Astrana Health (ASTH) The 44th Annual William Blair Growth Stock Conference summary

Key business highlights

• Achieved 26% revenue CAGR over four years, tripling revenue from $500M to $1.75B.

• Serves 1M Americans across Medicare, Medicaid, and commercial lines, with a 60/25/15 revenue split.

• Operates a network of 10,000 affiliated providers and 60 owned clinics in three states.

• Maintains over 98% provider retention, with average tenure exceeding 11 years.

• 96% of members are in financial risk arrangements, enabling value capture from cost savings.

Technology and care model

• Proprietary care enablement platform coordinates care, reduces waste, and improves outcomes.

• Machine learning identifies high-risk patients for targeted interventions, such as home visits.

• Point-of-care analytics integrated into EHRs guide preventive and evidence-based care.

• 300 corporate clinicians manage population health, leveraging AI for risk detection.

• Technology enables efficient operations, delegated payer tasks, and regulatory compliance.

Financial and clinical outcomes

• Hospital admissions per 1,000 seniors are 48% below CMS benchmarks; ER visits are 43% lower.

• Achieves 350 basis point reduction in Medical Cost Ratio, reaching profitability in new markets within two years.

• Maintains 10% adjusted EBITDA margin, outperforming peers in profitability.

• Full risk contracts now comprise 60% of capitated revenue, targeting two-thirds by year-end.

• Recent acquisition of Community Family Care at 6x LTM EBITDA, leveraging technology for accretive M&A.