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 $101.8M 25.4x on capital · at a 10× ARR exit | Gross MOIC 25.4x × your money · 10× exit (6× base = 15.3x) | Effective annual rate (IRR) 72% / yr over 6.0 yrs |
| The math | |
| Investment in (seed) | $4.00M |
| Ownership (pre-dilution) | 20% |
| Exit enterprise value @ 10x | $509M |
| Revenue run-rate at exit | $50.9M |
| Exit revenue multiple | 10x |
| Net gain (proceeds − seed) | $97.8M |
2 · Summaryheadline KPIs + the single exit calc
Revenue run-rate $50.9M final month × 12 | EBITDA at end (monthly) $3.41M final month | Gross margin 78% rev − cost-to-serve |
Physicians at end 866 346 practices | Employees at end 108 total FTE (staffing plan) | Lowest cash balance $911K thinnest runway |
EBITDA-positive month Month 39 first profitable month |
| Exit (single calc — Investor Return references these) | |
| Exit valuation | $509M |
| Investor proceeds | $101.8M |
| Gross MOIC | 25.4x |
| Effective annual rate (IRR) | 72% |
| Net gain | $97.8M |
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 | 26 |
| 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) | $652 |
| 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 | 552.5 |
| Collections / physician / yr (mature) | $1,071,000 |
| Collections / physician / yr — year 1 (ramping) | $696,150 |
| EMR / physician / mo | $595 |
| RCM / physician / mo | $4,057 |
| Blended revenue / physician / mo | $4,898 |
| 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 595 enc/mo × $0.026/enc | $15.58 |
| Clearinghouse (claims) / mo 595 enc × 1.05 claims × $0.450/claim | $280.89 |
| eRx (Surescripts) / mo 595 enc × $0.120/enc | $71.34 |
| 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) | $652 |
| Total cost-to-serve / physician / mo | $1,023 |
| 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)72-month P&L
| Month | Physicians | Practices | Revenue | Cost to serve | Gross profit | GM % | Corp SWB | Fixed opex | EBITDA | Tax | Capital in | Cash |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan-26 | 0 | 0.0 | $0 | $4K | -$4K | — | $17K | $20K | -$41K | $0 | $0 | $4.26M |
| Feb-26 | 0 | 0.0 | $0 | $4K | -$4K | — | $33K | $21K | -$58K | $0 | $0 | $4.20M |
| Mar-26 | 0 | 0.0 | $0 | $4K | -$4K | — | $33K | $21K | -$58K | $0 | $0 | $4.14M |
| Apr-26 | 0 | 0.0 | $0 | $4K | -$4K | — | $33K | $21K | -$58K | $0 | $0 | $4.08M |
| May-26 | 0 | 0.0 | $0 | $4K | -$4K | — | $33K | $21K | -$58K | $0 | $0 | $4.03M |
| Jun-26 | 0 | 0.0 | $0 | $4K | -$4K | — | $46K | $21K | -$71K | $0 | $0 | $3.95M |
| Jul-27 | 0 | 0.0 | $0 | $4K | -$4K | — | $46K | $21K | -$71K | $0 | $0 | $3.88M |
| Aug-27 | 0 | 0.0 | $0 | $4K | -$4K | — | $46K | $21K | -$71K | $0 | $0 | $3.81M |
| Sep-27 | 0 | 0.0 | $0 | $4K | -$4K | — | $46K | $21K | -$71K | $0 | $0 | $3.74M |
| Oct-27 | 0 | 0.0 | $0 | $4K | -$4K | — | $46K | $22K | -$72K | $0 | $0 | $3.67M |
| Nov-27 | 3 | 1.2 | $8K | $5K | $3K | 34% | $76K | $22K | -$95K | $0 | $0 | $3.57M |
| Dec-27 | 5 | 2.0 | $13K | $6K | $7K | 56% | $91K | $22K | -$105K | $0 | $0 | $3.47M |
| Jan-27 | 7 | 2.8 | $18K | $6K | $12K | 65% | $91K | $31K | -$110K | $0 | $0 | $3.36M |
| Feb-27 | 10 | 4.0 | $26K | $7K | $19K | 72% | $103K | $32K | -$116K | $0 | $0 | $3.24M |
| Mar-27 | 12 | 4.8 | $32K | $8K | $24K | 75% | $103K | $32K | -$111K | $0 | $0 | $3.13M |
| Apr-27 | 15 | 6.0 | $40K | $9K | $31K | 78% | $103K | $32K | -$104K | $0 | $0 | $3.03M |
| May-27 | 16 | 6.4 | $43K | $17K | $26K | 61% | $103K | $32K | -$109K | $0 | $0 | $2.92M |
| Jun-27 | 17 | 6.8 | $46K | $17K | $29K | 63% | $120K | $32K | -$123K | $0 | $0 | $2.80M |
| Jul-28 | 18 | 7.2 | $49K | $18K | $32K | 65% | $129K | $32K | -$129K | $0 | $0 | $2.67M |
| Aug-28 | 20 | 8.0 | $55K | $18K | $37K | 67% | $129K | $32K | -$124K | $0 | $0 | $2.54M |
| Sep-28 | 21 | 8.4 | $59K | $19K | $40K | 68% | $129K | $32K | -$121K | $0 | $0 | $2.42M |
| Oct-28 | 23 | 9.2 | $65K | $19K | $46K | 70% | $142K | $32K | -$129K | $0 | $0 | $2.29M |
| Nov-28 | 25 | 10.0 | $102K | $20K | $81K | 80% | $142K | $33K | -$93K | $0 | $0 | $2.20M |
| Dec-28 | 27 | 10.8 | $111K | $21K | $90K | 81% | $142K | $33K | -$84K | $0 | $0 | $2.12M |
| Jan-28 | 29 | 11.6 | $120K | $22K | $98K | 82% | $152K | $47K | -$100K | $0 | $0 | $2.02M |
| Feb-28 | 31 | 12.4 | $129K | $22K | $107K | 83% | $152K | $47K | -$92K | $0 | $0 | $1.92M |
| Mar-28 | 33 | 13.2 | $139K | $23K | $115K | 83% | $152K | $47K | -$83K | $0 | $0 | $1.84M |
| Apr-28 | 35 | 14.0 | $148K | $24K | $124K | 84% | $152K | $47K | -$74K | $0 | $0 | $1.77M |
| May-28 | 38 | 15.2 | $162K | $58K | $104K | 64% | $159K | $47K | -$102K | $0 | $0 | $1.66M |
| Jun-28 | 41 | 16.4 | $177K | $59K | $117K | 66% | $183K | $47K | -$113K | $0 | $0 | $1.55M |
| Jul-29 | 44 | 17.6 | $191K | $66K | $126K | 66% | $183K | $47K | -$105K | $0 | $0 | $1.45M |
| Aug-29 | 47 | 18.8 | $206K | $67K | $139K | 68% | $183K | $48K | -$92K | $0 | $0 | $1.35M |
| Sep-29 | 51 | 20.4 | $225K | $81K | $144K | 64% | $195K | $48K | -$98K | $0 | $0 | $1.26M |
| Oct-29 | 55 | 22.0 | $245K | $82K | $162K | 66% | $201K | $48K | -$86K | $0 | $0 | $1.17M |
| Nov-29 | 59 | 23.6 | $264K | $84K | $180K | 68% | $210K | $48K | -$77K | $0 | $0 | $1.09M |
| Dec-29 | 63 | 25.2 | $285K | $91K | $194K | 68% | $210K | $48K | -$64K | $0 | $0 | $1.03M |
| Jan-29 | 68 | 27.2 | $309K | $93K | $217K | 70% | $210K | $69K | -$62K | $0 | $0 | $966K |
| Feb-29 | 73 | 29.2 | $335K | $95K | $240K | 72% | $210K | $69K | -$39K | $0 | $0 | $927K |
| Mar-29 | 79 | 31.6 | $365K | $103K | $262K | 72% | $210K | $69K | -$17K | $0 | $0 | $911K |
| Apr-29 | 85 | 34.0 | $396K | $106K | $290K | 73% | $210K | $69K | $11K | $0 | $0 | $922K |
| May-29 | 91 | 36.4 | $427K | $110K | $317K | 74% | $210K | $69K | $38K | $0 | $0 | $960K |
| Jun-29 | 98 | 39.2 | $463K | $119K | $344K | 74% | $219K | $69K | $57K | $0 | $0 | $1.02M |
| Jul-30 | 105 | 42.0 | $500K | $122K | $378K | 76% | $221K | $69K | $88K | $0 | $0 | $1.11M |
| Aug-30 | 113 | 45.2 | $542K | $125K | $416K | 77% | $232K | $69K | $115K | $0 | $0 | $1.22M |
| Sep-30 | 122 | 48.8 | $589K | $140K | $449K | 76% | $232K | $69K | $148K | $0 | $0 | $1.37M |
| Oct-30 | 131 | 52.4 | $637K | $144K | $493K | 77% | $232K | $69K | $192K | $0 | $0 | $1.56M |
| Nov-30 | 141 | 56.4 | $691K | $154K | $536K | 78% | $232K | $69K | $235K | $0 | $0 | $1.80M |
| Dec-30 | 152 | 60.8 | $744K | $173K | $571K | 77% | $232K | $69K | $270K | $0 | $0 | $2.07M |
| Jan-30 | 163 | 65.2 | $798K | $184K | $615K | 77% | $232K | $99K | $283K | $0 | $0 | $2.35M |
| Feb-30 | 175 | 70.0 | $857K | $189K | $669K | 78% | $232K | $99K | $337K | $0 | $0 | $2.69M |
| Mar-30 | 188 | 75.2 | $921K | $205K | $716K | 78% | $232K | $99K | $385K | $0 | $0 | $3.07M |
| Apr-30 | 203 | 81.2 | $994K | $224K | $770K | 77% | $244K | $99K | $428K | $0 | $0 | $3.50M |
| May-30 | 218 | 87.2 | $1.07M | $249K | $818K | 77% | $265K | $99K | $455K | $0 | $0 | $3.95M |
| Jun-30 | 234 | 93.6 | $1.15M | $263K | $883K | 77% | $276K | $99K | $509K | $0 | $0 | $4.46M |
| Jul-31 | 252 | 100.8 | $1.23M | $287K | $947K | 77% | $276K | $99K | $573K | $0 | $0 | $5.04M |
| Aug-31 | 271 | 108.4 | $1.33M | $302K | $1.03M | 77% | $276K | $99K | $651K | $0 | $0 | $5.69M |
| Sep-31 | 291 | 116.4 | $1.43M | $328K | $1.10M | 77% | $283K | $99K | $715K | $0 | $0 | $6.40M |
| Oct-31 | 313 | 125.2 | $1.53M | $368K | $1.17M | 76% | $285K | $99K | $781K | $0 | $0 | $7.18M |
| Nov-31 | 337 | 134.8 | $1.65M | $378K | $1.27M | 77% | $299K | $99K | $875K | $0 | $0 | $8.06M |
| Dec-31 | 362 | 144.8 | $1.77M | $408K | $1.37M | 77% | $317K | $99K | $950K | $0 | $0 | $9.01M |
| Jan-31 | 389 | 155.6 | $1.91M | $426K | $1.48M | 78% | $317K | $143K | $1.02M | $0 | $0 | $10.03M |
| Feb-31 | 419 | 167.6 | $2.05M | $454K | $1.60M | 78% | $317K | $143K | $1.14M | $0 | $0 | $11.17M |
| Mar-31 | 450 | 180.0 | $2.20M | $487K | $1.72M | 78% | $338K | $143K | $1.24M | $0 | $0 | $12.40M |
| Apr-31 | 484 | 193.6 | $2.37M | $531K | $1.84M | 78% | $338K | $143K | $1.36M | $0 | $0 | $13.76M |
| May-31 | 521 | 208.4 | $2.55M | $560K | $1.99M | 78% | $338K | $143K | $1.51M | $0 | $0 | $15.27M |
| Jun-31 | 560 | 224.0 | $2.74M | $596K | $2.15M | 78% | $363K | $143K | $1.64M | $0 | $0 | $16.91M |
| Jul-32 | 602 | 240.8 | $2.95M | $668K | $2.28M | 77% | $363K | $143K | $1.77M | $0 | $0 | $18.69M |
| Aug-32 | 647 | 258.8 | $3.17M | $701K | $2.47M | 78% | $384K | $143K | $1.94M | $0 | $0 | $20.63M |
| Sep-32 | 696 | 278.4 | $3.41M | $741K | $2.67M | 78% | $384K | $143K | $2.14M | $0 | $0 | $22.77M |
| Oct-32 | 749 | 299.6 | $3.67M | $789K | $2.88M | 78% | $384K | $143K | $2.35M | $0 | $0 | $25.12M |
| Nov-32 | 805 | 322.0 | $3.94M | $859K | $3.08M | 78% | $398K | $143K | $2.54M | $0 | $0 | $27.66M |
| Dec-32 | 866 | 346.4 | $4.24M | $919K | $3.32M | 78% | $419K | $143K | $2.76M | $0 | $0 | $30.42M |
11 · P&L (annual)fiscal-year roll-up
| Line | FY1 | FY2 | FY3 | FY4 | FY5 | FY6 |
|---|---|---|---|---|---|---|
| Revenue | $21K | $647K | $2.29M | $6.00M | $14.73M | $35.21M |
| Cost to serve | $52K | $179K | $679K | $1.48M | $3.38M | $7.73M |
| Gross profit | -$32K | $471K | $1.61M | $4.51M | $11.34M | $27.48M |
| GM % | -155% | 72% | 70% | 75% | 77% | 78% |
| Corp SWB | $546K | $1.44M | $2.13M | $2.65M | $3.22M | $4.34M |
| Fixed opex | $253K | $384K | $569K | $824K | $1.19M | $1.72M |
| G&A misc | $0 | $0 | $0 | $0 | $0 | $0 |
| EBITDA | -$831K | -$1.35M | -$1.09M | $1.04M | $6.94M | $21.42M |
| Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$831K | -$1.35M | -$1.09M | $1.04M | $6.94M | $21.42M |
| Year-end cash | $3.47M | $2.12M | $1.03M | $2.07M | $9.01M | $30.42M |
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).