P3 Health Partners

What P3 Health Partners does

P3 Health Partners Inc. (NASDAQ: PIII) is a publicly traded, physician-led population health management company headquartered in Henderson, Nevada, founded in 2015 (with 2019 cited as the formal founding of the current entity in some disclosures). The company partners with primary care physicians and independent physician groups through risk-sharing arrangements to deliver value-based care to Medicare and Medicare Advantage populations across five states (Arizona, Nevada, Oregon, California, and Nebraska), with at-risk membership of approximately 106,000 members as of Q1 2026.

The core offering is the P3 Care Model, a population health management platform that combines care coordination, member engagement, preventive care, and wrap-around support services to extend care beyond office visits. Supporting technology includes a secured web-based Provider Portal (claims, eligibility, benefits, authorization, directories), an athenahealth-powered Patient Portal for appointment booking and health record access, a telehealth platform, and P3 Care Access 24/7 — a care line for after-hours symptom guidance and care transitions. Operationally, P3 runs P3 Medical Group for direct patient care in select markets and a network of partner physicians including the Omni IPA Network of 400+ providers in California and Senior Wellness Centers in Nebraska. The company is HIPAA-compliant and maintains a formal ethics, fraud/waste/abuse, and anti-kickback compliance program.

P3 generates revenue primarily through capitated and shared-savings arrangements with Medicare Advantage and other health plans (per-member per-month payments tied to at-risk membership), supplemented by managed services to physician groups transitioning from fee-for-service to value-based care. Distribution is B2B2C: contracted with seven top Nevada health plans (Aetna, Alignment Health, Humana, United Healthcare, Wellcare and others), a Preferred Broker Program channeling Medicare beneficiaries, joint ventures such as the MSO with Commonwealth Primary Care ACO, and community outreach. Two private placements — $90M in April 2023 and $42.2M in May 2024 — from healthcare-specialist investors (Chicago Pacific Founders, Leavitt Partners) provided working capital during a loss-making phase; Q1 2026 revenue was $386M with adjusted EBITDA of $26M, a turnaround from a $22.2M loss in the prior-year quarter, and full-year 2026 guidance targets revenue up to $1.7B with an adjusted EBITDA midpoint of $40M.

Name

P3 Health Partners

Legal name

P3 Health Partners Inc.

Website

https://p3hp.org

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

P3 Health Partners (NASDAQ: PIII) is a publicly traded, physician-led population health management company that partners with primary care physicians through risk-sharing arrangements to deliver value-based care to approximately 106,000 Medicare members across five states (Arizona, Nevada, Oregon, California, and Nebraska).

Ownership category

akta.pro rank

Headquarters

HQ city

Henderson

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Value-Based Care Contracts: Revenue generated through risk-sharing arrangements with health plans and Medicare Advantage, where P3 receives capitated payments or shared savings based on managing patient populations
2. Capitation Revenue: Per-member per-month payments based on at-risk membership, with revenue increasing with per-member revenue growth (14% YoY increase reported)
3. Provider Partnership Services: Administrative support and care coordination services provided to physician groups transitioning to value-based care

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

P3 Health Partners is a population health management company that partners with independent primary care and specialty physicians across five states to deliver value-based care for Medicare and Medicare Advantage populations. Through the P3 Care Model and supporting technology (Provider Portal, Patient Portal, telehealth), the company provides care coordination, member engagement, administrative support, and clinical/quality programs to providers and health plans under risk-sharing arrangements. It also operates P3 Medical Group for direct patient care and Senior Wellness Centers in select markets.

Product overview

P3 Health Partners is a population health management company operating as a platform-plus-services model. The core P3 Health Partners Population Health Management Platform supports primary care providers through technology and a network across five states (Arizona, Nevada, Oregon, California, Nebraska). The P3 Care Model serves as the foundational care approach, supported by modular offerings including the Provider Portal for claims and eligibility access, P3 Medical Group Patient Portal (powered by athenahealth) for patient appointment booking, P3 Care Access 24/7 for after-hours care guidance, and a Joint Venture MSO with Commonwealth Primary Care ACO for expanded value-based care delivery. Additional modules include community events, patient education resources, Senior Wellness Centers, broker partnership programs, and health plan integration services.

Differentiator

Problem solved

Functional benefit

Brands

• P3 Medical Group: Primary care provider services and patient-facing medical group operations serving Medicare patients across Nevada, Oregon, and other markets.

Products and services

• P3 Care Model A patient-centered population health care model that provides prevention and wellness support, dedicated care coordination, and patient education, designed to empower patients and free physicians from administrative processes. Targeted at primary care providers, physician groups, and Medicare Advantage health plans seeking value-based care delivery.
• Provider Partnership Services Administrative support and care coordination services that help independent primary care and specialty providers transition from fee-for-service to value-based care. Includes practice administration, insurance plan relations, outreach support, and health plan contract management. Targeted at independent physician groups.
• Health Plan Partnership Services Services that bridge health plans, providers, and patients to ensure members efficiently use available services. Includes network support, utilization management, quality management, care management, medical management, claims processing, and star-metrics improvement programs. Targeted at Medicare Advantage and commercial health insurance plans.
• P3 Medical Group Direct primary care provider services delivered through P3 Medical Group, accepting Medicare and Medicare Advantage patients across operating markets (Nevada, Oregon, and other states). Functions as the patient-facing medical group operations arm of the company.
• Senior Wellness Centers Physical wellness centers designed to support senior health, comfort, and independence with preventive care, screenings, wellness visits, and personalized support. Currently operating in Omaha, Nebraska through a partnership with Blue Cross and Blue Shield of Nebraska to serve Medicare members.
• Joint Venture Management Services Organization (MSO) Management Services Organization formed through a joint venture with Commonwealth Primary Care ACO to deliver value-based care management services across multiple states, strengthening operational efficiency, care quality, and physician support.
• P3 Care Access 24/7 Around-the-clock care team access line helping Medicare patients get the right care at the right time by providing guidance on symptoms, medication questions, and care transitions as an alternative to urgent care or emergency room visits.

Quantifiable outcome

• Q1 2026 adjusted EBITDA of $26 million, turnaround from $22.2 million loss in prior year quarter
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Four partnerships are on record, tiered major and core.

• Commonwealth Primary Care ACOmajorStrategic or Co-development Partner · 2 December 2025P3 Health Partners and Commonwealth Primary Care ACO formed a joint venture management services organization (MSO) to expand value-based care services across Arizona, California, Nevada, Oregon, and North Carolina. The partnership strengthens operational efficiency, care quality, and physician support while expanding P3's presence in Maricopa County, Arizona.
• Blue Cross and Blue Shield of NebraskacoreStrategic or Co-development PartnerPartnership through which P3 supports Blue Cross and Blue Shield of Nebraska Medicare members, operating Senior Wellness Centers in Omaha to close care gaps, reinforce care plans, and connect individuals to health resources and guidance.
• Health Plan Partners (Nevada)coreChannel Partner/ Reseller/ DistributorP3 is contracted with seven of Nevada's top health plans for 2026, including Aetna, Alignment Health, Humana, United Healthcare (AARP PPO Plans Only for P3 Medical Group), and Wellcare, providing in-network care services to their members.
• Omni IPA NetworkcoreChannel Partner/ Reseller/ DistributorCalifornia operations utilize the Omni IPA Network of over 400 primary care and specialty physicians to deliver healthcare services to P3 members in California.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Humana: Humana is the largest pure-play Medicare Advantage insurer and a customer/partner of P3; it also owns CenterWell, an in-house competing senior primary care platform, making it both a channel partner and a vertical competitor.
• CVS Health (Aetna): CVS Health owns Aetna (a P3 contracted health plan) and Oak Street Health (a senior primary care platform), positioning it as both customer and broader incumbent competitor in value-based MA care delivery.
• UnitedHealth Group / Optum: UnitedHealth Group is the largest US health insurer and through Optum owns a sprawling VBC and provider enablement footprint that overlaps P3's MA-focused care delivery and physician-enablement categories.

Direct peers

• Astrana Health: Formerly Apollo Medical Holdings, Astrana runs an IPA- and ACO-based value-based care platform serving Medicare and commercial populations in California and adjacent states, with overlapping capitated revenue model.
• Privia Health Group: Privia Health operates a physician-enablement platform that helps independent primary care groups transition to value-based and risk-bearing arrangements, sharing the same physician-aggregator GTM motion as P3 across multiple states.
• VillageMD: VillageMD is a value-based primary care provider (majority-owned by Walgreens Boots Alliance) that partners with physicians under risk arrangements for Medicare and other populations — a directly comparable VBC delivery model.
• ChenMed: ChenMed operates senior-focused primary care clinics under full-risk Medicare Advantage contracts, providing a like-for-like comparison on at-risk senior care delivery, patient engagement, and outcomes-based economics.
• Cano Health: Cano Health operates senior-focused primary care centers accepting full risk in Medicare Advantage, sharing the same population-health and capitated-payment mechanics as P3 in the Florida and adjacent markets.
• Oak Street Health (CVS Health): Oak Street Health, acquired by CVS Health, runs a Medicare-focused primary care platform under full-risk MA contracts in multiple states, comparable in target population and risk-bearing structure to P3 Medical Group.
• agilon health: agilon health is a value-based care platform that partners with primary care physicians to manage Medicare Advantage populations under risk-sharing contracts — the closest direct comparable to P3's care model, geography, and capitated revenue mechanics.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/P3MGGreenValley
• LinkedInlinkedin.com/company/p3-health-group
• Instagraminstagram.com/p3healthpartners

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about P3 Health Partners