Town Hall - June 2026

Jun 3, 2026

Slides

Summary

The platform combines curated clinical AI, physician practice infrastructure and payer access, with U.S. patient visits rising from March to April 2026 and a substantial physician pipeline in credentialing. Management plans continued organic growth and further U.S. state expansion.

Welcome, everybody, to Rocket Doctor AI's town hall. Very happy for everybody to be here today. Hopefully, we got some new investors as well as some existing investors. We will be going through the presentation. We will talk about a few different things, and we will have some time for some questions. If you want to enter, participants can submit questions by clicking on the Q&A button at the bottom of your Zoom screen. A prompt will appear where you can submit your question into the text box and then click send, and hopefully we will get to it by the end of the presentation. First, just a couple of slides about the disclaimer. To introduce ourselves, again, some investors here will know us already, and some will be new. I am Dr. Essam Hamza. I am a family doctor of over 25 years. Been in business and technology even longer than that. The first company I took public was called CloudMD and grew it from just a handful of small clinics, high-tech clinics that earn revenue under CAD 3 million to revenue close to CAD 200 million. We moved to TSX, and our market cap went from under CAD 10 million to a high of about CAD 750 million at the peak of COVID. A big proponent of digital health and telemedicine before it became fashionable and mainstream with COVID. Left the company about four or five years ago. Took a bit of time off, and then came to Treatment.com, which was the company before Rocket Doctor AI's rebrand. I became the CEO about two and a half years ago. Very excited about where we are right now. Very excited about this town hall, being able to talk about what we have done so far and the exciting future. Got to meet Dr. Cherniak a year ago through our partnerships with Google, and it was a perfect fit between our two companies, and we acquired them about a year ago, just over a year ago now. Bill, if you can introduce yourself as well. For sure. Hi, everybody. Thanks for joining. Thanks, Essam, for the intro. My name is Bill Cherniak. I am an emergency doctor trained in family practice, global public health. Again, some folks will know me, and for folks that are new, clinical training across Canada, then went back to school to the U.S. to Hopkins for a public health degree and spent some time at the NIH and working for Kaiser Permanente and across the United States and actually back and forth to East Africa because my first startup was about 15 years ago on the global health nonprofit side. Through that, got involved into high-tech diagnostics through cloud-based teleradiology and had some press in The New York Times that moved me more in the technology sector. As an emergency doc, just seeing all the patients coming in that really didn't need to be there, started to think about how we could leverage technology to improve access to care, and we're going to talk to you all about that shortly. Great. Thanks, Bill. Quickly, for the agenda, again, a quick overview of Rocket Doctor, kind of who we are, how we got here, our current solutions, and hopefully some future solutions as well. Kind of our growth and traction, not only in Canada, but now in the U.S., which is a major focus in our company right now. Our moat, and this is a very important part of it, our moat in terms of our technology and our business plan and the team, our growth opportunity. Then again, the questions and answers at the end. If you want to submit them, hopefully we'll get to them at the end. First of all, Rocket Doctor AI. We are a company provider-centered for doctors, providing a platform built for scalable care delivery. The key things here is that we provide something that has trusted AI solutions, care delivery solutions, payer access, and patient demand to help providers deliver better care at scale. This is a big thing when we talk about inefficiencies in the system, and we'll get to that slide in a second here. When you are looking at companies like ours or companies in healthcare, and especially in AI and healthcare and software and so on, look at a few things. Look at can you trust their information? Is it accurate? I'm sure I just saw on CNN this morning, actually, a doctor talking about how she uses ChatGPT to check a few of her own lab results to see about guidance. Because she's educated, she knows what to look for, what's not right, what's right, and she was able to use it effectively. But anybody else really can't because 70% or more sometimes of the time, it may not be accurate or it may not be consistent. It may tell you the right thing once and not another time. It scrapes the internet for whatever information's out there, and it presents it in a very confident way as if it's accurate. You, if you don't have any medical training, might feel like that's the accurate information when it isn't. For medicine, you pretty much have to be close to 100% accurate, or it's not worth it. Especially for physicians are very critical of something that they can't trust every single time. The other thing is it something that you can actually use, and will you have customers? Meaning that there are great tools out there that maybe are fancy or shiny, but there's no real business sense to it. Unless you understand the stakeholders and how things are funded, you may not get paid for it as a company. You might create something without a customer. You have to work backwards from the who's buying this and how are they going to pay for it. We provide solutions for the full patient journey. We understand all the stakeholders, the patient, the provider, and the payers. We have very powerful proprietary AI-powered software for that, and we'll get to it today. Part of our solution is that proprietary software. One of them is the Global Library of Medicine that Treatment.com had, that now we're integrating with the Rocket Doctor side's platform. We'll get to that slide showing how unique this is, and that it's curated AI. It is trusted every single time, like we said before, and it's not what we call generative AI, like the LLMs, where sometimes you might get inaccurate information, or it might hallucinate or become racist, as they always say. So it's something you can trust all the time, and we'll get to more information about that because it powers a lot of our solutions. Is it portable? Can you use it for many different solutions out there, like we mentioned before? We can talk about security and privacy and our software can go behind the firewalls of organizations on their platform, on their system, so that they can trust that it's staying within their organization and nothing's leaking out to the internet. It's very interesting always when you talk about privacy and security, when we have people saying it's really, really important, but then they enter all their information into ChatGPT about who's in their family and what diseases they have and what their medical results are, and so on. For us, it's very, very important, because healthcare information is probably the number one most valuable information out there. It's something that because we are doctors and we understand the patients, it's something very important to us. Is it commercially viable? Is it something you can actually make money on? We'll talk about some of the things we've done already, like the virtual emergency medicine that's been incredibly powerful and provided incredible efficiency and cost savings, and the commercialization in terms of the revenue, it's growing right now from Canada and now in the U.S. You'll see that growth in the future slides here. Again, we always talk about built by doctors for doctors, and it's very important to stress that is real. That is something we take to heart. That's really important when you start talking to who the customer is, because our customer is the practitioner. If they think that the person selling them is just a salesperson and not somebody like them who understands all the issues and the stakeholders and all the complications in the healthcare system, it's a hard sell. For us, it's a little bit easier. It's one of the first times that we've had buy-in from all the stakeholders because of who we are and where we're coming from. From the patients to the providers to the payers, they've been all on board with what we're doing, and we're very excited. Again, we'll talk more about the team a little bit later. So why are we here? What are we doing? Again, like I said, I just saw it on CNN and some other. Healthcare is broken. I think in the States, something like $5 trillion is being spent, I think, in healthcare yearly. It's not about more money. It's about the efficient use of the money that's already being spent there. It's hard to say always, "Oh, there's a shortage of doctors." It's not a shortage of doctors, it's that doctors have lives. When you tell them that they have to sign up for X number of hours, and you have to provide 24/7 care for the patient, and 40%-50% of your time is going to be admin work of doing paperwork and billing, and so on, which is something we don't enjoy doing. We want to take care of the patient. Then it's going to cut away from something else. It's going to cut away from either the access to the patients or the patient's access to them, or the time they can spend with patients. It costs the system more money, which ends up where the patients are ending up in emergency, which again, Bill will talk to how much more expensive it is for a patient to show up in emerge versus seeing one of our doctors or another doctor. It's very important. The soaring cost is going to end. It will end because governments around the world and payers around the world are not going to keep pouring money into it. They're going to look for efficiencies. We talked about the shrinking access. Something like, I think 100 rural hospitals have shut down in the U.S. in the past year. Misinformed care, so misdiagnosis. It's hard for doctors to stay up with every single thing and be able to think about every possible differential diagnosis and potential cause of your symptoms in a 5 or 10-minute visit. But with technology, you can help with that. You can help guide them and make sure that they've figured out maybe the fourth thing on a differential diagnosis is something we should look at as well. Again, it's something, again, that I think costs the system about $100 billion a year in the U.S. on misdiagnosis. Again, as I mentioned, just too much information. For doctors, having to monitor tens of thousands of new studies every year is not practical at all. Global Library of Medicine, I mentioned this earlier. This is something we're very proud of. It is something that has taken a lot of care, a lot of time and resources. I believe over seven or eight years, over 200 doctors, I think, in our network, spent over 25,000 hours helping curate the information. Because of that, we have the ability now with our platform, with our proprietary algorithm, to diagnose over 1,000 diseases incredibly accurate, and we'll talk about that in a second. We have 17,000 plus symptoms and so on. Every single piece of information in our platform has a special value, and that value then drives the algorithm to think like a doctor. This is the key thing. It's not like, "Hey, you're complaining about a headache. I'm going to ask you these 10 questions." That's not how it works. We've made it so that it mimics the way the doctor approaches medicine. For instance, before I walk into a room with a patient, I'll look at the chart, and I'll look at the past medical history, their current medications, the family history, their latest lab results, and so on, and the risk factors. Are they a smoker? How old are they, and so on. Before I even walk in, because that guides me. If I walk into a 20-year-old with chest pain, it's different in terms of what I'm going to think initially than a 70-year-old smoker with chest pain. That's very important. The second part is I listen. When the patient says, "I'm having chest pain," my first question is going to be X. Depending on what the answer is to X, I'm going to shift in real-time to the next most important question, and our algorithm does the same thing. It goes to the next most pertinent question, and you'll see this in the demos and hopefully future demos as well, where it's thinking in real time. It's thinking in real time about the most appropriate question, number one, and number two, what's the next most important question, but also what lab test they should do next, what imaging they should do, and the differential diagnosis gets updated in real time, as well in the background. Why that's important is that not only then, and you'll see this in some of the solutions we have, can we create a really important and valuable history, basically the history-taking for the doctor ahead of the appointment. But it can help with the differential diagnosis, but maybe send them for blood work or lab tests or imaging before the actual appointment so that it saves time. Imagine if you did the blood work before your first visit instead of waiting two weeks to see the doctor, them sending you for the lab test, waiting for an appointment with the lab to do the lab test, waiting for those results, and then coming back, trying to get another appointment with the doctor to review the results before you get referred to the specialist. Imagine the time savings involved there. It's not about just the practicality of it or your time is wasted. It actually is really important in medicine. If you catch things early, you avoid complications, and that's really, really important. If you can catch that patient with diabetes or early stroke or early angina and before it becomes a heart attack and so on early, it's really important to keep them out of hospital, keep them out of complications. That's really important. The other thing is that when we say that it is accurate, it is so accurate that medical schools are using it as part of their tools to train and test future medical students on their clinical skills. In medicine, I think something like 80 different countries around the world, there is something called the OSCE exam. The OSCE exam is a way of testing the students on their clinical skills. What happens is there are 12 rooms. Each room has an actor, each actor has to act out a disease, and the student has to go in there, ask questions, try to figure out what it is, walk out, write the differential diagnosis, move on to the next room. If they can get maybe 8 out of 12 right or so on, that is not too bad for a student. We actually snuck it into one of these medical exams, these OSCE exams, with a non-medical student, somebody with zero medical training, and told her to run it as if she is a medical student. Nobody knew she was not except for the dean of medicine. She was able to get 11 out of 12 right on the first diagnosis and the 12th one on the second diagnosis. For that fact, University of Minnesota, I believe, used it recently as part of their latest OSCE to help run the OSCE, saving them a lot of money and resources because it gave them the ability to test the students and mark it in real time versus historically, it took about three months to mark these exams. It marked it in real time and gave the preceptors the chance in the background to watch and see the deficiencies in each student and what they need to work on. Because this is a very powerful brain, the Global Library of Medicine, it can provide many different solutions out there. We will talk about some of them. Again, the voice assistants, the medical education I just talked about, the pharmacy kiosks, the AI Nurse, and so on. This is what I am talking about, basically, is that our AI products, we did it on purpose to provide that full continuum care. Everything from the patient intake. Again, I always say imagine you are a young parent on a Sunday night and your kid is sick and you are worried, and what are you going to do? You are going to go to ChatGPT, Google, or emergency, typically because nothing else is open. Imagine instead that your doctor that you trust, their office has something like this where they have what we call an AI Nurse or AI assistant that you can contact 24/7 and start talking to it. It knows your history from your chart and is asking you questions. Based on the interaction, you will see a video here in a second, an interaction, it will be able to figure out, number one, whether you need to go to emergency or not. If it is picking up that this could be a stroke or a heart attack in an elderly patient, for instance, it will send you to emergency. Otherwise, it will take that information, give it to the doctor ahead of your appointment, book the appointment, let's say, for you. Then when the doctor sees you, it is like having a nurse go in first and take that history, give that differential diagnosis. Maybe you went for the blood work before your visit, and that result is already back already. During the visit, our solutions will have the ability to, as part of the electronic medical record and so on, that we have the ability to use an AI Scribe to transcribe the visit so that the doctor is not typing away. They are actually looking at you face-to-face and have the ability to spend time and resources just with you basically versus trying to make sure they documented every single thing, and also help guide them on some questions they might have forgot to ask or some differential diagnosis they did not really consider as part of the options there. Then imagine between visits, because again, when you walk out of the room, we are so overwhelmed that out of mind, out of sight, pretty much a lot of times, because we have 1,000 or 2,000 patients or whatever. Imagine instead a 24/7 nurse being programmed to check up on you, or check up on your kid, or see how you are doing after you got out of the hospital, or see how you are doing with your diabetes management and seeing if we need to make another appointment with the doctor and so on. These are all things that we are implementing, we are integrating, and there are future things as well as we develop that we will talk about in the future to the investors that we are really excited about. This is the future of healthcare. It is one of the things, I think as patients, you should look forward to. A better access to care, better care, and so on. This is exciting. Finally, for my last slide, before I hand it over to Bill here, I do want to talk about what we have done. What we have created is, because we understand the stakeholders, we have created a full ecosystem for the doctor. Not only do we have, again, the doctor or the practice and so on is our customer in the middle. What we have created are all these different solutions like ClinBot, where during the visit, it is helping them guide on the questions and diagnosis and lab tests and so on. We have the electronic medical record for them, where they are entering all the information. Again, it is our own. We have Bluetooth-enabled devices. Bill may talk to it here, where we have the ability for a doctor to see a patient from 2,000 miles away if they are in one of these enabled kiosks where they have a Bluetooth stethoscope or otoscope. We have the ability to triage smartly the patient so that the right patient shows up to see us, and the other patients are sent to emergency or go somewhere else. The Global Library of Medicine, I mentioned that powers a lot of these things. The AI Scribe, where we are talking about not typing away anymore, getting rid of that whole, which like I said, the headache of typing and not looking at the patient, and making sure that we document everything. Then the 24/7 AI Nurse as well is really important. We went further, though, and created a patient marketplace for the doctor as well. So, again, Bill will talk about this, where now the provider is empowered. They have the ability now just to see patients, and we even provide sometimes the patients for them already as well, the patient marketplace. This is an exciting ecosystem for the provider because now they are not worried about all the administrative headaches, who to hire, who to fire, leases, contracts, software solutions to use. Are they going to talk to each other? Are they going to have 10 different windows open? We take care of everything. Billing and accounting and so on is all important. The doctor is now their own boss, which is really important. I am going to stop on this slide and hand it over to Bill. Great. Okay. So, we will just play the first demo of one of the products that Essam was chatting about. How is the chest pain changing over time? I think it is getting worse. Do you have chest pain now? Yes, I do. Does the pain go into your back? No. Great. Sorry, do you mind repeating that in French? Sorry, I forgot I do not understand French. Can you just tell me what I need to do next? Thank you. Certainly. Here's what you should do next. That, again, was one of the tools, and it's interesting. You can see, obviously, it's collecting that information. It's updating the predictive analytics about what the potential diagnosis is, and you can think about, from what you've just heard, how that could plug into the ecosystem. This is a tool called RD Connect. It's something that we've developed through Rocket Doctor Inc. over the years with myself and a group of physicians across the platform. This is what the general intake looks like. A patient comes in to request an appointment, and you can see it's asking for, "Do you have an Apple Watch, pulse oximeter, other devices at home for actual vital sign readings?" That person put an oxygen level. You might have noticed that level is a little low at 91%. It goes into RD Connect and into these clinical guidelines that are built in an LLM to communicate with the patient, and it's asking a series of structured questions. It's identified you're coming in for shortness of breath. Do you have any chest pain? It sees, oh, the level's a bit low, wants to know, does the patient have a preexisting condition? Is this level normal for what you're used to? Okay, great, you're appropriate for a virtual care appointment, which is the whole point. It summarizes all of that and populates it into the actual medical record for the physician, and this is what our EMR looks like, that we'll chat about in a minute as well. As you can see, it provides that whole basis of are you right for virtual care to begin with, and then assisting the physician and actually conducting that visit afterwards. This is ongoing in a clinical trial as we speak, actually, which is very exciting. Just to talk about Rocket Doctor Inc. a little bit more at a high level, which, as Essam noted, was acquired in the spring of last year and now a part of RDAI. There's lots of telehealth companies that are across the world, in North America, and many of them, people equate with a virtual walk-in clinic, virtual urgent cares, and there's even some discussion of late about commoditization of virtual care, where people are comparing doctors to a coffee bean or a steel alloy and this race to the bottom. We look at it very differently, which is that we empower physicians in a Shopify-like model to create our own independent practices, largely virtually, but actually in some hybridized in-person and virtual models of care. As you saw, we build all the AI-powered systems, including a proprietary EMR that the physicians practice on. We've created a digital health marketplace. We then put all those physicians out to folks largely in rural and remote communities across Canada, and on government-funded health insurance in the U.S. to increase access to care, ultimately. We're going to talk about all the stuff at the bottom with all those logos and a little bit about the growth we've seen across the U.S. to get to 21 million covered lives. I always just ask folks when you have a look at this slide to just take a look at the picture on the right side of the screen and just think about all the times that perhaps you've sat in a room that looks a lot like that and waited perhaps just a little bit longer than you would've liked to see a physician. Then imagine that you're one of the approximately 100 million Americans that doesn't have a primary care provider, or 80 million that are on Medicaid, so health insurance for folks at or below the poverty line, pregnant women, children. Then imagine how much more frequently you'd end up waiting in one of those rooms, often unnecessarily. Same applies to the over 6 million Canadians, approximately, who don't have a family doctor. Then you just have to look at that bottom stat for the amount of time it can take in some cases for somebody to see a physician, particularly if you're in a rural or smaller community. Massive problem, tens of billions of CAD a year compounding. Then again, you think about what are we able to offer to these physicians to become independent, to create our own practices, and these are just some of the different things that we're providing in addition to all the stuff you heard. It's not just, again, a walk-in clinic. We can order labs, imaging, make specialist referrals, book follow-up appointments, and really provide that comprehensive care even in a virtual ecosystem. Now you're surrounded by hundreds of your colleagues that are working with you to help provide care to patients. That's really a direct-to-consumer approach in many ways. Of interest is we also have many B2B partnerships, and so these are just a few of the highlights for examples, and many of these we've announced actually just in the last 12 months. The county of Lethbridge in Alberta, Central California Alliance for Health is a half a million member managed care plan of Medicaid, obviously in California in the Central Valley. Melanoma Canada's a nonprofit, and then Georgian Bay General in Southwestern Ontario, where we helped to set up a virtually enabled emergency department. Basically, we're taking all of these physicians that are on the patient marketplace and then leveraging that to partner with these groups to increase access to care in that way. I think folks on this call will be interested in our approach south of the border in the U.S. and across the country there. As you think about it, this slide just basically as the title says, it's hard to do a healthcare business across America, and it takes years of preparatory work, particularly if you're trying to provide care to patients that are on government funded health insurance, so Medicaid and Medicare. That second step of securing payers, as folks may be aware, many companies are never able to do that in the first place. You can't actually just go out and give them your physician information and expect them to contract with you to be in network. You got to pitch them, you got to win your contracts, and then grow the network. We have been able to successfully do this over the course of the last 2 and a half to 3 years in getting to the position that we got to towards the end of December, and then we will talk about what has happened since then. This is just outlining and highlighting for folks as reminders. We put out a bunch of press releases over the last 12 months about all these new in-network contracts that we have won across the U.S. and we have got some pretty precise numbers there. But estimates about what is in network across the three states that we are currently operating in, and these are just some examples of releases and you can find them, of course, online as well. As you think about at a high level for the business, where do we make our money? This was just updated with our Q1 financials that were just announced actually on yesterday morning, I believe. We talked about the direct-to-consumer approach, and this is averaged out. We, in Canada, take a percent of all billings and we can do that because doctors are, again, practicing within our platform, and we organize so that physicians can bill to the provincial health insurance, and then we basically just charge them a percent of what that billing is at end of month in a reconciliation. Across the U.S., we charge a flat rate per visit, essentially, irrespective of the payer. In the middle are those partnerships that you heard about. We also partner with independently owned pharmacies, and so these are set agreements that we have, and that drives some of that partnerships approach. Every physician pays us some form of monthly fee on the platform as more of a typical SaaS EMR fee. Just important to note, again, the Q1 financial details are at the bottom in terms of what we announced for gross revenue, and then those margins are 75%. That changed a little bit from the last quarterly update, and that is because we are now, again, expanding operations in the U.S. and the practice group and insurance billings and part of how the accounting works. I will turn to Essam if you want to add anything here as well. Maybe just to add that the complexities of the U.S. billing, as you mentioned, Bill, are that because of the way it works, that we are only recognizing as part of these financials what has come in this quarter. The services might have been done this quarter, but we may not get paid until next quarter, for instance, or Q2 basically. In Q2, there might be some of those services done during that quarter that might not show up. The advantage of it is, even though we have had organic growth from quarter to quarter, which is fantastic, especially when you talk about seasonality in medicine, that we can look forward to revenue that was not seen in this quarter, but provided services this quarter that might show up in, hopefully will show up here in the next quarter here. This is something that will be ongoing in terms of the lag of payment in the U.S. It is usually I think maybe, what, 45 to 60 days sometimes, Bill? I am not sure exactly what the numbers are. Yeah. Sometimes it can take up to 90 days with health insurance across the United States. As Essam said, sometimes it takes a bit longer to get paid by those insurance companies, and the reflection of revenue is just what has hit the account as of today. We are growing. This is just a graph that shows our quarterly financials, obviously growing quite quickly as you think about where we are this year versus last year as well. Just to take it in a bit more depth across both of the countries that we are in, looking across Canada, looking at just pure patient volume, again, quite a lot of growth as you look at Q2 2025 until you get to Q1 of this year, in terms of just the raw volume of patients across the country that we are seeing. We are very proud to say that that is continuing to grow organically across the country. Then, south of the border in the United States, just as a high level, again, to frame for folks, I talked about it at the beginning regarding government-funded health insurance. I always joke with my American friends that it took a Canadian to see the problem with Medicaid and the U.S. healthcare system. It is really the closest thing to the Canadian single-payer model, a federal mandate devolved to the states to build their own government-funded payer. Of course, there is a lot of added complexity with, you can see these Medicaid managed care plans and Medicare Advantage programs. In addition to taking government-funded health insurance, we do have a healthy payer mix where we are also into HR employer benefits, commercial, and then we take cash payments for some folks who would like to do it that way as well. You can see at the bottom why it works and that high level. Yeah, we are thrilled for the first time to announce our U.S. patient growth, and this is stuff we have literally just announced as of the Q1 financials yesterday morning. People may have been wondering, what is going on with all these payer contracts? People have correctly said, "Okay, you win a contract, you are a network. That doesn't necessarily mean you're going to get patient volume. In addition to all the stuff we showed you, we had to go out and build those marketing advertising funnels, we had to build patient recruitment systems, and we've successfully done so, growing exponentially month-over-month. We did give a bit of guidance also in that Q1 about April, looking forward, and you can see we've had quite a big growth from April over March as well in the total volume of completed visits across the U.S. And so very excited about that and to show that we're actually making use of those in-network insurance contracts across the country. Of those numbers, some of the patients that we're seeing are out-of-network, and there's a few reasons for that. We've highlighted a few of the main ones on this screen here for folks to be aware of. Obviously, you heard about all of the AI technology, and so it's helpful to build patient volume as well there. But then, folks come in, and of course, we can retain them within our ecosystem because, again, we're not just a virtual walk-in clinic. We have primary care, urgent care. We can keep folks coming back to us on a number of different visits. Maybe out-of-network today, won't be out-of-network in the future. Best to see them and bring them into the ecosystem rather than just not see them at all. We can also take those patients that are coming in that are out-of-network and begin to file grievances with plans so that we say to them, "Hey, look, we're out-of-network, but look at all your members that are coming to us. Obviously, access to care is not very good. You should sign a contract with us." We've been successfully leveraging that in some cases and building future cases in that sense as well. Generally just building up the whole ecosystem. Next, we're a marketplace, so supply-demand. I've showed you the demand side. On the supply side, thrilled with all of the doctors that are really flocking to the platform in the U.S., and we really basically haven't spent any money on advertising to doctors. Many companies will go out, and I get pinged in my LinkedIn all the time, and maybe physicians on this call will have the same, where you get this sort of cold inbound of, "Hey, Dr. So-and-so, will you come onto whatever?" But we really, and I'll talk about it, have built this great system that doctors actually want to be a part of, to be truly independent again and practice as they like. What's interesting you'll note here is big boost in clinical hours, and then maybe not as much of a jump from March to April as it did from the patient volume, but that's because we have a lot of reserve capacity. We discussed this as well in the release, but very exciting that we've got almost three times the number of doctors currently working that are currently in credentialing. For context for folks, it can take upwards of three to six months to credential a physician. You have to get them approved even when you have a contract signed with the health insurance company. The insurance company then makes you submit all of the physician's licensing documentation, et cetera, and then can take many months to actually say, "Okay, we agree with you. This is a real doctor. We're going to let them start to bill us now for the plan." We got a ton of docs that have signed up that haven't even been able to start seeing patients yet. Very excited from that perspective as well. Then just some thoughts about our moat. I think we've talked about a number of those things over the last few slides, but again, three and a half years basically of work going in to build that infrastructure that you saw, focusing on the government-funded health insurance, where many groups will simply say, "Well, we don't take it. We don't want to take Medicaid, or Medicare." Or they might take it, but they do it because they have to. They don't really want to, and the care is not really that great. Obviously, the credentialing workflows and then building the whole operations system around this, in addition to all of the other technology features that you heard, trying to build a better system to empower physicians to practice autonomously. To that extent, very proud of the fact that we've built a web of physician leads across North America who work with us, and these folks are full-time practicing doctors from every territory that we're in and pretty much every specialty and come from a variety of institutions that you see on the right side of the screen and also across Canada, and helping us to really expand the ability for doctors to feel comfortable joining us because they can talk to a peer who's in their geography and specialty, and then they help us build a better product and also tailor things, to make sure that we're saying the right things and speaking the right language for clinicians. I'm going to hand it back to Ihsan. Yeah, you don't have to stop sharing. I can just talk through it. I think it's probably easier. Thank you. Yeah, thanks, Bill. Maybe just to speak to the length of time for credentialing, Bill, that's something that hopefully with time will actually come down where as we get the trust of the payers and so on, we'll be able to shrink that quite a bit. Correct. Yeah. You can eventually get delegated credentialing from the plans. Those are things that are options for the future. We're working, yeah. You're hearing a lot right now in the news about this company going IPO-ing and so on, and it's because we've been watching for the last few years here, but billions and billions and billions of dollars have been going into a lot of these new companies, privately in different series, Series A and so on. Now they're at the stage of the cycle where they're starting to IPO, and first you have to get the big ones out of the way, and then you'll see the other ones come out. What's interesting is some of these companies are younger than ours, but their valuations are incredible already and just the nature of the way it works. OpenEvidence is a great company, providing different solutions, as Bill mentioned, to doctors and raised recently a $12 billion valuation. Health Navigator, years ago in 2019, Amazon was able to take them over and integrate them into their Amazon Care platform that they use right now. Then you have companies like Hippocratic AI that created AI nurses that they rent out or send to other. Oh, can you go back, sorry, Bill. Go back. They are providing these AI nurses for the different companies to rent and so on. But there is going to be a bunch of IPOs coming up. So watch for the space. It is going to be really interesting over the next little while. We have OpenAI, Anthropic, SpaceX, but you are going to see other ones, too. I am sure the whole idea of spending all that money going into the private companies is for them to eventually IPO. The market will have a situation where these huge valuation companies, these unicorns, will IPO, and then the average investors are going to be looking for other solutions out there. So, speaking to those valuations, if you look at our valuation here on the next slide, you will see that we are sitting at about a CAD 50 million market cap, or CAD 60 million market cap, versus, like we said before, the other ones. We are not comparable in the sense of the revenues and so on that they do, but that is not the point. The point is we are trying to create a sustainable solution, a sustainable model business plan that can grow and that hopefully has the legs to become a very profitable company in the future. We are working very diligently, and we are very excited about the growth already, the early success that we are seeing in the U.S., and it is something that we are looking forward to. So again, if you look at the next slide, I am sure everybody here, if they are investors of the company, have looked at the stock price and watched it carefully. So, we have gone up, we have gone down, different natures based on whether there are warrants that had to be exercised that maybe brought it down a little bit. But at the end of the day, we are all shareholders, too, and we are excited about the next stage in our company. I am going to stop there, and maybe we can stop sharing and see if there are any questions. So far, I am only seeing one question, so if there are any other questions, feel free to add them. The first question was, how is May looking for completed U.S. visits? We do not give guidance, especially in a situation like this where if we cannot give it to everybody, we cannot talk about it. Our general idea, though, in terms of as a company, is to always keep growing organically. There is always seasonality in medicine. That is just the nature of it. But even despite the seasonality, we want to see continued growth. This is something we are proud of and something that we are trying to do, and eventually we will be able to announce the future numbers. Officially, Q2 will be announced by the end of August, I believe. Hopefully, between now and then, if there are other things that we can announce to the market, we will in press releases in terms of how the growth is going. We are looking forward to give more information about our U.S. growth and our Canadian growth along the way. Let's see if there is any more here. Any anecdotal feedback from doctors that have joined your platform in the U.S.? Bill, can you speak to what doctors are saying about the platform? Sure. I am licensed in California, New York, Maryland, and I have seen patients across, in Ontario, Alberta, California, New York, Maryland, myself. Generally from physicians, the feedback has been quite positive that we have heard from folks. I do not believe a single doctor has left the platform in America since we launched. That is obviously very reassuring. The proof of the pudding is in the eating, so to speak. I think what we are hearing generally is that people are very pleased to be able to actually practice medicine the way that they want. You are not under the thumb of corporate medicine. You are not told you got 15 minutes to pump out a visit, and I do not care what you need to do for them. That visit ends at the clock ticks, whatever. We say practice medicine the way you want. Organize yourself, order your labs, do your imaging. Here is the team that is built around you to support your practice, and I think that is resonating with doctors that are on the platform so far. From everything I can tell. Yeah. Another question, what is your plan for expanding in the U.S.? I think we made reference to it on one of the slides talking about future expansions. Bill, you speak to this really well where you mentioned how you picked, initially California and New York and Maryland on purpose as being the most complicated ones and getting them out of the way and then eventually a lot of them are a lot easier as we expand across the U.S. and some of the next states that we are talking about. Yeah, exactly. People often will ask, as you said, "Why did you pick those ones when they're so tough?" But again, once you've cracked the California, New York nuts, everything else is a little bit more easy and straightforward. And of course, winning contracts with national insurance companies, they all have their state branches, but it does make it somewhat more straightforward to do so and contract with them in other places once you've done in one. As you can think about with Maryland, there are interstate licensing compacts. There's, I think, 22 or 23 different states that Maryland participates with for interstate licensing, and there's a couple of big states like Florida, Texas, they look a lot like New York and California. So there's a lot of opportunity to basically grow. Now we have a playbook of how to do so successfully. Yeah. So something to look forward to. For the credentialing MDs, is there an estimate of how many patients they bring in versus how many you need to provide? I think the question of doctors that already have practices coming on board versus doctors coming in for our marketplace, and I think most of the doctors coming in are for our marketplace, but there are some, especially in Canada, I think, that bring in their own hybrid practices. Yeah, I'd say for the most part, and credentialing really refers to the U.S. because in Canada, you don't really. We have the single payer that most docs are already in network with, so to speak. But yeah, most are coming on looking for us to help them build their practices, essentially. Yeah. Okay. So let's see. What does the competitive landscape look like? Great question. I think we mentioned a few of those companies out there. They're not real true competitors in that space. I think me and Bill were on another call yesterday. We were struggling to figure out exactly an exact copy of what we do in another company, and I don't think there is an exact copy of what we do in another company. So there's a bunch of different companies providing different services. The traditional virtual care companies, then you have the pure AI plays, and we're kind of a combination of various different ones and taking the most sustainable, hopefully the best parts of them to create the new version of the way healthcare is going to look and how healthcare is going to be delivered by the doctor who's now empowered to be their own boss. I think that's very important. Again, if you're not limited to signing these big contracts and commuting an hour and a half to get to clinic and back and providing 24/7 care and not having any coverage when you want to take vacation. It opens up a lot of hours from doctors that can spend 2 hours here, 4 hours there, 6 hours there, that historically they were hesitant to do. There's a lot of capacity to grow there. What is the expected number of visits each physician will have capacity for versus forecast expectation? I think it depends, again, on whether they're in Canada versus U.S. and how much time they have to spend to bill the payers and so on. Bill, you speak to that sometimes, where in the U.S. they're spending about 15, 20 minutes, I believe, per patient. Yeah. I'll say that we've done some various analytics, at least across Canada, and have found the average doctor does about 7 hours a week on the platform, roughly or so, is how we think about it. But of course, some are practicing full-time, essentially, some are doing part-time. Some change that volume on a week-to-week or month-to-month basis because, again, it's entirely flexible on the physician's schedule, and they can do as they please. But of course, what we think about is just looking at those numbers of patient volumes going up and empty hours otherwise. I got a great question here, that we're in the first inning of adoption. I'm a big baseball fan. I agree. We're probably, I don't even know if we're in the first inning even. It's very early in the process. In terms of adoption in the U.S., how does the thinking about ability to scale up the doctors and patients signing up to the platform? We are looking at different ways to do that. We have some great teams that are helping right now. In terms of what Bill mentioned, we already have a pipeline of doctors onboarded that are waiting for credentialing. We haven't really spent any resources attracting them. If we need to in the future, there are ways of doing that, but up to this point, it's the other way around, that we're focusing on the patients coming onto the platform. But we have plans to do that in each jurisdiction as we expand. How often we will be doing town halls? Good question. I am hoping that we can do it at least quarterly. I think it is a good way to summarize for new investors and old investors and so on, where we are, where we are going. I think eventually we will have more and more to talk about and more to present. So I think this is a good platform to present that, and we are recording it, so hopefully we will be able to have it on our website for future reference as well if someone missed the meeting today. I cannot speak to any guidance, so any questions about guidance, and so on, we cannot speak to it here. Are you able to estimate patient churn? We have historical data in Canada, I believe. Bill, maybe you can speak to that. Well, I sort of would reframe a little bit because, unlike, again, those traditional virtual walk-in clinics or membership sales platforms that folks may be familiar with, where they have very low utilization, and then people cancel their memberships. We do not really work that way, where it is that 5% of people utilize or whatever. It is people come onto the platform and then are put into our system where it is a mixture of primary care and urgent care, and so really what they are getting is a doctor for life. So what we have done is a cohort analysis where we have followed patients out over many years and have found almost everybody comes back for a second visit over the course of a couple of years. Many people will use us 12 to 13 times, people with chronic illness and otherwise. And so again, they realize, "Hey, I can actually use Rocket Doctor or physicians on Rocket Doctor for everything." So those are the main metrics that we track in terms of the cohort analyses and retention rate in that sense, rather than churn rate. Great. I think that is it for the questions we can answer. I hope we have been able to show the excitement that we have and how proud we are of the team to get it to this point and the next stage and next quarters that are going to be coming out. Hopefully, you guys will be part of it as well. And if there is any further questions, I think if you continue to type them, we might be able to get to them in the future. But, as of now, I am probably going to go ahead and conclude this town hall. Thank you for everybody. Thanks, everyone.