement
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While working together at two early-stage companies,
@ricky_pati
and I were tasked with cost reduction admin tasks. Immediately, we were grappling with outdated spreadsheets, manual workflows, and an overall failing coordination between the finance and engineering teams.
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This is just the starting point for Sparx. We want to build a comprehensive FinOps suite that actually keeps a business afloat without pulling more money from their pockets. That’s a tall task but it’s exactly what is needed for the modern operator.
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Yet, the pandemic changed all this. While physicians’ offices were closed and ERs were overrun with COVID patients, pharmacists were the only place for patients to turn. They kept their doors open, spending time with each patient, layering on COVID testing and vaccinations.
/6
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Big win for a Sparx customer 🙌
1/ 🎉
@TechCrunch
announced our $11M Series A today
Round is led by
@felicis
along with
@NFX
, Zoom Ventures,
@FPrimeCapital
,
@MatchstickVC
and
@mavenventures
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New ChatGPT updates are insane 🤯
Was able to make an insurance copilot trained on Sparx's corpus of policy info and carrier insights
Give it a spin, upload your policies and ask it any questions on your biz insurance/coverage!
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Yet, some need far more than convenience. They need a healthcare guide, a confidant. These are some of the sickest, poorest, most chronically ill, and highest cost patients of the system.
And their independent pharmacist is the healthcare professional they rely on the most.
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Realizing that there was no off-the-shelf, comprehensive software here, we built out a platform internally that was able to reduce our previous employers’ burn by 65% and most importantly without any manual workflows.
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We looked at some point solutions and saw they had a price tag up to $200,000! That made no sense to us. We wanted to cut overspend, not get another $200k software license. Additionally, they only covered a portion of expenses like SaaS.
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A killer team finally making some noise - it’s about time 🙌
We’re thrilled to publicly launch Yuzu Health and the news of our $5M seed round led by
@lachygroom
with participation from
@neo
,
@DayOneVC
,
@browdercapital
, Altman Capital, and other amazing founders and operators.
Our mission is to make health insurance clear and affordable.⬇️
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We serve businesses of all sizes. Our beta customers include the National Foundation for Cancer Research and Invisalign, and more than 100 startups and SMBs. Our customers have collectively saved more than 12 million dollars since March using the free Sparx platform.
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As belts collectively tightened, we realized that this wasn’t just a problem for those companies. Every operator, be it at a startup, small business, or enterprise, had been asked to cut burn but had no platform to help them accomplish this.
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These pharmacists, many holding a PharmD, are doing double time with patients, all for free. They have been working for years to optimize the number of Rx they fill, providing free patient consults along the way. When patients have questions, they know they can come to them.
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Did everyone also just get that alarm? That means it’s time to sign up for some Sparx savings.
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apology for poor english
when were you when sam altman fired?
i was sat at home fine tuning llm with shitty data set
'sam is kill’
‘no’
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If employees continue to leave and
@OpenAI
loses its foothold in the market, there will be shareholders who will file lawsuits and look to prove that the board acted irresponsibly instead of having the company’s best interest in mind
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Some stats:
93% of US lives within 5 miles of a community pharmacy.
Patients see their pharmacist up to 7x as often as their PCP.
60% of independent pharmacies serve solely underserved pops.
They fill 1/2 of all Rx in the US
(h/t
@nikillinit
)
/4
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We started Sparx to solve this problem. Sparx is Truebill for businesses. Just like Truebill did for consumers, we identify areas of non-usage/overspend and automate workflows to curb such spend. Sparx auto-cancels wasted spend for free and businesses get their time & money back
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In a world where clinician burnout and resignation is growing, it’s time to help pharmacists fulfill their potential. 💥
/13
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Love this team and this product in such an ancient industry as employer health plans can be.
So happy we could be a small part of Yuzu Health's journey!
Our first customer highlight: Yuzu Health!
Yuzu simplifies health plan administration for companies from the ground up.
Read more about how Sparx turned around insurance requirements within hours so they could go back to serving their customers!
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At a basic level, Directors & Officers insurance is designed to respond to losses that arise when directors and officers make errors in performing their duties
This includes if an officer is guilty of:
Breach of duty
Negligence
This typically excludes:
Illegal acts
Fraud
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Sparx has worked with our CFO customers to identify the top 6 must-have AI tools to add to your arsenal.👇
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Florida’s $18B insurance fund is insolvent.
The besties at All-In claim that this is all monopoly money and Florida property prices will come crashing down:
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As a result, simply increasing Rx is no longer viable. In order to preserve the independent pharmacist and their patients, we must expand the revenue they can get from providing clinical care.
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So excited for the public launch 🙌
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How is it that you can visit a healthcare startup’s website and leave more confused about their offering/target customer?
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-
@BoucherNicolas
: real hardcore KPI guides instead of hand-wavey advice
-
@realEstateTrent
: for the real estate pros, learn from the man at the center of the industry
-
@LiuLindberg
: best ways to better integrate finance in your org without other departments hating you
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@sama
was raising for new chip venture before ousting
Almost certainly the thing he wasn’t communicating well to the board about
Raising from Saudis to rival Nvidia
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-
@cfo_mm
: mid-market companies need to read these tweets
-
@KurtisHanni
: making finance an art that you (yes you, founder/CFO reading this) can continue to hone
-
@secret_FPA_guy
: fresh takes on being the best FP&A team member at the company
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Another tough week for Embroker's reinsurer Vesttoo
1. Markel piles more damages to the lawsuit, to the tune of $25M
2. The group has given up on their bankruptcy reorg, and instead going for a quiet sale
This is after Vesttoo, dubbed the Madoff of Insurance, faked $150M LoC
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📉 Bed Bath & Beyond closing shop, legendary institutions like Instant Pot going belly-up, and HealthIQ screwing over vendors. Here’s how CFOs can get back 95% of A/R from customers that go out of business or refuse to pay 👇
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Tigris likely compromised the principals that
@OpenAI
hopes to uphold with it's mission in bringing about AGI
If I'm
@ilyasut
and that is being kept from me, I can see why the decision was made
@sama
was raising for new chip venture before ousting
Almost certainly the thing he wasn’t communicating well to the board about
Raising from Saudis to rival Nvidia
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If a shareholder, creditor, or vendor believes the board did something in error, they can initiate a lawsuit to recoup funds
Typically, this happens when a company goes bankrupt
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The policy carved out an exclusion for fraud
That’s it, that’s the tweet.
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@RonConway
I wish the board luck
Will be interesting what the damages will be when they get sued over all this
A quick explainer on D&O insurance and why it may save the OpenAI board from having to pay out $50M of personal cash👇
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Based on twitter takes from folks who work closely with
@sama
and
@ilyasut
, here's my prediction
The board will be sued personally, but will be proven competent in court for their decisions against
@sama
There will be some hard lawsuits to prove competency for
@adamdangelo
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Never stressing about where I’m getting my nutrition again
Some of my friends in NYC started a private chef as a service to automate meal prep + split the cost + it saves me a ton of time:
Actually healthy + yummy meals delivered weekly in glass containers
They’re expanding the group and I have a few invites left, reply if interested!!
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Orgs like
@Commpharmacy
and
@pharmacists
are providing support for this transition, but there is no clear game plan to get pharmacists paid.
Especially in a way that brings them immediate ROI and doesn’t disrupt their workflow.
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SBF paid $300,000 for FTX's insurance which is meant to cover his legal fees
It’s paying out $0
Find out why 👇
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A large shareholder may blame a board member for burning their investment, personally suing them for wrongdoing to recoup some cash
The D&O policy is always attacked first.
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I wouldn’t be surprised if you’ve never thought about independent pharmacists, why would you? Most of us have gone to CVS for our antibiotics Rx, or are now ordering drugs online paired with telehealth. Peak convenience for low-acuity conditions.
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Just when you thought your insurance company wasn’t innovating, they never cease to surprise you when it comes down to regulating their costs.
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If, for eg, the policy covers up to $50M in damages, then that shareholder will get up to $50M from the insurance companies if they win their lawsuit.
And the board member didn't lose any personal cash
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About time this amazing team started making more noise, more to come Sparx x Antimetal👀
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Ecom companies quickly becoming our best customers 💸
FOMO, crazy spending, quick decision making
What we’ve seen from ecom owners👇
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@Jason
Would be cool if passengers just had their own air mask and breathed constantly filtered air during the flight. They already have those drop-down safety oxygen masks in place
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If that gets hit in court,
@ilyasut
and other board members will now be protected 3 different ways by the D&O policy through its “three sides” – Side A, B, and C
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@Riley_Gaines_
More craziness for harvard
Feel a type of way about the affirmative action ruling?
Well Harvard may be out another $15M in the fallout from the landmark result
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@gregisenberg
I really don't think this is an in-vs-out game with VCs to blame. The pressure from big tech Microsoft likely a much bigger push for better comms on product dev/launces. Microsoft can't really play around with AGI aggressively against the US govts wishes
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Kicking off Sparx-mas 12 Days of Savings! We'll reveal a new giveaway each day for 12 days straight, highlighting some fantastic Sparx customers.
Just like/comment each post for a chance at winning each prize. Day 1 is $200 of products from
@aavrani
👀
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Comment "Cloaked" to get a free annual subscription to their wild privacy software app, courtesy of the folks
@keepitcloaked
Ending the week off with Day 10 of Sparx-mas: 12 Days of Savings 🎄
On the tenth day of Sparx-mas,
your true love sent to you
a
@keepitcloaked
subscription
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@nikillinit
Might be worth an OOP post on this scheme
A quick thread on a shady part of pharma-payer back office dealings: copay cards, accumulators, and maximizers. 💊
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Independent pharmacists across the US have been secretly experimenting.
Everything from lab testing to running sleep clinics. We’ve seen some submit random claims to insurance companies just to test the waters and see how the system works.
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These pharmacists have been itching for more ways to operate at the top of their license and provide clinical care. And at this point, the system is forcing them to figure it out on their own.
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Huge trend now in outsourcing more biz admin tasks, go comment "Friday" to get $1K off sourcing a great virtual assistant from the folks
@outworkstaffing
Last Monday of the Work Year!
Make every day feel like a Friday with Day 11 of Sparx-mas: 12 Days of Savings
On the eleventh day of Sparx-mas,
your true love sent to you
$1000 off of a virtual assistant
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Go comment "$50K" to get your startup a free R&D Tax Credit claim from the folks at Haven (unlocks $50K for your startup!)
Day 6 of Sparx-mas: 12 Days of Savings 🎄 is a must do by the end of ‘23 for almost all startups
On the sixth day of Sparx-mas,
your true love sent to you
💸 $50,000 💸
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Hilarious slip up from Apple
In court, a UChicago professor leaked that Google pays Apple 36% of revenue from search in Safari
Which is essentially Google paying Apple not to make its own search engine
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The shady part is that these maximizers operate very under-the-table. Many founded within the last 2 years with exclusive PBM partnerships for an actuarial function that PBMs/payers could have in-housed. They are basically large call centers making all of this happen.
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@sweatystartup
Our brokerage is seeing the same thing, happy to inquire with anyone interested. Our brokers are salaried (not commission-based), so they are incentivized to get you the lowest rate --
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@Austen
Talking about it helps in the process of understanding yourself. Mentally healthy doesn’t mean happy, mentally healthy is being able to better adjust and adapt to complex emotions
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-
@AliTheCFO
: boils finance down to exactly what you need
-
@theantonioreza
: wonder how the big boys handle FP&A? Learn from Google’s best practices
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My Post-COVID/2020 Thesis:
Telemed/Health services, Fintech, International Relations, Housing
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But once we make this transition, I’ll let your mind run wild with the possibilities. An effective clinical trial network, a well-equipped system to meet patients where they are, increased preventive care.
All in the name of serving patients that need help the most.
/12
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@kathrynjc7
Recently chatted with
@mleinenbach4
/
@prendehealth
Most excited about their biz model/founder-market fit. Absolute rockstars over there
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TIL the guy who made crocs cool also turned Stanley tumbler mugs into a status symbol
The trick was smart social media + sneakerhead-style scarcity
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Bloomberg reporting
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A monstrous team with a beautiful product 🙌
Today we’re launching Vivid () – an AI-powered plugin for the new Figma dev mode that lets you generate and hand off ready-to-use components.
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Warren Buffet is going back to his roots
Berkshire loses $12.8B this quarter
But their insurance earnings are gaining big (by aggressively raising rates!)
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@anothercohen
Have been saying this, if homeowners can’t afford the insurance, the home is really only worth the dirt it sits on
Florida’s $18B insurance fund is insolvent.
The besties at All-In claim that this is all monopoly money and Florida property prices will come crashing down:
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The TL;DR is that Harvard purchased insurance through their broker Marsh to protect against these types of lawsuits, but their insurer is not paying out.
Looks like it may be Marsh’s fault
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Side C: If
@OpenAI
is sued directly as a business unit, the policy protects the costs to the business
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Tier 1 on this list is preferred since the insurance co pays out the least to pharma when it’s prescribed. Tier 2/3 cost the payer more, so they push for preferential prescribing of Tier 1 drugs.
/4
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Payers for the most part weren’t happy that their Tier 2/3 drugs were seeing wildly increased Rx. They accused copay card programs for causing increases in premiums, but that did not stop pharma.
Optum’s take:
/9
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My secret from working with the procurement C-suite at the Fortune 50: they have all the resources you don’t. How we’re going to empower startups to save the same way the whales do 👇
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