PIII - Earnings call transcript Q1 2024

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Operator

Hello, and welcome to the P3 Health Partners First Quarter 2024 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded.

I would like now to turn the conference over to your host, Mr. Ryan Halsted.

begin. may You

Ryan Halsted

and operator, for us joining Thank thank today. you, you

are future financial with events Before may on and largely being and to would call our the trends financial cause the These statements experience projections like based long-term statements laws, proceed federal made our statements expectations. securities U.S. historical current These believe business, expectations actual to or from this outlook that to uncertainties statements I operations. are affect of about regarding certain our subject are risks condition, and call, we results we results only including are and under that materially present financial that statements remind differ during and target. could and forward-looking forward-looking everyone predictions

made information this to reports Additional made with The statements actual factors update our cause date no only periodic these statements. hereof, in or statements the could this concerning differ SEC. company filed obligation forward-looking and results from to undertakes as of that during call the call the contained revise speak is on forward-looking

[ non-GAAP or superior member medical GAAP. measures financial these number financial These expense, with medical non-GAAP non-GAAP will including month, to operating We on limitations EBITDA a the the measures are a member per in adjusted per to per margin lives ]. of use substitute and financial margin margin, use per in are to performance cash addition this of measures. There accordance EBITDA, prepared persistent certain measures of related not medical per and adjusted member adjusted month, call, refer financial to per for month

reconciliation companies measures. non-GAAP the directly these differently. GAAP calculate most comparable of may refer a non-GAAP earnings our financial For to measures release measures financial the titled for other to example, appendix of Please similarly

may today filings, in presented Information release our that is issued press which contained PX be the Health of Investors this the page accessed website. we and the call on from SEC in Partners

call PX to Abdou, the I of will Dr. and turn Co-Founder CEO now over Health.

Sherif Abdou

and Ryan. conference Thank today Amir, afternoon, Atul. call. and joined our Bill Good by first you, XXXX everyone, Eric, welcome, I earnings quarter am to

providing therefore, tremendous in of the EBITDA would quarter. previous strong are on QX, like but pleased adjusted positive with start an fell just progress exceeded update top expectation made by target. year. our for reported the We Overall, on the line, begin to full which first guidance and $XX our on internal short the We adjusted our we we're EBITDA our million $XX of to the quite of year reaffirming year, a million

the with top line. Starting

of grew approximately Our the year-over-year, strong XXXX supported revenue by first for quarter a XX% pipeline.

our headwinds membership previously X% along and member the substantial per VXX changes VXX up indicated, with As despite of per funding we was approximately the the year-over-year month and growth reduction. benchmark

the lives exceeds [ approximately lives, includes to range Medicare which year. at XXX,XXX XX% end end the This lives grown or ACL year-over-year, have approximately guidance our of up from the Our low for year. last XX,XXX reach of ] X,XXX full growth really

a success by the live persistent now report to in of year. the As before, our XXXX. renewal I'm are is of XX% new we our defined as key in pleased persistent our percentage said profitability to from number our we on of XX,XXX pathway XXXX, member payer lives up to X,XXX Approximately ] in from December new partner, To counties, XXXX last launched family XX. that lives with [ remained with total have date, XX% served X us expanding year. an in to of January new existing adding driver

a quarter XX% efficiencies. XXXX, and $XX.X representing during versus first of million Operating robust expenses improved to decrease $XX.X year-over-year million the operational

the of on commentary a were expense quarter view call. consistent with which reflects quarter the utilization our we approximately lower our Our made sequentially in XX% last trend medical normalizing

While data to we we claims $XX over tune also environment, that believe to conservatism between the detail, work we for conservative with are with go but with year-to-date into Atul actual experienced the continue on service. our agree auditor to more the actual claims. run the will much XXXX we will principle in $XX current our align to paid we've of out reserve PMPM based actuarial

a better of On better adjusted a than year With that million, the a context, and last were of approximately XXXX. XXXX. quarter first PMPM as $XX flat roughly $XX.X basis, our quarter than was EBITDA QX loss the to we $XX first of of approximately

to their Atul our announce clinician strategic the Kavthekar. this With I'd modeling, with turn our Through our at of closure with partnership, platform. point AI areas over advance Lastly, to partnership we gap provide will in data predictive care. actionable leverage that, of CFO, accelerate we to the advanced and to it like thrilled quality, Innovaccer are PX

Atul Kavthekar

expectations million, year PMPM of $XXX to compared will Sherif. the XX% today or results in Thanks, towards liquidity representing the end revenue million prior year. both margin provide was our $XX.X basis. position with quarter the Top on million capitated full recent $XX quarter. quarter, on total and revenue medical start the growth line of our our In I and how guidance. progressing with a I'll of line Then first the $XXX first our of were by our quarter we updates are for at discussing

that impacted X factors our are medical There margin in the noteworthy quarter.

the expense The of around medical IBNR general accruals. approach and first is conservatism our

having last activity claims of that the As back themselves. an look benefit we as year's the period, to present at with from time for example,

cushion we $XX and basis. between a $XX PMPM confirmed now to have that had at of that We on what we time time a at that suggested estimate

next continue to claims with over to actual the will paid experience few our observe work quarters We the XXXX. in actuaries

reserve of the first further Specifically, we around reevaluate details. Bacchus estimates Dr. quarter easing which will will work our utilization to of over of the light XXXX, in provide

reserve. next the our it data collected, depending quarters, favorably Over few to appropriate be adjust our on may

these we expense in plan. we this quarters impact mentioning rebates timing but amounts our D quarter, the worth by when is recognized in item of the exposure. to full of is are related approximately do credit not difference The typically the for The health provided the $X million. a until the impact the recognize quarter any second Essentially, subsequent Part

guidance from our We monitor quarter from improvement continually As single expenses it to X% XX% and X% below expense spending. This decreased from operating relates operating corporate, the last of continue digits. and just down our general the of fourth sequential our revenue remain high to with committed revenue over quarter. quarter improving consistent current to XXXX, to administrative in of and year is for efficiency a trends, first the of in

member was basis, compared million the loss per a the $XX.X quarter EBITDA loss XXXX. a per month of first Adjusted of $XX.X of member adjusted a costs a margins was an for per PMPM quarter On to on of improvement in million a successfully and EBITDA first quarter $XX we of to loss per as lowered compared of improved $XX, basis. the XXXX

showing the results. improvements anticipate These We rather and reductions, a year. will as efficiencies positive benefits line contour flow cost medical throughout operational than create potential true-ups of spread straight from a

and net the same due compared in the by in part general X.X% XXXX corporate expenses. year, in prior improved Our quarter of to the in period to improvement the loss first

taper. to expect continue the expenses For to of the remainder these year, we

approximately we ended cash. As in with million the for quarter liquidity, $XX

capital and received million second Additionally, our an approximately in $XX million premiums of new $XX at cash we capitated the additional on start of regular the quarter, note.

billion PMPM end, will XXX,XXX are margin members We that range Medical year be XXXX $XX million. billion. on EBITDA To between confident full a and $X.XX and $X.XX we reaffirming ranging $XXX will representing MA $XXX adjusted guidance. between still $XXX XXX,XXX And $XX from to and plus basis. between million finally, and to million $XXX XXXX revenue million remain plus our expect be our and that

our confident for achieve our multiple reasons. in EBITDA We're ability to guidance

strong claims the First, with and of we booked improvement our complete actual expenses. XXXX reserve significant from have previously release almost potential showing a

we with persistency funding. membership strong and Second, the year overall increased growth, started increased

an we on finally, Third, our and daily expect of point sweeps saw to in XXXX. key our what indicators accrual being in below utilization year. this even more we par increase And

over Dr. to it turn Bacchus. I'll that, with And

Amir Bacchus

last I we decreased In early of from to December Atul. had 'XX stated call, Thanks, medical expenses January earnings our that indications 'XX.

'XX indeed in XXXX, December mature. trend a utilization. continues to show data can downward quarter Now that I that, is X that more report to

X%. X,XXX, per a saw admits For of decrease we

For they visits decreased X,XXX, per emergency by department X%.

improvement In addition, to our observation despite tune see X,XXX the in -- XX%. continue of rate to the X Midnight change, Rule of we decrease a

a medical quarter, expense was first $XXX the decrease. During MPM, X,XXX from improving per XX% sequentially,

for and members high-risk bend additional incurring PX projecting care implementing plans costs. accurately has by continued addition, cost the In without curve to appropriate

utilization manage as proactively cost claims we to are concurrent for for where continue reviews conduct as well avoidance delegated. recoveries We

PX's ability Our been a effectiveness cost medical key in manage has populations trends. effectively to driver in high-risk

patent focus program continued enrollment reduce reducing costs, in through continues Our care, spending with patient and management ] be high-risk increased remain hospital utilization utilization improving while improved improving and experience. and in care unnecessary the effective We [ population COPD the and an to our model engagement. focused to on working patient tandem wasteful on provider into

to AI and Sherif Innovator our as excited data mentioned, we're ignite Lastly, with partnered have capabilities. to

analytics patient use Innovaccer's close company's in health seamlessly solution use suite EHR-agnostic we omnichannel will the to quality We will care goals Innovaccer's to and drive physician patient gap population use and achieve engagement cost note the improve and outreach to coding and patient to engagement solution experience.

Sherif. that, with you, Thank you. And back to

Sherif Abdou

over make across to me up you guidance Today, our comments, and let closing was membership our it Eric. we that then reaffirmed and XXXX all I'll turn metrics Operator, shared with our some XX%.

was up Our XX%. revenue

positive our than information expectations, up confidence and per that XXXX. Our is and and EBITDA OpEx down will despite give And was EBITDA was the to with month funding the achieve we that the targeted we team member lower to XX%, affirm shared per myself X%. for you

that, exciting to he that a rate believe perfect new I now through to chapter. time With PX our transition is guide PX like the new right CEO, for fit Eric I is the to Kaufmann. would to

since of success. and for on sound with I confidence that I Eric reflect continuous come to inception, filled thrilled far a sense PX am I deep how welcome team. company is to am has a the As our footing poses on

So is Eric? Why X questions we're let And going now? how the why do transition? me to answer

the I to and of into a as I mature and And organization. fresh lead PX to you, leadership. mentioned well skill under is myself growing continue built that founder us fresh great CEOs time on. and to growing, it or value believe transition to bring and As to step it's a is vision set important operators we've blood it in put any operating fresh to the mission, company founding set in that from same important and known new It's eyes for to

the care health over why we and Eric, in I for to met, through years, to So to XXXX, with years X partners, since the the that Eric introduced I've And XX working first conclusion had to Second in finally then, we I DaVita I the successor the touch know, PX the XX yesterday I with launched And time them become to is to stay ago, in myself Seattle and XX, Eric? on continue been and for think, worked years. I in we've them idea and me, area. came believe decision. him XXXX, met make together last

Eric brand value for the a experience and that great believe next old and the great I the said, like I And in So for phase great box, leader chapter right doctors, check a PX. base. is leader,

the very support we're closely staying available on any do adviser. enhance an this transition. in needed period. I'm Director of to with going to Board to anybody the Finally, transition work be throughout going remain throughout be to the going I'm I'm And as is to period. with creation going PX. And I'll Eric always work that that for or to continue to transition as board how question well value the any on

it going to With that, I'm over Eric. to turn

Unknown Executive

Sherif. Thanks,

and I Let PX am and impressed the with am capabilities I how by trajectory. excited how me start saying join to

spent serving a care predecessor As They from and ago health learned of so health Amir partners. we value-based do I together Sherif as a a company as and continue and pioneers practicing lot medical years at partners. I've mentioned, early care, were both care CEO a and time many PX. met Sherif we'll the while to surgeon while to of director them,

partners Positions and Everett care in to health at Group, Medical time Northwest the then initial my served as of transition DaVita I we Network Washington Clinic CEO as State. Following

delivery acquisition most Medical Bettermann, with my few COO. my along develop there, closely stayed after recent served as worked the Honest me We for the Bill care. While care These both role as value-based to experiences, Group, a skills I transforming help from fee-for-service Optum. who necessary CEO years by in of with

our aware, all are health care pressures. we system As significant have continues to

along the scalable assured and physician through capital-light physician in value-based demonstrated care. burnout. a functions, care claims while ] need management. platform patients have the high solutions engage white delegated population, is scalable, The We with of lower of curve to PCPs a and ability rates with care clear costs utilization to We advantage, aging bend model PX PX an including of that [ physician-led, and market the high-quality growing health engagement clinicians significant patient has and providing cost space.

create We serve. in by Advantage ACO mind depth Reach Medicare we will existing to share capture adding and our membership practices Medicare of more providers

look well on as over long-term this talented to care and value also health our of to our opportunity. to It is fuel the inflection with an opportunity to well. months. sustainable engage am forward to in organization We pleasure of system, on for the drive look patients our tremendous I future which forward connect I achieving the ability across a expanding call with stakeholders. point will the entire profitability, as the be PX a for employees will confident our growth. participants to our many at our coming footprint capitalize as associates

you. Thank

ready So Q&A. with operator, for we're that,

Operator

At we conduct will [Operator question-and-answer this the session. time, Instructions].

from Brooks question first comes Capital Our Markets. Street of O'Neil Lake

Brooks O'Neil

very join welcome, time PX. interesting and afternoon, Eric. an everyone, Thank you It's to much. Good

existing on provider Let by the but members. growth existing more me just the last XX% relationships counties not growth, a is obviously, year slowed company although to you, or start less exactly focused revenue slow, asking existing took

you more think future, the As needs in again? the more aggressive is you Or now the resume a company to time to growth before base strengthen do growing look new to markets? to posture think about need you time its beginning

Unknown Executive

growth Brooks, and think in Thanks measured solid, lives the year question. I is how is we move through this and rest have clear where we're this much we do is those portfolio. Eric the adding we're have Kaufmann. to What underwriting a so way the of for on our that into as

Brooks O'Neil

to sense makes That me.

Let me ask this. you

around put underlying commentary model. experience the the utilization of had economics industry, PX on the Just organizations the many XXXX, pressure towards was like to PX seen a it plans business companies of my that plans to And listening Are outreach lot like marketplace deep to that significant significant particularly care that end that's suggest pressure your guys clear MA and in sense for of is that have huge today. with knowledge work experience beyond in-demand Medicare you which where you value-based in there's a to Is getting currently expand the the serve? opportunity you sense? you markets from MA have you and their bring

Amir Bacchus

very is areas as multiple Absolutely. the cetera, sure we MCOs Brooks. in high And continue growing to Medicare And states. This that. we in the smartly, look But what Yes, to do different areas. very, see, multiple is right? that et will and interest we make Yes. Amir. to Advantage solution in plans, Eric continue for want said, From we're multiple

So the that we deeper are driving that model really this because states of and more the truly going in also in in to instead counties create that will we and in, potentially Not we've model look want the other [ continue year. be as create the spread then said outside today. ACO more apt of works to obtain to only we'll that into the we practices prove counties but Reach, of and that we to just we're ] we're deeper

Brooks O'Neil

total makes That Great. sense.

just little Atul, exactly mind Would just a that X understand regard were Let million Atul. understand helping better? helping with saying $X ask X us the understood not for, what bit sure, that final me you me credit. I'm to you I

Atul Kavthekar

thanks pretty that the The health revenue the we year that, costs as administered Yes. it's plans. us the The given question. associated the they with are quarter expense from We when current -- for Yes. Brooks, drugs all end of straightforward. the that the really the the and rebates i.e., receive in offsets to at information heard. have

we that. year, and bit work sweeps that. So year, over something there recognize recall, a of happened you difference course the for That's was changed similar to last the but as simple it's really on we we'll the a yet in more way it's rebates. as timing as hasn't That of little the

Operator

of Research. The from next comes question Josh Nephron Raskin

Joshua Raskin

I'll and My the on all question congrats success start far with building so as on the well. founding hear to the revenues. And Sherif I'll as to company your and of voice welcome really impressive. Eric is really, well

said than PMPMs sort up X%. of a lower couple points you I'm I basis think of calculating that. were something

you've having expectations. was that then the But curious if sort around know MA do on talked than early the impact membership with of sense what data And for in risk? in of to your others of you risk was view keep VXX. about a have the So the better I'm I Do wait just sort of less to kind have your line you plans this impact year? or on

Unknown Executive

I as evolve know. line expected. what what little will than a better think, it's look, bit over potentially generally with it the year, expected, But we Well, you in we

we we're saying very -- you monitor the way, kind it. that's see as are. the it But can with that out are least a where offline to any going of get if documentation up certainly we as pleased far So came And with that certainly we'll you're at now. and files work different that calculation, and

Sherif Abdou

it if look thank single is in very last benchmark accrual, -- that ] if RAV words. the the [ for we middle And rest single the you at remember the much digit. it's middle said you kind you of your about we expected, Yes. The And time, improvement. and digits,

X%. expected. or it better bit a than came The right is we little entire So

from like the but it is RAV we X% Some about half is said, our still we And benchmarked, X%. accrual still, about X.XXX. is overall to the of

So of still runway improve VXX. a to we a impact before have see cushion we real continue and to the a

Joshua Raskin

second then And plan think about discussions XXXX. question, MA with on just your you. Got you as partners

are in there But what for those about percentage sort of get you what into go just you're that front end sort premium? They Are Your higher will out? you next in line month, the of to are are XXX%. the down looking over first Is here I'm looking by for a benefits guys -- you of you know for? it year. the still as how of XXXX? thinking in there of carve the for, negotiations you're changes looking quarter, looking certain

Sherif Abdou

Yes.

It's eliminating -- We absolutely. point, our the to definitely So modifying benefits we the exposure great the point from or Josh. a the benefits to and flattening the the find excess where considering the pass-through ancillary And exposure decreasing health by cost the renegotiating benefits better. medical or receptivity and the of or even in becomes it also actually talking about moderating plans. we've conversation medical or in serious services the on

you XXX. for expense for... right said the that were right the looked But at XX.X% quarter. MCR around the network it, it calculate I We over first is including

Joshua Raskin

you. Got Yes.

] on view you've a the pay of developed reserves run got the reserves reserve the in same your as one, of room, there's what same Are play I Is you your for methodology chance conservatism out of XXXX conservatism? sort we level I just wiggle that reserving methodology? of done may conservatism getting that with XXXX you've last [ in sort the methodology. the Are and Just you same sort favorably. accrual? XQ on final out, the of guess, that claim talk this heard you about sort

Sherif Abdou

Yes.

we change, the I'll started let until to no And it we was to according last had There that, the then adding to of just period. methodology So second on handle quarter calculated additional X.X%. IBNR Up and pass Atul. cushion. me year, X% after address

calculate we Atul? triangle, what or the take that Josh. then And X%. what So is cushion. we -- the claims X.X% we're that add we paid, we call is X%

Atul Kavthekar

the study was this suspected we with back I the what opportunity larger had and run that that now the Yes. finding numbers they have we is that be indeed go are than guess, the out, of and is actually the We some punchline cushion there that's Josh, data. to necessary. may

book. So don't and really, and remind is else, the everyone now amounts book determine set process again, amounts necessarily you we to the the and and amounts these just to

We that third-party have a that. actuary does

begun a going And be third-party And actuary. we've so that then reasonable corroborate analysis what now, is be part that to right is amount to of agreeing that of into. on all cushion to and appropriate entering with

something the next that's over we'll certainly so quarter, the next next, And but X the over on quarters. work hopefully,

Operator

comes from next David of The BTIG. Larson question

Unknown Analyst

I'll my say Dave Chan is echo and my to Larson, Jenny just peers congrats This for both on Sherif and Eric.

model. guidance? gives reaffirm about EBITDA you first a came trend full And And our into more ask to what visibility on EBITDA? can confidence expect question, So to I was in guys your how the wanted little to the EBITDA that year? talk should below about year you we the the throughout

Atul Kavthekar

are Jenny, Yes. those great a question.

Atul. me -- is let So this

hit couple things. Let me of on a just

a I recognition, going is be timing that, the anticipated had was that it's think about not strictly going later when until We the quarter just in in that recognized the be year. -- to talked recognized and we to issue. think we when rebate

timing. So a of It's an we're not it. issue just questioning set

here to really and haven't the seen in expense reduction we A are and is as the I think yet. But place. key the initiatives really it the those even effect components and are efficiencies cost of around relates that full Many, gaining of traction, the utilization drivers the are management. the them business medical other many that of lot

predict them. the the will, we year. mentioned, -- them We of sweeps. an We about had over to then And talked to were opportunity initial because the start able as we recognize I remainder

will in that us outlook, your work I confidence any things the our this hope outside we is answers adjustment auditors, reserve. all and are ] of full that in I give but continue with [ develop those all potential question. further to think to regards and that the

Unknown Analyst

the quick XX% detail live. on That's persistent follow-up. very And helpful. a I appreciate the just Yes.

visibility you would their kind guys again there additional remind gives color Just greater can margin Any us be profile? of you that helpful. what

Amir Bacchus

Jenny, this Amir. is

[ the So, chronic patient. yes. help ] Obviously, the we to can more persistent of is, more that care life the manage

So we much indeed, into better to and they patients but have COPD, greater the to if But it persistency, fine. to their opportunity them gained That's diseases year, with trust, years, coming cetera. start then at the whether not okay? in help manage X disease, X have years see when go we see day, heart that renal congestive chronic only failure, be we significant et every diabetes, X

So those it's their building that directly relationship that and management work outcomes. patient to our on to takes or time teams, with populations with our especially clinicians risk care rising care high-risk maximize their

at So before. with that's seen who been I'm a patients is to of why cohort that have persistency we analysis sure And as looked us so the period for important time, as those expense. you've data reductions overall we certain see significant we've look And always medical us. it at in

Operator

comes Our TD Taylor Gary of question Cowen. next from

Gary Taylor

a understood couple the numbers. make I to sure of want I

the D, that the you typically million that the in you rebate doesn't quarter would those quarter. the First, like Was historically? in Part rebates recognized It on was sound $X first expected. recognize first

Atul Kavthekar

recognize to with and the We We in first That's our This followed we're did they the the anticipation to going same be historically was on going not work that pattern were them documentation. had going that the policy of quarter. way. forward the we auditors sort in Atul, something by is quarter. recognized

Gary Taylor

it. Got

quarter would the like that look what XX%, thought have would line EBITDA and like. have with in those more recognize you negative you been been had So would

Atul Kavthekar

Correct. is That correct.

Gary Taylor

by we're release, fourth we think month, per in And there that $XX I released. in by said on $XX million I for then what you mostly XX? that about the was $XX reserve multiplying that get When per coming addition. quarter, know to could out X multiplying think are reserve we the of XQ, member a

to month. XX almost per just X come back member the per to million us how maybe like all almost I about you. of So range, put kind wondered of suggesting should that could think we $XX million or $XX

Atul Kavthekar

speculating in is a because sort certainly business. XX-month amount -- are on recovered But determine We're have thinking is basis we're going full about again, of we're of to But again, there led analysis do. on to -- on the amount a by before and that to basis. actuaries be conservatism and going that and what the that an not year that's going alongside of something the actually appropriate to that's we

So process is hard at of year. we've a seeing there's of But to that course what had numbers, corroboration. over the this chance the position our a the and is look we're

Gary Taylor

all? sweep Last that's helpful. That's one you could expected. 'XX this XQ At on point, me expectation a quantify still the and for increased revenue at

Atul Kavthekar

sweeps, not This aspects in I'll But thinking to is I we as way last think that the is the there's as in a simply Atul we again. year, this the I'm versus are amount the X versus we percentage far therefore, sweeps go are should sure we a position that to the quantify it, it the it. grow about the final about year and and talk minute. timing And year. believe well last business is that One bigger. as expect

be relatively new sweeps own thing actuaries. with you it that won't only who for is accrue something component that we've second was their buy-in recall that at, better until is, actually a our future. to carefully is us that known that And year, reviewed The but auditors gotten last not with have of also as greater the

So aspects there's ought this to year I that bigger X be think than next. to why

will later much recognized be will the over [ and a of this our component getting be smoothly much quarters, closer will the that And weeds specifically ], there more into as too that Gary. of There still in we least but fourth be will a much accrue get year. X degree, at the that some in we it component quarter refined without is to this still data expectation the

Operator

William next question Ryan The Blair. of from Daniels comes

Jack Senft

for Jack is Senft Ryan This Daniels.

million. I First promissory said you your from that $XX and note. -- filing, well, burn off, remaining $XX quarter But it believe was the your in remarks this prepared and as still XX-Q cash million noted the the in about borrowed you you

guess few balance with our comfort forward? all just I your for liquidity how we the position And the around general next So just think going level should cash that, quarters.

Unknown Executive

Yes. right we for that after a from seen Look, couple It is, quarter received, $XX things. a One hours million cash better as the started, operations. earlier, example, happen I you XX have I think had literally flow fairly of substantial mentioned, premium would payment. a

I think there's some So timing sensitivity.

too from read much operations. X I flow So wouldn't any quarter regards to with into cash

said we past, more the past, We from requires we've a in the are for as good rapid position positioning like also ourselves of standpoint, capital growth this simply feel ]. in rapid and [ more but in are said in it we I a business we've growth more as think

So about. that's do think we something that

So consider purposeful for that always we would an opportunity growth. as

Jack Senft

as also doing were for et And versus Perfect. remarks, Can second And I the in-house? mentioned prepared to just bit route a Innovaccer. they're the you the you doing modeling, can you thought Okay. your just that in? more partnership with previously talk predictive partnership part the then little going the were bringing Understood. a what just you capabilities reason remind you cetera. us then the this, before in partnership with for

that route So more this to deciding a efficient go is you're just

Sherif Abdou

Yes.

Sherif. So this is

that tools that enhance our AI ability the with the with that and communicate an and do modeling, we shift date predictive are Innovaccer we had to an having tech notification. the the of attract can done to to going what for to partnership that putting algorithm us what a the point So by ability that enhance the tool we've we EHR-agnostic What It's our invasive doing up or stack is providers had to in modeling at strategic there. platform for is mainly before, the was job.

doing point with communication modeling we're closure, it. the at and It's what the of that's predictive improving So accelerating care. the

take going effect, to it's in to XX months the partnership neutral us as to full well. And cost to XX for be it implement be will and

enhancing all us mentioned I AI, benefits neutral, that's custom the to that Innovaccer. So attracted the what and

Jack Senft

X Perfect. sneak Okay. can final I sense. X makes And That just if in.

how to Reach just I vision or ACO results. In your terms about you will eventually can contribute of if And the for longer-term program? your the contribution, ACO -- talk guess,

double on just long-term click what can of vision kind your Just if here? curious you

William Bettermann

Yes. so Thanks This much. is Bill.

not with that successes going this all heard calls look Dr. being platform. you've to 'XX about grown last going getting we've where substantially Reach we're we're With 'XX -- to had in the our excited to year. anything we're alluded year. ACO analytics this [ you grow want program beginning, year approaching in we opportunities in using of something ], be our and the is at continue some to in from that tool we're very very into in Kaufmann And that as this So us, Vokes said, where have markets. success, prior carefully But add? as particular to having past a Dr. this nice all to at. We've where we're data to we're just in

Unknown Executive

us the with a The or more I you've ACO add Reach the and about heard opportunity. bigger, only because and we gives bigger those each lives X,XXX about go those providers have providers share thing would mind clinicians. our is, have us much of deeper before, them, into so practices that with for with talk -- we that MA

mousetrap having So drive overall so value-based It XXX XXX of with us, creates XXX, us. as now or better their got to clinicians care for understanding performance just instead an those better overall. of XXX, we with

Operator

Thank today's attending. This you will conclude for conference call.

P3 Health Partners (PIII) 8 May 242024 Q1 Earnings call transcript