P3 Health Partners Inc (NASDAQ: PIII) is a value-based care company that manages Medicare Advantage patient populations through a network of affiliated primary care physicians. Revenue is generated primarily through capitated arrangements with Medicare Advantage payors, where P3 accepts delegated responsibility for medical cost management and quality outcomes in exchange for per-member payments. The company operates in Arizona, California, Nevada, and Oregon as of the 10-K filed 2026-03-26. P3 contracts with independent physicians by offering capitated monthly payments per paneled patient, quality incentive payments for closing care gaps, and shared savings when medical costs decline. The company reported a physician retention rate above 88% for FY2025. P3 Health Partners Inc is structured as a holding company owning approximately 46% of the economic interests in P3 LLC as of December 31, 2025, with P3 LLC classified as a partnership for U.S. federal income tax purposes.

Revenue model

Capitated per-member payments from Medicare Advantage payors under delegated care arrangements. P3 accepts financial risk for medical cost management and earns margin when actual medical costs fall below capitation rates. Physicians are paid through fixed monthly capitated contracts or fee-for-service equivalents, plus quality incentive payments and shared savings distributions.

Products and services

P3 Technology/Health Hub: proprietary platform integrating clinical and claims data from payors, inpatient and outpatient facilities, and ancillary care settings, including a Provider Portal for physician-facing patient risk stratification and monitoring. P3 Care Connect: care management and utilization management tool supporting prior authorizations, patient referral tracking, concurrent review, and care plan coordination. Analytic Management Tools: business intelligence platform converting data into real-time metrics for operational decision-making. Dedicated care manager and care navigator staffing for end-to-end patient care coordination.

Customers and end markets

Medicare Advantage health plan payors (payor partners) as the direct revenue counterparty. Affiliated independent primary care physicians as network partners. End beneficiaries are Medicare Advantage enrollees managed within P3's affiliated physician network.

Value-chain role

Delegated population health manager sitting between Medicare Advantage payors and independent primary care physicians. P3 accepts capitation and medical cost risk from payors, distributes capitated and incentive payments to physicians, and provides the technology platform and care management infrastructure to support clinical and financial performance.

Geographic exposure

Arizona, California, Nevada, and Oregon as of the 10-K filed 2026-03-26.

Source: SEC 10-K, filed 2026-03-26

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