Tia Financial Model

• "The Modern Medical Home for Women" - a one-stop-shop delivering primary care, gynecology, therapy, acupuncture, and nutrition in one integrated platform.
• Care delivered across three modes: virtual, in-person (Tia clinics), and asynchronous (chat/messaging).
• Differentiation from femtech point-solutions: treats the whole person across all life stages (puberty to menopause), not just a single condition or reproductive window.
• Differentiates from virtual-only players: physical procedures (Pap smear, IUD, ultrasound) require in-person presence.
• Proprietary tech stack: "three screens" - patient app, provider scheduling/EMR, and care team collaboration tool ("Tia for doctors," described as "Asana for Care Teams").
• Care team model: each patient assigned to a collaborative team (MD, NP, therapist, acupuncturist, care coordinator, etc.) rather than a single PCP.

• U.S. total healthcare system spend: $3.5 trillion (~$700B men-controlled + $2.8T women-controlled).
• Women control >80% of total U.S. healthcare dollars = $2.8 trillion in annual spend.
• No formal TAM/SAM/SOM breakdown or funnel presented.
• Market framing: healthcare shifting from hospital to outpatient; virtual care now a commodity; women identified as "most powerful and underserved customer in healthcare."

• Primary revenue: fee-for-service billed through insurance (in-network contracts with health systems improve contracted rates and per-patient revenue).
• Secondary revenue (scaling): PMPM (per-member-per-month) management fees paid by health system partners - described as "annual subscription revenue" for delivering women's healthcare.
• Health systems also provide financial support to offset clinic stand-up costs, making new "boxes" cash-flow positive on day one.
• Access to specialist referral infrastructure (OB, L&D, NICU, GYN surgery) provided via health system partnerships, enabling higher-acuity integrated care.
• No membership fee, subscription tier, or direct-to-consumer pricing explicitly stated in deck.

• >60% of care is delivered virtually.
• 40% lower cost per service compared to a typical PCP.
• Women control >80% of $3.5T U.S. healthcare spend, framed as addressable market.
• Testimonials dated as early as May 2021; Silver Lake clinic referenced as open.
• No patient count, revenue figure, growth rate, appointment volume, or ARR disclosed in deck.

• 40% lower cost per service vs. typical PCP.
• Brand flywheel described as driving acquisition "faster and cheaper than anyone else in the industry" via organic content + paid ads + viral UGC - implying low CAC, but no dollar figure given.
• Health system partnerships described as making new clinic locations cash-flow positive on day one.
• No explicit CAC, LTV, gross margin, contribution margin, or payback period stated.

• Competitive positioning: against (a) femtech point-solutions (single-condition), (b) virtual-only telehealth players (limited scope), (c) traditional fragmented healthcare system.
• Moat described as three-part: Brand (trusted, viral UGC, fangirl flywheel) + Care model (whole-person, care team) + Tech (proprietary EMR/care coordination platform).
• No named competitors cited in deck.

• Co-founder & CEO: Carolyn Witte - ex-Google Creative Lab; brand, marketing, partnerships.
• Co-founder & CPOO: Felicity Yost - former PM at Owler & Bridgewater; technology, data, operations.

• Archetype + why: Hybrid care delivery P&L with dual revenue streams - (1) fee-for-service / insurance reimbursement per clinical visit (clinic-based revenue), and (2) PMPM subscription fees from health system partners (B2B recurring revenue). The model sits at the intersection of a multi-site clinic roll-out model and a SaaS-style B2B recurring revenue layer. A 3-statement integrated model is appropriate given capex for clinic build-outs, working capital from insurance billing cycles, and the need to track path to profitability by clinic cohort.

• Forecast horizon & granularity: 5 years (Year 1–5), monthly for Years 1–2 (clinic ramp and cash burn visibility), annual for Years 3–5 (scale). Clinic-level P&L + consolidated roll-up.

• Key drivers & assumptions:

*Clinic roll-out:*

• Number of clinics open (existing + new openings per year): Silver Lake open as of 2021; total count not stated. 3–5 clinics at time of deck, 2–4 new openings/year; rationale: early-stage multi-city roll-out typical for this stage.
• Patients per clinic capacity: 800–1,200 active members per clinic; rationale: primary care panel norms, scaled down for hybrid model.
• Ramp period per new clinic to full capacity: 6–12 months; rationale: pre-opening waitlist noted in deck (marketing flywheel builds waitlist before doors open), so ramp faster than greenfield.

*Clinical revenue (fee-for-service):*

• Visits per patient per year: 4–6; rationale: primary care + GYN average annual touchpoints.
• Revenue per visit (insurance reimbursement): $150–$250 blended; rationale: primary care + GYN mix, discounted for in-network rates.
• Virtual visit % of total: >60%; lower cost to deliver.
• Cost per service vs. PCP benchmark: 40% lower, used to model provider labor cost.

*B2B PMPM revenue:*

• Number of health system partners: 1–3 at time of deck, scaling with clinic openings.
• Covered lives per partner (attributed to Tia): 5,000–20,000; rationale: health system pilots typically start with employee populations or attributed panels.
• PMPM fee: $15–$40/member/month; rationale: primary care PMPM benchmarks for value-based/capitated arrangements.

*Cost structure:*

• Provider labor (largest cost; NPs cheaper than MDs - model mix): 50–60% of clinical revenue.
• Clinic occupancy / build-out (capex offset by health system support per deck): health systems provide financial support for stand-up; net capex per box $500K–$1.5M after partner contribution.
• Tech/ops overhead (homegrown platform): flat fixed cost scaling slowly; rationale: already built, incremental hosting + engineering.
• G&A and marketing: 20–30% of revenue at current scale, declining as flywheel matures.

*Path to profitability:*

• Clinic-level EBITDA breakeven: Month 12–18 post-opening; rationale: day-one cash-flow-positive framing in deck implies fast ramp.

• Scenarios (Base / Bull / Bear - which variables flex):
• Bull: 4+ clinic openings/year, PMPM deals close faster, virtual visit % rises to 70%+, CAC stays near zero via UGC flywheel.
• Base: 2–3 openings/year, 1 new health system partner/year, mix of B2C and B2B at equal weight.
• Bear: Clinic ramp delayed, insurance reimbursement rates under pressure, health system partnerships slow to close, higher provider labor cost if NP-to-MD ratio shifts.

• Required sheets / outputs:

1. Assumptions - all drivers above, toggle Base/Bull/Bear.
2. Clinic Roll-Out Schedule - opening dates, ramp curves, capacity by clinic.
3. Clinical Revenue Model - visits × reimbursement rate × virtual/in-person mix.
4. B2B PMPM Revenue Model - partners × covered lives × PMPM × months.
5. Clinic P&L (unit economics per box) - revenue, provider labor, occupancy, contribution margin.
6. Consolidated P&L - blended across all clinics + B2B layer.
7. Balance Sheet - capex (clinic build-outs), AR from insurance billing (60–90 day collection lag), deferred revenue (PMPM prepayments).
8. Cash Flow Statement - operating cash, capex, health system partner contributions.
9. Headcount Plan - clinical staff (by clinic) + central G&A.
10. KPI Dashboard - active patients, visits/month, virtual %, PMPM contracts, revenue per patient, clinic-level EBITDA margin.