The market: 44,376 confirmed Medicare FFS members across HPSA-designated NE Georgia counties. Rural seniors averaging 1.4 PCP visits per year. 24% have no established primary care provider. The problem is structural and not being solved by traditional clinic economics.
The model: Fixed-clinic primary care + member transport + CCM/APCM/RPM. The fixed clinic solves the access problem. Transport removes the last barrier. Visits plus CCM/APCM/RPM build to ~$163/member/month by Y5 (total PMPM before COGS; ~$140 net) — a bottom-up sum of 2026 CMS billing codes. AI-enabled NP throughput of 10–14 visits/day. Per-clinic EBITDA positive at Month 8. 10 clinics, 10 counties, 3-year rollout.
The return: $4M (Lease) / $5M (Own/Mortgage) Series Seed raise · 70% Founders / 10% ESOP / 20% Investors · Safe or convertible note. Portfolio EBITDA breakeven Year 2. Base case (25% pen · 18-mo ramp · 2.0→4.0 visits · 10 clinics): ~11,097 members at Y4/Y5 maturity · ~$163 total PMPM (Y5, before COGS) · EBITDA ~$6.8M Y5 (Lease) / ~$6.7M (Own) · Exit ~$55M (Lease) / ~$65M (Own) at ~8–10× Y5 EBITDA · Investor share (20%) = ~$11M on $4M (2.75×) / ~$13M on $5M (2.6×) · IRR ~18% / ~17% after federal capital-gains tax (~22% / ~21% with QSBS). CMMI non-dilutive pathway: $3.36M/year in documented CMS savings at 400 enrolled members, rising to ~$93M/year in potential savings across the ~11,100-member portfolio.
Why now: GA 2024 APRN scope expansion, 2026 CMS APCM and 99445 RPM code additions, NE Georgia HMO penetration below 4%, and 44,376 FFS members uncontested — all create a window for a fixed-clinic, FFS-native, for-profit operator to claim attribution before the market consolidates. The HPSA moat is real. The community trust latency is real. Both are very difficult to replicate once lost.