Company: PIII
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001832511-25-000013
Chunk: 47

Company: P3 Health Partners Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 7
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 a reduction in head count and sale of the Company’s Florida operations.

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024 

Revenue

Six Months Ended June 30,Change20252024Amount%(dollars in thousands)Capitated revenue$721,241 $758,440 $(37,199)(5)%Other patient service revenue7,772 9,205 (1,433)(16)%Total operating revenue$729,013 $767,645 $(38,632)(5)%

Capitated revenue was $721.2 million for the six months ended June 30, 2025, a decrease of $37.2 million, or 5%, compared to $758.4 million for the six months ended June 30, 2024. This decrease was primarily driven by an 11% decrease in the total number of at-risk members from 128,100 at June 30, 2024 to 114,100 at June 30, 2025, which was primarily due to the strategic termination of underperforming payor contracts and affiliate providers in the current year. Capitated revenue was approximately 99% of total operating revenue for each of the six months ended June 30, 2025 and 2024.

P3 Health Partners Inc. | Q2 2025 Form 10-Q | 33

Other patient service revenue was $7.8 million for the six months ended June 30, 2025, a decrease of $1.4 million, or 16%, compared to $9.2 million for the six months ended June 30, 2024. Other patient service revenue was approximately 1% of total operating revenue for each of the six months ended June 30, 2025 and 2024.

Medical Expense

Six Months Ended June 30,Change20252024Amount%(dollars in thousands)Medical expense$723,393 $747,228 $(23,835)(3)%

Medical expense was $723.4 million for the six months ended June 30, 2025, a decrease of $23.8 million, or 3%, compared to $747.2 million for the six months ended June 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

Six