Privia Health (PRVA) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40365
Entity Registrant Name	Privia Health Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3599420
Entity Address, Address Line One	950 N. Glebe Rd.,
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Arlington,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22203
City Area Code	571
Local Phone Number	366-8850
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRVA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		120,001,355
Entity Central Index Key	0001759655
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 421,997	$ 389,511
Accounts receivable	408,959	290,768
Prepaid expenses and other current assets	22,797	20,525
Total current assets	853,753	700,804
Non-current assets:
Property and equipment, net	1,456	2,325
Operating right-of-use asset	5,288	6,612
Intangible assets, net	103,070	107,630
Goodwill	139,457	138,749
Deferred tax asset	27,569	35,200
Other non-current assets	14,972	8,580
Total non-current assets	291,812	299,096
Total assets	1,145,565	999,900
Current liabilities:
Accounts payable and accrued expenses	65,641	57,831
Provider liability	411,252	326,078
Operating lease liabilities, current	2,580	3,043
Total current liabilities	479,473	386,952
Non-current liabilities:
Operating lease liabilities, non-current	3,597	5,246
Other non-current liabilities	313	313
Total non-current liabilities	3,910	5,559
Total liabilities	483,383	392,511
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.01 par value, 1,000,000,000 and 1,000,000,000 shares authorized; 119,953,176 and 118,216,979 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1,199	1,182
Additional paid-in capital	797,315	753,869
Accumulated deficit	(183,628)	(193,614)
Total Privia Health Group, Inc. stockholders’ equity	614,886	561,437
Non-controlling interest	47,296	45,952
Total stockholders’ equity	662,182	607,389
Total liabilities and stockholders’ equity	$ 1,145,565	$ 999,900

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	119,953,176	118,216,979
Common stock, shares outstanding (in shares)	119,953,176	118,216,979

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 437,921	$ 417,282	$ 1,275,490	$ 1,216,909
Operating expenses:
Provider expense	336,501	325,222	979,373	949,195
Cost of platform	56,068	50,324	167,231	145,254
Sales and marketing	7,047	7,241	19,984	18,483
General and administrative	30,695	27,228	91,732	79,987
Depreciation and amortization	1,797	1,731	5,436	4,761
Total operating expenses	432,108	411,746	1,263,756	1,197,680
Operating income	5,813	5,536	11,734	19,229
Interest income, net	2,164	2,894	8,114	5,524
Income before provision for income taxes	7,977	8,430	19,848	24,753
Provision for income taxes	3,999	2,488	8,171	6,049
Net income	3,978	5,942	11,677	18,704
Less: Net income (loss) attributable to non-controlling interests	443	299	1,691	(1,537)
Net income attributable to Privia Health Group, Inc.	$ 3,535	$ 5,643	$ 9,986	$ 20,241
Net income per share attributable to Privia Health Group, Inc. stockholders – basic (in dollars per share)	$ 0.03	$ 0.05	$ 0.08	$ 0.17
Net income per share attributable to Privia Health Group, Inc. stockholders – diluted (in dollars per share)	$ 0.03	$ 0.05	$ 0.08	$ 0.16
Weighted average common shares outstanding - basic (in shares)	119,658,574	117,602,059	119,156,368	116,266,938
Weighted average common shares outstanding – diluted (in shares)	125,751,006	124,924,442	125,457,540	124,646,849

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($)	Total	Total Stockholders’ Equity attributable to Privia Health Group, Inc.	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2022			114,690,808
Beginning balance at Dec. 31, 2022	$ 519,049,000	$ 499,094,000	$ 1,148,000	$ 714,639,000	$ (216,693,000)	$ 19,955,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of restricted stock units (in shares)			779,153
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	1,477,000	1,477,000	$ 11,000	1,466,000
Stock-based compensation expense	5,381,000	5,381,000		5,381,000
Contributed non-controlling interest	24,212,000					24,212,000
Net income (loss)	6,402,000	7,324,000			7,324,000	(922,000)
Ending balance (in shares) at Mar. 31, 2023			115,469,961
Ending balance at Mar. 31, 2023	556,521,000	513,276,000	$ 1,159,000	721,486,000	(209,369,000)	43,245,000
Beginning balance (in shares) at Dec. 31, 2022			114,690,808
Beginning balance at Dec. 31, 2022	519,049,000	499,094,000	$ 1,148,000	714,639,000	(216,693,000)	19,955,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,704,000
Ending balance (in shares) at Sep. 30, 2023			118,004,544
Ending balance at Sep. 30, 2023	591,057,000	544,681,000	$ 1,180,000	739,953,000	(196,452,000)	46,376,000
Beginning balance (in shares) at Mar. 31, 2023			115,469,961
Beginning balance at Mar. 31, 2023	556,521,000	513,276,000	$ 1,159,000	721,486,000	(209,369,000)	43,245,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of restricted stock units (in shares)			1,636,931
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	4,306,000	4,306,000	$ 12,000	4,294,000
Stock-based compensation expense	9,247,000	9,247,000		9,247,000
Repurchase of non-controlling interest	(5,694,000)	(8,871,000)		(8,871,000)		3,177,000
Contributed non-controlling interest	569,000					569,000
Net income (loss)	6,360,000	7,274,000			7,274,000	(914,000)
Ending balance (in shares) at Jun. 30, 2023			117,106,892
Ending balance at Jun. 30, 2023	571,309,000	525,232,000	$ 1,171,000	726,156,000	(202,095,000)	46,077,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of restricted stock units (in shares)			897,652
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	3,005,000	3,005,000	$ 9,000	2,996,000
Stock-based compensation expense	10,801,000	10,801,000		10,801,000
Net income (loss)	5,942,000	5,643,000			5,643,000	299,000
Ending balance (in shares) at Sep. 30, 2023			118,004,544
Ending balance at Sep. 30, 2023	$ 591,057,000	544,681,000	$ 1,180,000	739,953,000	(196,452,000)	46,376,000
Beginning balance (in shares) at Dec. 31, 2023	118,216,979		118,216,979
Beginning balance at Dec. 31, 2023	$ 607,389,000	561,437,000	$ 1,182,000	753,869,000	(193,614,000)	45,952,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of restricted stock units (in shares)			461,923
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	475,000	475,000	$ 5,000	470,000
Stock-based compensation expense	11,904,000	11,904,000		11,904,000
Net income (loss)	3,056,000	2,984,000			2,984,000	72,000
Ending balance (in shares) at Mar. 31, 2024			118,678,902
Ending balance at Mar. 31, 2024	$ 622,824,000	576,800,000	$ 1,187,000	766,243,000	(190,630,000)	46,024,000
Beginning balance (in shares) at Dec. 31, 2023	118,216,979		118,216,979
Beginning balance at Dec. 31, 2023	$ 607,389,000	561,437,000	$ 1,182,000	753,869,000	(193,614,000)	45,952,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 11,677,000
Ending balance (in shares) at Sep. 30, 2024	119,953,176		119,953,176
Ending balance at Sep. 30, 2024	$ 662,182,000	614,886,000	$ 1,199,000	797,315,000	(183,628,000)	47,296,000
Beginning balance (in shares) at Mar. 31, 2024			118,678,902
Beginning balance at Mar. 31, 2024	622,824,000	576,800,000	$ 1,187,000	766,243,000	(190,630,000)	46,024,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of restricted stock units (in shares)			800,232
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	749,000	749,000	$ 7,000	742,000
Stock-based compensation expense	14,391,000	14,391,000		14,391,000
Contributed non-controlling interest	1,000,000					1,000,000
Net income (loss)	4,643,000	3,467,000			3,467,000	1,176,000
Ending balance (in shares) at Jun. 30, 2024			119,479,134
Ending balance at Jun. 30, 2024	643,607,000	595,407,000	$ 1,194,000	781,376,000	(187,163,000)	48,200,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of restricted stock units (in shares)			474,042
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	838,000	838,000	$ 5,000	833,000
Stock-based compensation expense	15,106,000	15,106,000		15,106,000
Contributed non-controlling interest	653,000					653,000
Distribution to non-controlling interest	(2,000,000)					(2,000,000)
Net income (loss)	$ 3,978,000	3,535,000			3,535,000	443,000
Ending balance (in shares) at Sep. 30, 2024	119,953,176		119,953,176
Ending balance at Sep. 30, 2024	$ 662,182,000	$ 614,886,000	$ 1,199,000	$ 797,315,000	$ (183,628,000)	$ 47,296,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 11,677	$ 18,704
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	876	878
Amortization of intangibles	4,560	3,883
Stock-based compensation	41,401	25,429
Deferred tax expense	7,631	5,179
Changes in asset and liabilities:
Accounts receivable	(118,191)	(156,219)
Prepaid expenses and other current assets	(4,272)	(2,801)
Other non-current assets and right-of-use asset	(70)	(1,246)
Accounts payable and accrued expenses	7,810	1,489
Provider liability	85,174	123,930
Operating lease liabilities	(2,112)	(2,510)
Other long-term liabilities	0	(32)
Net cash provided by operating activities	34,484	16,684
Cash from investing activities
Business acquisitions, net of cash acquired	(707)	(37,858)
Other	(5,006)	(90)
Net cash used in investing activities	(5,713)	(37,948)
Cash flows from financing activities
Proceeds from exercised stock options	2,062	8,788
Repurchase of non-controlling interest	0	(5,694)
Contributed from non-controlling interest	1,653	569
Net cash provided by financing activities	3,715	3,663
Net increase (decrease) in cash and cash equivalents	32,486	(17,601)
Cash and cash equivalents at beginning of period	389,511	347,992
Cash and cash equivalents at end of period	421,997	330,391
Supplemental disclosure of cash flow information:
Interest paid	222	40
Income taxes paid	$ 3,525	$ 1,019

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Organization Privia Health Group, Inc. (“Privia Health”, “Privia”, or the “Company”) is a technology-driven, national physician-enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual care settings (the “Privia Platform”). As of September 30, 2024, Privia operated in fourteen markets: 1) the Mid-Atlantic Region (states of Virginia, Maryland and the District of Columbia); 2) Georgia; 3) the Gulf Coast Region (Houston-San Antonio-Austin Texas); 4) North Texas (Dallas/Fort Worth, Texas); 5) West Texas (Abilene, Texas); 6) Central Florida; 7) Tennessee; 8) California; 9) Montana; 10) Ohio; 11) North Carolina; 12) Connecticut; 13) Washington state; and 14) South Carolina. Medical groups are formed in each market with the primary purpose to operate as a physician group practice with healthcare services being furnished through physician members (“Privia Physicians”) and non-physician clinicians (together, “Privia Providers”) supervised by Privia Physicians. The Company also forms local management companies to provide administrative and management services (“MSOs”) to the medical groups through a Management Services Agreement (“MSA”) in each market. The Company owns 100% of all MSOs, except seven where the Company is at least the majority owner. Basis of Presentation The condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its subsidiaries. Amounts shown on the condensed consolidated statements of operations within the operating expense categories of provider expense, cost of platform, selling and marketing, and general and administrative are recorded exclusive of depreciation and amortization. All significant intercompany transactions are eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2024, are not indicative of the results to be expected for the full fiscal year ending December 31, 2024. The condensed consolidated balance sheet at December 31, 2023 was derived from audited annual financial statements but does not contain all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of only normal and recurring adjustments) considered necessary for a fair statement have been included. The Company described its significant accounting policies in Note 1 of the notes to consolidated financial statements for the year ended December 31, 2023 in the Annual Report on Form 10-K. During the nine months ended September 30, 2024, there were no significant changes to those accounting policies and estimates. Variable Interest Entities Management evaluates the Company’s ownership, contractual, and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”). These evaluations are complex, involve judgment and assumptions based on available historical information, among other factors. If the Company determines that an entity in which it holds a contractual, or ownership, interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Changes in consolidation status are applied prospectively. The Company has relationships with medical groups in which the Company has no ownership interests, which are either (a) owned 100% by Privia Physicians (each, a “Non-Owned Medical Group” and collectively, “Non-Owned Medical Groups”) or (b) majority owned, indirectly through a professional entity by a licensed physician holding a Privia leadership position (each, a “Friendly Medical Group” and collectively, “Friendly Medical Groups”). Each of our Medical Groups (e.g., Owned Medical Groups, Non-Owned Medical Groups and Friendly Medical Groups) contracts with the Privia Physician’s historic practice entity, which no longer furnishes healthcare services (the “Affiliated Practice”) whereby the Affiliated Practice provides certain subcontracted services to the Medical Groups to allow the Medical Group to operate at the practice location. The Company evaluated its relationship with (a) Non-Owned Medical Groups and their Affiliated Practices, (b) Friendly Medical Groups and their Affiliated Practices, and (c) Affiliated Practices associated with Owned Medical Groups to determine if any of these entities should be subject to consolidation. The Company does not have ownership interest in any Affiliated Practices (whether those of Owned Medical Groups, Non-Owned Medical Groups or Friendly Medical Groups); nor does the Company have an ownership in Non-Owned Medical Groups. The Physician Member Services Agreement (“PMSA”) and support services agreement (“SSA”) entered by Non-Owned Medical Groups and Friendly Medical Groups with their Privia Physician members and the Affiliated Practices are not contractual relationships within Privia’s legal structure. The only contractual relationship between Privia and Non-Owned Medical Groups is established through the MSA. For Friendly Medical Groups, in addition to the MSA, the Company has a contractual relationship, evidenced by a restriction agreement (each a “Restriction Agreement”) with licensed physicians holding a Privia leadership position (“Nominee Physicians”) and their respective Friendly Medical Groups. Management has determined, based on the provisions of the MSAs between the Company and Non-Owned Medical Groups, and after considering the requirements of Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”), the Company is not required to consolidate the financial position or results of operations of the Affiliated Practices associated with Owned Medical Groups; nor is it required to consolidate the financial position or results of operations of Non-Owned Medical Groups (and, therefore, the Company is not required to consolidate the Affiliated Practices of the Non-Owned Medical Groups). However, management has determined, based on the provisions of the Restriction Agreement on the Nominee Physician (“Friendly PC”) and the governing documents of the Friendly Medical Groups after considering the requirements of ASC 810, that the Company should consolidate the financial position and results of operations of the Friendly Medical Groups and the Friendly PCs. ASC 810 requires the Company to consolidate the financial position, results of operations and cash flows of a Non-Owned Medical Group affiliated by means of a service agreement if the Non-Owned Medical Group is a VIE and the Company is its primary beneficiary. An Affiliated Practice would be considered a VIE if (a) it is thinly capitalized (i.e., the equity is not sufficient to fund the Non-Owned Medical Group’s activities without additional subordinated financial support) or (b) the equity holders of the Non-Owned Medical Group as a group have one of the following four characteristics: (i) lack the power to direct the activities that most significantly affect the Non-Owned Medical Group’s economic performance, (ii) possess non-substantive voting rights, (iii) lack the obligation to absorb the Non-Owned Medical Group’s expected losses, or (iv) lack the right to receive the Non-Owned Medical Group’s expected residual returns. The characteristics of both (a) and (b) do not exist and as such the Non-Owned Medical Groups do not represent VIEs. Accordingly, the Company has not consolidated the financial position, results of operations or cash flows of the Non-Owned Medical Groups that are affiliated with the Company by means of a service agreement for the three and nine months ended September 30, 2024 and 2023. Each time that it enters into a new service agreement or enters into a material amendment to an existing service agreement, the Company considers whether the terms of that agreement or amendment would change the elements it considers in accordance with the VIE guidance. The same analysis was performed for the Affiliated Practices of Owned Medical Groups, which have contractual relationships with Privia through the SSA, and the Company determined they do not represent VIEs as they do not meet the criteria in ASC 810 for similar reasons as those outlined above. The Company, however, does meet the criteria for consolidation of the Nominee PCs and the Friendly Medical Groups based on the discussion above. Privia Medical Group – West Texas, PLLC, (“PMG West Texas”) is a physician-owned Medical Group, with PMG West Texas Holdings, PLLC (“Friendly WTX PC”), a Texas professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG West Texas. The Company has a contractual relationship with Friendly WTX PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and as such, PMG West Texas and Friendly WTX PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810. Privia Medical Group Tennessee, PLLC (“PMG-TN”) is a physician-owned Medical Group, with PMG-TN Physicians, PLLC (“Friendly TN PC”), a Tennessee professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests therein and having governance and control rights via the governing documents of PMG-TN. Again, the same analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and as such, PMG-TN and Friendly TN PC do represent VIEs as they do meet the criteria in ASC 810. Privia Medical Group Washington, PLLC, (“PMG WA”) is a physician-owned Medical Group, with PMG Washington Holdings, PLLC (“Friendly WA PC”), a Washington professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG WA. The Company has a contractual relationship with Friendly WA PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and as such, PMG WA and Friendly WA PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810. Privia Medical Group South Carolina, LLC, (“PMG SC”) is a physician-owned Medical Group, with PMG South Carolina Holdings, PLLC (“Friendly SC PC”), a South Carolina professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG SC. The Company has a contractual relationship with Friendly SC PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and as such PMG SC and Friendly SC PC represent VIEs and are consolidated as they meet the criteria in ASC 810. The aggregated carrying value of the Company’s VIE’s for both the current assets and liabilities included in the consolidated balance sheets after elimination of intercompany transactions were $6.5 million as of September 30, 2024 and $6.2 million as of December 31, 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an on-going basis the Company evaluates significant estimates and assumptions, including, but not limited to, provider liability, revenue recognition, stock-based compensation, estimated useful lives of assets, intangible assets subject to amortization, and the computation of income taxes. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Pending Adoption In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures . The amendments require disclosure of incremental segment information on an annual and interim basis. The amendments also require companies with a single reportable segment to provide all disclosures required by this amendment and all existing segment disclosures in Accounting Standards Codification 280, Segment Reporting . The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company does not expect the adoption of the amendments to have a significant impact on its financial statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures . The amendments require (i) enhanced disclosures in connection with an entity's effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of the amendments to have a significant impact on its financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following table presents our revenues disaggregated by source: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in Thousands) 2024 2023 2024 2023 FFS-patient care $ 283,278 $ 245,569 $ 833,862 $ 704,346 FFS-administrative services 30,697 29,845 91,906 83,413 Capitated revenue 53,393 88,526 161,135 253,481 Shared savings 47,438 33,530 134,720 130,304 Care management fees (PMPM) 21,060 17,778 47,826 39,904 Other revenue 2,055 2,034 6,041 5,461 Total revenue $ 437,921 $ 417,282 $ 1,275,490 $ 1,216,909 Fee-for-service (“FFS”) patient care is primarily generated from third-party payers with which the Company has established contractual billing arrangements. The following table presents the approximate percentages by source of net revenue received for healthcare services we provided for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Commercial insurers 71 % 72 % 70 % 70 % Government payers 15 % 14 % 14 % 15 % Patient 14 % 14 % 16 % 15 % 100 % 100 % 100 % 100 % FFS-administrative services revenue is earned through the Company’s MSA with Non-Owned Medical Groups primarily based on a fixed percentage of net collections on patient care generated by those medical groups. Value Based Care (“VBC”) revenue is primarily earned through contracts for Capitated revenue, Shared savings and Care management fees. Capitated revenue is generated through what is typically known as an “at-risk contract.” At-risk capitation refers to a model in which the Company receives a fixed monthly payment from the third-party payer in exchange for providing healthcare services to attributed beneficiaries. The Company is responsible for providing or paying for the cost of healthcare services required by those attributed beneficiaries for a set of services. At-risk Capitated revenue is recorded at the total amount gross in revenues because the Company is acting as a principal in arranging for, providing, and controlling the managed healthcare services provided to the Attributed Lives. Shared savings revenue and Care management fees are generated through contracts with large commercial payer organizations and the U.S. Federal Government. Contract Asset The Company has the following contract assets: (Dollars in Thousands) September 30, 2024 December 31, 2023 Balances for contracts with customers Accounts receivable $ 408,959 $ 290,768 Remaining Performance Obligations

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net For the purposes of the goodwill impairment assessment, the Company as a whole is considered to be a reporting unit. The Company recognizes the excess of the purchase price, plus the fair value of any non-controlling interests in the acquiree, over the fair value of identifiable net assets acquired as goodwill. The Company performs a qualitative assessment on goodwill at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. If it is determined in the qualitative assessment that the fair value of a reporting unit is more likely than not below its carrying amount, then the Company will perform a quantitative impairment test. The quantitative goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. Any excess in the carrying value of a reporting unit’s goodwill over its fair value is recognized as an impairment loss, limited to the total amount of goodwill allocated to that reporting unit. The Company’s carrying value of goodwill at September 30, 2024 and December 31, 2023 was approximately $139.5 million and $138.7 million, respectively. No indicators of impairment were identified during the nine months ended September 30, 2024 and 2023. A summary of the Company’s intangible assets is as follows: September 30, 2024 December 31, 2023 (Dollars in thousands) Intangible Accumulated Intangible Accumulated Trade names $ 4,600 $ 2,319 $ 4,600 $ 2,147 Consumer customer relationships 3,100 2,752 3,100 2,566 Management service agreement 2,200 1,238 2,200 1,134 Physician network 7,446 734 7,446 362 Payer contracts 52,427 4,060 52,427 2,184 MSO service agreement 51,800 7,400 51,800 5,550 121,573 $ 18,503 121,573 $ 13,943 Less accumulated amortization (18,503) (13,943) Intangible assets, net $ 103,070 $ 107,630 The remaining weighted average life of all amortizable intangible assets is approximately 17.5 years at September 30, 2024. Amortization expense for intangible assets was approximately $1.5 million and $1.4 million for the three months ended September 30, 2024 and 2023, respectively, and $4.6 million and $3.9 million for the nine months ended September 30, 2024 and 2023, respectively. Estimated future amortization expense for the Company’s intangible assets as of September 30, 2024 is as follows: (Dollars in Thousands) Remainder of 2024 $ 1,464 2025 5,857 2026 5,857 2027 5,857 2028 5,857 Thereafter 78,178 Total $ 103,070

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: (Dollars in Thousands) September 30, 2024 December 31, 2023 Accounts payable $ 6,935 $ 7,882 Accrued employee compensation and benefits 7,354 5,973 Bonuses payable 13,866 15,073 Other accrued expenses 37,486 28,903 Total accounts payable and accrued expenses $ 65,641 $ 57,831

Provider Liability

Provider Liability	9 Months Ended
	Sep. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Provider Liability	Provider Liability Provider liability represents costs payable to physicians, hospitals and other ancillary providers, including both Privia physicians (and their related physician practices), and providers the Company has contracted with through payer partners. Those costs include amounts that have not yet been paid for physician guaranteed payments and other required distributions pursuant to the service agreements as well as medical claims costs for services provided to attributed beneficiaries for which the Company is financially responsible under at-risk Capitated revenue arrangements whether paid directly by the Company or indirectly by payers with whom the Company has contracted. Provider expenses are recognized in the period in which services are provided and include estimates of claims that have been incurred but have either not yet been received, processed, or paid and as such, not reported. Provider liability estimates are developed using actuarial methods commonly used by health insurance actuaries that include a number of factors and assumptions including medical service utilization trends, changes in membership, observed medical cost trends, historical claim payment patterns and other factors. Each period, the Company re-examines previously established provider liability estimates based on actual claim submissions and other changes in facts and circumstances. As more complete claims information becomes available, the Company adjusts its estimates and recognizes those changes in estimates in the period in which the change is identified. The difference between the estimated liability and the actual settlements of claims is recognized in the period in which the claims are settled. The Company’s provider liability balance represents management’s best estimate of its liability for unpaid provider expenses as of September 30, 2024 and 2023. The Company uses judgment to determine the appropriate assumptions for developing the required estimates. The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements, which are included in Provider liability in the Company’s condensed consolidated balance sheets, were as follows: September 30, (Dollars in Thousands) 2024 2023 Balance, beginning of period $ 67,138 $ 28,617 Incurred health care costs Current year 156,899 246,004 Prior years 1,384 5,723 Total claims incurred $ 158,283 $ 251,727 Claims Paid Current year (97,883) (185,287) Prior years (52,461) (30,502) Total claims paid $ (150,344) $ (215,789) Balance, end of period $ 75,077 $ 64,555

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt On November 15, 2019, the Company entered into a Credit Agreement (the “Original Credit Agreement”) by and among Privia Health, LLC, as the borrower, PH Group Holdings Corp. and certain subsidiaries of Privia Health, LLC, as guarantors, Silicon Valley Bank, as administrative agent and collateral agent (the “Administrative Agent”). On August 27, 2021, the Company and certain of its subsidiaries entered into an assumption agreement and third amendment (the “Third Amendment”) to the Original Credit Agreement (as amended by the Third Amendment, the “Credit Agreement”). Pursuant to the Third Amendment, the Company became the parent guarantor under the Credit Agreement and granted the Administrative Agent a first-priority security interest on substantially all of its real and personal property, subject to permitted liens. On March 16, 2023, the Company provided notice to terminate the Credit Agreement. As of March 16, 2023, the Company had no borrowings and no letters of credit outstanding under the Credit Agreement. The Company did not incur any early termination penalties in connection with the termination of the Credit Agreement. On November 16, 2023, Privia Health Group, Inc., PH Group Holdings Corp., and Privia Health, LLC, as borrower, (collectively, the “Privia Parties”) entered into a credit agreement (the “Revolving Credit Agreement”) with Wells Fargo Bank, National Association, as issuing lender, and certain other lenders, pursuant to which the Privia Parties established a $125 million five-year senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Agreement bears interest at a base rate plus applicable margin, with the base rate being the higher of the Prime Rate or the Federal Funds Rate The Revolving Credit Facility, which expires in November 2028, provides for revolving loans and the issuance of letters of credit in an aggregate amount of $125 million. On a quarterly basis, the Company pays a commitment fee on the unused Revolving Credit Facility (0.20% per annum). The proceeds of these loans and the letters of credit issued under the Revolving Credit Facility may be used for capital expenditures, expenses related to transactions and general corporate purposes. The Revolving Credit Agreement contains customary affirmative, negative and financial covenants, and customary events of default. The occurrence of an event of default under the Revolving Credit Agreement may cause the unpaid principal and accrued interest, and all other obligations under the Revolving Credit Agreement to become immediately due and payable. As of September 30, 2024, no amounts were outstanding under the Revolving Credit Facility. Substantially all of the Company’s real and personal property serve as collateral under the above debt arrangements.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income tax of $4.0 million and $2.5 million for the three months ended September 30, 2024 and 2023, respectively, and $8.2 million and $6.0 million for the nine months ended September 30, 2024 and 2023, respectively. This represents an effective tax rate of 41.2% and 24.4% as of September 30, 2024 and 2023, respectively. The effective tax rates for the three and nine months ended September 30, 2024, and 2023, respectively, differ from the statutory U.S. federal income tax rate of 21% primarily due to 162(m) limitations and state income taxes. Management considers both positive and negative evidence when evaluating the recoverability of our deferred tax assets (“DTAs”). The assessment is required to determine whether, based on all available evidence, it is more likely than not (i.e., greater than a 50% probability) that all or some portion of the DTAs will be realized in the future. As of September 30, 2024 and December 31, 2023, the weight of all available positive evidence was greater than the weight of all negative evidence, so a valuation allowance against the deferred tax asset was not recorded.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity On April 6, 2021, the Board approved the 2021 Omnibus Incentive Plan (the “Plan”) which permits awards in respect of up to 10,278,581 shares of Common Stock. The Plan also provides for an automatic increase on the first day of each fiscal year following the effective date of the Plan by an amount equal to the lesser of (i) 5% of outstanding shares on December 31 of the immediately preceding fiscal year or (ii) such number of shares as determined by the Company’s Compensation Committee in its discretion. The Plan provides for the granting of stock options at a price equal to at least 100% of the fair market value of Common Stock as of the date of grant. The Plan also provides for the granting of Stock Appreciation Rights, Restricted Stock, Restricted Stock Units (“RSUs”), Performance Awards (“PSUs” and other cash-based or other stock-based awards, all of which must be granted at not less than the fair market value of Common Stock as of the date of grant. As of September 30, 2024, the Company has reserved 1,027,858 shares of Common Stock for issuance under the 2021 Employee Stock Purchase Plan (“2021 ESPP”), and no shares have been purchased under this plan. Prior to the Company’s initial public offering ("IPO”), the Company granted stock options pursuant to the PH Group Parent Corp. Stock Option Plan (the “PH Parent Option Plan”). The Company no longer issues grants under the PH Parent Option Plan and no shares of Common Stock are reserved for future issuance thereunder. On March 2, 2023, the Company entered into a strategic alignment agreement (the “Equity Alignment Agreement”) with ChoiceHealth, Inc. (“Novant Sub”), a subsidiary of Novant Health, Inc. (“Novant Health”). No shares have been issued to Novant Sub under the Equity Alignment Agreement as of September 30, 2024. A member of the Board is a member of the board of trustees of Novant Health. Stock option activity The following table summarizes stock option activity under the PH Parent Option Plan and the Plan: Number of Shares Weighted- Weighted- Aggregate Intrinsic Balance at December 31, 2023 9,820,754 $ 9.06 7.90 $ 138,028 Granted — — Exercised (982,108) 2.01 Forfeited (33,183) 24.56 Balance at September 30, 2024 8,805,463 $ 9.79 7.36 $ 90,388 Exercisable September 30, 2024 7,748,249 $ 7.95 7.47 $ 90,388 RSU Activity The following table summarizes the RSU activity under the Plan: Number of Shares Grant Date Fair Value Unvested and outstanding at December 31, 2023 2,947,102 $ 25.18 Granted 2,168,676 22.57 Vested (812,593) 25.70 Forfeited (152,043) 24.66 Unvested and outstanding at September 30, 2024 4,151,142 $ 23.73 PSU Activity The following table summarizes the PSU activity under the Plan: Number of Shares Grant Date Fair Value Unvested and outstanding at December 31, 2023 776,029 $ 31.94 Granted (1) 904,960 22.92 Vested (15,735) 29.93 Forfeited (27,573) 29.05 Unvested and outstanding at September 30, 2024 1,637,681 $ 27.02 (1) During the nine months ended September 30, 2024, Privia awarded RSUs in the form of PSUs to certain executive officers and employees which vest after three years, subject to continued employment of the recipients and the achievement of certain performance metric targets. The Company has identified and approved the performance metrics associated with the 2024 fiscal year and the applicable targets for the 2025 and 2026 fiscal years will be established and approved at a later date. The Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, the Company recognizes stock-based compensation expense over the requisite service period based on the fair value at each reporting date. Stock-based compensation expense Total stock-based compensation expense for the three months ended September 30, 2024 and 2023, was approximately $15.1 million and $10.8 million, respectively, and $41.4 million and $25.4 million for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, there was approximately $86.9 million of unrecognized stock-based compensation expense related to unvested options, RSUs and PSUs, net of forfeitures, that is expected to be recognized over a weighted-average period of 1.2 years. Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in Thousands) 2024 2023 2024 2023 Cost of platform $ 4,905 $ 3,445 $ 13,502 $ 8,739 Sales and marketing 1,130 661 2,943 1,757 General and administrative 9,071 6,695 24,956 14,933 Total stock-based compensation $ 15,106 $ 10,801 $ 41,401 $ 25,429

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies There are no material commitments and contingencies as of September 30, 2024 and December 31, 2023.

Concentration of Credit and Rev

Concentration of Credit and Revenue Risk	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Concentration of Credit and Revenue Risk	Concentration of Credit and Revenue Risk Our financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. While our cash and cash equivalents are managed by reputable financial institutions, the Company’s cash balances with the individual institutions may at times exceed the federally insured limits. Our cash and cash equivalents primarily consist of highly liquid investments in money market funds and cash. The following table provides the Company’s revenue concentrations with respect to major payers as a percentage of the Company’s total revenues: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in Thousands) 2024 2023 2024 2023 Payer A 30 % 32 % 30 % 31 % Payer B 15 % 14 % 14 % 15 % Payer C 11 % 11 % 11 % 11 % The following table provides the Company’s concentrations of credit risk with respect to major payers as a percentage of receivables, net: (Dollars in Thousands) September 30, 2024 December 31, 2023 Payer A 25 % 23 % Payer B 18 % 18 % Payer C 14 % 14 %

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share A reconciliation of net income available to common stockholders and the number of shares in the calculation of basic and diluted earnings per share was calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands, except for share and per share amounts) 2024 2023 2024 2023 Net income attributable to Privia Health Group, Inc. common stockholders $ 3,535 $ 5,643 $ 9,986 $ 20,241 Weighted average common shares outstanding - basic 119,658,574 117,602,059 119,156,368 116,266,938 Weighted average common share outstanding - diluted 125,751,006 124,924,442 125,457,540 124,646,849 Earnings per share attributable to Privia Health Group, Inc. common stockholders – basic $ 0.03 $ 0.05 $ 0.08 $ 0.17 Earnings per share attributable to Privia Health Group, Inc. common stockholders – diluted $ 0.03 $ 0.05 $ 0.08 $ 0.16 The treasury stock method is used to consider the effect of the potentially dilutive stock options. The following outstanding shares of potentially dilutive securities were excluded from computation of diluted loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Nine Months Ended September 30, 2024 2023 Potentially dilutive stock options to purchase common stock, RSUs and PSUs 8,293,114 5,411,217 Total potentially dilutive shares 8,293,114 5,411,217

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In November 2024, the Company announced it had entered the state of Indiana in partnership with a multi-specialty practice.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 3,535	$ 5,643	$ 9,986	$ 20,241

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
David Mountcastle [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 30, 2024, David Mountcastle, the Company’s Chief Financial Officer, adopted a new trading plan for the sale of securities that is intended to satisfy the affirmative defense conditions of Rule 10b5-1 of Exchange Act (the "New Mountcastle Plan"). The first possible trade date under the New Mountcastle Plan is December 2, 2024, and the end date of the New Mountcastle Plan is November 25, 2025, for a duration of approximately one year. The aggregate amount of securities that may be sold under the New Mountcastle Plan is 162,526.
Name	David Mountcastle
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 30, 2024
Expiration Date	November 25, 2025
Arrangement Duration	254 days
Aggregate Available	162,526	162,526

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its subsidiaries. Amounts shown on the condensed consolidated statements of operations within the operating expense categories of provider expense, cost of platform, selling and marketing, and general and administrative are recorded exclusive of depreciation and amortization.
Consolidation	All significant intercompany transactions are eliminated in consolidation.
Variable Interest Entities	Variable Interest Entities Management evaluates the Company’s ownership, contractual, and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”). These evaluations are complex, involve judgment and assumptions based on available historical information, among other factors. If the Company determines that an entity in which it holds a contractual, or ownership, interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Changes in consolidation status are applied prospectively. The Company has relationships with medical groups in which the Company has no ownership interests, which are either (a) owned 100% by Privia Physicians (each, a “Non-Owned Medical Group” and collectively, “Non-Owned Medical Groups”) or (b) majority owned, indirectly through a professional entity by a licensed physician holding a Privia leadership position (each, a “Friendly Medical Group” and collectively, “Friendly Medical Groups”). Each of our Medical Groups (e.g., Owned Medical Groups, Non-Owned Medical Groups and Friendly Medical Groups) contracts with the Privia Physician’s historic practice entity, which no longer furnishes healthcare services (the “Affiliated Practice”) whereby the Affiliated Practice provides certain subcontracted services to the Medical Groups to allow the Medical Group to operate at the practice location. The Company evaluated its relationship with (a) Non-Owned Medical Groups and their Affiliated Practices, (b) Friendly Medical Groups and their Affiliated Practices, and (c) Affiliated Practices associated with Owned Medical Groups to determine if any of these entities should be subject to consolidation. The Company does not have ownership interest in any Affiliated Practices (whether those of Owned Medical Groups, Non-Owned Medical Groups or Friendly Medical Groups); nor does the Company have an ownership in Non-Owned Medical Groups. The Physician Member Services Agreement (“PMSA”) and support services agreement (“SSA”) entered by Non-Owned Medical Groups and Friendly Medical Groups with their Privia Physician members and the Affiliated Practices are not contractual relationships within Privia’s legal structure. The only contractual relationship between Privia and Non-Owned Medical Groups is established through the MSA. For Friendly Medical Groups, in addition to the MSA, the Company has a contractual relationship, evidenced by a restriction agreement (each a “Restriction Agreement”) with licensed physicians holding a Privia leadership position (“Nominee Physicians”) and their respective Friendly Medical Groups. Management has determined, based on the provisions of the MSAs between the Company and Non-Owned Medical Groups, and after considering the requirements of Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”), the Company is not required to consolidate the financial position or results of operations of the Affiliated Practices associated with Owned Medical Groups; nor is it required to consolidate the financial position or results of operations of Non-Owned Medical Groups (and, therefore, the Company is not required to consolidate the Affiliated Practices of the Non-Owned Medical Groups). However, management has determined, based on the provisions of the Restriction Agreement on the Nominee Physician (“Friendly PC”) and the governing documents of the Friendly Medical Groups after considering the requirements of ASC 810, that the Company should consolidate the financial position and results of operations of the Friendly Medical Groups and the Friendly PCs. ASC 810 requires the Company to consolidate the financial position, results of operations and cash flows of a Non-Owned Medical Group affiliated by means of a service agreement if the Non-Owned Medical Group is a VIE and the Company is its primary beneficiary. An Affiliated Practice would be considered a VIE if (a) it is thinly capitalized (i.e., the equity is not sufficient to fund the Non-Owned Medical Group’s activities without additional subordinated financial support) or (b) the equity holders of the Non-Owned Medical Group as a group have one of the following four characteristics: (i) lack the power to direct the activities that most significantly affect the Non-Owned Medical Group’s economic performance, (ii) possess non-substantive voting rights, (iii) lack the obligation to absorb the Non-Owned Medical Group’s expected losses, or (iv) lack the right to receive the Non-Owned Medical Group’s expected residual returns. The characteristics of both (a) and (b) do not exist and as such the Non-Owned Medical Groups do not represent VIEs. Accordingly, the Company has not consolidated the financial position, results of operations or cash flows of the Non-Owned Medical Groups that are affiliated with the Company by means of a service agreement for the three and nine months ended September 30, 2024 and 2023. Each time that it enters into a new service agreement or enters into a material amendment to an existing service agreement, the Company considers whether the terms of that agreement or amendment would change the elements it considers in accordance with the VIE guidance. The same analysis was performed for the Affiliated Practices of Owned Medical Groups, which have contractual relationships with Privia through the SSA, and the Company determined they do not represent VIEs as they do not meet the criteria in ASC 810 for similar reasons as those outlined above. The Company, however, does meet the criteria for consolidation of the Nominee PCs and the Friendly Medical Groups based on the discussion above. Privia Medical Group – West Texas, PLLC, (“PMG West Texas”) is a physician-owned Medical Group, with PMG West Texas Holdings, PLLC (“Friendly WTX PC”), a Texas professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG West Texas. The Company has a contractual relationship with Friendly WTX PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and as such, PMG West Texas and Friendly WTX PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810. Privia Medical Group Tennessee, PLLC (“PMG-TN”) is a physician-owned Medical Group, with PMG-TN Physicians, PLLC (“Friendly TN PC”), a Tennessee professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests therein and having governance and control rights via the governing documents of PMG-TN. Again, the same analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and as such, PMG-TN and Friendly TN PC do represent VIEs as they do meet the criteria in ASC 810. Privia Medical Group Washington, PLLC, (“PMG WA”) is a physician-owned Medical Group, with PMG Washington Holdings, PLLC (“Friendly WA PC”), a Washington professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG WA. The Company has a contractual relationship with Friendly WA PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and as such, PMG WA and Friendly WA PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810. Privia Medical Group South Carolina, LLC, (“PMG SC”) is a physician-owned Medical Group, with PMG South Carolina Holdings, PLLC (“Friendly SC PC”), a South Carolina professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG SC. The Company has a contractual relationship with Friendly SC PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and as such PMG SC and Friendly SC PC represent VIEs and are consolidated as they meet the criteria in ASC 810.
Use of Estimates	Use of Estimates
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Pending Adoption	Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Pending Adoption In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures . The amendments require disclosure of incremental segment information on an annual and interim basis. The amendments also require companies with a single reportable segment to provide all disclosures required by this amendment and all existing segment disclosures in Accounting Standards Codification 280, Segment Reporting . The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company does not expect the adoption of the amendments to have a significant impact on its financial statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures . The amendments require (i) enhanced disclosures in connection with an entity's effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of the amendments to have a significant impact on its financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents our revenues disaggregated by source: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in Thousands) 2024 2023 2024 2023 FFS-patient care $ 283,278 $ 245,569 $ 833,862 $ 704,346 FFS-administrative services 30,697 29,845 91,906 83,413 Capitated revenue 53,393 88,526 161,135 253,481 Shared savings 47,438 33,530 134,720 130,304 Care management fees (PMPM) 21,060 17,778 47,826 39,904 Other revenue 2,055 2,034 6,041 5,461 Total revenue $ 437,921 $ 417,282 $ 1,275,490 $ 1,216,909 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Commercial insurers 71 % 72 % 70 % 70 % Government payers 15 % 14 % 14 % 15 % Patient 14 % 14 % 16 % 15 % 100 % 100 % 100 % 100 %
Schedule of Contract with Customer, Contract Asset, and Receivable	The Company has the following contract assets: (Dollars in Thousands) September 30, 2024 December 31, 2023 Balances for contracts with customers Accounts receivable $ 408,959 $ 290,768

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	A summary of the Company’s intangible assets is as follows: September 30, 2024 December 31, 2023 (Dollars in thousands) Intangible Accumulated Intangible Accumulated Trade names $ 4,600 $ 2,319 $ 4,600 $ 2,147 Consumer customer relationships 3,100 2,752 3,100 2,566 Management service agreement 2,200 1,238 2,200 1,134 Physician network 7,446 734 7,446 362 Payer contracts 52,427 4,060 52,427 2,184 MSO service agreement 51,800 7,400 51,800 5,550 121,573 $ 18,503 121,573 $ 13,943 Less accumulated amortization (18,503) (13,943) Intangible assets, net $ 103,070 $ 107,630
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization expense for the Company’s intangible assets as of September 30, 2024 is as follows: (Dollars in Thousands) Remainder of 2024 $ 1,464 2025 5,857 2026 5,857 2027 5,857 2028 5,857 Thereafter 78,178 Total $ 103,070

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accounts payable and accrued expenses consisted of the following: (Dollars in Thousands) September 30, 2024 December 31, 2023 Accounts payable $ 6,935 $ 7,882 Accrued employee compensation and benefits 7,354 5,973 Bonuses payable 13,866 15,073 Other accrued expenses 37,486 28,903 Total accounts payable and accrued expenses $ 65,641 $ 57,831

Provider Liability (Tables)

Provider Liability (Tables)	9 Months Ended
	Sep. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements, which are included in Provider liability in the Company’s condensed consolidated balance sheets, were as follows: September 30, (Dollars in Thousands) 2024 2023 Balance, beginning of period $ 67,138 $ 28,617 Incurred health care costs Current year 156,899 246,004 Prior years 1,384 5,723 Total claims incurred $ 158,283 $ 251,727 Claims Paid Current year (97,883) (185,287) Prior years (52,461) (30,502) Total claims paid $ (150,344) $ (215,789) Balance, end of period $ 75,077 $ 64,555

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Stock Option, Activity	The following table summarizes stock option activity under the PH Parent Option Plan and the Plan: Number of Shares Weighted- Weighted- Aggregate Intrinsic Balance at December 31, 2023 9,820,754 $ 9.06 7.90 $ 138,028 Granted — — Exercised (982,108) 2.01 Forfeited (33,183) 24.56 Balance at September 30, 2024 8,805,463 $ 9.79 7.36 $ 90,388 Exercisable September 30, 2024 7,748,249 $ 7.95 7.47 $ 90,388
Schedule of Restricted Stock Unit, Activity	The following table summarizes the RSU activity under the Plan: Number of Shares Grant Date Fair Value Unvested and outstanding at December 31, 2023 2,947,102 $ 25.18 Granted 2,168,676 22.57 Vested (812,593) 25.70 Forfeited (152,043) 24.66 Unvested and outstanding at September 30, 2024 4,151,142 $ 23.73 PSU Activity The following table summarizes the PSU activity under the Plan: Number of Shares Grant Date Fair Value Unvested and outstanding at December 31, 2023 776,029 $ 31.94 Granted (1) 904,960 22.92 Vested (15,735) 29.93 Forfeited (27,573) 29.05 Unvested and outstanding at September 30, 2024 1,637,681 $ 27.02 (1) During the nine months ended September 30, 2024, Privia awarded RSUs in the form of PSUs to certain executive officers and employees which vest after three years, subject to continued employment of the recipients and the achievement of certain performance metric targets. The Company has identified and approved the performance metrics associated with the 2024 fiscal year and the applicable targets for the 2025 and 2026 fiscal years will be established and approved at a later date. The Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, the Company recognizes stock-based compensation expense over the requisite service period based on the fair value at each reporting date.
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in Thousands) 2024 2023 2024 2023 Cost of platform $ 4,905 $ 3,445 $ 13,502 $ 8,739 Sales and marketing 1,130 661 2,943 1,757 General and administrative 9,071 6,695 24,956 14,933 Total stock-based compensation $ 15,106 $ 10,801 $ 41,401 $ 25,429

Concentration of Credit and R_2

Concentration of Credit and Revenue Risk (Tables)	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The following table provides the Company’s revenue concentrations with respect to major payers as a percentage of the Company’s total revenues: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in Thousands) 2024 2023 2024 2023 Payer A 30 % 32 % 30 % 31 % Payer B 15 % 14 % 14 % 15 % Payer C 11 % 11 % 11 % 11 % The following table provides the Company’s concentrations of credit risk with respect to major payers as a percentage of receivables, net: (Dollars in Thousands) September 30, 2024 December 31, 2023 Payer A 25 % 23 % Payer B 18 % 18 % Payer C 14 % 14 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted, Loss Per Share	A reconciliation of net income available to common stockholders and the number of shares in the calculation of basic and diluted earnings per share was calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands, except for share and per share amounts) 2024 2023 2024 2023 Net income attributable to Privia Health Group, Inc. common stockholders $ 3,535 $ 5,643 $ 9,986 $ 20,241 Weighted average common shares outstanding - basic 119,658,574 117,602,059 119,156,368 116,266,938 Weighted average common share outstanding - diluted 125,751,006 124,924,442 125,457,540 124,646,849 Earnings per share attributable to Privia Health Group, Inc. common stockholders – basic $ 0.03 $ 0.05 $ 0.08 $ 0.17 Earnings per share attributable to Privia Health Group, Inc. common stockholders – diluted $ 0.03 $ 0.05 $ 0.08 $ 0.16
Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share	The following outstanding shares of potentially dilutive securities were excluded from computation of diluted loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Nine Months Ended September 30, 2024 2023 Potentially dilutive stock options to purchase common stock, RSUs and PSUs 8,293,114 5,411,217 Total potentially dilutive shares 8,293,114 5,411,217

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) market company	Dec. 31, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of markets in which entity operates | market	14
MSO, ownership percentage	100%
Number of MSOs where the company is at least the majority owner | company	7
Assets, current	$ 853,753	$ 700,804
Total current liabilities	479,473	386,952
Variable Interest Entity, Primary Beneficiary | P M G West Texas And P M G T N
Subsidiary, Sale of Stock [Line Items]
Assets, current	6,500	6,200
Total current liabilities	$ 6,500	$ 6,200

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenue Desegregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 437,921	$ 417,282	$ 1,275,490	$ 1,216,909
FFS-patient care
Disaggregation of Revenue [Line Items]
Total revenue	283,278	245,569	833,862	704,346
FFS-administrative services
Disaggregation of Revenue [Line Items]
Total revenue	30,697	29,845	91,906	83,413
Capitated revenue
Disaggregation of Revenue [Line Items]
Total revenue	53,393	88,526	161,135	253,481
Shared savings
Disaggregation of Revenue [Line Items]
Total revenue	47,438	33,530	134,720	130,304
Care management fees (PMPM)
Disaggregation of Revenue [Line Items]
Total revenue	21,060	17,778	47,826	39,904
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,055	$ 2,034	$ 6,041	$ 5,461

Revenue Recognition - Percentag

Revenue Recognition - Percentages By Source of Net Operating Revenue (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commercial insurers | Commercial insurers
Concentration Risk [Line Items]
Concentration risk percentage	71%	72%	70%	70%
Revenue Benchmark | All Customers
Concentration Risk [Line Items]
Concentration risk percentage	100%	100%	100%	100%
Revenue Benchmark | Government payers
Concentration Risk [Line Items]
Concentration risk percentage	15%	14%	14%	15%
Revenue Benchmark | Patient
Concentration Risk [Line Items]
Concentration risk percentage	14%	14%	16%	15%

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Contract Assets and Unearned Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 408,959	$ 290,768

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 139,457		$ 139,457		$ 138,749
Amortization period	17 years 6 months		17 years 6 months
Amortization of intangibles	$ 1,500	$ 1,400	$ 4,560	$ 3,883

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Schedule Of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible Assets	$ 121,573	$ 121,573
Less accumulated amortization	18,503	13,943
Total	103,070	107,630
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible Assets	4,600	4,600
Less accumulated amortization	2,319	2,147
Consumer customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible Assets	3,100	3,100
Less accumulated amortization	2,752	2,566
Service Agreements | Management service agreement
Finite-Lived Intangible Assets [Line Items]
Intangible Assets	2,200	2,200
Less accumulated amortization	1,238	1,134
Service Agreements | MSO service agreement
Finite-Lived Intangible Assets [Line Items]
Intangible Assets	51,800	51,800
Less accumulated amortization	7,400	5,550
Physician network | Physician network
Finite-Lived Intangible Assets [Line Items]
Intangible Assets	7,446	7,446
Less accumulated amortization	734	362
Payer contracts
Finite-Lived Intangible Assets [Line Items]
Intangible Assets	52,427	52,427
Less accumulated amortization	$ 4,060	$ 2,184

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Schedule of Amortization Of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 1,464
2025	5,857
2026	5,857
2027	5,857
2028	5,857
Thereafter	78,178
Total	$ 103,070	$ 107,630

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 6,935	$ 7,882
Accrued employee compensation and benefits	7,354	5,973
Bonuses payable	13,866	15,073
Other accrued expenses	37,486	28,903
Total accounts payable and accrued expenses	$ 65,641	$ 57,831

Provider Liability - Unpaid Cla

Provider Liability - Unpaid Claims (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 326,078
Claims Paid
Ending balance	411,252
At-Risk Capitation Arrangements
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	67,138	$ 28,617
Incurred health care costs
Current year	156,899	246,004
Prior years	1,384	5,723
Total claims incurred	158,283	251,727
Claims Paid
Current year	(97,883)	(185,287)
Prior years	(52,461)	(30,502)
Total claims paid	(150,344)	(215,789)
Ending balance	$ 75,077	$ 64,555

Debt (Details)

Debt (Details) - USD ($)	Nov. 16, 2023	Sep. 30, 2024	Mar. 16, 2023
Original Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit outstanding			$ 0
Revolving Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, variable interest rate, type [Extensible Enumeration]	Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Basis spread	0.50%
Floor rate	1%
Revolving Credit Facility | Original Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Long term debt amount outstanding			$ 0
Revolving Credit Facility | Revolving Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 125,000,000
Debt instrument, term	5 years
Unused capacity, commitment fee percentage	0.20%
Line of credit outstanding		$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 3,999	$ 2,488	$ 8,171	$ 6,049
Effective income tax expense (benefit) rate			41.20%	24.40%

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 06, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)		1,000,000,000		1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)		119,953,176		119,953,176		118,216,979
Share based payment expense		$ 15,106	$ 10,801	$ 41,401	$ 25,429
Unrecognized share-based compensation expense		$ 86,900		$ 86,900
Period for recognition				1 year 2 months 12 days
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	10,278,581
Award percentage increase	5%
Options grant price percent of fair market value of company stock price (at least)	100%
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)		1,027,858		1,027,858
Common stock, shares issued (in shares)		0		0

Stockholders_ Equity - Schedule

Stockholders’ Equity - Schedule of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Shares
Beginning balance (in shares)	9,820,754
Granted (in shares)	0
Exercised (in shares)	(982,108)
Forfeited (in shares)	(33,183)
Ending balance (in shares)	8,805,463	9,820,754
Number of Shares, Exercisable (in shares)	7,748,249
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 9.06
Granted (in dollars per share)	0
Exercised (in dollars per share)	2.01
Forfeited (in dollars per share)	24.56
Ending balance (in dollars per share)	9.79	$ 9.06
Weighted-Average Exercise Price, Exercisable (in dollars per share)	$ 7.95
Weighted- Average Remaining Contractual Life
Weighted- Average Remaining Contractual Life	7 years 4 months 9 days	7 years 10 months 24 days
Weighted-Average Remaining Contractual Life, Exercisable	7 years 5 months 19 days
Aggregate Intrinsic Value	$ 90,388	$ 138,028
Aggregate Intrinsic Value Exercisable	$ 90,388

Stockholders_ Equity - Schedu_2

Stockholders’ Equity - Schedule of Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Beginning balance (in shares) | shares	2,947,102
Granted (in shares) | shares	2,168,676
Vested (in shares) | shares	(812,593)
Forfeited (in shares) | shares	(152,043)
Ending balance (in shares) | shares	4,151,142
Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 25.18
Granted (in dollars per share) | $ / shares	22.57
Vested (in dollars per share) | $ / shares	25.70
Forfeited (in dollars per share) | $ / shares	24.66
Ending balance (in dollars per share) | $ / shares	$ 23.73
Phantom Share Units (PSUs)
Number of Shares
Beginning balance (in shares) | shares	776,029
Granted (in shares) | shares	904,960
Vested (in shares) | shares	(15,735)
Forfeited (in shares) | shares	(27,573)
Ending balance (in shares) | shares	1,637,681
Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 31.94
Granted (in dollars per share) | $ / shares	22.92
Vested (in dollars per share) | $ / shares	29.93
Forfeited (in dollars per share) | $ / shares	29.05
Ending balance (in dollars per share) | $ / shares	$ 27.02
Phantom Share Units (PSUs) | Executive Officers, Market Leaders And Employees
Grant Date Fair Value
Award vesting period	3 years

Stockholders_ Equity - Stock-ba

Stockholders’ Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 15,106	$ 10,801	$ 41,401	$ 25,429
Cost of platform
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	4,905	3,445	13,502	8,739
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	1,130	661	2,943	1,757
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 9,071	$ 6,695	$ 24,956	$ 14,933

Concentration of Credit and R_3

Concentration of Credit and Revenue Risk (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue Benchmark | Payer A
Concentration Risk [Line Items]
Concentration risk percentage	30%	32%	30%	31%
Revenue Benchmark | Payer B
Concentration Risk [Line Items]
Concentration risk percentage	15%	14%	14%	15%
Revenue Benchmark | Payer C
Concentration Risk [Line Items]
Concentration risk percentage	11%	11%	11%	11%
Financing Receivable | Payer A
Concentration Risk [Line Items]
Concentration risk percentage			25%		23%
Financing Receivable | Payer B
Concentration Risk [Line Items]
Concentration risk percentage			18%		18%
Financing Receivable | Payer C
Concentration Risk [Line Items]
Concentration risk percentage			14%		14%

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Basic and Diluted, Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to Privia Health Group, Inc. common stockholders	$ 3,535	$ 5,643	$ 9,986	$ 20,241
Weighted average common shares outstanding - basic (in shares)	119,658,574	117,602,059	119,156,368	116,266,938
Weighted average common shares outstanding – diluted (in shares)	125,751,006	124,924,442	125,457,540	124,646,849
Earnings per share attributable to Privia Health Group, Inc. common stockholders – basic (in dollars per share)	$ 0.03	$ 0.05	$ 0.08	$ 0.17
Earnings per share attributable to Privia Health Group, Inc. common stockholders – diluted (in dollars per share)	$ 0.03	$ 0.05	$ 0.08	$ 0.16

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule Of Antidilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Total potentially dilutive stock options to purchase common stock and RSUs (in shares)	8,293,114	5,411,217