# AccuRx Financial Model Patient-centred communication platform connecting everyone involved in a patient's care, starting with near-universal penetration in UK GP practices. - Canonical: https://finamodel.com/startups/accurx - Excel download: https://finamodel.com/startup-models/accurx.xlsx - Category: Health-tech - Model type: SaaS ARR / Valuation - Funding round: Series B - Funding: $38M - Founded: 2021 - Geography: UK (England primary); NHS-first, with international expansion flagged as post-Series B goal [DECK slides 34–35]. - Customer: B2B2C ## About the company Accurx is a patient-centred communication platform connecting people involved in care, beginning with near-universal UK GP-practice penetration. Its products help practices communicate with patients and coordinate care more effectively. A free base product creates a land-and-expand motion into paid modules, with very high GP-practice conversion and potential expansion into hospitals. National NHS contracts can add a distinct enterprise or public-sector route to market. The model should forecast practices, module attach, ARPU, hospital customers, contract timing, expansion, and churn. Free-user conversion and implementation capacity should be explicit so the transition from broad adoption to paid ARR is visible. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - 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. ## Market - 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. ## Revenue model - 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. ## Traction & metrics - 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. ## Unit economics - 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. ## Competition / moat - 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. ## Team & funding ask / use of funds - 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. --- ## Recommended financial model - **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 ## Frequently asked questions ### Is the AccuRx financial model free? Yes. The AccuRx model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.