agilon health, inc. empowers primary care physicians to act as agents of change in their communities by providing a platform that supports a Medicare centered globally capitated model of care. The company forms risk bearing entities that contract with health plan payors to receive monthly payments for managing the total health care needs of attributed patients. Through long term partnerships with existing physician groups agilon health, inc. supplies technology people processes and capital to help those groups transition to a total care approach. As of December 31, 2025 the company had partnerships with 28 anchor physician groups operating in 30 geographies and served approximately 511,000 Medicare Advantage members and 114,000 Medicare fee for service beneficiaries.

Revenue is derived from per member per month capitated fees that health plan payors pay to the risk bearing entities for each attributed Medicare beneficiary. These fees are based on a percentage of the premium payments that payors receive from CMS for the members and are typically renewed on an annual or multi year basis. When the cost of care for the attributed population falls below the received premiums the company shares the resulting savings with its physician partners and may also receive quality bonus payments from payors. Additional revenue can come from incentive payments tied to performance metrics in the CMS ACO models where the company participates through its equity method investments.

agilon health, inc. operates in the competitive value based care landscape where it faces rivals such as other dedicated value based providers large health plans with internal managed care programs and local hospital systems. The company differentiates itself through a proprietary platform that integrates data analytics care coordination tools and financial management resources. Its long term partnership model typically spanning twenty years creates stable recurring revenue streams and aligns incentives between the company and its physician partners. Furthermore the collaborative network of physicians encourages sharing of best practices and continuous improvement of the care delivery model.

The company serves health plan payors that include national insurers as well as regional and local health insurance companies. It works with 28 anchor physician groups that act as the primary care providers for the attributed patient populations. The ultimate recipients of care are Medicare beneficiaries consisting of Medicare Advantage enrollees and fee for service individuals across the United States.