The story first, then the math. Every figure traces to a stated assumption or a 2026 CMS rate. Open any derivation panel for the full build with codes and rates on the line.
Consumers use our app. Most use it free, a small slice pays, and that is $3.67M. Some of those members then buy a clinician-led program from us, weight loss, men's health, women's health, and that is another $1.61M. Together, that is a ~$5.3M consumer engine, and the $3.67M app line is the piece that feeds the compounding math on page two.
| Consumer Engine | Year-1 run-rate |
|---|---|
| App membership assumption167,500 members = 0.25% of 67M Medicare reach · ~94% free · 6% pay $14.99 to $89.99 | $3.67M |
| Clinician-led cash-pay programs assumption~1,765 members, ~1% of the app base · zero medication margin | $1.61M |
| Consumer Engine | ~$5.3M |
| Line | Basis | Annual |
|---|---|---|
| App base tiers | Plus 7,560 x $14.99 · Family 1,500 x $34.99 · Total Intelligence 1,000 x $49.99$215,799 / mo across 167,500 members | $2.59M |
| Total Family Intelligence | 1,000 net-new households x $89.99 / mo | $1.08M |
| Clinical programs | GLP-1 $79 · Men's Health $79 · Women's Health $59, billed on top of the intelligence layer~$76 / mo blended x 1,765 members · 51 to 56% contribution · steady state runs ~2.4x | $1.61M |
Why clinical sits outside the rung math: the rungs hold the app line flat and add practices, which keeps every rung a floor. The clinical line is a separate engine at an early checkpoint, about 1% of our own member base, so it is shown on top of every rung and never inside one. Program members' intelligence-layer revenue is captured in the clinical engine and never double-counted in the app base.
A typical practice has 10,000 patients. About 4 in 10 have a chronic condition Medicare will pay monthly to manage, but practices cannot staff it, so almost nobody gets enrolled. We do the enrolling and the care. When we do, Medicare pays about $113 a month per enrolled patient. Enroll 1,400 of them and that is $1.7M a year flowing through one practice. We keep the share for the care we deliver, about 72%, which is $1.25M per practice, to us.
| The build | Value |
|---|---|
| Patients in one practice assumptionconservative unit; the anchor practice runs ~22,000 | 10,000 |
| Patients we enroll in monthly care assumption40% have a qualifying condition x 35% enroll | 1,400 |
| What Medicare pays per enrolled patient2026 CMS rates, blended across the care codes | ~$113 / mo |
| The yearly pool through one practice | $1,733,424 |
| Our share, for the care we deliver assumptionpractices keep 100% of every line they run themselves | 72% |
| InPursuit revenue per practice | $1,248,065 |
| Step | Basis | Value |
|---|---|---|
| Care-management eligible | 40% of panelCDC: 42% of US adults carry 2+ chronic conditions | 4,000 |
| Enrolled | 35% of eligible~3x the 10 to 15% national average; below 50 to 70% vendor claims | 1,400 |
| Care-management spine (CCM or APCM) | one code per patient per month, blendedCMS 2026 PFS: 99490 $66.30 · G0557 $53.78 · mutually exclusive, never stacked | $60.00 / mo |
| RPM, device-appropriate subset | ~$104 / mo x 45% of enrolledCMS 2026 PFS: 99454 $52.00 + 99457 $51.90 | $46.80 / mo |
| Behavioral health integration | $48 / mo x 12% of enrolledCMS 2026 PFS: 99484 | $5.76 / mo |
| Blended per enrolled | $112.56 / mo x 11 active months | $1,238 / yr |
| Delivery-mix capture | 60% Full Handoff (we bill 100% of what we deliver) + 40% Split model, where flat, fair-market-value infrastructure fees are modeled at ~30% of the pool equivalent, never a percentage of the practice’s collectionspractices choose delivery line by line; market signal runs above 60% | 72.0% |
Why one spine line: CMS prohibits billing CCM and APCM for the same patient in the same month, so the model carries one blended code per patient and never stacks them. Eleven billing months, not twelve, absorbs ramp and threshold misses. Complex CCM, TCM, RTM, wound care, CIN contracting, and commercial rates above the Medicare floor are all excluded and sit on top as upside.
Honeycomb keeps digital lines it already runs, so it is modeled below the network mix. Our anchor is the hardest case in the model, not the easiest. The network scales up from it.
Every practice we add is another $1.25M, on top of the flat $3.67M app line. Five practices is about $10M. Twenty-five is about $35M. And 25 practices is 0.011% of the market.
| Practices | Network | + App (flat) | = Rung | + Clinical |
|---|---|---|---|---|
| 5 | $6.2M | $3.67M | $9.9M | +$1.61M |
| 25 · Year-3 base | $31.2M | $3.67M | $35M | +$1.61M |
| 50 | $62.4M | $3.67M | $66M | +$1.61M |
| 100 | $124.8M | $3.67M | $128M | +$1.61M |
The Year-3 base requires one-hundredth of one percent of the addressable market.