# Kensho Health Financial Model Kenshō Health is a provider discovery and care navigation platform connecting patients with vetted holistic/integrative medicine practitioners. - Canonical: https://finamodel.com/startups/kensho-health - Excel download: https://finamodel.com/startup-models/kensho-health.xlsx - Category: Health-tech - Model type: SaaS ARR / Valuation - Funding round: Seed - Funding: $3.5M - Founded: 2021 - Geography: US (launched in LA + NY; roadmap targets Major Metros → Nationwide → International) [DECK, slide 10] - Customer: B2B2C ## About the company Kenshō Health connects patients with vetted holistic and integrative-medicine practitioners. The platform helps consumers discover care options and navigate booking with providers, bringing a fragmented practitioner market into a more structured digital experience. It is a two-sided provider-discovery and care-navigation platform with potential provider subscriptions and booking fees. Growth requires balanced practitioner supply, consumer demand, booking conversion, provider engagement, and a service experience strong enough to encourage repeat care relationships. The model tracks practitioner supply, consumer demand, bookings, provider fees, take rate, and marketplace retention. It includes provider onboarding, consumer acquisition, support, payment processing, gross margin, operating headcount, cash burn, and runway under supply-and-demand scenarios. ## 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 - Provider discovery directory: search by symptom or specialty, browse vetted provider profiles, book a free consult - Telemedicine: scheduling, telehealth video, in-platform messaging - Referral network: providers refer within the Kenshō network - Content: open-sourced holistic medicine research library (partnership with Wiley) - Value props: all providers are "heavily vetted and thoughtfully selected"; holistic medicine lowers patient costs by 10% and users are 64% more likely to report improved health - Policy impact: partnered with Academic Consortium for Integrative Medicine & Health; study drove Medicare/Medicaid acupuncture coverage expansion for ~120M people ## Market - US Acupuncture market: $3B - US Alternative Medicine market: $18B - US Wellness market: $175B - US Mental Health market: $200B - Global Complementary & Alternative Medicine (CAM) market: $400B - Framing: "Holistic Medicine is the fastest growing Global Sector" - No explicit SAM or SOM defined in deck. No growth rates (CAGR) cited for any segment. ## Revenue model - SaaS subscription or listing fee charged to providers (common in healthcare marketplace models, e.g. Zocdoc, Psychology Today) - Transaction/booking fee on consultations booked through platform - Future: insurance reimbursement enablement (roadmap mentions "Insurance Reimbursement" in 2022) - Provider starting price visible in app screenshot: "Starting at $150" per session - confirms paid consultations exist, but Kenshō take-rate not stated ## Traction & metrics All from the last year prior to deck date (likely mid-2021 based on chart data): - Active Users: 15,000 - Providers on platform: 1,500 - Month-over-month provider growth: 50% - User Demand - unique visitors: 1M uniques in 2021 - Provider Supply chart (slide 7): launched Feb (highlighted bar, ~250 providers); grew to ~1,500 by Sep - approx 17-month build from May prior year to Sep - User Demand chart (slide 7): Jan ~150k → Mar ~175k → May ~275k → Jul ~425k → Sep ~650k → Nov ~825k → Jan ~1.2M uniques (bimonthly bars) - No revenue figures disclosed. ## Competition / moat - "First" provider discovery/navigation platform for holistic medicine - Vetting/curation of providers as trust signal - Policy/research influence (Wiley + Consortium partnerships) creating credibility moat - Advisor network: Livongo CTO (Alex Bitoun), ClassPass Head of Ops, Instagram founding designer ## Team & funding ask / use of funds **Founders:** - Krista Berlincourt, Co-Founder/CEO: 3x exits, Aspen Institute Diplomat, Fortune 50 leader, leadership coach - Danny Steiner, Co-Founder/COO: 3x founder, Princeton Div I athlete, Kahneman Fellow, Fortune 500 consultant, meditation instructor **Use of funds (roadmap language):** "build our Team to deliver Product, capture Supply, and drive Demand" **Roadmap use of Seed proceeds:** - 2021: Care Matching - scheduling, telehealth, referrals; expand to Major Metros - 2022: Care Navigation - insurance reimbursement; Nationwide coverage - Series A target: 2022 --- ## Recommended financial model **Archetype + why:** Two-sided marketplace / SaaS hybrid (provider-side subscription or take-rate + consumer freemium). Closest analog: Zocdoc / Psychology Today / ClassPass. The core flywheel is provider supply driving consumer demand, with revenue flowing from providers (B2B2C). Since the revenue model is unconfirmed, build a flexible marketplace P&L that can toggle between (a) provider subscription/listing fee and (b) per-booking take-rate - both are standard for this archetype. **Forecast horizon & granularity:** - Monthly for Year 1–2 (Seed through Series A), quarterly for Years 3–4 - 4-year horizon (2021–2024 aligns with roadmap milestones) **Key drivers & assumptions:** *Supply side (Providers):* - Starting providers: 1,500 - Provider MoM growth: 50% - apply for ~3 months post-deck then taper sharply - MoM growth decelerates to ~10% by month 6, ~5% by month 12, ~2–3% steady state; 50% sustained is mathematically implausible (would reach >500k in 12 months) - Provider monthly subscription fee: $50–$150/mo (comparable to Psychology Today ~$30, Zocdoc higher); use $99 base case - Provider churn: 5%/mo (monthly subscription context; providers test and drop early-stage platforms) *Demand side (Consumers):* - Active users: 15,000; unique visitors: 1M+ in 2021 - Active user / unique visitor conversion: ~1.5% (15k active / ~1M uniques) - Consumer MAU growth: 15% MoM Year 1 tapering to 5% by Year 2 - Consumer monetisation: free discovery (no charge to consumers); revenue is provider-side only - consistent with Psychology Today / Zocdoc model - Booking conversion: 10% of active users book a consult per month - Average booking value: $150 (visible in app screenshot) - Take rate on bookings: 15–20% (marketplace norm) *Revenue streams (model both, toggle):* 1. Provider subscription: providers × $99/mo × (1 - churn) 2. Booking GMV: active users × booking rate × $150 × take rate *Costs:* - Headcount: 2 founders + small team; Seed proceeds fund hiring (engineering, growth, ops) - model 5–8 hires in Year 1 - Provider acquisition cost (CAC-supply): ~$50–$200/provider (outbound sales + content) - Consumer CAC: $5–$15 (SEO/content heavy based on product positioning; no paid ads mentioned) - Hosting/infra: $5–$15k/mo at current scale - Gross margin: 70–80% (software marketplace; low COGS beyond payment processing and hosting) **Scenarios (Base / Bull / Bear - which variables flex):** - Bull: Provider MoM growth stays elevated (20%+), take-rate model adopted alongside subscription, insurance reimbursement unlocked by 2022 expanding TAM - Base: Provider growth tapers to 5% MoM by Q4, subscription model only, Series A by mid-2022 - Bear: Provider churn accelerates (10%/mo), consumer-to-booking conversion low (5%), revenue model delayed; cash runway concern **Required sheets / outputs:** 1. Assumptions dashboard (all toggles: revenue model, growth rates, pricing) 2. Supply model: Provider count, churn, net adds by month 3. Demand model: Unique visitors → active users → bookings by month 4. Revenue build: subscription revenue + GMV/take-rate (toggled) 5. P&L: Revenue → Gross Profit → OpEx (headcount, CAC, infra, G&A) → EBITDA 6. Cash flow & runway: Seed raise amount (TBD) vs. monthly burn 7. KPI summary: Active users, providers, GMV, take-rate revenue, CAC (supply + demand), LTV:CAC ## Frequently asked questions ### Is the Kensho Health financial model free? Yes. The Kensho Health 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.