Trapped vs HealthSource Chiropractic

HealthSource Chiropractic wins on TAM and timing, and the gap isn’t close. With 129 operating franchised units and a proven AUV north of $600K, you’re looking at an addressable base that can actually fund a multi-module software deal—POS, scheduling, marketing automation—without choking on price. Trapped has zero units and a filing that’s already stale, which means you’re selling into a concept that hasn’t opened a door yet. No installed base, no urgency, no reference accounts. The 7% royalty at HealthSource also leaves marginally more operator cash flow for tech spend than Trapped’s 7.5%, and that matters when you’re pushing a back-office suite that lives or dies on operator profitability.

The terrain dimension seals it. HealthSource’s approved-supplier procurement model means you can compete for preferred-vendor status and ride compliance-driven adoption across the system, turning a 129-unit base into a land-and-expand motion. Trapped’s identical procurement model is theoretical until units exist. The meaningful tradeoff is that HealthSource is shrinking slightly year-over-year, so you’re selling into a mature, possibly consolidating network where net-new unit adds won’t drive growth—you’ll have to win competitive displacements. That’s still a far better problem than trying to sell software to a franchise that hasn’t sold a single franchise.

Verdict: HealthSource Chiropractic is the only viable software-sales opportunity today—real units, real revenue, real urgency to optimize operations, while Trapped is a pre-revenue concept with no timeline.