Here are 1-3 brief analogies for P3 Health Partners (PIII):

• Toast for primary care practices, providing the operating system to optimize care and costs for Medicare Advantage patients.
• ADP for primary care practices, handling the complexities of patient outcomes and financial management under value-based care.

• Value-Based Care Delivery: P3 Health Partners partners with primary care providers to manage patient health under risk-bearing contracts, focusing on improving health outcomes and reducing healthcare costs.
• Physician Practice Support: They offer comprehensive administrative, technological, and clinical support services to independent physician practices to facilitate their success within value-based care models.
• Population Health Management Programs: P3 develops and implements programs utilizing data analytics and care coordination to proactively manage the health of specific patient populations, emphasizing preventative care and chronic disease management.

P3 Health Partners (PIII) primarily sells its services to other companies, specifically major health plans. These health plans contract with P3 to manage value-based care for their Medicare Advantage and other at-risk patient populations, with P3 receiving capitated payments for these services. The company's major customers include:

• Humana (Symbol: HUM)
• Elevance Health (Symbol: ELV)
• UnitedHealthcare (part of UnitedHealth Group, Symbol: UNH)
• Centene (Symbol: CNC)
• Aetna (part of CVS Health, Symbol: CVS)

Dr. Aric Coffman, Chief Executive Officer

Dr. Coffman joined P3 Health Partners as CEO in May 2024. He is a physician leader with over two decades of experience in the healthcare sector, specifically focusing on value-based care for seniors. Prior to P3, Dr. Coffman served as the CEO of Honest Medical Group, a startup that he led from inception, securing substantial funding and scaling operations to serve over 120,000 Medicare patients. Honest Medical Group is a portfolio company of Rubicon Founders, a healthcare investment firm. Before Honest Medical, he was the CEO of The Everett Clinic and Northwest Physicians Network, which became part of OptumCare, where he significantly increased Medicare Advantage membership. He also held leadership roles as Chairman of Surgery, Chief Medical Officer, and President of DaVita Medical Group New Mexico.

Leif Pedersen, Chief Financial Officer

Mr. Pedersen became the Chief Financial Officer of P3 Health Partners effective October 1, 2024. He brings over 25 years of experience in finance, accounting, and operations, with a strong background in large-scale, publicly traded organizations and 9 years specifically in value-based care. Before joining P3, Mr. Pedersen was the Vice President of Finance & Shared Services CFO at Optum Health, a division of UnitedHealth Group, where he managed a $1 billion P&L. Earlier in his career, he served as Vice President of Finance & IT CFO at DaVita Medical Group, where he successfully led the financial separation of DaVita's IT organization from its parent enterprise.

Dr. Sherif Abdou, Co-Founder, Strategic Advisor & Board Member

Dr. Abdou is a Co-Founder of P3 Health Partners, which he established with Dr. Amir Bacchus. He served as the Chief Executive Officer of P3 Health Partners from its inception until May 2024, transitioning to a Strategic Advisor role and remaining a member of the Board of Directors. With over 30 years of healthcare experience, Dr. Abdou co-founded Summit Medical Group in 1999, guiding its growth and eventual acquisition to become Pinnacle Health System, which later became HealthCare Partners Nevada. He also founded the Inpatient Physicians Network and P3 Health Group Management LLC. Under his leadership, HealthCare Partners Nevada expanded significantly and achieved a four-star rating from the Centers for Medicare & Medicaid Services. P3 Health Group Management was acquired by Foresight Acquisition Corp. in 2021 in a transaction valued at approximately $1.95 billion, which led to P3 Health Partners becoming a publicly traded company.

Dr. Amir Bacchus, Chief Medical Officer & Director

Dr. Bacchus is a Co-Founder of P3 Health Partners and serves as its Chief Medical Officer and a Director. He brings 23 years of experience in operating, managing, and guiding physician groups, with a career dedicated to healthcare delivery and working with managed care organizations to improve quality, access, and cost of care. He previously worked as an internist for Diagnostic Center of Medicine and served as Chairman of Spring Valley Hospital Medical Center's Department of Medicine. Dr. Bacchus holds a Doctor of Medicine degree from Wayne State University School of Medicine and a Master of Business Administration from the University of Nevada, Las Vegas.

William Bettermann, Executive Vice President and Chief Operating Officer

William Bettermann serves as the Executive Vice President and Chief Operating Officer for P3 Health Partners. He possesses nearly 25 years of leadership experience within the healthcare industry, demonstrating a strong track record of success in the value-based care sector.

The key risks to P3 Health Partners (PIII) predominantly revolve around its financial viability, regulatory landscape, and operational efficiency in managing growth and medical costs.

1. Going Concern and Financial Health: P3 Health Partners faces substantial doubt about its ability to continue as a going concern due to limited cash resources and significant outstanding indebtedness. The company has a history of net losses and anticipates continued losses, indicating challenges in achieving profitability. Its financial strength is rated poorly, with high debt levels and potential liquidity issues, as evidenced by a low current ratio and quick ratio. An Altman Z-Score of -0.66 places the company in a distress zone, suggesting a potential risk of bankruptcy within the next two years.
2. Regulatory and Reimbursement Rate Fluctuations: The company is significantly exposed to market risks, including fluctuations in Medicare reimbursement rates and changes in healthcare laws and regulations. As a company operating within the healthcare sector, particularly with a focus on Medicare Advantage programs, P3 Health Partners is susceptible to regulatory changes and reimbursement pressures that could negatively impact its revenue and profitability.
3. Challenges in Achieving Profitability and Managing Medical Costs: P3 Health Partners has faced difficulties in achieving profitability, marked by high medical costs and ongoing net losses. Medical expenses have shown a significant increase, representing a large percentage of total operating revenue, which has been a primary driver of the company's increased net losses. The company's future prospects also depend on its ability to successfully execute growth strategies, including identifying and developing new geographies, physician partners, payors, and patients. Failure to achieve operational improvements or adapt to digital health trends could lead to sustained losses and erosion of market share.

The accelerating vertical integration in healthcare, particularly the direct acquisition and development of value-based primary care providers and networks by large, well-capitalized health plans and retailers (e.g., CVS Health's acquisition of Oak Street Health, Amazon's acquisition of One Medical, Walgreens' acquisition of VillageMD). This trend represents a clear emerging threat as these entities are building proprietary value-based care ecosystems, effectively becoming direct competitors in patient acquisition and physician partnerships. This strategy can disintermediate third-party management services organizations like P3 Health Partners by reducing the available pool of independent primary care physicians seeking external value-based care support and by having payers bring value-based care capabilities in-house.

P3 Health Partners (PIII) anticipates several key drivers for its future revenue growth over the next two to three years, primarily stemming from its focus on value-based care models and operational improvements:

1. Growth in At-Risk Membership: The company expects revenue growth to be driven by an increase in its at-risk membership, particularly within Medicare Advantage and through Accountable Care Organizations (ACOs). P3's membership grew by 13% year-over-year in Q4 2024, reaching 123,800, and annual revenue in 2024 totaled $1.5 billion, reflecting an 18% year-over-year growth. Management also adjusted membership expectations upward for 2025 due to increased ACO membership.
2. Improved Per-Member Funding: P3 Health Partners is actively working to enhance per-member funding through strategic renegotiations of payer contracts and improved accuracy in capturing disease burden (risk adjustment). In Q1 2025, per-member funding increased by 8% compared to full-year 2024, reflecting improved disease burden documentation and favorable contract terms. Management expects anticipated benefits from renegotiated payer contracts and member mix improvements to contribute to 2025 guidance. The company announced a successfully renegotiated contract with a major payer, extending into 2026, which is expected to result in approximately $20 million in contractual improvements.
3. Operational Efficiencies and Clinical Program Optimization: While primarily impacting profitability, significant operational efficiencies and the optimization of clinical programs are expected to lead to improved medical margins, thereby supporting sustainable revenue growth within its value-based care framework. P3 is executing a "$130 million EBITDA improvement plan" for 2025, with further opportunities of "$120 million to $170 million" identified for 2026, driven by operational performance and network management. These initiatives include reductions in operating expenses and a focus on high-impact areas like field operations and clinical programs.
4. Strategic Deepening of Presence within Existing Geographies: Rather than rapid, broad expansion, P3 Health Partners is focusing on achieving "smart growth" by increasing its density with existing clinicians and patient populations in its current operational states. The CEO highlighted embedded growth within current markets and the intent to get denser with existing clinicians, with geographic expansion being a future consideration.

Share Issuance

• P3 Health Partners went public in December 2021 through a SPAC merger with Foresight Acquisition Corp..
• A 1-for-50 reverse stock split was effected on April 11, 2025, which significantly adjusted the number of outstanding shares.

Inbound Investments

• In December 2021, the company completed its SPAC merger, which was a significant inbound investment event.
• On March 30, 2023, P3 Health Partners entered into a Securities Purchase Agreement to sell certain securities for gross proceeds of approximately $89.5 million.
• The company completed a financing transaction in December 2024, providing a $30 million unsecured promissory note from its largest shareholder. A similar proposed financing transaction for an additional $30 million unsecured promissory note and warrants from its largest shareholder was announced in February 2025.

Capital Expenditures

• P3 Health Partners' primary uses of cash include capital expenditures.
• Capital expenditures are focused on property and equipment, which include leasehold improvements, computer equipment and software, furniture and fixtures, medical equipment, and internally developed software.