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P3 Health Partners (PIII) investor relations material
P3 Health Partners IAccess Alpha Virtual Best Ideas Fall Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Business overview and market opportunity
Operating in four states with 120,000 full-risk lives and 2,800 primary care providers under 18 payer contracts.
Focused on transforming senior healthcare and driving towards profitability.
Addressable market of 2 million lives within current geographies, with significant growth potential in Arizona, Nevada, Oregon, and California.
Value-based care demand is increasing, with Medicare Advantage penetration rising from 35% in 2017 to 54% in 2025.
Industry consolidation and payer margin pressures are creating new partnership and growth opportunities.
Business model and operational strategy
Operates a fully delegated, full-risk model across Medicare Advantage and ACO REACH, with a preference for full delegation.
Utilizes a value-based care platform with data analytics, care management tools, and provider engagement to improve outcomes and lower costs.
Focuses on building strong physician relationships, aligning incentives, and embedding operational support in practices.
Expanding into ACO REACH with 17,000 members, increasing panel density and value creation.
Adapts solutions to local market needs, differentiating from competitors' one-size-fits-all approaches.
Financial performance and improvement initiatives
Achieved $130 million EBITDA improvement through operational efficiencies and contract rationalization; $70 million in revenue optimization ongoing for 2025.
Identified $120–$170 million additional EBITDA improvement opportunities for 2026, focusing on operational performance, quality, and network management.
Durable and scalable $10 million savings from hospice and palliative care initiatives across multiple markets.
Guidance for 2025: adjusted EBITDA range of -$69 million to -$39 million, with revenue between $1.35 billion and $1.5 billion.
Oregon remains the only unprofitable market, with breakeven targeted for 2026 through collaborative payer efforts.
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