P3 Health Partners Inc. is a patient-centered and physician-led population health management company operating in the United States healthcare industry. The company focuses on delivering value-based care to Medicare Advantage members through its proprietary P3 Care Model, which emphasizes patient wellness, physician empowerment, and coordinated care across the healthcare continuum. By leveraging existing healthcare infrastructure and contracting with local physicians via an affiliate model, P3 Health Partners Inc. aims to improve clinical outcomes while reducing total cost of care for the communities it serves.

The company generates revenue primarily through capitated care services provided to health plans under per-member-per-month (PMPM) arrangements. These contracts involve managing the healthcare needs of Medicare Advantage members, where P3 Health Partners Inc. receives a fixed monthly payment per enrolled member to oversee all aspects of their care. Revenue is driven by the company’s ability to deliver high-quality, cost-effective care that improves patient outcomes and aligns incentives between physicians and payors. In 2025, contracts with four health plans accounted for approximately 75% of total revenue, reflecting the concentration of its payer relationships.

The company operates through the following segments:

• P3 Care Model. This segment encompasses the core population health management activities, including risk stratification, care coordination, and clinical oversight for enrolled patients. It involves deploying care teams such as care managers and care navigators to support physician partners in delivering preventive and chronic disease management. The segment also includes the use of the P3 Technology/Health Hub platform to integrate clinical and claims data, enabling personalized care plans and real-time monitoring of patient health across the care continuum.

• P3 Technology/Health Hub. This segment consists of the proprietary technology platform that underpins the P3 Care Model. It includes the Provider Portal for physician-facing patient monitoring and risk stratification, P3 Care Connect for care management and utilization workflows, and Analytic Management Tools for business intelligence and risk adjustment. The platform supports data aggregation from payors, facilities, and ancillary settings to enable proactive care delivery, prior authorization processing, and performance tracking across the organization.

• Broad Delegated Care Model. This segment involves assuming responsibility for additional services delegated by payor partners, such as networking, credentialing, utilization management, and claims processing. Through this model, P3 Health Partners Inc. manages the full care experience for patients, including coordination with specialists, acute and post-acute care settings, and claims payment processing. The segment enables the company to reshape local healthcare markets by aligning incentives across the continuum and ensuring appropriate care delivery in the right setting.

P3 Health Partners Inc. operates in a competitive and fragmented population health management industry, where it differentiates itself through its physician-led affiliate model that preserves physician independence while providing access to infrastructure and technology. The company competes with national organizations such as Aledade, Astrana Health, and agilon health, as well as local provider networks and health systems. Its competitive advantages stem from strong payor relationships, a large community-based physician network, deep experience in value-based care, and a custom technology platform that enables data-driven care management and strong physician retention, exceeding 88% in 2025.

The company serves Medicare Advantage members through its contracts with health plans, which in turn provide care to enrolled beneficiaries. Its customer base consists primarily of health plans that contract for capitated care services, as well as the physicians and patients within its network. While specific health plan names are not disclosed in the filing, the company notes that its relationships with four major health plans generated the majority of its revenue in 2025. The physicians in its network are predominantly independent primary care providers who retain clinical autonomy while benefiting from P3’s care teams, technology, and incentive structures designed to support value-based care delivery.