Company: PIII
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001832511-25-000013
Chunk: 15

Company: P3 Health Partners Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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 approximately 99% of total operating revenue for each of the three months ended June 30, 2025 and 2024.

Other patient service revenue was $4.1 million for the three months ended June 30, 2025, a decrease of $0.8 million, or 16%, compared to $4.9 million for the three months ended June 30, 2024. Other patient service revenue was approximately 1% of total operating revenue for each of the three months ended June 30, 2025 and 2024.

P3 Health Partners Inc. | Q2 2025 Form 10-Q | 32

Medical Expense

Three Months Ended June 30,Change20252024Amount%(dollars in thousands)Medical expense$351,350 $365,171 $(13,821)(4)%

Medical expense was $351.4 million for the three months ended June 30, 2025, a decrease of $13.8 million, or 4%, compared to $365.2 million for the three months ended June 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 June 30,Change20252024Amount%(dollars in thousands)Premium deficiency reserve$(5,967)$(3,397)$(2,570)76 %

Premium deficiency reserve was a benefit of $6.0 million for the three months ended June 30, 2025, an increase of $2.6 million, or 76%, compared to a benefit of $3.4 million for the three months ended June 30, 2024. The change was due to management’s assessment of the profitability of contracts, wherein increased medical expense is expected to increase our future losses.

Corporate, General and Administrative Expense

Three Months Ended June 30,Change20252024Amount%(dollars in thousands)Corporate, general and administrative expense$23,295 $26,610 $(3,315)(12)%

Corporate, general and administrative expense was $23.3 million for the three months ended June 30, 2025, a decrease of $3.3 million, or 12%, compared to $26.6 million for the three months ended June 30, 2024. The decrease was primarily driven by a decrease in salary and related expense resulting from