Privia Health Group (PRVA) The 44th Annual William Blair Growth Stock Conference summary

Business Model and Strategy

• Operates a scalable, future-proof physician alignment model serving all payer and patient types, including both PCPs and specialists, across all reimbursement types.

• Engages in both fee-for-service and value-based care, taking on commercial, Medicare, and Medicaid risk, and employs a consistent, replicable strategy in new geographies.

• Enters new states by forming medical groups, risk-bearing entities, bringing proprietary tech, and establishing physician-led governance.

• Organizes providers regardless of practice size or affiliation, aiming to increase provider income and transition networks to value-based care.

• Delivers value to providers and payers through enhanced contracts, expense savings, improved collections, and flexible value-based care strategies tailored by geography.

Growth and Operational Performance

• Expanded from single practices to become one of the largest independent medical groups in multiple states, including Virginia, Georgia, and Texas, with significant provider growth in key regions.

• Now operates in 13 states and DC, partnering with over 4,359 providers at 1,100+ clinic locations, serving 4.9M+ patients, and maintaining a 98%+ gross provider retention rate.

• About 1.2 million patients are in value-based arrangements, with high patient NPS and over 98% gross provider retention.

• Demonstrates strong same-store growth, doubling provider numbers and tripling top-line revenue for some groups since 2013, with implemented providers CAGR 19.1% and practice collections CAGR 25% from 2018 to 2023.

• Achieved a 40% reduction in customer acquisition cost and a 32% increase in platform contribution per provider over five years, with payback period reduced from 1.9 to 0.9 years.

Technology and Value-Based Care

• Developed a proprietary tech stack to optimize workflows for all provider types and reimbursement models, eliminating the need for 30+ point solutions.

• Focuses on workflow integration rather than selling standalone IT products, creating high business stickiness.

• Enables practices to transition from fee-for-service to advanced value-based care, supporting all insurance mixes, with a methodical process from stabilizing fundamentals to advanced risk models.

• Pools risk across a large provider and payer base, managing $9 billion in medical spend with robust oversight and analytics.

• Demonstrated ability to drive performance for physician groups, including a 180% increase in annual FFS collections and 89% provider base growth in a case study.