Privia Health Group, Inc. has recently released its 10-K report, detailing its operations as a national physician-enablement company in the United States. The company collaborates with medical groups, health plans, and health systems to optimize physician practices, enhance patient experiences, and reward doctors for delivering care in-person and virtual settings. Privia Health offers technology and population health tools to enhance independent providers' workflows, management services organization, single-TIN medical group, and accountable care organization. The company's revenue for the years ended December 31, 2024, 2023, and 2022, was $1.74 billion, $1.66 billion, and $1.36 billion, respectively. Operating income (loss) was $17.0 million, $20.6 million, and $(19.1) million for the same periods, while net income (loss) attributable to Privia Health Group, Inc. was $14.4 million, $23.1 million, and $(8.6) million.
The company's key metrics and non-GAAP financial measures for the same periods include Practice Collections of $2.97 billion, $2.84 billion, and $2.42 billion, Care Margin of $403.9 million, $359.2 million, and $305.6 million, Platform Contribution of $195.6 million, $173.5 million, and $148.5 million, and Adjusted EBITDA of $90.5 million, $72.2 million, and $60.9 million. Privia Health recognizes revenue from multiple stakeholders, including health care consumers, health insurers, employers, providers, and health systems. Their revenue includes fee-for-service (FFS) revenue, value-based care (VBC) revenue, and other revenue from additional services such as concierge services, virtual visits, virtual scribes, and coding. FFS-patient care revenue represented 66.0%, 58.9%, and 64.1% of total revenue for the years ended December 31, 2024, 2023, and 2022, respectively. VBC revenue represented 26.3%, 33.8%, and 28.5% of total revenue for the same periods.
Privia Health's ability to increase its provider base and add new patients in existing and new markets, expansion to new markets, provider satisfaction and retention, and payer contracts are key factors affecting its performance. The company also aims to accelerate the move towards the adoption of VBC reimbursement in each market in current and emerging payer programs. As of December 31, 2024, the total number of Privia-owned ACOs is nine, serving beneficiaries across the District of Columbia and eleven states. During 2023, the company entered four new markets through partnerships or affiliations with clinically integrated networks, health systems, and independent group practices in Connecticut, Ohio, Washington state, and South Carolina. In November 2024, Privia Health announced it had entered into the Indiana market through the acquisition of an independent group practice, renamed Privia Medical Group Indiana, LLC. Today the company's shares have moved 6.2% to a price of $25.56. If you want to know more, read the company's complete 10-K report here.
