Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 132

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 132
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 revenue was $1.1 billion for the nine months ended September 30, 2025, a decrease of $53.4 million, or 5%, compared to $1.1 billion for the nine months ended September 30, 2024. This decrease was primarily driven by an 9% decrease in the average number of at-risk members of 115,700 for the nine months ended September 30, 2025 to 126,500 for the nine months ended September 30, 2024, which was primarily due to the strategic termination of underperforming 

P3 Health Partners Inc. | Q3 2025 Form 10-Q | 35

payor contracts and affiliate providers in the current year. Capitated revenue was approximately 99% of total operating revenue for each of the nine months ended September 30, 2025 and 2024.

Other patient service revenue was $11.5 million for the nine months ended September 30, 2025, a decrease of $2.2 million, or 16%, compared to $13.6 million for the nine months ended September 30, 2024. Other patient service revenue was approximately 1% of total operating revenue for each of the nine months ended September 30, 2025 and 2024.

Medical Expense

Nine Months Ended September 30,Change20252024Amount%(dollars in thousands)Medical expense$1,093,182 $1,149,148 $(55,966)(5)%

Medical expense was $1.1 billion for the nine months ended September 30, 2025, a decrease of $56.0 million, or 5%, compared to $1.1 billion for the nine months ended September 30, 2024. The decrease was driven by a decrease in the total number of at-risk members year-over-year resulting in part from termination of two health plans.

Premium Deficiency Reserve

Nine Months Ended September 30,Change20252024Amount%(dollars in thousands)Premium deficiency reserve$(36,665)$15,771 $(52,436)(332)%

Premium deficiency reserve was a benefit of $36.7 million for the nine months ended September 30, 2025, an increase of $52.4 million, or 332%, compared to an expense of $15.8 million for the nine months ended September 30, 2024. The change was due to management’s assessment of the profitability