# Tia Financial Model Full-stack primary care delivery platform for women, combining virtual and in-person care under one brand. - Canonical: https://finamodel.com/startups/tia - Excel download: https://finamodel.com/startup-models/tia.xlsx - Category: Health-tech - Model type: SaaS ARR / Valuation - Funding round: Series B - Funding: $100M - Founded: 2021 - Geography: United States. - Customer: B2C ## About the company Tia is a full-stack primary-care platform for women, combining virtual and in-person care under one brand. Its integrated approach requires both technology and physical care-delivery operations, with the member experience spanning routine primary care and a network of clinics. Revenue can arise through memberships, reimbursement, or institutional contracts, but the operational model depends on clinics, visits, clinician capacity, and local density. Growth therefore requires synchronising market launch, facility investment, care-team hiring, member acquisition, and retention. The model forecasts members, clinic locations, visits, reimbursement or membership revenue, clinician capacity, facility cost, and retention. It includes provider labour, build-out, technology, marketing, gross margin, working capital, cash burn, funding needs, and runway. ## 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 - "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. ## Market - 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." ## Revenue model - 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. ## Traction & metrics - >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. ## Unit economics - 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. ## Competition / moat - 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. ## Team & funding ask / use of funds - 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. --- ## Recommended financial model - **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. ## Frequently asked questions ### Is the Tia financial model free? Yes. The Tia 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.