Astrana Health, Inc. is a provider centric technology powered risk bearing healthcare company that operates an integrated healthcare delivery platform enabling physicians to participate in value based care arrangements. The company leverages its proprietary end to end technology solutions to support coordinated outcomes based medical care for patients across multiple states. Together with its affiliated physician groups and consolidated entities it serves patients covered by private or public insurance including Medicare Medicaid and health maintenance organizations with a small portion from non insured individuals. As of December 31 2024 the company managed care for approximately 1.1 million patients through a network of more than 10 000 contracted physicians. This positions Astrana to benefit from the industry shift toward value based and results oriented healthcare focused on patient satisfaction high quality care and cost efficiency.

Astrana generates revenue from four primary streams including capitation revenue risk pool settlements and incentives management fee income and fee for service revenue. Capitation revenue consists of fixed payments received from health maintenance organizations for assuming responsibility to provide medical services to enrolled members under capitated arrangements. Risk pool settlements and incentives are earned when the company shares in surpluses from risk sharing agreements with hospitals and health plans and receives payments for quality performance programs. Management fee income is derived from fees paid for administrative and non medical services provided to affiliated physician groups accountable care organizations hospitals and other healthcare providers. Fee for service revenue is generated when the company bills and collects payments for the professional component of medical services rendered by its contracted physicians.

The company operates through the following segments: Care Partners Care Delivery and Care Enablement.

• The Care Partners segment focuses on building and managing high performance provider networks by partnering with independent physicians and enabling them to succeed in value based care arrangements while acting as a single payer for the network and organizing risk bearing entities such as independent practice associations accountable care organizations and state licensed health plans to coordinate care for patients.

• The Care Delivery segment operates a patient centric data driven organization that provides high quality accessible care through more than 60 clinics located in three states offering primary care specialty care and ancillary services such as urgent care imaging ambulatory surgery and laboratory services.

• The Care Enablement segment supplies a comprehensive technology platform that integrates clinical operational financial and administrative data to support value based care delivery for internal and external providers and includes management service organizations that provide non medical functions such as physician recruitment contracting claims processing and revenue cycle management.

Astrana holds a competitive position in the U. S. healthcare services sector by combining clinical expertise administrative support and proprietary technology to serve a large patient base under value based models. The company faces competition from large integrated health systems such as Optum UnitedHealth Group and from regional physician groups and management service organizations like Conifer Health Solutions. Its advantages stem from a combined offering of clinical care management technology and data analytics that enables it to reduce costs while improving quality for health plans and providers. Additionally the company’s long standing relationships with health plans hospitals and independent physician groups provide a stable source of recurring revenue and barrier to entry for new entrants.

The company serves a diverse customer base that includes individual patients receiving medical care through its clinics and provider networks as well as health maintenance organizations hospitals and accountable care organizations that contract for capitation management and other services. These customers are located primarily in California Nevada Texas Maryland Connecticut Georgia and Hawaii where the company maintains its provider and facility footprint.