Town Hall - September 2026

Sep 14, 2026

Slides

Summary

U.S. expansion reached 24M covered lives, with 3,900 completed Q2 visits and 3,600 visits in Q3’s first two months. Credentialing and payer reimbursement create a multi-month lag before revenue recognition; value-based contracts add recurring member payments.

Hello everybody to Rocket Doctor AI's town hall, our second one now. Excited for everybody to join. I do not know if there is going to be some new investors or new to the story and some that are returning to follow our story and our growth. Welcome to everybody. As a bit of an introduction here, we will go through an initial, very quick, high-level introduction to the company for any new investors. Please enter any questions into the chat. We will try to get to them at the end of the discussion. We will then move into our growth and then some of the numbers we are seeing and how excited we are about our growth here in the U.S. and so on. Then we will move it open to the questions at the end. We will also try to provide the link at the end, or in the next few days, to watch it if you do miss it or anybody who wants to watch it later on or review it. We can provide that over the next little while on our social media. Again, standard disclaimers with regards to this. A bit of an introduction if you do not know who we are. I am Dr. Essam Hamza, family doctor over 25 years. Been in business technology even longer. First company I took public was called CloudMD and grew it to a very large company at one point, over $750 million market cap and $200 million in revenues. Joined Treatment.com, which became Rocket Doctor about three years ago and was introduced to Bill at Rocket Doctor about a year ago through our partnership with Google. Maybe, Bill, you can introduce yourself as well. Yep. Hi, everybody. Some folks, familiar names, and as Essam noted, some new people I am sure that are joining us today. My name is Bill Cherniak. I am an emergency doctor trained in family practice, global public health. First startup was actually about 15 years ago in the nonprofit space, working overseas in East Africa and got involved in high tech and diagnostics. Through that, some press in The New York Times around cloud-based teleradiology. Then working clinically, seeing a bunch of patients coming that really did not need to be in the department, thinking how do we combine advanced technology with virtual care to increase access and expand services? We will tell you all about that and what is going on these days at Rocket Doctor from there. Great. Thanks, Bill. As a high-level introduction, I am not going to go through anybody on the screen here except to say that we are a company built by doctors for doctors, and that is extremely important as we move on to the next slides here, as you kind of understand how healthcare is set up. Unless you know the stakeholders, you understand how healthcare system works and how you can bill and who is going to pay for something. You have to understand the stakeholders. You need to understand the payers, the providers, and the patients. You cannot have just a really nice product and then nobody to pay for it. One of the things that we like to— For this discussion today, what we are going to do is we are going to do a quick overview, like I said, and then we will move right into an update on what we are seeing in terms of our growth and how excited we are moving forward. Okay, maybe next one here. One of the things you probably see a lot of buzz around AI in general. There is a lot of scary stuff and some hopeful things. Then you are seeing the different politicians talking about whether it can be trusted and so on. In healthcare, it is actually pretty revolutionary. Actually, if anything, most people are excited about what it can do in healthcare. From everything from obviously figuring out new ways to diagnose things to treat things. But also, when you are looking at healthcare AI, I think as an investor, you have to ask other questions. Can the information be trusted? Is it something that is reproducible every time? Because in healthcare, unless you can trust the information almost 100%, you are not going to be able to use it. No provider will ever use something that they cannot trust or that is going to hallucinate and so on. Is it portable? Can you put it behind the health system's firewall? Is it secure? Is it actually proprietary, or is it like a wrapper around a ChatGPT or some sort of LLM? Again, ask yourself questions like this when you are looking at healthcare companies. Then finally, and probably most importantly, is it commercially viable? Can you actually make money off of what we are talking about, or is this a nice to have type of product? Why is this important, and why I think we have been seeing the tremendous growth and the tremendous buy-in from all the different stakeholders is that the costs are soaring. I think in the U.S., something like $5 trillion is spent on healthcare a year. But with that increase in cost, it is not like there is better care. If anything, actually care is going down, access to care is going down. Doctors are getting burnt out, data overload, trying to keep up with different diseases and treatments and so on. Most of the time, they are doing things that they do not get rewarded for. So they are working harder, seeing more patients, and then they are not getting any benefit of that. 40% plus is just admin stuff for them, and they are not getting reimbursed. It is one of the things that they are looking for. To give a little bit of a practical sort of on the ground thought experiment example for folks, just often have people take a look at the right side of the screen and think about how commonly you yourself have sat in a room that looks a lot like that and how long you waited to see a doctor. Then imagine that you are one of the approximately 100 million people that does not have primary care or is on Medicaid, Medicare across the U.S. or in Canada, the 6.5 million folks that also similarly does not have a family doctor. Just look at the wait time to see one of those physicians. Now imagine if you are on Medicaid, Medicare in a rural remote community, underserved. So, massive healthcare systemic infrastructure problem that is impacting tens of billions of dollars every year. Great. I am just going to remind everybody, if you have any questions along the way, please enter it and we will try to get to them at the end of the discussion here. As a quick overview of what we do, it is I think pretty intuitive and it is something that I think is really unique and really exciting, is that we have been able to provide and empower doctors with the ability to be their own bosses, their own entrepreneurs for the first time. I think I always say this, that in medicine we go through a lot of years, in post-grad and so on, and I do not think I have had one course on what to do to build a business, basically, and be your own boss. You either have to be self-taught or you join a group. One of the things we have been able to do with this ecosystem is basically provide the ability for the doctor to turn on the on sign and see patients whenever they want, wherever they want, with the tools that they need. Instead of them trying to figure out what EMR to use, electronic medical record, or which billing service to use, and can they use other services like an AI scribe, an AI assistance, and so on. We have been able to provide proprietary software for them where they do not have to sign on to a bunch of different things. All that stuff works together. On top of it, we have been able to provide the patient marketplace for the doctors as well, so that they can see the patients and bill for those patients. The harder they work, the more hours they do, the more they get compensated. Versus historically, where they will sign on, and Bill will talk more about it, with a group and they are paid an hourly rate and no matter how hard they work, they are flat in terms of what their potential income is. It is a pretty exciting, I think, model, and it is a kind of a testament to how fast we have been able to grow. At the back end of some of the software we have, that is I think exciting and proprietary, as I mentioned before, in terms of the AI solutions, is our Global Library of Medicine. It is something that, again, it has been developed over a number of years with over 200 doctors in our system that have been able to build something that thinks like a doctor and approaches the patient in the same way. It has the ability to analyze who the patient is, age, sex, whether they have any risk factors, whether they have any medical issues, and then starts asking questions and in real time shifting to the next most appropriate question to not only get a really good history, but actually a great and accurate differential diagnosis with actually treatment options as well as what test to do next and so on. It can be used many different ways, and we will talk about that in a second, but it is also a tested model that is being used by medical students in the U.S. right now to basically test and train the medical students, and see how their clinical skills are. As I mentioned, when you have a tool like this, you can use it many different ways. For us, we are excited because we are able to use it internally with our doctors on our platform, where it has the ability to support them. In something that I think I am looking forward to over the next little while is actually can improve income for the doctors, as well as better access to care for the patient. Not only does it have the ability to assist on onboarding and triaging patients ahead of a visit and see, number one, should they have that visit or should they go to emergency room, take that history, do blood tests or anything ahead of the meeting, and then see the doctor, and then during the visit with the doctor, talk to the doctor, and see if they need to ask a certain question or send them for a certain test for the patient. Or even after the visit and between visits. Imagine a situation with a patient with diabetes. Nobody right now is actually checking on that patient between visits to see how their diabetes is being managed, if they are taking their medications, what their numbers are. Imagine an AI assistant being able to check between visits, recalling patients back to the doctor if something shows up and so on. It is pretty exciting kind of what is coming up in the next while here. Okay. To get a little bit more into the weeds for folks on the operational logistics, Esam got into it a little bit in his introduction, but as a quick refresher, the way that we think about ourselves at Rocket Doctor is really as a Shopify for physicians. Now, rightfully, people have pointed out it's a little bit different from that and that you don't see each individual doctor's business necessarily, but each physician on the back end is running our own independent practice. Then we aggregate all of the doctors on our own proprietary AI-enabled electronic medical record, put them out onto a marketplace under our single brand identity of Rocket Doctor to patients primarily in rural/remote communities and focused on Medicaid/Medicare. Then we match the right doctor to the right patient, enabled with all the various tools that you heard about and we'll talk about in a little bit also. What's really exciting is that number 24 million was close to zero at the start of the year, and at the end of last year. We've rapidly been able to grow our network expansion across the U.S., in addition to seeing huge volumes of patients across Canada. All those logos at the bottom are real plans that we've signed contracts with over the course of the last year that have built out that 24 million covered lives. This sort of says a little bit of what we had already talked about, but just at a high level to understand why do doctors come to us, why are patients using our platform, and how are we kind of able at a very high level to start building that market share as quickly as we have been doing. We'll again show you those numbers. This slide is what it says on the title, which is it's hard to do digital health and healthcare in general in America. Takes a long time, as some of the folks will know on this platform and others, to do all of these things which simply engage dealing with government, regulatory agencies, both at state level as well as federally. What I often say to folks is you can have as much money in the world as you want, but it's going to take you the time it takes to get the state Medicaid to respond to your emails. This just says we've got a head start in everything that we're doing. The other way that I've described this to folks is think about building an apartment building or a condo. You got to dig the hole in the ground, and often, you got the walls up. Nobody sees what's going on. You've got to pour the concrete, the foundation, and then finally, once the building starts to come up, people actually see what's happening. That whole 2.5 years to 3 years of work was just digging the hole, pouring the concrete, and now we are actually starting to build the thing above ground, which is exciting. We will talk about numbers shortly. Again, this emphasizes a little bit more depth about those payer details I showed you on those 24 million covered lives. As folks here may be aware, otherwise, we are in N.Y., Maryland, and California as our first three states. Then we have announced this previously as well, the intent to expand into other states in the country with a focus on Florida and Texas, which perhaps is no surprise to people. We will give you more details on that as we move through into the next couple of quarters. This gives you some nuts and bolts on the finances. Where do we actually drive the revenue for the business? Primarily, we think about the independent doctor on the platform being direct to consumer. Across Canada, we take on average about 17% of billings, and then in the U.S., we do a $25 flat rate per fee. What is interesting is as we have started to incorporate different CPT codes, we have started to think about different ways around this as well that we can talk about more moving ahead. But in the middle, we have a variety of different partnerships, and this primarily relates to independently owned pharmacies for that 250K a year. Then every physician pays us a monthly platform fee to be on the platform that is fixed every month that we go through. This just represents the actual growth, 43% year-over-year. We are going to talk about that distinction between Q1 and Q2 because really it got lost in the press release, some of the nuances of what is gone on over the last few months and how exciting it is. We are going to explain what it means and what is actually going on here. This just gives you a few of the partnerships that we have experienced in that B2B side through hospitals, nonprofits, municipal governments, and then those managed care plans of Medicaid. This gives you a window into the actual patient volume. Obviously growth year-over-year. Doctors often do not like to work in the summer, so we often see seasonality in terms of visits, and that is normal, as you can see. But this just represents the numbers that we have gotten. The far right is from 2025. It is not a projection for this year or anything. It is just showing you where we were last year in those quarters, and that is across Canada. Still in spite of massive volume, 45,000 patients per quarter, we are experiencing growth year-over-year organically from that. Okay, now getting into the substance of what was really exciting about our Q2 release is our U.S. growth. We just did a news release this morning talking about some of these Q3 numbers as well. But in Q2, you will see that we went up to 3,900 completed visits. For anybody who is keeping tabs, this is actually visits that fully happened on the platform. A number of booked are higher, but these are folks that actually were seen by the doctor themselves. So huge jump there. So far in Q3, just for the first 2 months of Q3, we almost matched the whole patient volume of Q2. We don't do projections or anything like that, but if you just looked at what we had done in the first 2 months in terms of 3,600 visits, that kind of thing, you can get a sense of what Q3 may look like just from that perspective. By the way, Essam, feel free to jump in at any point if you want to add anything. Will do. As you think about our payer approach, again, I mentioned at the very beginning, our focus is on Medicaid and Medicare. We have a very diversified payer mix, and as you saw from those logos at the beginning and just a couple of them that are shown on this screen, we do have contracts with just about every major commercial insurance payer across the country for HR employer benefits and commercial insurance. But part of our secret sauce really is opening access for really one of the first time for Medicaid and Medicaid managed care, which many of our competitors simply do not go into. We also take out-of-network. We'll talk about out-of-network a little bit and how that influences some of the things you're seeing, but some exciting things around that also. Often when people think about marketplaces and this direct to consumer approach, we're matching the patients and the providers. Of course, the question is, well, where do the patients come from? We have an ad funnel where folks come in, but we're trying unique, creative ways to do it as well. This was a very exciting partnership that came together over the course of the spring where we formed this relationship with Rick Ware Racing and NASCAR. The populations that we're trying to serve are often folks that are attending these races and watching them on television. As you can see, the car looks great. The logo does well, I think, on the NASCAR with the blue. We are reaching really millions of people through this, through organic brand plays and creative opportunities to expand our brand across the country for folks who had never heard of us before. Bill, maybe speak to that a bit. One thing is increasing the brand awareness, reducing the customer acquisition cost with that, but what is your feeling when you talk to these national payers and these groups and so on when we have something like this where we are a national brand as well? Yeah. It certainly increases the credibility of the organization also because many of them may not have heard of us before, and they get approached by tons of independent small and mid-size practices that want to credential and contract with them. But to be able to show them a photo like this and say, "Yeah, we are on a NASCAR that is on nationalized television," it definitely adds credibility. What is also neat is we can bring some folks out to the races, and they get the VIP pit pass experience. So it is a neat thing that we are trying to take as much advantage of as possible as well. The next thing on the patient acquisition side is the majority of our contracts to date have primarily been fee for service, which is very much a eat what you catch kind of relationship where the payer said, "It is great." It is hard to get a contract with these insurance companies to begin with to get to be paid by them. But now we are moving into some value-based care opportunities, where the payers themselves are assigning us members from the plan to take on with ongoing primary care. So no CAC for those patients. They are assigned to us. Of course, our model is comprehensive care, so even when we get a fee for service patient from the other contracts, we know that they often stay with us on an ongoing basis for all of their needs. It is not a one and done kind of thing. These are specifically assigned for ongoing care with monthly recurring revenue and value-based care payments. This is just an example of the first one that we've announced publicly and what we're thinking about for the future also in a repeatable structure. Then obviously, the physician hours are the supply side for what sort of powers this. I see some stuff is coming in through the chat, so we'll go through the questions afterwards as well as they come in. Q2 physician hours went up dramatically alongside the patient volume, and you'll see that Q3, we're looking at what we've already done for the first couple of months and similar sort of thing to what we showed you for the patient volume. We're going to get a little more into the weeds on this in a second, but wanted to give people the context of this idea that the launch in the U.S. is very new. It really just started in the end of December of 2025, and we announced in Q1 we had only 12 physicians who were on the platform. We now have 81 who have signed contracts with us, and I'm going to walk you through some details on the time that it takes to actually credential a physician. So by the time somebody signs a contract and what's interesting here is doctors pay us. So we collect $500 from physicians in order to join the platform and go through credentialing because it's a complex process. That, as you can see in the middle bullet, can take anywhere from 3-6 months to get a doctor fully credentialed. So, we had 12 in Q1. We have 81 now, a quarter later, now a quarter and a half. It takes 6 months, let's say, to get them fully credentialed with all the different Medicaid managed care plans with Medicaid. So many of those physicians who have signed contracts and are on the platform technically actually can't see all the patients necessarily, or they may be out-of-network for patients, even with insurance plans that we hold a contract with. This is part of why the revenue, you'll notice, didn't change in the same way necessarily that the patient volume did in Q2. Because, in addition to all the credentialing side of things, it takes often anywhere. Our average that we looked at is 51 days to be paid for an in-network claim. We are getting paid for out-of-network claims, but it can take up to 72 days. So much of the revenue that's driven by those Q2 visits was not reflected in Q2. It's important to note that, yeah, the U.S. revenue is recognized on receipt of the money. We don't sort of show something that we've billed for but not actually been paid for. So the volume's not lost. The patients are still there. The billings are out in the world, and we'll be able to talk about them more in Q3. This just is a little bit more depth about why we take those out-of-network patients. Obviously, we're building the funnel rather than just say, "No, we're not taking you." We'd rather bring them in, get the volume going, win the contract with the plan, get the doctor credentialed, be able to, in some cases, hold billing for future and have the patient continue to come back to us as we get them in-network, and then also file out-of-network claims with the plans to sort of build traction with them and get them to see that we're seeing their members, which has been a winning strategy for us, as you've seen through the 24 million covered lives. This just re-emphasizes part of what we said earlier about the difficulty in folks really trying to do what we're doing, particularly in the Medicaid and Medicare space, where you've got to put in the work to figure it out in the first place, and then you've got to wait the time that it just takes to go through it all. I'll hand it back to Essam. Yeah. Maybe we can go back to the slide with the number of U.S. patients as we talk through it here a bit more. There we go. Awesome. Yeah. So maybe for clarity's sake, can you, Bill, kind of explain when we announced the numbers, let's say for Q1 and the numbers for Q2, the number of patients being seen, in roughly how many doctors were involved in getting these numbers? Just so that as we start talking about now 30 and close to, and then soon 81 and so on, people get an idea. I know it's not going to be exact because the different hours are now being filled a lot more and so on, but just in generally. Yeah. So basically in Q1, as noted, we had 12 doctors or so that were and we use the term clinically active, so the physicians that actually opened a clinic on the platform. In Q2, it was more like 30 or so that actually opened a clinic. But as noted, we have 81 that are signed. So that is why we say there is this kind of reserve capacity of physicians who have signed but have not yet opened a clinic on the platform. So we have the ability to accommodate more volume, essentially. Right. Each one is at different stages of credentialing, some of them— Correct early, some of them later on, and so on, in terms of activity level. Yeah. Some of them have multi-state licenses, I believe as well, Bill, right? Correct. Most doctors are licensed in multiple states, yes. We cover, I think now, over 20 different states where doctors hold licenses that are currently signed to the platform. Great. The implication of that as we expand will be that that one doctor in that one state could literally see patients from other states that come onto our marketplace. We can divert those patients to them as well. Yeah, we're already doing things like that on the back end, to sort of have physicians in different areas, and obviously it's handy because they can cover different time zones, and there's all sorts of other things that we can do with that, with having folks ready already in different states that we're moving into. One of the other questions I got recently was that $25 US on that slide. When they talk about it, is that the only amount, or is it possibly more if the patient's being seen for, let's call it mental health and being seen longer, more complicated visits? Obviously, we talked about value-based care as well. But it's minimum of $25 US, right? I mean, it goes up from there. Yeah. Correct. That's the minimum, and it's the average that we've kind of presented. But there are different fee codes, CPT codes that physicians bill, and those CPT codes will pay more. We've adjusted our services agreement to account for the codes that pay more, where we charge more to the physician. You can think about it, basically it's like 25 bucks for every $100 that's billed in the code, is how we track things. Great. Excellent. Maybe jumping to a few of the questions as they come in here. I think the first question to you, Bill, is the economics of value-based care versus fee-based. Value-based care includes a fee-based piece as well, right? Yeah. Derek's got a lot of questions, it looks like. I'm just opening the Q&A. But, hi, Derek. But the value-based care agreement that we announced, with Altais, that basically gives us a monthly fee per member that is rostered on an ongoing basis. In addition to that, we still bill on a fee-for-service per encounter basis. There's various benefits that we get for the ongoing primary care metrics that we're hitting. I'm actually not sure if we have announced the specifics of the dollar amounts or if we can say that here, or we have to do a separate, more detailed announcement or not but- Yeah. But it's going to be more than 25, and the great thing about value-based care is you move towards, I think, the proper way of dealing with patients, of keeping them healthy and being rewarded for keeping them healthy and getting them access to care, versus reactive and waiting until there's an issue. That's where I think it's going to get exciting with some of the AI technology we have in helping the doctors have bigger panels and things like that as we move forward. So I think that's pretty exciting. Going into some more of the questions, and I think leading up from what I said before, is when a doctor is seeing a patient, typically they're spending about 20 minutes in the U.S. per patient, roughly, for a regular visit. So they're going to be able to see up to three patients an hour, roughly. That's about what folks are doing on the platform, yeah. Yeah. One of the questions is around that, but also how do we get more doctors onto the platform? How are they aware of it? How are we getting patients to them as well? Yeah. To that last question, it's always a balance with the two-sided marketplaces to match supply to demand, and obviously that's something that we've had to do since we launched the company, that we've done successfully growing to now in Canada, those 44,000 visits we do every quarter. We are fortunate that in a world of physician burnout, where doctors, we really don't want to do much work at all in many places and are pretty sick in the U.S. of corporate medicine. The model that we've built is very appealing to physicians to be able to set your own hours. We give doctors radical fiscal transparency, where we show them 100% of what insurance has paid us, which you really, as a doctor that's worked in the U.S. for various payers and health systems, you just don't get that in other places. You're just another cog in the wheel. We've got, and as we showed you, we have the 81 signed doctors, but 50 of them are in credentialing currently. We've got lots of docs. The patients, obviously, we're growing as well. We've been able to do so, as this slide shows, with the patient volume going up. In fact, what's interesting, this is something we've really been keen on at Rocket Doctor, since the very beginning of the company, is getting our customer acquisition costs to go down even as volume increases. In fact, we've been doing that also, in the U.S. But, yeah, continuing to drive patients to the platform as well. So really it's matching both sides to Derek, your question, I guess. How many visits can a doctor support? What's on the platform? This is the thing, as physicians, some doctors are full-time. They're doing full 8-hour plus days. Some doctors will work a couple hours here and there. What we've seen over time as average is 7 hours a week, but that's in Canada. It seems to be more for physicians in the U.S., but we don't have a clear number on exact averages just yet. One of the questions I always get asked is, these are engaged doctors. These are doctors coming in, paying us CAD 500. They're definitely engaged. They're not just signing up and we don't know if they're going to do hours. Why Rocket Doctor versus wherever they're working now, or as well as where they're working now? Yeah. The other thing is many health systems in the U.S. will have doctors sign non-competes, where literally you're not allowed to work at any other health system or entity. There was a whole battle about this, but we say to docs, we encourage you to do clinical work outside of the platform if you like. You can have a rich, varied practice. You can work full time with us if you want. You can shuffle things as you want. We, of course, always track carefully the total physician hours in every state to make sure that we're balancing things out appropriately. But that flexibility is very appealing. The fiscal transparency is very appealing, the opportunity to generate more revenue, because if they're getting paid the full amount from the insurance for a fully booked clinic, it's going to be much higher than what they would typically expect to generate from a typical in-person clinical practice or virtual. Some of our competitors I know have talked about, they paid $30 per patient, and it becomes. The thing that I use to equate it is like a hamburger shop, like a fast food hamburger shop where you are flipping burgers, trying to crank out four to six patients an hour for 30 bucks a patient, versus on our platform, it is more like you are getting a filet mignon from the patient side, where you get to actually sit down, the doctor can talk to you, and as a physician, you are much less stressed, and you can actually take the time to fully go through the patient's healthcare with them. One of the questions about the NASCAR sponsorship going to the end of the year and our plans to renew it and so on. That is the discussion we are having internally and with the team there at NASCAR, and we will be able to update the market at that time. They have been great partners. They have definitely provided a lot of support and a lot of investment in the company as well. We are pretty excited about that partnership, and we will update the market as we go along. With regards to anything financial, we do not have our CFO on the call here today, so I have to be careful how I present and answer some of these questions and so on. One of the things that. We do not give projections, so we are not going to be able to project in terms of how many patients we are expecting in the near future or when we are going to turn to profitability. I will say something is that one of the reasons we moved into the U.S. and are expanding very quickly in the U.S. and so on is the economics of the U.S. numbers are much better in terms of how much we are making per patient and so on. Also with regards to the size of the market. In Canada, as you saw, it is a more mature system that we have had over the years, and we are already seeing close to 50,000 patients a quarter. In the U.S., we are talking 10 times that population, and so we are pretty excited. We are very early stages here, early innings, if you are a baseball fan, and so we are pretty excited on where this moves to and how we expand into other states and how each state becomes more mature, how we bring in more of these value-based care contracts, as well as some other contracts where patients are sent to us versus us trying to get the eyeballs of those patients, which is our biggest burden right now. One of those things as we move forward, as Bill mentioned, is as we grow, as we get the attention and the eyeballs of the patients in different ways that do not require the high spend in terms of digital ads and so on, that CAC or customer acquisition cost goes down considerably, and that is when we can start talking about projections towards profitability and so on. But there's a lot of upside in terms of volume, and that's where we're excited about. Yeah, and I think is the other big thing, and hi, Tim, by the way. I think the other big thing is that many companies in the. As people will know, there are many companies involved in digital health in the U.S. It's a very crowded, competitive market, and much of the questions are always, well, okay, what makes you guys any different? How are you going to win in this market? I think we've explained over the course of this presentation our core theses. And we've also shown back a couple of years ago, it was a hypothesis. Could you build an American business that focuses on Medicaid and Medicare that actually drives patients to the platform? And I think we've resoundingly said the answer is yes, we can. In a world where everyone's fighting for patients, we're getting them and growing exponentially. So to Essam's point, we're of course, focused on unit economics, on fundamentals, on dropping the customer acquisition cost. We're focused on long-term value, on retaining patients as users in the long term. But when you're growing 200% quarter-over-quarter, we're not so much. What we're focused on capturing market share at the moment while improving those fundamentals. And then I'll turn to you, Essam, for any more specifics on financials. Yeah, going back to that slide where you show the lag between when we see a patient and when we recognize revenue. I think that's really important here. Because a lot of times it's a bit of a lag, right? Unless you understand the business model, it could be something where we know it's coming. It's just a matter that we can't formally announce that revenue until we see it cash in the account. The great thing about it is that when a patient is in-network, we're pretty confident we're going to get that patient paid for. Historically, we've been seeing that, and we're pretty comfortable with that. We just don't do projections. Having said that, we might show you numbers in terms of how many patients we're seeing and so on. We're pretty confident in the next 60 days or 60, 70 days, whatever, that revenue is going to come in. That's always in the public markets about a quarter off from when we're seeing the patients or roughly. The other leg that's exciting is the fact that a lot of the numbers we've shown so far is with very few doctors that at the time were active. Even though we have 30, let's call it, that are credentialed and active right now, and that's growing literally every day, not all of them were active for the full quarter. The actual ones that they saw for those numbers are partial. It's one of those things where it just keeps growing and growing and growing with time. We're pretty excited over the next few quarters in being able to show a little bit of a history of seeing the patient, how much we're making per patient, and when that revenue is being recognized and showing up in our quarters and so on. From there, hopefully, we'll be able to do some projections in the future. Bill, do you have any other questions or things you want to bring up today? No, not for me. I'm happy to answer any more questions folks might have if they want to post them. Otherwise, I think the key is we wanted to hold this town hall because as noted at the very beginning, I think that a lot was missed in the Q2 announcement. The nuances of it were not clear about how it works for the lag between patients seen and actually getting paid by insurance companies, and then doctors signed but not yet credentialed. Hopefully this helps folks to understand what they can sort of expect to see in the coming quarters as well and explain the Q2 results in a little bit more depth. Yeah. No, I think it's going to be exciting over the next couple of quarters here and being able to show. Seasonality, I think can't be discounted enough in medicine. Even though we've been seeing that growth, typically Q3, Q4, Q1 are typically the busier quarters, and so that'll be exciting moving forward. In terms of any, as I mentioned really briefly, anything more in terms of I can't give in terms of projections or when we're going to move towards profitability. I know there were a couple of questions on that. I can't give projections right now, and so it's one of those things where we're not allowed to do that. But as we move forward and start announcing some more of these quarters, we will be able to discuss more in terms of how our costs are going down and the revenue is moving up, and we will talk about that more at that time. If there is no other questions, thank you very much for joining us. We will provide the link on our social media if you want to see this later on as well. And looking forward to the next discussion, hopefully next quarter. Thanks, everyone. Thank you. Bye