P3 Health Partners Inc.

P3 Health Partners Inc. (Nasdaq: PPPP) operates as a patient-centered, physician-led population health management company focused on delivering value-based care to Medicare Advantage members. The company's website is located at www.p3hp.com.

Founded through business combinations completed in December 2021, P3 Health Partners operates through an Up-C structure where the parent company holds approximately 46% of P3 Health Group LLC, which conducts substantially all operations. The company serves the Medicare market, which covers more than 68 million eligible lives, with core focus on the Medicare Advantage segment covering approximately 34 million lives. P3 contracts with health plans to provide capitated care services on a per-member-per-month basis, with four health plans collectively accounting for approximately 75% of total revenue in 2025.

The P3 Care Model differentiates the company through three key attributes: patient centricity, physician leadership, and a delegated integrated care model. Rather than acquiring physician practices, P3 primarily uses an affiliate model, contracting with local physicians to enter its network while allowing them to maintain independence and preserve existing patient-physician relationships. As of December 31, 2025, P3 had contracted with approximately 2,400 primary care physicians, representing less than 1% of the approximately 544,000 total PCPs in the United States, indicating significant white space opportunity.

The company's proprietary P3 Technology/Health Hub platform serves as the backbone of its care model, integrating clinical and claims data to enable risk stratification, personalized care planning, and real-time clinical insights. The platform includes provider portals, care management tools, and analytics capabilities designed to support physicians in transitioning to value-based care while maintaining their independence.

P3 operates across Arizona, California, Nevada, and Oregon with approximately 320 full-time employees as of December 31, 2025. The company's addressable market encompasses approximately 34 million Medicare Advantage members with estimated annual spend exceeding 300 billion dollars. P3 maintains a physician retention rate exceeding 88% annually, reflecting the appeal of its model to healthcare providers seeking to deliver quality care outside traditional fee-for-service arrangements.