Episode Details

P3 Health Partners reported a significant improvement in their 2025 earnings, with a normalized adjusted EBITDA loss of $149.1 million, a 44 million dollar improvement from the previous year. Revenue reached $1.46 billion, with capitated revenue per member per month increasing by 5% to $1,026. Despite narrowing medical margins, they reduced operating expenses by 9% through smarter spending and better alignment. The company identified $170 million in fixes, primarily from better contracts, operations tweaks, and payer partnerships. Providers played a crucial role, with over half of patients under top-tier groups achieving four-star quality ratings in 70% of key Medicare Advantage plans. Looking ahead, P3 Health Partners expects to flip to profitability in 2026, with a guided adjusted EBITDA of $40 million on revenue of $1.5-$1.7 billion and 107,000-117,000 at-risk members.

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