REV.health — detailed proforma
The complete $4M · SaaS + RCM model — every tab, for diligence. Seed $4.00M · model starts 2026-08.
Figures match the proforma snapshot and the deck. Sections follow the workbook tab order.
1 · Investor Returnthe exit one-pager
Investor proceeds at exit $111.2M 27.8x on capital | Gross MOIC 27.8x × your money | Effective annual rate (IRR) 77% / yr over 5.8 yrs |
| The math | |
| Investment in (seed) | $4.00M |
| Ownership (pre-dilution) | 20% |
| Exit enterprise value @ 10x | $555.8M |
| Revenue run-rate at exit | $55.6M |
| Exit revenue multiple | 10x |
| Net gain (proceeds − seed) | $107.2M |
2 · Summaryheadline KPIs + the single exit calc
Revenue run-rate $55.6M final month × 12 | EBITDA at end (monthly) $3.28M final month | Gross margin 79% rev − cost-to-serve |
Physicians at end 1,150 460 practices | Employees at end 108 total FTE (staffing plan) | Lowest cash balance $662K thinnest runway |
EBITDA-positive month Month 36 first profitable month |
| Exit (single calc — Investor Return references these) | |
| Exit valuation | $555.8M |
| Investor proceeds | $111.2M |
| Gross MOIC | 27.8x |
| Effective annual rate (IRR) | 76.8% |
| Net gain | $107.2M |
3 · Assumptions-Mainmajor inputs (the model is driven from here)
| Growth & timing | |
| Dev period (months) | 10 |
| Physicians / practice | 2.5 |
| Pricing | |
| EMR price / physician / mo | $595 |
| RCM % of collections | 4.9% |
| RCM attach (share on RCM) | 90% |
| Year-1 ramp (price + FTE efficiency) | 70% |
| Exit revenue multiple | 10x |
| Throughput → collections | |
| Encounters / clinical day | 22 |
| Clinical days / yr | 255 |
| Collected $ / encounter | $150 |
| Financing | |
| Seed raise | $4,000,000 |
| Opening cash (founders, pre-seed) day-1 balance, before seed | $300,000 |
| Operating costs (company-wide fixed) | |
| Fixed opex / mo — base (op-yr 0) | $25,000 |
| Fixed opex growth / yr (factor) ≈ +30%/yr | ×1.30 |
4 · Assumptions-Detailsfeeders, grouped by what they feed
| Feeds → Revenue | |
| Collections efficiency edge (1+edge×capture) | 1.110 |
| Feeds → Cost-to-Serve (per encounter / claim) | |
| AI-scribe + Azure infra / encounter single source: AI & Azure | $0.026 |
| Clearinghouse / claim | $0.450 |
| Claims / encounter | 1.05 |
| eRx (Surescripts) / encounter | $0.120 |
| Payment processing (% of collections) | 0.00% |
| Licensing + Surescripts / physician / yr | $300 |
| Platform flat / yr (TEFCA + interfaces) | $50,000 |
| Feeds → Staffing | |
| Fully-loaded factor (benefits/overhead) | ×1.20 |
| AI deflation on the AI-assisted RCM role, by operating year | |
| AI deflation factor — op yr 1 | 1.34 |
| AI deflation factor — op yr 2 | 1.21 |
| AI deflation factor — op yr 3 | 1.06 |
| AI deflation factor — op yr 4 | 1.00 |
| AI deflation factor — op yr 5 | 0.94 |
5 · RCM-Staffingserve-team physicians-per-FTE → labor $/physician
| Serve role | Phys/FTE (mature) | Yr-1 ratio | Loaded salary $K | AI factor | $ / phys / mo |
|---|---|---|---|---|---|
| Implementation · Mid * | 383 | 268.3 | $90.0K | 1.00 | $20 |
| Support · Sr (CSM) | 200 | 140.0 | $114.0K | 1.00 | $48 |
| Support · Jr | 60 | 42.0 | $72.0K | 1.00 | $100 |
| RCM ops · Sr lead | 250 | 175.0 | $114.0K | 1.00 | $38 |
| RCM ops · Mid (AI-assisted) | 25 | 17.5 | $81.6K | 0.94 | $256 |
| Clinical · Mid | 120 | 84.0 | $96.0K | 1.00 | $67 |
| Labor cost-to-serve / physician / mo (mature) | $527 |
| RCM FTE per physician (mature) | 0.044 |
| Physicians per RCM FTE (mature, blended) 1 RCM ops FTE covers this many | 23 |
* = practice-driven role (Implementation) converted to an effective phys/FTE at scale. Year-1 ratios are less efficient (× the year-1 ramp); converge to mature from op-year 2.
6 · Revenueper-physician revenue build
| Encounters / physician / mo | 467.5 |
| Collections / physician / yr (mature) | $841,500 |
| Collections / physician / yr — year 1 (ramping) | $589,050 |
| EMR / physician / mo | $595 |
| RCM / physician / mo | $3,433 |
| Blended revenue / physician / mo | $4,028 |
| ACV / practice / yr | $120,831 |
| EMR share of revenue | 15% |
7 · Cost-to-Serveper-encounter → per-physician COGS + labor
| Tech / transaction / licensing COGS — itemized per physician / mo | |
| AI-scribe + Azure / mo 468 enc/mo × $0.026/enc | $12.26 |
| Clearinghouse (claims) / mo 468 enc × 1.05 claims × $0.450/claim | $220.89 |
| eRx (Surescripts) / mo 468 enc × $0.120/enc | $56.10 |
| Payment processing / mo collections/mo × 0.00% (passed through) | $0.00 |
| Licensing + Surescripts / mo $300/yr ÷ 12 | $25.00 |
| COGS / physician / mo (total) excl. company-wide platform flat (added in the Proforma) | $314 |
| Service-team labor + total | |
| Labor cost-to-serve / physician / mo (mature) | $527 |
| Total cost-to-serve / physician / mo | $842 |
| Gross margin (rev − cost-to-serve) | 79.1% |
8 · Staffingdriver-based plan + end headcount
| Role · level | Group | Salary $/yr | Driven by | Ratio | First hire (m) | @ end | Base | Adds/yr |
|---|---|---|---|---|---|---|---|---|
| Eng · Sr/Staff | corp | $200,000 | fixed | — | 0 | 3 | 1 | 1 |
| Eng · Mid | corp | $150,000 | fixed | — | 4 | 3 | 0 | 2 |
| Eng · Jr | corp | $80,000 | fixed | — | 14 | 2 | 0 | 2 |
| Sales · AE (Sr) | corp | $120,000 | practiceAdds | 2 | 11 | 5 | — | — |
| Sales · SDR (Jr) | corp | $80,000 | aeRatio | 2 | 20 | 3 | — | — |
| Implementation · Mid | serve | $75,000 | practiceAdds | 8 | 20 | 3 | — | — |
| Support · Sr (CSM) | serve | $95,000 | physicians | 200 | 6 | 6 | — | — |
| Support · Jr | serve | $60,000 | physicians | 60 | 9 | 20 | — | — |
| RCM ops · Sr lead | serve | $95,000 | physicians | 250 | 6 | 5 | — | — |
| RCM ops · Mid (AI-assisted) | serve | $68,000 | physicians | 25 | 6 | 44 | — | — |
| Clinical · Mid | serve | $80,000 | physicians | 120 | 9 | 10 | — | — |
| G&A · Exec | corp | $180,000 | fixed | — | 20 | 3 | 0 | 0.5 |
| G&A · Ops/Finance | corp | $110,000 | totalFte | 250 | 36 | 1 | — | — |
| Total FTE at end | 108 |
| Total annual SWB at end (loaded) | $10,344,400 |
9 · Staffing (monthly)per-month headcount → SWB (all 70 months · (s) = serve)
| Month | Eng | Eng | Eng | Sales | Implementation (s) | Support (s) | Support (s) | RCM (s) | RCM (s) | Clinical (s) | G&A | Sales | G&A | Corp SWB | Serve SWB | Total SWB |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug-26 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $17K | $0 | $17K |
| Sep-26 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $33K | $0 | $33K |
| Oct-26 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $33K | $0 | $33K |
| Nov-26 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $33K | $0 | $33K |
| Dec-26 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $33K | $0 | $33K |
| Jan-27 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $46K | $0 | $46K |
| Feb-27 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $46K | $0 | $46K |
| Mar-27 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $46K | $0 | $46K |
| Apr-27 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $46K | $0 | $46K |
| May-27 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $46K | $0 | $46K |
| Jun-27 | 2 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | $46K | $40K | $86K |
| Jul-27 | 2 | 2 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | $68K | $40K | $108K |
| Aug-27 | 2 | 2 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | $68K | $40K | $108K |
| Sep-27 | 3 | 2 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | $85K | $40K | $125K |
| Oct-27 | 3 | 2 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | $85K | $40K | $125K |
| Nov-27 | 3 | 2 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | $92K | $40K | $131K |
| Dec-27 | 3 | 2 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | $92K | $40K | $131K |
| Jan-28 | 3 | 3 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | $104K | $40K | $144K |
| Feb-28 | 3 | 3 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | $104K | $40K | $144K |
| Mar-28 | 3 | 3 | 1 | 1 | 0 | 1 | 1 | 1 | 2 | 1 | 0 | 0 | 0 | $104K | $47K | $151K |
| Apr-28 | 3 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 0 | 1 | 0 | $111K | $54K | $165K |
| May-28 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | $136K | $54K | $190K |
| Jun-28 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | $136K | $54K | $190K |
| Jul-28 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | $136K | $54K | $190K |
| Aug-28 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | $146K | $54K | $200K |
| Sep-28 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | $146K | $54K | $200K |
| Oct-28 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | $146K | $54K | $200K |
| Nov-28 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | $146K | $54K | $200K |
| Dec-28 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | $153K | $54K | $207K |
| Jan-29 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 0 | $153K | $61K | $214K |
| Feb-29 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 0 | $153K | $61K | $214K |
| Mar-29 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 0 | $153K | $61K | $214K |
| Apr-29 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 0 | $153K | $61K | $214K |
| May-29 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 0 | $153K | $61K | $214K |
| Jun-29 | 3 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | 3 | 1 | 1 | 1 | 0 | $163K | $67K | $230K |
| Jul-29 | 3 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | 4 | 1 | 1 | 1 | 0 | $167K | $74K | $241K |
| Aug-29 | 3 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | 4 | 1 | 1 | 1 | 1 | $178K | $74K | $252K |
| Sep-29 | 3 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | 4 | 1 | 1 | 1 | 1 | $178K | $74K | $252K |
| Oct-29 | 3 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | 5 | 1 | 1 | 1 | 1 | $181K | $81K | $261K |
| Nov-29 | 3 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | 5 | 1 | 1 | 1 | 1 | $181K | $81K | $261K |
| Dec-29 | 3 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | 6 | 1 | 1 | 1 | 1 | $181K | $87K | $268K |
| Jan-30 | 3 | 3 | 2 | 2 | 1 | 1 | 3 | 1 | 6 | 2 | 1 | 1 | 1 | $181K | $101K | $282K |
| Feb-30 | 3 | 3 | 2 | 2 | 1 | 1 | 3 | 1 | 6 | 2 | 1 | 1 | 1 | $181K | $101K | $282K |
| Mar-30 | 3 | 3 | 2 | 2 | 1 | 1 | 3 | 1 | 7 | 2 | 1 | 1 | 1 | $181K | $108K | $289K |
| Apr-30 | 3 | 3 | 2 | 2 | 1 | 1 | 3 | 1 | 7 | 2 | 1 | 1 | 1 | $182K | $108K | $290K |
| May-30 | 3 | 3 | 2 | 2 | 1 | 1 | 3 | 1 | 7 | 2 | 2 | 1 | 1 | $200K | $108K | $308K |
| Jun-30 | 3 | 3 | 2 | 5 | 2 | 1 | 4 | 1 | 8 | 2 | 2 | 3 | 1 | $252K | $128K | $380K |
| Jul-30 | 3 | 3 | 2 | 5 | 2 | 2 | 4 | 1 | 9 | 2 | 2 | 3 | 1 | $252K | $145K | $397K |
| Aug-30 | 3 | 3 | 2 | 5 | 2 | 2 | 4 | 1 | 10 | 2 | 2 | 3 | 1 | $252K | $152K | $404K |
| Sep-30 | 3 | 3 | 2 | 5 | 2 | 2 | 5 | 2 | 11 | 3 | 2 | 3 | 1 | $252K | $182K | $434K |
| Oct-30 | 3 | 3 | 2 | 5 | 2 | 2 | 5 | 2 | 12 | 3 | 2 | 3 | 1 | $252K | $189K | $441K |
| Nov-30 | 3 | 3 | 2 | 5 | 2 | 2 | 5 | 2 | 12 | 3 | 2 | 3 | 1 | $252K | $189K | $441K |
| Dec-30 | 3 | 3 | 2 | 5 | 2 | 2 | 6 | 2 | 13 | 3 | 2 | 3 | 1 | $252K | $201K | $453K |
| Jan-31 | 3 | 3 | 2 | 5 | 2 | 2 | 6 | 2 | 14 | 3 | 2 | 3 | 1 | $252K | $208K | $460K |
| Feb-31 | 3 | 3 | 2 | 5 | 2 | 2 | 7 | 2 | 15 | 4 | 2 | 3 | 1 | $252K | $229K | $481K |
| Mar-31 | 3 | 3 | 2 | 5 | 2 | 2 | 7 | 2 | 16 | 4 | 2 | 3 | 1 | $252K | $236K | $488K |
| Apr-31 | 3 | 3 | 2 | 5 | 2 | 3 | 7 | 2 | 17 | 4 | 2 | 3 | 1 | $252K | $252K | $504K |
| May-31 | 3 | 3 | 2 | 5 | 2 | 3 | 8 | 2 | 18 | 4 | 2 | 3 | 1 | $252K | $265K | $517K |
| Jun-31 | 3 | 3 | 2 | 5 | 3 | 3 | 9 | 2 | 19 | 5 | 2 | 3 | 1 | $252K | $293K | $545K |
| Jul-31 | 3 | 3 | 2 | 5 | 3 | 3 | 10 | 3 | 21 | 5 | 2 | 3 | 1 | $252K | $322K | $574K |
| Aug-31 | 3 | 3 | 2 | 5 | 3 | 4 | 11 | 3 | 24 | 6 | 2 | 3 | 1 | $252K | $366K | $618K |
| Sep-31 | 3 | 3 | 2 | 5 | 3 | 4 | 12 | 3 | 26 | 6 | 2 | 3 | 1 | $252K | $386K | $638K |
| Oct-31 | 3 | 3 | 2 | 5 | 3 | 4 | 13 | 3 | 28 | 7 | 2 | 3 | 1 | $252K | $413K | $665K |
| Nov-31 | 3 | 3 | 2 | 5 | 3 | 4 | 14 | 4 | 30 | 7 | 2 | 3 | 1 | $252K | $443K | $695K |
| Dec-31 | 3 | 3 | 2 | 5 | 3 | 5 | 15 | 4 | 33 | 8 | 2 | 3 | 1 | $252K | $486K | $738K |
| Jan-32 | 3 | 3 | 2 | 5 | 3 | 5 | 16 | 4 | 35 | 8 | 2 | 3 | 1 | $252K | $506K | $758K |
| Feb-32 | 3 | 3 | 2 | 5 | 3 | 5 | 17 | 4 | 37 | 9 | 2 | 3 | 1 | $252K | $534K | $786K |
| Mar-32 | 3 | 3 | 2 | 5 | 3 | 6 | 18 | 5 | 39 | 9 | 2 | 3 | 1 | $252K | $572K | $824K |
| Apr-32 | 3 | 3 | 2 | 5 | 3 | 6 | 19 | 5 | 42 | 10 | 2 | 3 | 1 | $252K | $607K | $859K |
| May-32 | 3 | 3 | 2 | 5 | 3 | 6 | 20 | 5 | 44 | 10 | 3 | 3 | 1 | $270K | $626K | $896K |
10 · Proforma (monthly)70-month P&L
| Month | Physicians | Practices | Ramp | EMR | RCM | Revenue | COGS | Labor (CtS) | Gross profit | Salaries | Fixed opex | EBITDA | Capital in | Cash |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug-26 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $17K | $25K | -$42K | $4.00M | $4.26M |
| Sep-26 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $33K | $25K | -$58K | — | $4.20M |
| Oct-26 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $33K | $25K | -$58K | — | $4.14M |
| Nov-26 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $33K | $25K | -$58K | — | $4.08M |
| Dec-26 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $33K | $25K | -$58K | — | $4.03M |
| Jan-27 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $46K | $25K | -$71K | — | $3.95M |
| Feb-27 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $46K | $25K | -$71K | — | $3.88M |
| Mar-27 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $46K | $25K | -$71K | — | $3.81M |
| Apr-27 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $46K | $25K | -$71K | — | $3.74M |
| May-27 | 0 | 0.0 | 100% | $0 | $0 | $0 | $0 | $0 | $0 | $46K | $25K | -$71K | — | $3.67M |
| Jun-27 | 3 | 1.2 | 70% | $1K | $7K | $8K | $5K | $40K | -$36K | $46K | $25K | -$107K | — | $3.56M |
| Jul-27 | 4 | 1.6 | 70% | $2K | $10K | $11K | $5K | $40K | -$34K | $68K | $25K | -$127K | — | $3.44M |
| Aug-27 | 6 | 2.4 | 70% | $2K | $14K | $17K | $6K | $40K | -$29K | $68K | $33K | -$130K | — | $3.31M |
| Sep-27 | 7 | 2.8 | 70% | $3K | $17K | $20K | $6K | $40K | -$26K | $85K | $33K | -$144K | — | $3.16M |
| Oct-27 | 8 | 3.2 | 70% | $3K | $19K | $23K | $7K | $40K | -$24K | $85K | $33K | -$141K | — | $3.02M |
| Nov-27 | 9 | 3.6 | 70% | $4K | $22K | $25K | $7K | $40K | -$21K | $92K | $33K | -$146K | — | $2.88M |
| Dec-27 | 11 | 4.4 | 70% | $5K | $26K | $31K | $8K | $40K | -$16K | $92K | $33K | -$141K | — | $2.73M |
| Jan-28 | 12 | 4.8 | 70% | $5K | $29K | $34K | $8K | $40K | -$14K | $104K | $33K | -$151K | — | $2.58M |
| Feb-28 | 13 | 5.2 | 70% | $5K | $31K | $37K | $8K | $40K | -$11K | $104K | $33K | -$148K | — | $2.44M |
| Mar-28 | 15 | 6.0 | 70% | $6K | $36K | $42K | $9K | $47K | -$13K | $104K | $33K | -$150K | — | $2.29M |
| Apr-28 | 16 | 6.4 | 70% | $7K | $38K | $45K | $9K | $54K | -$18K | $111K | $33K | -$162K | — | $2.12M |
| May-28 | 17 | 6.8 | 70% | $7K | $41K | $48K | $10K | $54K | -$16K | $136K | $33K | -$184K | — | $1.94M |
| Jun-28 | 21 | 8.4 | 100% | $12K | $72K | $85K | $11K | $54K | $20K | $136K | $33K | -$148K | — | $1.79M |
| Jul-28 | 24 | 9.6 | 100% | $14K | $82K | $97K | $12K | $54K | $31K | $136K | $33K | -$137K | — | $1.66M |
| Aug-28 | 27 | 10.8 | 100% | $16K | $93K | $109K | $13K | $54K | $42K | $146K | $42K | -$146K | — | $1.51M |
| Sep-28 | 31 | 12.4 | 100% | $18K | $106K | $125K | $14K | $54K | $57K | $146K | $42K | -$131K | — | $1.38M |
| Oct-28 | 34 | 13.6 | 100% | $20K | $117K | $137K | $15K | $54K | $68K | $146K | $42K | -$120K | — | $1.26M |
| Nov-28 | 38 | 15.2 | 100% | $23K | $130K | $153K | $16K | $54K | $83K | $146K | $42K | -$105K | — | $1.15M |
| Dec-28 | 41 | 16.4 | 100% | $24K | $141K | $165K | $17K | $54K | $94K | $153K | $42K | -$101K | — | $1.05M |
| Jan-29 | 44 | 17.6 | 100% | $26K | $151K | $177K | $18K | $61K | $98K | $153K | $42K | -$97K | — | $956K |
| Feb-29 | 48 | 19.2 | 100% | $29K | $165K | $193K | $19K | $61K | $113K | $153K | $42K | -$82K | — | $874K |
| Mar-29 | 51 | 20.4 | 100% | $30K | $175K | $205K | $20K | $61K | $124K | $153K | $42K | -$71K | — | $803K |
| Apr-29 | 54 | 21.6 | 100% | $32K | $185K | $217K | $21K | $61K | $135K | $153K | $42K | -$60K | — | $744K |
| May-29 | 58 | 23.2 | 100% | $35K | $199K | $234K | $22K | $61K | $150K | $153K | $42K | -$45K | — | $699K |
| Jun-29 | 67 | 26.8 | 100% | $40K | $230K | $270K | $25K | $67K | $178K | $163K | $42K | -$28K | — | $671K |
| Jul-29 | 75 | 30.0 | 100% | $45K | $257K | $302K | $28K | $74K | $201K | $167K | $42K | -$9K | — | $662K |
| Aug-29 | 84 | 33.6 | 100% | $50K | $288K | $338K | $31K | $74K | $234K | $178K | $55K | $1K | — | $664K |
| Sep-29 | 93 | 37.2 | 100% | $55K | $319K | $375K | $33K | $74K | $267K | $178K | $55K | $35K | — | $698K |
| Oct-29 | 102 | 40.8 | 100% | $61K | $350K | $411K | $36K | $81K | $294K | $181K | $55K | $59K | — | $757K |
| Nov-29 | 111 | 44.4 | 100% | $66K | $381K | $447K | $39K | $81K | $328K | $181K | $55K | $92K | — | $849K |
| Dec-29 | 119 | 47.6 | 100% | $71K | $408K | $479K | $42K | $87K | $350K | $181K | $55K | $115K | — | $963K |
| Jan-30 | 128 | 51.2 | 100% | $76K | $439K | $516K | $44K | $101K | $370K | $181K | $55K | $134K | — | $1.10M |
| Feb-30 | 137 | 54.8 | 100% | $82K | $470K | $552K | $47K | $101K | $403K | $181K | $55K | $168K | — | $1.27M |
| Mar-30 | 146 | 58.4 | 100% | $87K | $501K | $588K | $50K | $108K | $430K | $181K | $55K | $194K | — | $1.46M |
| Apr-30 | 155 | 62.0 | 100% | $92K | $532K | $624K | $53K | $108K | $463K | $182K | $55K | $226K | — | $1.69M |
| May-30 | 163 | 65.2 | 100% | $97K | $560K | $657K | $55K | $108K | $493K | $200K | $55K | $238K | — | $1.92M |
| Jun-30 | 186 | 74.4 | 100% | $111K | $638K | $749K | $63K | $128K | $558K | $252K | $55K | $251K | — | $2.18M |
| Jul-30 | 209 | 83.6 | 100% | $124K | $717K | $842K | $70K | $145K | $627K | $252K | $55K | $320K | — | $2.50M |
| Aug-30 | 232 | 92.8 | 100% | $138K | $796K | $934K | $77K | $152K | $706K | $252K | $71K | $382K | — | $2.88M |
| Sep-30 | 255 | 102.0 | 100% | $152K | $875K | $1.03M | $84K | $182K | $761K | $252K | $71K | $438K | — | $3.32M |
| Oct-30 | 278 | 111.2 | 100% | $165K | $954K | $1.12M | $92K | $189K | $840K | $252K | $71K | $516K | — | $3.83M |
| Nov-30 | 300 | 120.0 | 100% | $179K | $1.03M | $1.21M | $98K | $189K | $921K | $252K | $71K | $598K | — | $4.43M |
| Dec-30 | 323 | 129.2 | 100% | $192K | $1.11M | $1.30M | $106K | $201K | $994K | $252K | $71K | $670K | — | $5.10M |
| Jan-31 | 346 | 138.4 | 100% | $206K | $1.19M | $1.39M | $113K | $208K | $1.07M | $252K | $71K | $749K | — | $5.85M |
| Feb-31 | 369 | 147.6 | 100% | $220K | $1.27M | $1.49M | $120K | $229K | $1.14M | $252K | $71K | $814K | — | $6.66M |
| Mar-31 | 392 | 156.8 | 100% | $233K | $1.35M | $1.58M | $127K | $236K | $1.22M | $252K | $71K | $892K | — | $7.56M |
| Apr-31 | 415 | 166.0 | 100% | $247K | $1.42M | $1.67M | $135K | $252K | $1.28M | $252K | $71K | $961K | — | $8.52M |
| May-31 | 438 | 175.2 | 100% | $261K | $1.50M | $1.76M | $142K | $265K | $1.36M | $252K | $71K | $1.03M | — | $9.55M |
| Jun-31 | 497 | 198.8 | 100% | $296K | $1.71M | $2.00M | $160K | $293K | $1.55M | $252K | $71K | $1.22M | — | $10.8M |
| Jul-31 | 556 | 222.4 | 100% | $331K | $1.91M | $2.24M | $179K | $322K | $1.74M | $252K | $71K | $1.41M | — | $12.2M |
| Aug-31 | 616 | 246.4 | 100% | $367K | $2.11M | $2.48M | $198K | $366K | $1.92M | $252K | $93K | $1.57M | — | $13.8M |
| Sep-31 | 675 | 270.0 | 100% | $402K | $2.32M | $2.72M | $216K | $386K | $2.12M | $252K | $93K | $1.77M | — | $15.5M |
| Oct-31 | 735 | 294.0 | 100% | $437K | $2.52M | $2.96M | $235K | $413K | $2.31M | $252K | $93K | $1.97M | — | $17.5M |
| Nov-31 | 794 | 317.6 | 100% | $472K | $2.73M | $3.20M | $254K | $443K | $2.50M | $252K | $93K | $2.16M | — | $19.7M |
| Dec-31 | 853 | 341.2 | 100% | $508K | $2.93M | $3.44M | $272K | $486K | $2.68M | $252K | $93K | $2.33M | — | $22.0M |
| Jan-32 | 913 | 365.2 | 100% | $543K | $3.13M | $3.68M | $291K | $506K | $2.88M | $252K | $93K | $2.54M | — | $24.5M |
| Feb-32 | 972 | 388.8 | 100% | $578K | $3.34M | $3.91M | $310K | $534K | $3.07M | $252K | $93K | $2.73M | — | $27.3M |
| Mar-32 | 1,032 | 412.8 | 100% | $614K | $3.54M | $4.16M | $328K | $572K | $3.26M | $252K | $93K | $2.91M | — | $30.2M |
| Apr-32 | 1,091 | 436.4 | 100% | $649K | $3.75M | $4.39M | $347K | $607K | $3.44M | $252K | $93K | $3.10M | — | $33.3M |
| May-32 | 1,150 | 460.0 | 100% | $684K | $3.95M | $4.63M | $366K | $626K | $3.64M | $270K | $93K | $3.28M | — | $36.5M |
11 · P&L (annual)fiscal-year roll-up
| Line | FY1 | FY2 | FY3 | FY4 | FY5 | FY6 |
|---|---|---|---|---|---|---|
| Revenue | $20K | $503K | $2.29M | $6.58M | $17.7M | $35.6M |
| COGS | $11K | $100K | $228K | $563K | $1.43M | $2.82M |
| Labor (cost-to-serve) | $80K | $542K | $716K | $1.20M | $2.72M | $4.94M |
| Gross profit | -$70K | -$139K | $1.34M | $4.82M | $13.6M | $27.8M |
| Salaries | $493K | $1.25M | $1.83M | $2.33M | $3.02M | $2.54M |
| Fixed opex | $300K | $390K | $507K | $659K | $857K | $928K |
| EBITDA | -$864K | -$1.78M | -$993K | $1.83M | $9.69M | $24.3M |
12 · CapTableseed, ownership, post-money
| Seed raise | $4,000,000 |
| Ownership sold (seed) | 20.0% |
| Post-money valuation | $20,000,000 |
| Series A | off |
| Series B | off |
13 · Chartsmodel at a glance
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14 · Notesmethodology
DATA FLOW: Assumptions-Main + Assumptions-Details + AI & Azure → Revenue & Cost-to-Serve (per physician); RCM-Staffing ratios → Cost-to-Serve labor; Staffing salaries × Staffing-monthly headcount → Proforma Salaries + Labor; Fixed opex = base × growth^year → Proforma; Proforma → P&L / Summary (exit) / Investor Return.
HEADCOUNT, SALARIES & OPEX ARE ALL DERIVED: Each role’s monthly headcount = business driver ÷ ratio (× AI factor and × the year-1 ramp for serve roles), capped, rounded up to whole people. Monthly Salaries (corp) and Labor (cost-to-serve) = Σ headcount × salary × loaded factor (auto-loads +20% twenty-four months after each role’s first hire). Fixed opex = base × the annual growth factor.
EXIT MATH: Lives in one place — Summary (run-rate → EV → proceeds → MOIC → IRR). The Investor Return one-pager only references those values.
THE YEAR-1 RAMP: Both price and the serve/RCM FTE ratios ramp during operating year 1 (start at 70% of full; serve ratios are less efficient by the same factor). From operating year 2 both reach mature values. You hire whole people, so at low scale each serve role rounds up to 1 person — the ramp is mostly absorbed by whole-person rounding early and only bites at scale.
CASHLESS & PAPERLESS: A fully cashless and paperless system — no paper claims, statements, postage or lockbox; patient payments run card/ACH (processing passed through to physicians, so payment processing is 0% here). This keeps per-encounter cost-to-serve low.
FLAT / NON-SCALING COSTS: Content licensing, Surescripts, TEFCA/interfaces, SOC 2, ONC, insurance, counsel are modelled separately in the fixed-cost page — they do not scale with collections and are expressed flat / per-provider / in bps.
SCOPE: Cost-to-serve = serve-team labor + per-encounter/transaction/licensing COGS. EBITDA excludes financing and taxes. Exit = revenue run-rate (final month × 12) × the multiple, at seed ownership pre-dilution. Model starts Aug-2026.
15 · AI & Azureitemized AI-scribe + Azure cost / encounter — its total feeds Cost-to-Serve
| Inputs | |
| Minutes / encounter | 20 |
| Whisper share (tough %) on-device STT free; Whisper only on the tough % | 10% |
| Whisper $ / min | $0.006 |
| Note model Anthropic Claude — ambient note generation | Haiku 4.5 |
| LLM input $/M | $1 |
| LLM output $/M | $5 |
| Output tokens | 1,500 |
| Azure infra / encounter (transcode + Functions + Cosmos) | $0.002 |
| On-device transcription / encounter free | $0.000 |
| Per-encounter components | |
| Input tokens | 3,958 |
| Whisper / encounter | $0.0120 |
| LLM note — input / encounter | $0.0040 |
| LLM note — output / encounter | $0.0075 |
| Storage & retention — audio archive (amortized over 7 years) | |
| Downsampled archive audio / encounter (GB) | 0.0050 |
| Azure Blob storage $ / GB / mo (cool/archive) | $0.002 |
| Retention (months) | 84 (7 yr, then auto-deleted) |
| Audio archive storage / encounter (7-yr total) | $0.0008 |
| Total | |
| TOTAL AI + Azure / encounter | $0.026 |
Audio lifecycle: capture high-res audio → transcribe (Whisper on the tough %) → downsample to a low-bitrate archive copy → auto-delete after 7 years. The non-audio coded record is retained indefinitely (tiny, and the clinical record).