– Health Management Network of Over 2,600 Affiliated Primary Care Providers Across the USA.
– Currently Serving Over 100,000 Patients in 18 Counties Across Five States.
– PIII Care Team Creates an Enhanced Patient Experience by Navigating, Coordinating, and Integrating Care within the Healthcare System.
– Second Quarter Financial Results Showed Improvement Across All Key Metrics.
– Capitated Revenue of $325.6 Million, an Increase of 21.9% Compared to $267.1 Million in Q2 of the Prior Year.
– Adjusted EBITDA of $0.2 Million, Compared to an Adjusted EBITDA Loss of $28.7 Million in the Q2 of the Prior Year.
– Gross Profit of $26.8 Million, an Improvement of $24.8 Million Compared to $2.0 Million in the Q2 of the Prior Year.
– Seasoned Healthcare Industry Veteran Appointed as New Executive Vice President and Chief Operating Officer.
P3 Health Partners Inc. (NASDAQ: PIII) is a leading population health management company committed to transforming healthcare by improving the lives of both patients and providers. Founded and led by physicians, PIII has an expansive network of more than 2,600 affiliated primary care providers across the country. PIII local teams of healthcare professionals manage the care of thousands of patients in 18 counties across five states.
PIII supports primary care providers with value-based care coordination and administrative services that improve patient outcomes and lower costs. Through partnerships with these local providers, the PIII care team creates an enhanced patient experience by navigating, coordinating, and integrating the patient’s care within the healthcare system.
PIII Announces Second-Quarter 2023 Results
On August 7th PIII announced its financial results for the second quarter ended June 30, 2023.
“The results for the second quarter of 2023 show the power and trajectory of the P3 model. I’m delighted to say we had solid improvement across all key metrics. The strength we have seen in 2023 has given us the stability and momentum to drive our next phase of success in 2024, and beyond,” said Dr. Sherif Abdou, CEO of PIII.
“We experienced approximately 1% medical cost trend for the quarter. That is a reflection of the effectiveness of P3’s model and the increasing maturity of the membership on P3’s platform. The value we deliver and demand P3’s model is rooted in our ability to bend the cost curve for our patients, providers, and payor clients,” said Bill Bettermann, COO of P3.
Q2 Financial Results
Capitated revenue was $325.6 million, an increase of 21.9% compared to $267.1 million in the second quarter of the prior year
Net loss was $27.6 million, compared to a net loss of $903.1 million in the second quarter of the prior year. The second quarter of 2022 was negatively impacted by a goodwill impairment charge of $851.5 million
Net loss PMPM was $88 compared to a net loss PMPM of $2,995 the second quarter of the prior year
Adjusted EBITDA(1) was $0.2 million, compared to an Adjusted EBITDA loss of $28.7 million in the second quarter of the prior year
Adjusted EBITDA PMPM(1) was roughly breakeven, compared to an Adjusted EBITDA loss PMPM of $95 in the second quarter of the prior year
Gross profit was $26.8 million, an improvement of $24.8 million compared to $2.0 million in the second quarter of the prior year
Gross profit PMPM was $86, an improvement of $79 compared to $7 in the prior year
Medical margin(1) was $50.5 million, an increase of 132.1% compared to $21.8 million in the second quarter of the prior year
Medical margin PMPM(1) was $161, an increase of 123.2% compared to a medical margin PMPM of $72 in the prior year
First-Half 2023 Financial Results
Capitated revenue was $624.3 million, an increase of 16.3% compared to $536.8 million in the first half of the prior year
Net loss was $80.0 million, compared to a net loss of $963.9 million in the first half of the prior year. The first half of 2022 was negatively impacted by a goodwill impairment charge of $851.5 million
Net loss PMPM was $129 compared to a net loss PMPM of $1,613 in the first half of the prior year
Adjusted EBITDA(1) loss was $18.9 million, compared to an Adjusted EBITDA loss of $47.6 million in the first half of the prior year
Adjusted EBITDA PMPM(1) loss was $30, compared to an Adjusted EBITDA loss of $80 PMPM in the first half of the prior year
Gross profit was $43.3 million, an improvement of 345% compared to $9.7 million in the first half of the prior year
Gross profit PMPM was $70, an increase of 329% compared to $16 in the first half of the prior year
Medical margin(1) was $89.7 million, an increase of 92.6% compared to $46.6 million in the first half of the prior year
Medical margin PMPM(1) was $145, an increase of 85.9% compared to a medical margin PMPM of $78 in the prior year
PIII management also conducted a conference call on August 7th. An archived recording of the webcast will be available on the Investor page of the PIII website for a period of 90 days following the conference call at this link: ir.p3hp.org.
For more detailed explanations of the above financial results review the PIII company filings at: https://www.otcmarkets.com/stock/PIII/disclosure
PIII Names William Bettermann as Chief Operating Officer
On June 20th PIII announced William “Bill” Bettermann as its Executive Vice President and Chief Operating Officer.
Mr. Bettermann brings nearly 25 years of healthcare management experience to PIII with a strong track record of success in the value-based care arena. Previously Bill Bettermann served in leadership roles at Optum Care, where he recently led the Pacific Northwest operations and where he also served as Chief Operating Officer of the Everett Clinic and the Seattle Polyclinic. Before that, he was a Senior Vice President of Strategic Operations at Aurora Healthcare. Bill Bettermann began his career at the Mayo Clinic in operations. He has significant operational experience running physician-oriented and value-based care companies.
Mr. Bettermann commented on the PIII appointment, “I am delighted to join the P3 family. The P3 leadership team has been trail blazers in bringing value-based care to fruition. I believe this mission is not just important but imperative, as we strive to improve patient outcomes while lowering the cost of care in the United States. It is a privilege to join this physician-led team of executives with an unwavering commitment to transforming healthcare.”
For more information on $PIII visit www.p3hp.org and follow PIII on @p3healthpartners and Facebook.com/p3healthpartners.
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Media Contact
Company Name: P3 Health Partners, Inc
Contact Person: Dr. Sherif Abdou, CEO
Email: Send Email
Phone: (702) 910-3950
City: Henderson
State: Nevada
Country: United States
Website: https://p3hp.org/