AccuRx Financial Model

• Core product: web-based patient communication tool embedded (via plugin) in GP EHR systems; allows two-click SMS/message to patient, collaborative inbox, patient triage, and photo/response handling.
• accuRx Web: standalone (EHR-agnostic) version targeting hospitals, pharmacies, care homes.
• accuMail: GP-to-non-GP service messaging via NHS.net email, 3k unique non-GP services contacted weekly.
• Video consultations: built and deployed in <72 hours to 3,500 GP practices; first self-service product awarded a national contract. 3m video consultations conducted.
• Vaccine booking (Accubook): built in <4 weeks; managed >38% of all England COVID vaccination bookings.
• Record Access: real-time patient-controlled access to GP records for any clinician; in testing at time of deck, launching Q4 2021.
• Value prop: eliminates admin burden (2 hours of admin per 1 hour with patients); replaces fragmented phone/email/pager workflows with a unified, patient-centric communication layer.

• Global healthcare spend: $9tn; 70% on people.
• Addressable communication market: $30B projected over next 10 years for "patient-centred communication" category.
• UK GP market (task efficiency layer): £100m.
• UK system efficiency layer (next product horizon): £1bn.
• UK improved patient outcomes layer (longer-term): £5bn.
• No explicit SAM/SOM breakdown beyond the UK pyramid tiers above.

• Modular paid subscription on top of a free base product (freemium land-and-expand within GP practices).
• GP practices pay for one or more paid modules; 96% conversion of GP practices to paid.
• Specific module pricing, ARPU per practice, or contract value not disclosed in deck.
• Video consultations: awarded a national NHS contract (implies centrally funded / NHS-payer model for at least one module).
• Hospital/non-GP channel: early-stage; product is standalone web-based, suggesting similar modular SaaS model will apply.
• International: not yet monetised; planned post-Series B.

• GP practice penetration: 98.5% of GP practices in England (exec summary slide 2); confirmed as 96% in slide 15 headline (slight discrepancy - exec summary figure likely rounds up; slide 15 image reads "96% of GP practices in the UK").
• Weekly active users (GP): 130,383 as of May 2021 (up from ~10k in August 2019).
• Cumulative unique patients messaged: 36,243,706 as of May 2021 (≈60% of England population).
• Total messages per month: 9,413,052 (peak; data excludes batch messages and vaccine invites/reminders).
• Messages per active GP practice per month: 1,456.
• Non-GP WAU (accuRx Web): 11k.
• NHS trusts with >50 WAU: 11%.
• Non-GP unique services contacted weekly via accuMail: 3k.
• Paid conversion: 96% of GP practices converted to one or more paid modules in April 2021.
• Video consultations conducted: 3m.
• Vaccine bookings: >38% of all England COVID vaccine doses.
• Team headcount: ~95 as of June 2021 (up from ~5 in August 2019).
• Voluntary attrition: 3 departures total.

• No CAC, LTV, payback period, or gross margin figures in deck.
• Conversion rate of free → paid: 96% of GP practices - implies very low CAC relative to install base given organic/viral/NHS-network adoption.

• Competitive framing: accuRx defines a new category ("patient-centred communication") distinct from EHR/record-keeping systems and from general comms tools (email, Teams, Pando, Siilo, pagers).
• Moat sources stated in deck:
• Near-universal GP penetration creates a network effect: GPs pull in hospitals/specialists via accuMail and referrals.
• EHR-agnostic, web-based architecture means no dependency on - and no competition from - incumbent EHR vendors.
• First-mover in national NHS contracts (video consult); regulatory/procurement relationships as a moat.
• Speed of product delivery (video in <72 hrs, vaccine booking in <4 weeks) cited as evidence of structural advantage.
• Explicit claim: "This isn't possible or viable for other companies" to build on the infrastructure.
• Named competitors: none called out by name; category competitors shown on positioning quadrant only.

• CEO: Jacob Haddad (100% CEO approval on Glassdoor).
• Team size: ~95 as of June 2021; started in GP practices.
• Founding story: originated in general practice, NHS-embedded from day one.
• Raise: £25m Series B.
• Use of funds - three stated goals:

1. Create an adoption flywheel in hospitals and beyond (accuRx Web, accuMail, Record Access).
2. Move up the value chain in GP practices - from task efficiency → system efficiency → improved patient outcomes.
3. Prove system-wide NHS value, then expand internationally.

• No explicit budget breakdown per goal or burn rate / runway figures.

• Archetype + why: SaaS subscription model with a seat/practice-based ARR driver, layered by product module. accuRx is a classic land-and-expand B2B SaaS: free base product → paid module upsell per GP practice, expanding to hospitals. The model should be built on practice-count × module attach rate × ARPU, with a separate hospital/non-GP expansion cohort. Not a marketplace or usage-based model - no evidence of per-message pricing.

• Forecast horizon & granularity: 5 years (FY2021–FY2026), monthly for Years 1–2, annual thereafter. Monthly is needed to model the hospital ramp and new module launches with meaningful granularity.

• Key drivers & assumptions:

*GP segment (core revenue):*

• Total addressable GP practices in England: ~6,500
• Active GP practices on platform: 96% × 6,500 = ~6,240
• WAU per practice: ~21 (130k WAU / ~6,240 practices)
• Paid module attach rate at Series B: 96% of active practices on at least 1 paid module
• Average modules per paying practice:
• ARPU per module per practice per month:
• GP practice count growth: near-flat (UK GP consolidation);
• Churn on paid modules:

*Hospital / non-GP segment (growth vector):*

• Total NHS trusts in England: ~215 acute trusts
• Current WAU penetration: 11% of trusts with >50 WAU
• accuRx Web WAU: 11k, implying early-stage; ~50–100 WAU per active trust
• Hospital ramp:
• Hospital ARPU:
• Pharmacies, care homes: lump into "other non-GP" cohort;

*Vaccine/public health contracts:*

• Episodic national contracts (Accubook):

*Cost structure:*

• Headcount ~95 at raise;
• R&D as % of revenue:
• S&M:
• G&A:
• Hosting/infrastructure:

• Scenarios (Base / Bull / Bear):
• Flex variables: hospital penetration rate; ARPU per module; number of modules per practice; international launch timing
• Bull: hospital adoption S-curve peaks at 75% within 4 years; ARPU expansion to £150/module/practice; 2 international markets live by Year 4
• Base: hospital at 50% by Year 5; ARPU stable at £100/module; international in Year 5 only
• Bear: hospital stalls at 25% (NHS procurement friction); ARPU compression as NHS negotiates bulk deals; international delayed beyond horizon

• Required sheets / outputs:

1. Assumptions - all drivers in one editable block
2. GP Revenue Build - practices × attach rate × modules × ARPU, monthly
3. Hospital Revenue Build - trusts × penetration × ARPU, monthly
4. Headcount Plan - by department, linked to hiring milestones
5. P&L (Income Statement) - revenue, gross profit, EBITDA, net loss
6. Cash Flow & Runway - £25m raise, monthly burn, months of runway
7. KPI Dashboard - WAU (GP + hospital), ARR, practices paying, modules per practice, net revenue retention
8. Scenario toggle - Base / Bull / Bear switch driving P&L and runway