Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 131

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 131
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4.

Medical Expense

Three Months Ended September 30,Change20252024Amount%(dollars in thousands)Medical expense$369,789 $401,920 $(32,131)(8)%

Medical expense was $369.8 million for the three months ended September 30, 2025, a decrease of $32.1 million, or 8%, compared to $401.9 million for the three months ended September 30, 2024. The decrease was driven primarily 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

Three Months Ended September 30,Change20252024Amount%(dollars in thousands)Premium deficiency reserve$(23,736)$18,168 $(41,904)(231)%

Premium deficiency reserve was a benefit of $23.7 million for the three months ended September 30, 2025, an increase of $41.9 million, or 231%, compared to an expense of $18.2 million for the three months ended September 30, 2024. The change was due to management’s assessment of the profitability of contracts, wherein maturation of our overall contractual arrangements are expected to reduce our future losses.

Corporate, General and Administrative Expense

Three Months Ended September 30,Change20252024Amount%(dollars in thousands)Corporate, general and administrative expense$22,139 $27,219 $(5,080)(19)%

Corporate, general and administrative expense was $22.1 million for the three months ended September 30, 2025, a decrease of $5.1 million, or 19%, compared to $27.2 million for the three months ended September 30, 2024. The decrease was primarily driven by a decrease in salary and related expense resulting from a reduction in head count and sale of the Company’s Florida operations.

Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024 

Revenue

Nine Months Ended September 30,Change20252024Amount%(dollars in thousands)Capitated revenue$1,062,796 $1,116,146 $(53,350)(5)%Other patient service revenue11,470 13,623 (2,153)(16)%Total operating revenue$1,074,266 $1,129,769 $(55,503)(5)%

Capitated