Astrana Health

What Astrana Health does

Astrana Health is a publicly traded, physician-centric, technology-enabled, risk-bearing healthcare management company headquartered in Alhambra, California. The company supports over 20,000 contracted providers and approximately 1.55–1.6 million patients in value-based care arrangements across 17 states, operating through a portfolio of management services organizations, independent physician associations (Allied Pacific IPA, Community Family Care Medical Group, Bay Area Care Partners, Astrana Care Partners of Texas and Nevada), specialty groups, diagnostic labs, and an acute care hospital (Foothill Regional Medical Center).

Its core technology platform includes a proprietary NCQA-certified HEDIS Engine built in Python on Databricks Delta Lake that processes 1 million+ members across 20+ quality measures in approximately 2.5 hours (a 5x runtime improvement), a real-time ADT event streaming architecture using AWS Lambda, Apache Kafka, and Databricks Delta Live Tables for inpatient management, and an AI-powered accountable care platform offering care coordination, population health infrastructure, and actionable analytics to independent physicians and payer partners.

The business model is anchored in capitation arrangements with Medicare Advantage, Medicaid, and commercial health plans, with approximately 80% of Care Partners capitation revenue and ~40% of consolidated membership in full-risk arrangements. Revenue grew 56% YoY to $3.18 billion in FY2025 and 56% YoY to $965.1 million in Q1 2026, with FY2026 guidance of $3.8–4.1 billion. Growth is driven by a roll-up M&A strategy (Community Family Care, CHS, and the $708M Prospect Health acquisition completed July 2025) supplemented by organic expansion through channel partnerships such as the May 2026 collaboration with the Physician Association of California.

Name

Astrana Health

Legal name

Astrana Health, Inc.

Website

https://astranahealth.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Astrana Health is a publicly traded, physician-centric, technology-enabled, risk-bearing healthcare management company that supports over 20,000 providers and approximately 1.55–1.6 million patients in value-based care arrangements across 17 states through capitation contracts, owned IPAs, and a proprietary HEDIS and real-time event streaming platform.

Ownership category

akta.pro rank

Product category

Value-Based Healthcare Management

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Offices of Physicians (6211), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Hospital & Medical Service Plans (6324), Services-Health Services (8000)

akta.pro primary industry

Administrative Services Only (ASO) for Employers (HLAEAAAD)

akta.pro secondary industries

Compliance, Reporting & Regulatory Administration (ERISA/ACA/No Surprises) (HLAEALAJ), Care Navigation, Advocacy & Benefits Guidance Platforms (HLALADAJ)

Keywords

• Value-based care
• Risk-bearing healthcare
• Care coordination
• Population health management
• Physician network management

Headquarters

HQ city

Alhambra

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Healthcare Management Services - Capitation Revenue: Astrana Health generates the majority of its revenue through capitation agreements with health plans, where the company receives fixed per-member-per-month payments to manage the healthcare needs of assigned populations. The company has approximately 80% of Care Partners capitation revenue in full-risk arrangements.
2. Value-Based Care Shared Savings: Revenue generated through shared savings tied to performance and quality outcomes under accountable care organization (ACO) arrangements. PAC physicians participating in Astrana's Medicare ACO platform gain access to revenue opportunities including shared savings.
3. Acquisition-Driven Revenue Expansion: Revenue growth through strategic acquisitions contributing approximately $1.2 billion in expected annual revenue from the Prospect Health acquisition alone. The company completed Prospect Health acquisition (July 2025, $708M) and Collaborative Health Systems acquisition targeting 129,000 beneficiaries across 17 states.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Astrana Health is a physician-centric, technology-powered, risk-bearing healthcare management company that operates a proprietary end-to-end value-based care platform supporting over 20,000 providers and approximately 1.55 million patients. The company partners with independent physicians, IPAs, and Medicare Advantage/Medicaid/commercial health plans to deliver coordinated primary, specialty, and ancillary care through capitation-based contracts and ACO shared-savings arrangements, while leveraging its NCQA-certified HEDIS Engine and real-time ADT event-streaming infrastructure to drive quality, cost, and utilization outcomes.

Product overview

Astrana Health operates as a physician-centric, technology-enabled, risk-bearing healthcare company that functions as both a platform and a portfolio of branded care delivery networks. At its core is the Astrana Health Platform — a proprietary end-to-end technology platform that powers value-based care arrangements for over 20,000 providers and approximately 1.55–1.6 million patients. The platform includes the HEDIS Engine (a Python/Databricks-based quality measurement system with 20+ NCQA-certified measures) and a real-time event streaming infrastructure (AWS Lambda, Apache Kafka, Databricks Delta Live Tables) for inpatient management. Astrana delivers care through multiple branded networks and facilities under the AstranaCare umbrella — including IPAs such as Allied Pacific of California IPA, Community Family Care Medical Group IPA, and Bay Area Care Partners — plus Astrana Care Partners of Texas and Nevada, as well as Healthcare Supercenters and Foothill Regional Medical Center. The company also offers a Medicare ACO Platform with AI-powered tools for care coordination, population health, and analytics. Recent major acquisitions include Community Family Care (March 2024), Collaborative Healthcare Systems/CHS (2024), and Prospect Health (July 2025, $708M), all of which have been integrated into the broader Astrana network.

Differentiator

Problem solved

Functional benefit

Brands

• AstranaCare: Primary care brand offering services through localized clinics and healthcare networks in California, Texas, and Nevada.
• Astrana Care Partners
• AMG Medical Group
• Bay Area Care Partners
• Collaborative Healthcare Systems
• Orma

Products and services

• Astrana Health Platform (Value-Based Care Delivery Platform) Proprietary end-to-end value-based care platform that connects providers, patients, and health plans by integrating clinical, technology, and administrative support to enable risk-bearing arrangements for over 20,000 providers and approximately 1.55 million patients.
• AstranaCare MSO / IPA Networks Management Services Organization and Independent Physician Association networks operating as AstranaCare, providing primary care, specialty, and ancillary care coordination across California, Nevada, and Texas under delegated capitation contracts.
• Medicare ACO Platform AI-powered Accountable Care Organization platform for independent physicians offering care coordination, population health infrastructure, actionable analytics, and administrative burden reduction, enabling participation in Medicare ACO shared-savings arrangements.
• Healthcare Supercenters Integrated multi-specialty care facilities offering surgical, laboratory, radiology, and urgent care services under one roof to improve access to comprehensive healthcare in local communities.
• Allied Pacific of California IPA Independent Physician Association founded in 1992 providing quality, patient-centered medical care through an extensive network of healthcare professionals in California, operating as part of Astrana's care delivery network.
• Community Family Care Medical Group IPA IPA with over 350 primary care physicians and 500 specialists managing the medical care of over 200,000 members in Los Angeles, California across Medicaid, Medicare, and commercial payers.
• Foothill Regional Medical Center Acute care hospital within Astrana's care delivery network, recognized for performance in joint replacement, hip fracture, and sepsis treatment.
• Sun Clinical Laboratories Federal and State certified full-service clinical laboratory providing diagnostic testing as part of Astrana's diagnostic service network.

Quantifiable outcome

• Revenue of $3.18 billion in FY2025, up 56% year-over-year
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Feature4 records

Partnerships

One partnership is on record.

• Physician Association of California (PAC)coreStrategic or Co-development PartnerPAC and Astrana Health announced a collaboration to help independent primary care physicians succeed in value-based care through Astrana's Medicare ACO platform. PAC represents over 15,000 independent physicians who gain access to care coordination, population health infrastructure, and value-based care capabilities designed to reduce administrative burden and improve patient outcomes.

Scale indicators17 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Privia Health Group: Privia Health is a physician enablement company that partners with independent practices across value-based and fee-for-service arrangements, including ACO REACH and MA. Astrana's IPA/MSO operating model and physician partnership approach closely mirror Privia's multi-payer, multi-state structure.
• Alignment Healthcare: Alignment Healthcare is a tech-enabled Medicare Advantage insurer that contracts with provider networks and operates its own care delivery. Astrana's MA-focused capitation model and California-centric footprint are directly comparable; multiple Astrana executives (including the CEO's previous company Alignment) trace careers through Alignment.
• agilon health: agilon health is a value-based care platform that partners with primary care physicians to take global capitation risk for Medicare Advantage patients. Astrana and agilon share the same physician-enablement + full-risk MA economic model, making agilon the most direct comparable for Astrana's risk-bearing IPA strategy.
• Oak Street Health (CVS Health): Oak Street Health operates value-based primary care clinics serving older adults on Medicare, acquired by CVS Health in 2023. Its senior-focused, risk-bearing PCP model competes head-to-head with AstranaCare clinics and Prospect's provider groups for the same MA member.

Broad incumbents

• Humana / CenterWell: Humana is the second-largest Medicare Advantage insurer and operates CenterWell senior-focused primary care clinics. As a major payer-partner of Astrana's capitation contracts and a parallel provider-side operator, Humana is both a customer and a structural competitor in MA value-based care.
• UnitedHealth Group / Optum: UnitedHealth/Optum is the largest US health insurer and the dominant value-based-care platform via Optum Health's owned/affiliated PCP groups. It sets the benchmark for VBC scale and is the broadest incumbent peer against which Astrana's growth and capitation strategy must compete.
• Centene Corporation: Centene is the largest Medicaid managed-care insurer and the prior owner of Collaborative Health Systems, which Astrana acquired in 2024. Centene competes with Astrana for Medicaid members and shared-savings contracts, particularly in states where CHS previously operated.

Emerging players

• Cano Health: Cano Health is a value-based primary care company serving Medicare and Medicaid seniors, primarily in Florida, Texas, Nevada, and California — overlapping Astrana's Texas and Nevada markets. While Cano has undergone significant restructuring, it remains a comparable operator of senior-focused risk-bearing clinics.
• P3 Health Partners: P3 Health Partners is a value-based care company focused on Medicare Advantage populations in select Western states, contracting with PCPs to manage total cost of care. Astrana overlaps with P3 in MA risk-sharing economics and Western geographic focus, though P3 is smaller and earlier-stage.

Others

• DaVita Integrated Kidney Care: DaVita is a major value-based-care participant in CKD/ESKD populations through Integrated Kidney Care and was an early investor in ApolloMed (Astrana). Several Astrana executives (CFO, CPO) previously held senior roles at DaVita, making it an ecosystem comparator for risk-bearing specialty care models.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/astranahealth
• Xx.com/apollomedinc

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds7 records

Investors2 records

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

M&A7 records

Investments2 records

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

Frequently asked questions about Astrana Health