Astrana Health Inc (NASDAQ: ASTH) is a value-based healthcare management company that coordinates medical care for patients through a network of contracted physicians and risk-bearing organizations. Revenue comes primarily from capitated managed care arrangements, where Astrana receives fixed per-member payments from health plans and government programs and bears financial risk for patient care costs. The company also participates in Medicare's Accountable Care Organization programs, including the MSSP Enhanced risk track, where it earns shared savings or absorbs shared losses based on its efficiency managing beneficiary expenditures against CMS-established benchmarks. As of December 31, 2025, Astrana coordinated care for approximately 1.6 million patients through more than 20,000 contracted physicians, operating primarily in California. Four payers accounted for 59.8% of total net revenue in FY2025, indicating meaningful customer concentration. Net income attributable to Astrana Health was $22.5 million in FY2025, down from $43.1 million in FY2024, while Adjusted EBITDA rose to $205.4 million in FY2025 from $170.4 million in FY2024, partly reflecting the acquisition of Prospect.

Revenue model

Capitated, risk-bearing managed care contracts with health plans and government programs (Medicare, Medicaid); shared savings from CMS under the MSSP Enhanced track; management services organization (MSO) fees; and other revenue including maternity care and the Hospital Quality Assurance Fee Program. Four payers represented 59.8% of total net revenue in FY2025.

Products and services

Coordinated, outcomes-based medical care delivered through affiliated physician groups; population health management platform; risk-bearing organization (RBO) infrastructure; management services organization (MSO) administrative and technology support; Accountable Care Organization (ACO) participation under the Medicare Shared Savings Program (MSSP) Enhanced track; maternity care services.

Customers and end markets

Approximately 1.6 million managed care patients as of December 31, 2025, whose coverage comes through employers, directly from health plans, or via Medicaid and Medicare eligibility. End markets are commercial managed care, Medicaid, and Medicare. Four payers accounted for 59.8% of total net revenue in FY2025.

Value-chain role

Risk-bearing intermediary between health plans and physicians. Astrana accepts capitated payment from payers, contracts with and manages a physician network, and bears financial risk for total cost of care. It also provides clinical, administrative, and technology infrastructure to its affiliated providers.

Geographic exposure

Primarily California, as stated in the FY2025 10-K filed 2026-03-12.

Source: SEC 10-K, filed 2026-03-12

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