Privia Health Group, Inc. (NASDAQ: PRVA)

Privia Health Group, Inc. is a technology driven national physician enablement company that collaborates with physician practices, health plans, and health systems to achieve the quadruple aim of better outcomes, lower costs, improved patient experience, and happier and more engaged providers. The company organizes physicians into cost efficient value based primary care centric networks called Medical Groups. It provides a technology platform known as the Privia Platform that integrates data analytics, revenue cycle management, practice operations, and payer alignment tools to support clinical and financial performance. As of December 31, 2025, the company had a presence in 24 states and the District of Columbia, supporting over 5,380 Privia Providers who were credentialed and bill for medical services across more than 1,300 practice locations. Privia Health reported caring for over 5.8 million patients, including attributed lives in various value based programs such as commercial, Medicare Advantage, Medicare Shared Savings, and Medicaid arrangements. In 2024, the company operated nine accountable care organizations that delivered care to more than 194,000 Medicare beneficiaries through the Medicare Shared Savings Program, generating shared savings of $233.1 million. The Privia Technology Solution incorporates patient access tools, pre visit analytics, in person or virtual care delivery, and post visit analytics and care coordination to improve workflow and clinical outcomes. As of December 31, 2025, over 1.5 million distinct patients completed over 4.7 million virtual visits through the platform.

We principally derive revenue from four sources. First is fee for service patient care revenue from services delivered by Privia Providers in owned and friendly medical groups plus management and administrative fees earned for services provided to non owned medical groups. Second is per member per month care management fees including management and administrative fees. Third is value based care revenue consisting of capitated payments, shared savings, and quality performance based bonuses received on behalf of Privia Providers. Fourth is other revenue from services such as concierge visits, virtual visits, virtual scribes and coding, clinical trials, behavioral health management, and arrangements with self insured employers to offer direct primary care to their employees. Fee for service revenue includes payments for office visits, procedures, and ancillary services rendered by Privia Providers in owned and friendly medical groups. Management and administrative fees are earned for providing services such as revenue cycle management, payer contracting, and practice support to non owned medical groups. Per member per month care management fees are charged for coordinating care, conducting health assessments, and managing chronic conditions for enrolled patients. Value based care revenue encompasses capitated payments that provide a fixed amount per patient per month, shared savings that reward cost reductions below benchmarks, and quality performance based bonuses tied to clinical metrics. Other revenue streams comprise concierge medicine offerings, virtual visit fees, virtual scribe and coding services, clinical trial participation, behavioral health management programs, and direct primary care arrangements with self insured employers.

We operate in a highly fragmented and competitive U. S. healthcare industry. Competitors include large physician practices, independent physician associations, hospitals, health systems, physician hospital organizations, and emerging healthcare companies that integrate vertically. The company differentiates itself through a technology enabled platform that combines population health analytics, revenue cycle management, and payer contracting capabilities with a provider owned medical group model. This model allows physicians to retain autonomy while benefiting from shared services scale and value based contracting opportunities. Privia Health’s ability to serve multiple reimbursement environments including fee for service, Medicare Advantage, Medicaid, commercial insurance, and direct contracting programs further strengthens its market position. The single TIN Medical Group structure enables unified payer negotiations and streamlined governance across owned and friendly medical groups. Local management services organizations provide billing, human resources, and technology support that reduce administrative burden for physicians. Owned accountable care organizations allow the company to capture value based incentives and share savings with participating providers. Privia Health’s technology platform integrates artificial intelligence tools to automate routine tasks such as prior authorization requests and coding updates. These combined capabilities position the company to support physician practices in transitioning from fee for service to value based care while maintaining clinical autonomy.

Privia Health serves a broad customer base that includes physician practices seeking operational support, health plans looking for value based provider networks, health systems aiming to align employed and independent physicians, and employers desiring direct primary care or population health solutions for their workforces. The company’s patients consist of individuals covered by Medicare, Medicaid, commercial insurance, and self insured arrangements across the United States. Health plans contract with Privia Health to access provider networks that deliver coordinated care and improve quality scores for their members. Employers partner with the company to offer direct primary care clinics and virtual health services aimed at reducing employee healthcare costs. Individuals receiving care through Privia Health include those enrolled in government programs such as Medicare and Medicaid as well as those covered by commercial insurance or self funded arrangements.