Confidential · For accredited investors

40 million seniors live with multiple chronic conditions. Every day, thousands of them begin a catastrophic decline.

One condition worsens the next, and the decline accelerates toward hospitalization, amputation, or worse. We call that decline the cascade. Silver Health Plus is building the operating system for Accountable Cascade Management. That is the discipline of catching the decline early and changing where it ends.

$22M, staged to milestones 12 to 18 mo. window Two prior exits
Request a 30-minute intro →

Reg D 506(c) · Full materials under NDA

The decline crosses every silo.
The cost compounds with it.
Accountable Cascade Management intercepts it.

Three in four seniors carry multiple chronic conditions that compound. Encounters are infrequent and specialties work in silos. No standard exists for managing these conditions together, so the cascade builds undetected. Reimbursement structures aggravate it.

40M seniors living with multiple chronic conditions A signal appears a wound, a shift in vitals, a new fall risk, an acute event Thousands a day begin to escalate, inside a detectable window ~3.4M the top 5% of Medicare half of all Medicare spend We enter here Where the system finds them today

Schematic. Bar widths are illustrative rather than to scale.

The 5% is the end state of the cascade. It is where the system finds these patients today, after the cost is already spent. Our population sits upstream of it. A signal is showing, and the trajectory can still be changed.

The cascade announces itself in several ways. A wound opens. Vitals drift. Fall risk climbs. Medications stop working together. An acute event lands. Each of these is a door into the same underlying decline. The platform is being built to recognize them as one cascade surfacing in different places.

$300B+estimated annual U.S. spend across the Wound, PAD & CHF cascades, direct and downstream.

Why we start with the wound. Of all the signals, a chronic or surgical wound is the loudest and the easiest to act on. It is visible, and someone is already treating it. Underneath it sits the cascade: CHF, PAD, diabetes, renal decline. That group alone is roughly 12 million Medicare lives. It is a large enough door to build a business behind. The other signals widen the door from there.

Figures from public Medicare data and SHP analysis; illustrative and pre-diligence.

One patient strains two P&Ls at once, the health system’s and the payer’s. Neither can directly change the outcome. The wound cascade alone spans ~12M Medicare lives, the doorway to a far larger complex-care population.

$153K $13K We intercept here while the trajectory is still open Stable Compounding Cascade Crisis

Composite patient profile. Illustrative cost trajectory drawn from public Medicare data and SHP analysis.

That one curve lands on two balance sheets at the same time, and each one loses in a different way.

METRIC A
Payers · MA plans & ACOs

25 to 30% of cascade-patient cost is potentially avoidable

But broad value-based care is structurally challenged to fund the intervention. Risk scores and Star ratings erode on top. A total-cost blowout that coding alone won’t fix.

METRIC B
Health systems · hospitals & IDNs

1.8× the Medicare 30-day readmission baseline

These admissions trigger HRRP penalties. Roughly 50% of an ACO’s cost variance traces back to the top 5%. Margin compression on every cascade admission.

Nurse practitioners who see patients at home. A virtual care team behind them, coordinating everyone else involved. The home health agency, the primary care doctor, the specialists, the hospital. One care model runs underneath all of it, Accountable Cascade Management, built on published clinical science. Two kinds of customer pay for it, and each of them has a different number to fix.

BUYER 01 Health systems hospitals, health systems, wound clinics BUYER 02 Payers Medicare Advantage plans and ACOs Paid per hospital stay · per visit Paid per member, every month ONE PRODUCTION SYSTEM One care model. One at-home delivery network. One platform. One cost base. Two ways to get paid, produced by the same factory.
Customer 01 · hospitals and health systems

We run the first 30 to 60 days after discharge at home, and we turn routine clinic visits into risk checks

After a hospital stay. Our software sits inside the hospital’s own medical record system. It is being built to flag the right patient at admission, for the hospital to approve. Our care navigator starts while that patient is still in the bed, working alongside the discharge planner. Before the patient leaves, we have the primary care doctor briefed and the medical equipment ordered. A nurse practitioner from our team is in the home within 24 hours. Visits continue on a schedule set by how sick the patient is. Between visits, our virtual team runs the case. They track vitals and medications. They stay in contact with the home health agency, the primary care doctor and any specialist involved. When something changes, they pull those people together and reset the plan. We remain responsible for that patient for 30 to 60 days, and longer when the risk holds.

Inside the clinic. Wound centers already see these patients every week. Our software is being built to turn each of those visits into a risk check. It scores the patient for readmission risk and for the early signs that a cascade is starting. The standard of wound care in the center goes up at the same time. The software is designed to recommend the interventions the published evidence supports. Each recommendation carries the reasoning behind it, so it is defensible on medical necessity. When the score comes back high, the clinic staff can reach our virtual specialist team on the spot. A routine visit becomes the moment the escalation is caught.

Moves metric B. These patients return to the hospital 1.8× more often than the Medicare average. Medicare fines the hospital when they do. The hospital keeps its admission revenue. The family doctor keeps the patient.
A flat fee for each patient, each hospital stayA fee for each clinic visit

Known in the industry as episodic and encounter-based care.

Customer 02 · Medicare Advantage plans and ACOs

We look after a named list of their sickest members, year after year

The insurer hands us a defined list of members. We watch for the early warning signs and step in before things escalate. We coordinate every doctor, clinic and hospital those members touch. We take responsibility for one clearly defined group of people and one clearly defined pocket of cost. The rest of the insurer’s membership stays with the insurer.

Moves metric A. Roughly 25 to 30% of what these members cost is avoidable. The insurer’s Medicare quality rating and payment accuracy improve alongside it.
A fixed amount per member, every monthPlus a share of the money saved

Known in the industry as longitudinal, or PMPM plus shared savings.

One patient journey · Two value pools · One cost baseBoth customers are served by the same nurses, the same protocols, the same network and the same software. Adding the second customer adds revenue without adding a second company.

The cascade needs weekly contact, specialty judgment at the bedside, and settings outside the office. Home-based primary care and broad value-based care are structurally challenged to fund that combination. Their economics are built around a quarterly office visit for a whole panel. Ours are underwritten against one cascade at a time.

Target clinical outcomes*
25 to 30%lower total cost of care
50%fewer amputations
25%fewer readmissions

*Modeled projections from publicly available value-based-care program data and SHP internal analysis. Citations on request.

Build the care model once, at the center. Manufacture tailored services for many populations and payers at low marginal cost. Software-like economics, applied to care delivery.

One care model sits underneath, Accountable Cascade Management. It is designed to be configured to produce a tailored service for each population and payer. The same protocols, workforce, network and platform adapt to each population and service. Each new service is a configuration of what already exists. Designing them once is the easy part. Manufacturing them repeatedly, economically, and at scale is the hard part. Capability is built once, at the center. The delivery network is designed to carry it to every bedside. Affiliates run on the same platform, the same protocols and the same measurement as the rest of the network. The factory standardizes how care is produced. Each care plan stays personal to the patient, addressing every population’s unique gaps. Attribution stays with the PCP or ACO. SHP supplies and scales the service rather than competing for it.

  • Input. A complex, cascade-prone population from a health system or any risk-bearing entity. A large pocket of avoidable cost the system can identify but is structurally challenged to manage.
  • Configure. Context Analytics finds the gaps, the causality of decline and the cascade-attributed costs. Service Configuration then matches the model to the charter across clinical, workforce, admin and economics.
The engines · in development
1
Clinical Delivery Engine
Designed to build care plans, map findings to interventions across conditions, and guide each encounter.
2
Administrative Engine
Designed to automate documentation, coding, auth, ordering and audit.
3
Orchestrator Engine
Designed to plan, coordinate and optimize journeys across settings.
4
Patient Agency Engine
Designed to turn patients into active participants.
5
Alignment Engine
Designed to set economic value, then coordinate billing and payment flows.
INPUT A cascade-prone population CONFIGURE Context analytics, service configuration OUTPUT Measured outcomes, aligned revenue FIVE ENGINES · IN DEVELOPMENT Clinical Delivery · Administrative · Orchestrator · Patient Agency · Alignment Every service makes the next one cheaper to launch

Output. Measured outcomes and aligned revenue, designed to reach every bedside through the network.

Every new accountable care service makes the next one faster to launch and cheaper to deliver. Each one lands smarter at the bedside.

Target operating gains
25 to 30%productivity gain
25 to 60%care-planning lift

Three shifts opened the door. Years of operating experience let us walk through it first.

  • AI changes the labor equation. Skill uplift and admin automation finally make high-touch complex care scalable.
  • At-home dislocation. Reimbursement pressure reset valuations at home-health and mobile provider groups. The acquisition path is easier now.
  • Risk is shifting. New CMS models (V28, HHVBP, TEAM) are moving complex-care risk onto plans, ACOs and hospitals. That risk is arriving faster than their tools can manage. That creates demand for an operator who can take it on.

The dislocation is temporary. As rates stabilize and capital returns, the window to acquire the network narrows.

Decades of execution experience with this population, across payer, post-acute, and provider.

  • Payer operating experience across 40+ payer customers
  • Built healthcare interoperability and administrative software at scale
  • Scaled a fully digitized mobile provider group to 5 states
  • Built the largest U.S. wound-care platform by EBITDA
  • Designed and deployed the largest post-acute clinical wound-care program
  • 160 peer-reviewed publications
  • Three companies built to market leadership, two exits across healthcare services and SaaS
The raise

Let’s build the operating system for Accountable Cascade Management.

Raising $22M, released in four milestone tranches.

$10M of priced equity into the delivery network and $12M into the Accountable Care Service Factory. Both are drawn across four capital gates. Each gate retires a named risk before the next dollar is called.

What the $22M is meant to build

Affiliate revenue, consolidated Care delivery and platform fees Value-based care TARGET · 2027 REVENUE as the four capital gates complete $172.9M $27.0M risk-adjusted EBITDA 65% 17% 18% TARGET · 2028 REVENUE first full year running all three markets $447.6M $139.6M risk-adjusted EBITDA 57% 16% 27% Value-based care grows from 18% of revenue to 27% while the acquired base carries the fixed cost.

Existing provider revenue creates the operating base. Value-based care becomes the expanding engine on top of it, which is where the margin comes from. Affiliate revenue is consolidated from home-health agencies and wound provider groups. Those are minority acquisitions with operational control, so the revenue arrives with the affiliation. Segments are drawn before intercompany eliminations, so they total slightly above the consolidated figure.

How $22M consolidates that much revenue. Each affiliation buys a 15% stake at roughly 6× EBITDA. Contractual control consolidates the affiliate under ASC 810. Around 60% of each purchase is cash and 40% is a seller note. Total cash consideration across every affiliation through 2028 is roughly $11M.

These are modeled projections from the operating model, carried after risk adjustments. At a 12× multiple on 2028 risk-adjusted EBITDA, enterprise value is roughly $1.67B. HoldCo carries $79M of cash at that point. Tranche-level return math and the full multiple sensitivity grid sit in the data room.

T1 · $6.0M T2 · $5.0M T3 · $6.0M T4 · $5.0M OPEN NOW MILESTONE GATED
Tranche 1
$6.0M
Capital close, team and platform stand up, anchor affiliate consolidating. One market.
Open now
Tranche 2
$5.0M
First health system signed as an episodic ACO partner. Second market opens. Four affiliates.
Tranche 3
$6.0M
First payer contract live, two further health systems live. Two payers, five affiliates.
Tranche 4
$5.0M
Third payer and third market, affiliate onboarding completing. Ten affiliates.

How the capital is called. Each gate is opened by a milestone. Tranche 1 is open now at $6M. Tranche 1 participants hold pro rata rights in the later tranches, exercisable at their option. Every first-round dollar carries identical terms whenever it enters. Proceeds fund minority acquisitions of home-health and mobile provider groups, with operational control. They also fund the Accountable Care Service Factory and rollout across three MSAs on a hospital wedge strategy.

What protects the entry price. The delivery-network equity carries a 1× non-participating liquidation preference. The platform instrument converts at a capped valuation with a discount to the next round. Both are set at Tranche 1 and hold for every first-round dollar.

Request a 30-minute intro → Full deck & data room, under NDA

Full teaser, financial model, and data room available under NDA.