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Seizing an opportunity to make the health insurance validation process electronic, in 2004 Luis Navas and Sebastián Letemendia bought Conexia, the information technology company that they had been managing for four years. With Conexia’s solution, healthcare insurance companies saw the results of real-time adjudication of benefits – a process that enabled practitioners and insurance companies to share information and validate medical procedures with the simple swipe of a patient’s health card.
Luis and Sebastián met through IMPSA, a multinational industrial conglomerate. Coming from different backgrounds – Luis with a PMD from Harvard and Sebastián with an MBA from Wharton – the two began to work together when they took over leadership of IMPSA’s technology incubator. The incubator supported the development of start-up companies, including Conexia. As the CEO and CFO of the incubator, Luis and Sebastian were tasked with “fixing” Conexia. They bought the company through a management buy-out in 2004.
Since 2004, with management’s renewed focus on tech, human resources, and customer service, Conexia has become the benchmark in Argentina. Customer identification, coverage verification, and payment now take place with the swipe of a card.
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