Teladoc Financial Model
Health-tech Startup Financials (Free Excel Download)
Teladoc Health's Primary360 is a B2B2C virtual-first primary care product delivering whole-person, longitudinal care via dedicated virtual care teams.
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About this model
Teladoc Health's Primary360 is a virtual-first primary-care product with dedicated longitudinal care teams. It is positioned as whole-person care delivery, giving members an ongoing primary-care relationship rather than isolated telehealth visits for individual acute needs.
The product is sold B2B2C through employers and health plans. Growth depends on covered lives, activation, visits, clinician capacity, care-team effectiveness, and payer retention, while PMPM economics must support the cost of sustaining longitudinal clinical engagement.
The model forecasts covered lives, activation, PMPM fees, visits, clinician capacity, care-team cost, and payer retention. It includes virtual-care operations, member support, sales, technology costs, gross margin, cash flow, outcomes assumptions, 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 Teladoc
teladoc.com
How to build a detailed financial model for Teladoc
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Teladoc model - distilled from its pitch deck and publicly available information.
Product & value proposition
Primary360 is Teladoc Health's virtual primary care offering. Core components:
- Single virtual front door spanning wellness, chronic care, urgent care, mental health, specialty care.
- Dedicated care team (PCP + RN + Medical Assistant) assigned to each member; builds a longitudinal relationship.
- Personalized care plan that adapts over time; covers labs, immunizations, screenings, referrals, and behavioral goals.
- 24/7 access via unlimited in-app messaging (human care team, not chatbot); AI-enabled health nudges.
- Navigation engine - proprietary algorithm ranks in-network physicians by referral volume, years of service, academic background, COE affiliation; care team schedules and shares patient history.
- Last-mile capabilities - at-home vitals monitoring, lab kits, phlebotomy, prescription delivery, vaccinations.
- Data integration with Teladoc Health chronic-care programs, devices, claims, and EMRs (Epic, Cerner, Athena).
Revenue model
Not explicitly stated in deck. Inferred structure:
- Channel: B2B - sold to employers and health plans as a member benefit.
- Pricing unit: Per-member-per-month (PMPM) fee.
- No specific pricing figures appear in this deck.
Traction & metrics
All from slide 9:
- <7 days for a new patient visit
- >50% of participants used multiple Teladoc Health services
- ~25% with Diabetes and Hypertension were newly diagnosed (i.e., conditions identified through the program)
- >10 care team interactions per member per year
- >50 minutes average length of new patient visit
- 98% member satisfaction
No revenue, ARR, customer count, or growth rate figures appear in the deck.
Competition / moat
Not explicitly named. Implied moats:
- Breadth of integrated services (primary + mental health + chronic + specialty) on a single platform.
- Proprietary physician-ranking algorithm.
- EMR data integration creating care continuity across virtual and in-person settings.
- Existing Teladoc Health ecosystem (chronic care programs, devices, claims data) as a network effect.
No named competitors appear in the deck.
Recommended financial model
- Archetype + why: B2B2C virtual primary care PMPM revenue model - revenue is driven by contracted member lives × PMPM fee. Teladoc Health is public (NYSE: TDOC), so this deck represents a product line within a larger enterprise; the appropriate model is a product-line P&L / contribution margin model rather than a standalone 3-statement, unless the goal is to size Primary360 as a segment. If standalone startup context is assumed, use a SaaS-style ARR / PMPM subscription model with cohort-based member growth.
- Forecast horizon & granularity: 3–5 years annual; monthly for Year 1 to capture ramp of member enrollment.
- Key drivers & assumptions:
- Contracted employer/health-plan clients (count)
- Eligible member lives per client
- Member enrollment / activation rate (% of eligible lives who enroll)
- PMPM fee per enrolled member
- Care team interactions per member per year: >10 - drives staffing cost model
- New patient visit length: >50 min - drives clinician time per member
- Multi-service utilization: >50% of members use multiple services - upsell/cross-sell revenue lever
- Member satisfaction: 98% - proxy for retention/churn assumption
- Gross margin:
- CAC (sales & marketing per new client):
- Churn rate (client-level annual):
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: Slow client acquisition (1–2 clients/yr), low activation rate (8%), high clinician cost, PMPM at low end.
- Base: Moderate ramp (3–5 clients/yr), 15% activation, mid-range PMPM ($25).
- Bull: Accelerated enterprise wins (8+ clients/yr), 25% activation, multi-service upsell lifts effective PMPM.
- Required sheets / outputs:
- Assumptions - all drivers, toggleable by scenario
- Member Funnel - eligible lives → enrolled members by client cohort
- Revenue - PMPM × enrolled members; upsell revenue for additional service utilization
- Staffing / COGS - care team headcount (PCP, RN, MA) driven by member-to-clinician ratio and interaction volume
- Gross Profit & Contribution Margin by cohort
- OpEx - S&M, G&A, technology/platform
- P&L Summary (product-line level)
- Dashboard - KPIs: enrolled members, PMPM, gross margin %, care interactions/member, NPS/satisfaction
Frequently asked
Is the Teladoc financial model free?+
Yes. The Teladoc 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 Teladoc'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
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