Miles Beckett: Dental insurance is failing patients, Flossy’s AI pivot is driving rapid growth, and Fiona’s tailored solutions are reshaping patient engagement

Key Takeaways

• Dental insurance often fails to provide value, prompting new payment models.
• Flossy pivoted to AI tools after recognizing their potential in the dental industry.
• The average cost for Flossy’s AI receptionist is around $500 per month per location.
• Flossy initially used a hybrid sales strategy, combining bottom-up and top-down approaches.
• Fiona’s product is tailored for dental and healthcare industries, focusing on patient scheduling.
• Fiona’s approach to patient engagement is more active than traditional customer support tools.
• Flossy is experiencing significant month-over-month growth since its launch.
• The company is expanding its AI services to enhance customer engagement and retention.
• Investors from 2021’s market peak may face significant losses due to high valuations.
• Flossy is on track to become the dominant platform in the dental industry by the end of the year.
• The strategic shift to AI has been a key driver of Flossy’s recent success.
• Flossy’s focus on industry-specific solutions sets it apart from general customer support products.
• The company’s growth trajectory suggests strong market demand for its AI solutions.
• Flossy’s pricing model reflects a scalable approach to its AI receptionist technology.
• The competitive landscape in dental technology is shifting in favor of AI-driven solutions.

Guest intro

Miles Beckett is the CEO and co-founder of Flossy, an AI-powered dental receptionist platform that automates patient booking and engagement for dental practices. He previously co-founded EQAL, a digital media company behind the pioneering web series lonelygirl15, which garnered over 500 million views and helped define the medium. Beckett holds an M.D. from the University of California at San Diego and a B.S. in Neuroscience from UC Berkeley, and has successfully built and exited multiple startups across digital media and healthcare.

The limitations of traditional dental insurance

• Dental insurance is really not worth it when you look at the numbers

  — Miles Beckett

• Traditional dental insurance often fails to provide adequate value to patients.
• Innovative payment models are emerging to address the shortcomings of dental insurance.
• The dental industry is ripe for disruption due to outdated insurance models.
• Patients are seeking more cost-effective ways to manage dental care expenses.
• Flossy’s approach addresses the inefficiencies in traditional dental insurance.
• The shift towards alternative payment models is gaining traction in the dental sector.

• We just felt like dental was ripe for opportunity

  — Miles Beckett

• Understanding the limitations of dental insurance is crucial for industry innovation.

Flossy’s strategic pivot to AI

• Flossy pivoted to focus on AI tools after recognizing their potential in the dental space.

• We got super into AI in 2023 like when ChatGPT launched

  — Miles Beckett

• The strategic shift to AI has been a key driver of Flossy’s recent success.
• AI advancements have significantly impacted various industries, including dental care.
• Flossy’s pivot reflects the growing importance of AI in healthcare operations.
• The company has developed internal tools utilizing AI to enhance its services.
• Flossy’s focus on AI aligns with broader industry trends towards automation.
• The pivot to AI was driven by the potential for improved patient engagement.

• We started building a lot of internal tools at the original kind of business model using AI

  — Miles Beckett

Pricing and sales strategy

• The average customer pays about $500 a month per location for Flossy’s AI receptionist.

• It’s about $500 a month per location that can go up or down depending upon usage

  — Miles Beckett

• Flossy initially used a hybrid approach to sales, combining both bottom-up and top-down strategies.
• The pricing model reflects a scalable approach to the AI receptionist service.
• Flossy’s sales strategy evolved from initial partnerships to broader market engagement.
• The company signed a deal with a nationwide dental network early on.

• We started going to conferences and having conversations with larger DSOs and private equity firms

  — Miles Beckett

• Understanding the pricing and sales strategy is key to grasping Flossy’s market approach.

Fiona’s industry-specific product design

• Fiona’s product is specifically designed for industry verticals like dental and healthcare.

• The number one most important thing for a dentist in terms of communication with patients is booking those patients

  — Miles Beckett

• The focus is on patient scheduling rather than general customer support.
• Fiona’s design addresses the unique needs of dental practices.
• The product’s niche focus sets it apart from general customer support tools.
• The emphasis on scheduling is critical for its target users in the dental industry.
• Fiona’s approach enhances patient engagement through active communication strategies.

• The product is a little bit different and then the business logic behind the scenes is totally different

  — Miles Beckett

Expansion of AI services

• Flossy is expanding its services to include various AI agents for dental practices.

• We’re really expanding into other AI agents for dental practices

  — Miles Beckett

• The expansion focuses on customer engagement, retention, and patient bookings.
• AI plays a crucial role in enhancing customer engagement in the dental industry.
• The company’s strategic direction aims to broaden its service offerings.
• Flossy’s expansion reflects a commitment to innovation in dental technology.
• The development of AI agents is aligned with industry demands for improved patient interaction.
• Understanding the role of AI in customer engagement is key to Flossy’s strategy.

Rapid growth and market demand

• Flossy is experiencing significant month-over-month growth since its launch.

• We’re growing like 70% month over month since launch

  — Miles Beckett

• The growth trajectory suggests strong market demand for Flossy’s AI solutions.
• Flossy’s success is indicative of the broader trend towards AI in healthcare.
• The company’s performance highlights the effectiveness of its market strategy.
• Rapid growth is driven by the increasing adoption of AI in dental practices.
• Flossy’s growth reflects a shift in industry dynamics towards technology-driven solutions.
• The company’s expansion and growth are supported by its innovative approach to AI.

Challenges for 2021 investors

• Investors who entered the market at its peak in 2021 are likely to face significant losses.

• Almost everybody who invested in twenty twenty twenty one at the peak is not gonna do well

  — Miles Beckett

• High valuations during the 2021 peak present challenges for investors.
• The market conditions during this period were not favorable for long-term gains.
• Understanding the risks associated with high valuations is crucial for investors.
• The challenges faced by 2021 investors highlight the importance of market timing.
• Flossy’s growth trajectory contrasts with the struggles of peak-period investors.
• The statement provides a clear assessment of the challenges faced by investors in a specific market period.

Flossy’s trajectory towards market dominance

• By the end of this year, it will be clear that Flossie has become the dominant platform in the dental industry.

• I think we are rapidly becoming the dominant platform in dental

  — Miles Beckett

• Flossy’s growth trajectory suggests a significant shift in industry dynamics.
• The company’s market strategy positions it as a leader in dental technology.
• Flossy’s success is driven by its innovative approach and strategic pivot to AI.
• The prediction indicates confidence in Flossie’s growth and market position.
• Understanding the competitive landscape is key to grasping Flossie’s dominance.
• Flossy’s trajectory reflects a broader trend towards technology-driven solutions in healthcare.