Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 184

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 184
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 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 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)(