IHIncluded Health Financial Model
Health-tech Startup Financials (Free Excel Download)
LGBTQ+-focused employee health benefit - vetted provider directory, care navigation, and advocacy support, sold B2B to employers.
professionals from Deloitte
Used by professionals from
About this model
Included Health is an LGBTQ+-focused employee benefit offering provider discovery, care navigation, and advocacy. It helps employees find appropriate care and navigate health-system decisions through a service tailored to populations that can face barriers in conventional care.
The company is sold directly to employers as a recurring health-benefit service. Revenue depends on employer clients, covered employees, PEPM fees, engagement, and renewals, while actual navigation demand and member experience determine care-delivery capacity and margin.
The model forecasts employer clients, covered employees, PEPM fees, engagement, care-navigation cost, and renewal. It includes member-support staffing, employer acquisition, technology costs, outcomes commitments, gross margin, operating cash flow, cash burn, and runway.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Included Health
How to build a detailed financial model for Included Health
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Included Health model - distilled from its pitch deck and publicly available information.
Product & value proposition
Included Health is a B2B employee benefit platform specifically for LGBTQ+ employees, offering:
- LGBTQ+-affirming provider directory - national, in-network, vetted providers (PCP, OB/GYN, Trans Health, Mental Health); 1,500+ providers at time of deck.
- Care navigation - Transgender Center of Excellence, specialty provider matching, Rx coverage/affordability support, billing & claims support; members connected to providers within 48 hours.
- Support system - Advocates/coaches program, monthly newsletter, ongoing provider education.
- Empowerment & inclusion support - workplace coming-out guidance, family planning, mental wellbeing.
Value proposition to employers: soft ROI (talent acquisition/retention, D&I, PR) and hard ROI (healthier workforce, reduced unnecessary healthcare costs, increased productivity).
Market
- Problem prevalence: 40% of LGBTQ+ community had a negative healthcare experience; 40% postponed/avoided care; 45% had difficulty finding a provider; 60% had difficulty finding a therapist or mental health provider; 3–4x higher care avoidance vs. non-LGBTQ+ patients.
- Demand signal: 89% of survey respondents would like to use a service like Included Health; ~1,800 survey responses across 6 EHIR (Employer Health Innovation Roundtable) member companies.
- No TAM/SAM/SOM dollar figures provided.
Revenue model
- Channel: B2B - sold directly to employers as an employee health benefit.
- Pricing: Not explicitly stated. Model implies a per-employee or per-LGBTQ+-employee PEPM (per-employee-per-month) subscription, consistent with voluntary/supplemental benefit norms. No pricing figures in deck.
- Early adopter structure: Wave 1 and Wave 2 cohorts of employer clients, each limited in number (Wave 2: 3 spots) - suggests concierge / founder-led sales at this stage.
- No revenue, contract value, or pricing figures disclosed.
Traction & metrics
- Services live (no launch date given)
- Wave 2 Early Adopter Enrollment open; Q3 launch; only 3 spots available
- 1,500+ providers in vetted directory
- Proprietary research study: 1,800+ responses across 6 EHIR member companies
- No revenue, paying-customer count, MRR/ARR, or growth rate disclosed.
Competition / moat
- No explicit competitive landscape slide.
- Implied moat: first-mover positioning ("first comprehensive platform for your LGBTQ+ employees"); proprietary vetted provider directory (1,500+ providers); EHIR research partnership adding credibility and employer distribution.
- Competitive differentiation: LGBTQ+-specific focus vs. general health navigation tools (e.g., Health Advocate, Accolade, Quantum Health).
Team & funding ask / use of funds
- Team: Dr. Burton named as lead/advisor on proprietary medical journal publication. No other team members or bios in deck.
Recommended financial model
- Archetype + why: B2B SaaS / employee-benefits PEPM model. Revenue is recurring, employer-contracted, and scales with number of covered employees. Closest analogs: Accolade, Quantum Health, Spring Health - all B2B health navigation sold on PEPM basis. A 3-statement model is premature given pre-revenue stage; a driver-based P&L forecast with ARR build is appropriate.
- Forecast horizon & granularity: 3–5 years; monthly for Year 1–2 (early adopter ramp critical to model), annual thereafter.
- Key drivers & assumptions:
| Driver | Value |
|---|---|
| PEPM price per employer employee (all employees covered) | $5–$15/employee/month |
| OR: per-LGBTQ+-employee PEPM (LGBTQ+ ~5–7% of workforce) | $50–$100/LGBTQ+ member/month |
| Average employer size (employees) | 1,000–5,000 |
| Number of employer clients at launch (Wave 1 + Wave 2) | ~6–9 |
| New employer clients per year (Year 2+) | 10–25 |
| Average contract length | 1 year, auto-renew |
| Gross margin | 60–70% |
| Care coordinator cost per active member | $20–$40/member/month |
| Provider directory COGS (vetting, maintenance) | Allocated overhead |
| S&M as % of revenue (early stage) | 30–40% |
| R&D / product | 15–20% of revenue |
| G&A | 15–20% of revenue |
| Churn (employer-level) | 10–15% annually |
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: Slow employer adoption (5 new clients/yr), low PEPM ($5), high care coordinator costs - path to profitability >5 years.
- Base: Moderate ramp (15 new clients/yr), mid PEPM ($10), stable COGS - breakeven Year 3–4.
- Bull: EHIR network effect accelerates sales (30+ clients/yr), higher PEPM or upsell to larger employers, strong retention - profitable Year 3.
- Flex variables: PEPM price, employer client count, average employer size, care coordinator headcount per member.
- Required sheets / outputs:
- Assumptions dashboard (all drivers in one place)
- Employer ARR build (clients × avg employees × PEPM × utilization rate)
- Revenue schedule (MRR/ARR by cohort)
- COGS build (care coordinators, directory ops)
- P&L (Revenue → Gross Profit → EBITDA)
- Headcount plan (care coordinators scale with members; S&M/G&A/R&D)
- Cash runway / burn (no funding ask disclosed, but critical for pre-revenue stage)
- Scenario toggle (Bear / Base / Bull)
Frequently asked
Is the Included Health financial model free?+
Yes. The Included Health model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Included Health's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other Health-tech Startup Financial Models
Browse another startup in the same category.
98point6
B2B SaaS platform licensing an AI-powered virtual care technology stack to health systems, pivoted from running a direct-to-employer virtual clinic.
A-Champs
IoT-powered gamified training device (ROXs PRO) for sports/health professionals, evolving into a B2C smart coach app for families.
AccuRx
Patient-centred communication platform connecting everyone involved in a patient's care, starting with near-universal penetration in UK GP practices.
Aeris
Swiss-made premium air purifiers sold through DTC, retail, and dealer channels, with a recurring filter consumable attached to a connected mobile app.
Akido Labs
Akido Labs is a data-driven prevention platform that integrates siloed healthcare, municipal, and non-profit data to enable proactive outreach and case management for vulnerable populations (homeless, chronically ill, etc.).
Alloy
Telehealth + DTC subscription platform delivering menopause hormonal treatment (MHT) and holistic care to U.S. women 40+.
Astek Diagnostics
Point-of-care diagnostic device (Jiddu system) that confirms bacterial infections and antibiotic sensitivity in ~1 hour across four body fluid types (urine, CSF, effluent, blood).
Atom Limbs
Atom Limbs is building the first AI-powered, neural-controlled prosthetic arm sold direct-to-consumer on a subscription model.
