Astrana Health (ASTH) Investor presentation summary

Market context and business model

• U.S. healthcare is fragmented, costly, and inefficient, with poor access and satisfaction for patients and providers.

• Astrana implements a coordinated, delegated financial model, aligning incentives across payers, providers, and patients to improve care and reduce administrative burden.

• Delegated risk structure provides Astrana with visibility, control, and economic alignment, reducing volatility compared to traditional value-based care models.

Technology and platform

• Built an AI-native operating platform integrating data harmonization, workflow automation, and real-time analytics across 100+ sources.

• Platform enables scalable, repeatable operations, supporting expansion from a single market to 16 markets nationwide.

• AI tools drive provider empowerment, automate prior authorizations, and improve care management and patient engagement.

Growth and operational performance

• Membership in value-based arrangements reached ~1.5 million, with over 20,000 providers and 99% annual provider retention.

• Revenue mix is 81% full-risk, with a prudent shift toward accountable care contracts and embedded opportunity in partial-risk membership.

• Care Enablement segment achieved a $340M revenue run-rate with 43% gross margin and 21% operating margin.