P3 Health Partners Inc (PIII) 2024 Q2 法說會逐字稿

Good day, and welcome to the P3 Health Partners second-quarter 2024 earnings call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 P3 Health Partners 2024 年第二季財報電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Ryan Halstead, Jr., Investor Relations, Gilmartin Group. Please go ahead.

我現在想將會議轉交給 Gilmartin 集團投資者關係部門的 Ryan Halstead, Jr.。請繼續。

Thank you, operator, and thank you for joining us today. Before we proceed with the call, I would like to remind everyone that certain statements made during this call are forward-looking statements under the U.S. federal securities laws, including statements regarding our financial outlook and long-term targets. These forward-looking statements are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations.

謝謝您，接線員，也謝謝您今天加入我們。在我們進行電話會議之前，我想提醒大家，本次電話會議中所做的某些陳述屬於美國聯邦證券法規定的前瞻性陳述，包括有關我們的財務前景和長期目標的陳述。這些前瞻性陳述只是預測，主要基於我們目前對未來事件和財務趨勢的預期和預測，我們認為這些事件和財務趨勢可能會影響我們的業務、財務狀況和營運績效。這些陳述存在風險和不確定性，可能導致實際結果與歷史經驗或當前預期有重大差異。

Additional information concerning factors that could cause actual results to differ from statements made on this call is contained in our periodic reports filed with the SEC. The forward-looking statements made during this call speak only as of the date hereof and the company undertakes no obligation to update or revise these forward-looking statements. We will refer to certain non-GAAP financial measures on this call, including adjusted operating expense, adjusted EBITDA, adjusted EBITDA per member per month, medical margin, medical margin per member per month, medical margin per member per month for persistent lives, and cash used.

有關可能導致實際結果與本次電話會議中的聲明不同的因素的更多資​​訊包含在我們向 SEC 提交的定期報告中。本次電話會議期間所做的前瞻性陳述僅代表截至本新聞稿發布之日的情況，本公司不承擔更新或修改這些前瞻性陳述的義務。我們將在本次電話會議上參考某些非公認會計原則財務指標，包括調整後的營運費用、調整後的EBITDA、每位會員每月調整後的EBITDA、醫療保證金、每位會員每月的醫療保證金、每位會員每月持久生命的醫療保證金，以及使用現金。

These non-GAAP financial measures are in addition to and not a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures. For example, other companies may calculate similarly titled non-GAAP financial measures differently. Please refer to the appendix of our earnings release for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. Information presented on this call is contained in the press release that we issued today and in our SEC filings, which may be accessed from the Investors page of the P3 Health Partners website.

這些非公認會計原則財務指標是根據公認會計原則編制的財務績效指標的補充，而不是替代或優於這些指標。使用這些非公認會計準則財務指標有許多限制。例如，其他公司可能會以不同的方式計算類似名稱的非公認會計準則財務指標。請參閱我們收益報告的附錄，以了解這些非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的對帳。本次電話會議中提供的資訊包含在我們今天發布的新聞稿和 SEC 文件中，您可以從 P3 Health Partners 網站的投資者頁面存取這些文件。

I will now turn the call over to Aric Coffman, CEO of P3 Health Partners.

我現在將把電話轉給 P3 Health Partners 執行長 Aric Coffman。

Good afternoon, everyone. Let me start by expressing how thrilled I am to be at the helm of P3 as CEO from our first quarter. P3 Health Partners is a scaled capital-light platform comprising 2,900 PCPs in five states across 27 counties, and we are taking full risk at scale on 128,100 lives. I would first like to emphasize some key aspects of P3 that give me confidence that we're in a great position to deliver value to our patients, providers, payers, along with our investors over a multiyear time horizon.

大家下午好。首先我要表達的是，我對從第一季開始擔任 P3 執行長感到非常興奮。P3 Health Partners 是一個規模化的輕資本平台，由分佈在 5 個州 27 個縣的 2,900 名 PCP 組成，我們正在為 128,100 人的生命承擔大規模的全部風險。我首先想強調 P3 的一些關鍵方面，這些方面讓我相信我們能夠在多年的時間範圍內為我們的患者、提供者、付款人以及我們的投資者提供價值。

First, we are operating in a large and rapidly growing market, with our total addressable market approaching $1 trillion, further accelerated by CMS' goal to have 100% of Medicare fee-for-service beneficiaries and value-based care arrangements by 2030. Our core focus is the Medicare market, of which Medicare Advantage represents approximately 51% of the overall market or nearly 31 million Medicare eligible lives in 2023. Less than 15% of contracts in the Medicare space are full risk today, which means we have tremendous opportunity to expand our reach through new contracts and geographies over time.

首先，我們正在一個龐大且快速成長的市場中運營，我們的潛在市場總額接近1 兆美元，而CMS 的目標是到2030 年擁有100% 的Medicare 按服務收費和基於價值的護理安排，這一目標進一步加速了這個目標。我們的核心重點是 Medicare 市場，其中 Medicare Advantage 約佔整個市場的 51%，即到 2023 年將有近 3,100 萬符合 Medicare 資格的人。如今，醫療保險領域只有不到 15% 的合約屬於完全風險，這意味著隨著時間的推移，我們有巨大的機會透過新合約和地理擴大我們的業務範圍。

Our unique business model is built on a fully delegated risk strategy, which offers three key advantages. First, it directly links our company into the daily operations of our health plans, creating avenues for collaboration and building strong partnerships. Secondly, it facilitates meaningful interactions with clinicians, essential for success in value-based care. Lastly, it provides early upstream insights into requested services, ensuring consistent and best practice protocols are followed for a superior patient experience. Next, our diversified payer mix puts us in a position of strength.

我們獨特的商業模式建立在完全委託的風險策略之上，該策略有三個關鍵優勢。首先，它將我們的公司直接連接到我們健康計劃的日常運作中，創造了合作途徑並建立了牢固的夥伴關係。其次，它促進與臨床醫生的有意義的互動，這對於基於價值的護理的成功至關重要。最後，它提供了對所請求服務的早期上游洞察，確保遵循一致的最佳實踐協議，以獲得卓越的患者體驗。其次，我們多元化的付款人組合使我們處於優勢地位。

Today, no one payer makes up greater than 20% of our revenue. We're partnered across local, regional and national health plans, and we're seeing a clear trend in this volatile MA market. Health plans are turning to P3. They value our expertise in managing senior populations and our proven ability to help primary care physicians succeed in value-based care. This positions us as a key partner to their continued success. Similar to our strong position with the top health plans in our markets, we enjoy excellent relationships with many of the leading independent primary care groups that serve our patients. One of the key aspects I've identified early on is the dedication among the clinicians in our network.

如今，沒有任何一個付款人占我們收入的 20% 以上。我們在地方、區域和國家衛生計劃中合作，我們看到這個動盪的 MA 市場出現了明顯的趨勢。健康計劃正在轉向 P3。他們重視我們在管理老年人口方面的專業知識，以及我們在幫助初級保健醫生在基於價值的護理方面取得成功的能力。這使我們成為他們持續成功的關鍵合作夥伴。與我們在市場上頂級健康計劃的強大地位類似，我們與為患者提供服務的許多領先的獨立初級保健團體享有良好的關係。我早期發現的關鍵方面之一是我們網路中臨床醫生的奉獻精神。

We partner with 2,900 primary care physicians, but our reach goes well beyond that with thousands of additional clinicians such as specialty physicians to round out the entire patient care continuum, and all are motivated by their own independence and ability to provide excellent value-based care to their patients. Building on these key strengths. I have identified several initiatives during my first 90 days as CEO that will further enhance our capabilities and drive sustainable profitability. First, we are intensifying our focus on star ratings performance. We are targeting care quality gaps such as improving medication adherence, increasing preventative screenings and enhancing chronic disease management.

我們與2,900 名初級保健醫生合作，但我們的覆蓋範圍遠遠超出了數千名其他臨床醫生（例如專科醫生），以完善整個患者護理連續體，並且所有人都受到自己的獨立性和提供卓越的基於價值的護理的能力的激勵給他們的病人。建立在這些關鍵優勢的基礎上。在擔任執行長的頭 90 天內，我確定了多項舉措，這些舉措將進一步增強我們的能力並推動永續獲利。首先，我們正在加強對星級表現的關注。我們正在瞄準護理品質差距，例如提高用藥依從性、增加預防性篩檢和加強慢性病管理。

At the same time, we are ensuring patients with chronic conditions are being linked back to their primary care physician to ensure that they get the care that they need. We know what the unique needs of our patients are. There are geographical nuances that allow us to develop targeted interventions to address needs and get them the care that they need. Next, upon evaluating our existing risk contract portfolio, I've identified substantial opportunities to better align our agreements with payers. Our goal is to ensure these contracts accurately reflect our enhanced value proposition, which has significantly evolved over the past two years. In doing so, we are ensuring better care for our members while improving the financial prospects of our business.

同時，我們確保慢性病患者與他們的初級保健醫生建立聯繫，以確保他們獲得所需的護理。我們知道患者的獨特需求是什麼。地理上的細微差別使我們能夠制定有針對性的干預措施來滿足需求並為他們提供所需的護理。接下來，在評估我們現有的風險合約組合後，我發現了許多機會可以更好地使我們的協議與付款人保持一致。我們的目標是確保這些合約準確反映我們增強的價值主張，該價值主張在過去兩年中取得了顯著發展。透過這樣做，我們確保為我們的會員提供更好的護理，同時改善我們業務的財務前景。

Transitioning to our provider network performance. While our provider network is an incredible asset we enjoy, we have identified opportunities to elevate our provider partners to an even higher level of differentiated patient outcomes. We've always focused on our efforts on those provider groups that show the most potential for improvement, and we will continue to put energy and effort behind our partners. However, going forward, when those best efforts don't lead to improved performance, we will adjust these network relationships with underperforming provider groups accordingly. We've already begun addressing these provider groups and we'll be further scrutinizing our partnerships in the coming quarters.

過渡到我們的提供者網路效能。雖然我們的提供者網路是我們享有的令人難以置信的資產，但我們已經找到了將我們的提供者合作夥伴提升到更高水平的差異化患者治療結果的機會。我們始終將工作重點放在那些最具改進潛力的提供者群體上，我們將繼續為我們的合作夥伴投入精力和努力。然而，展望未來，當這些最大努力無法提高效能時，我們將相應地調整與表現不佳的提供者群體的網路關係。我們已經開始解決這些提供者群體的問題，並將在未來幾季進一步審查我們的合作夥伴關係。

Next, we're pursuing smart growth strategies with a particular focus on increasing member density within our existing PCPs. For example, in ACO REACH, we are enhancing the depth of our existing practices by adding Medicare ACO REACH membership to capture more mind share of the providers we serve. This quarter, we recorded 1,700 new voluntarily aligned ACO lives, bringing our total ACO lives to 12,700, up from 7,400 at the end of last year.

接下來，我們正在推行明智的成長策略，特別注重增加現有 PCP 的成員密度。例如，在 ACO REACH 中，我們透過增加 Medicare ACO REACH 會員資格來增強現有實踐的深度，以吸引我們所服務的提供者更多的關注。本季度，我們記錄了 1,700 名新自願加入的 ACO 生命，使我們的 ACO 生命總數達到 12,700 人，高於去年年底的 7,400 人。

Additionally, we submitted 200 PCPs in ACO REACH in this last cycle for a January of 2025 start date. One of the first principles of my management team is to deliver the highest level of service to our partners, providers and patients, and to do so profitably. The company has worked hard over the past quarters to make our operations more efficient, and I expect a continued evolution of our business. We are seeing an increasing amount of momentum with medical cost reduction initiatives. I'm looking at every part of our operations across people, process and technology for opportunities to improve efficiency. We will employ an even higher level of rigor, accountability and focus on return on invested capital in the future.

此外，我們在最後一個週期中在 ACO REACH 中提交了 200 個 PCP，起始日期為 2025 年 1 月。我的管理團隊的首要原則之一是為我們的合作夥伴、提供者和患者提供最高水準的服務，並從中獲利。在過去的幾個季度裡，公司一直在努力提高我們的營運效率，我預計我們的業務將持續發展。我們看到降低醫療成本措施的動能越來越大。我正在審視我們營運的每個部分，包括人員、流程和技術，以尋找提高效率的機會。未來我們將採取更高水準的嚴謹性、責任感並專注於投資資本回報。

Turning to our second-quarter financial performance, we reported strong Q2 results, which were in line with our expectations. Starting with the top line, our revenue for the second-quarter 2024 grew approximately 15% year-over-year, supported by a strong pipeline and increased retention rate of our PCPs of 96% and an improving persistency rate at 90% of patients.

談到我們第二季的財務表現，我們報告了強勁的第二季業績，這符合我們的預期。從營收開始，我們 2024 年第二季的營收年增約 15%，這得益於強大的產品線、PCP 保留率提高至 96% 以及 90% 患者的持續率不斷提高。

Turning next to our medical cost ratio. Medical cost per member per month were $869, a decrease of 6% sequentially, supporting our view of a normalizing utilization trend and reflecting strong execution. Moving on to adjusted EBITDA. We continue to show improvement on a quarter-over-quarter basis, improving our adjusted EBITDA loss by approximately 50%. For the second quarter, our adjusted EBITDA loss was $9 million. The improvement in our medical cost ratio was offset by a conservative reserve approach. Atul will expand on this in his section.

接下來談談我們的醫療費用比率。每位會員每月的醫療費用為 869 美元，環比下降 6%，支持了我們關於使用趨勢正常化的觀點，並反映出強勁的執行力。接下來是調整後的 EBITDA。我們繼續表現出環比改善，調整後 EBITDA 損失減少了約 50%。第二季度，我們調整後的 EBITDA 虧損為 900 萬美元。我們醫療費用比率的改善被保守的準備金方法所抵消。阿圖爾將在他的部分中對此進行詳細闡述。

Overall, we are on track with the initiatives set forth and acknowledge the work that needs to be done to be able to drive us towards sustained profitability. Accordingly, we are reiterating our previous full-year guidance of adjusted EBITDA in the range of positive $20 million to positive $40 million.

總體而言，我們正在按照所提出的舉措走上正軌，並承認需要完成的工作才能推動我們實現持續盈利。因此，我們重申先前的全年調整後 EBITDA 指引範圍為正 2,000 萬美元至正 4,000 萬美元。

With that, I would like to turn it over to our CFO, Atul Kavthekar.

說到這裡，我想將其交給我們的財務長 Atul Kavthekar。

Thank you, Aric. I'll begin today by reviewing our recent quarter and our progress towards achieving our full-year guidance. Following that, I'll share updates on our liquidity position as of the end of the quarter. Second-quarter top-line results were in line with our expectations with capitated revenue of $374 million and total revenue of $379 million, reflecting a growth rate of 15% compared to the previous year. The two key drivers of our revenue growth include our member growth, which increased approximately 23% year over year, to over 128,000 members, along with our funding, which was up approximately 2% year over year. A few notes around this.

謝謝你，阿里克。今天，我將首先回顧我們最近的季度以及我們在實現全年指導方面取得的進展。接下來，我將分享截至本季結束時我們的流動性狀況的最新情況。第二季營收結果符合我們的預期，人均收入為 3.74 億美元，總營收為 3.79 億美元，較上年成長 15%。我們營收成長的兩個關鍵驅動力包括我們的會員成長（年成長約 23%），會員數量超過 128,000 名，以及我們的資金（年增約 2%）。與此相關的一些註解。

First, that level of membership already exceeds the low end of our guidance range for the full year. And second, the second quarter of 2023 included the benefit of a recognition of sweeps revenue in that quarter, which impacts our year-over-year comparison. Our medical margin was $41 million or $107 on a PMPM basis. This reflects a 6% sequential improvement to our medical cost ratio. We consider this a clear demonstration of the impact of our medical expense initiatives and a precursor of continued improvement in our profitability this year and going forward.

首先，該會員水準已經超過了我們全年指導範圍的下限。其次，2023 年第二季包括確認該季度營收的好處，這影響了我們的年比比較。我們的醫療利潤為 4,100 萬美元，以 PMPM 計算為 107 美元。這反映了我們的醫療成本比率較上季提高了 6%。我們認為這清楚地表明了我們的醫療費用計劃的影響，也是我們今年和未來盈利能力持續改善的先兆。

For added context, this includes a modest increase to our reserves in the quarter, reflecting our continued prudence in accruing for potential anticipated claims. We will continue to work with our actuaries and auditors to ensure our reserves are adequately aligned with actual claims paid over the rest of the year.

此外，這包括本季我們的準備金小幅增加，反映出我們在累積潛在預期索賠方面持續審慎。我們將繼續與精算師和審計師合作，確保我們的準備金與今年剩餘時間支付的實際索賠充分一致。

Regarding our operating expense trends, these decreased 14% year over year to be 6% of revenue in the current quarter. This is a continued demonstration of our ongoing focus on expense management. We continue to investigate new opportunities to harvest cost efficiencies, including leveraging technology where appropriate, and are confident in our ability to deliver on smart efficiencies that still support our profitable growth. Adjusted EBITDA loss for the quarter was $9 million or $23 PMPM. Again, this illustrates strong momentum from the first quarter with a 56% sequential improvement.

關於我們的營運費用趨勢，這些費用年減 14%，佔本季營收的 6%。這持續證明了我們對費用管理的持續關注。我們將繼續探索提高成本效率的新機會，包括在適當的情況下利用技術，並對我們實現智慧效率的能力充滿信心，從而仍然支持我們的獲利成長。本季調整後 EBITDA 損失為 900 萬美元，即 PMPM 23 美元。這再次說明了第一季的強勁勢頭，季增了 56%。

During the quarter, we successfully completed a capital raise of approximately $42 million in gross proceeds. This infusion of capital significantly strengthens our balance sheet, providing us with additional financial flexibility to support our path to cash flow positivity and sustainable growth. We ended the quarter with $78 million in cash while cutting our net cash used in operating activities to approximately $10 million, which represents a roughly 50% reduction from Q1.

本季度，我們成功完成了總收益約 4,200 萬美元的融資。此次資本注入顯著增強了我們的資產負債表，為我們提供了額外的財務靈活性，以支持我們實現正現金流和可持續增長的道路。本季結束時，我們擁有 7,800 萬美元現金，同時將經營活動使用的淨現金削減至約 1,000 萬美元，比第一季減少了約 50%。

Turning to the full year, we are reiterating our full-year 2024 guidance. We expect membership to range between 125,000 and 135,000 members, with revenue projected between $1.45 billion and $1.55 billion. Our anticipated medical margin will be between $230 million and $250 million or $165 to $175 on a per member per month basis, and our adjusted EBITDA guidance is $20 million to $40 million in 2024. We are confident in reiterating our guidance for several reasons.

展望全年，我們重申 2024 年全年指引。我們預計會員數量將在 125,000 至 135,000 名之間，收入預計在 14.5 億美元至 15.5 億美元之間。我們預計的醫療利潤將在 2.3 億至 2.5 億美元之間，即每位會員每月 165 至 175 美元，調整後的 EBITDA 指導在 2024 年為 2000 萬至 4000 萬美元。我們有信心重申我們的指導，原因有幾個。

First, as you know, our revenue recognition policy enables us to recognize revenues related to final sweeps once we've received appropriate documentation from our health plan partners and from CMS. At this time, we have received documentation for most of our health plans and are currently working with them to determine these final revenue amounts. We anticipate completion of this work in the second half of the year and expect to recognize this revenue as each plan is finalized. Second, we've talked about our efforts around medical cost management and recorded a nearly 6% sequential reduction in our medical claims expense, PMPM, between the first and second quarter of the year.

首先，如您所知，一旦我們從健康計劃合作夥伴和 CMS 收到適當的文件，我們的收入確認政策使我們能夠確認與最終掃描相關的收入。目前，我們已收到大部分健康計劃的文件，目前正在與他們合作確定這些最終收入金額。我們預計這項工作將於今年下半年完成，並預計在每個計劃最終確定後確認收入。其次，我們討論了我們在醫療成本管理方面所做的努力，並記錄了今年第一季和第二季之間我們的醫療索賠費用 (PMPM) 環比減少了近 6%。

We continue to see traction in important operating metrics, as Dr. Bacchus will elaborate on in a moment, and anticipate further improvements as we continue through the year. Finally, we are committed to capturing additional cost efficiencies in the second half, with several new initiatives already underway. These efficiencies are under the principle of reducing waste without any adverse impact to our members. While this is not an exhaustive list, we see these as major factors driving our optimism for the second half and look forward to reporting our initiatives as they progress through the year.

我們繼續看到重要營運指標的吸引力，正如巴克斯博士稍後將詳細闡述的那樣，並預計我們將在這一年中繼續取得進一步的改進。最後，我們致力於在下半年實現額外的成本效率，多項新措施已經在進行中。這些效率是在減少浪費而不會對我們的會員產生任何不利影響的原則下實現的。雖然這不是一份詳盡的清單，但我們認為這些是推動我們對下半年持樂觀態度的主要因素，並期待報告我們的舉措在一年中取得的進展。

Thank you again for your time, and I'd like to turn it over to Dr. Bacchus to provide some important updates on our clinical operations.

再次感謝您抽出寶貴的時間，我想請 Bacchus 博士提供有關我們臨床操作的一些重要更新。

Thanks, Atul. Let me start by addressing the macro environment that investors follow closely, and how P3 operations are different. We haven't experienced the same level of medical cost inflation as some payers have been reporting. As Aric mentioned earlier, our diversified payer base prevents us from having any meaningful overexposure to a single payer.

謝謝，阿圖爾。首先我要講一下投資人密切關注的宏觀環境，以及P3操作有何不同。我們還沒有經歷過像一些付款人所報告的那樣水平的醫療費用通膨。正如阿里克之前提到的，我們多元化的付款人基礎可以防止我們對單一付款人產生任何有意義的過度暴露。

Turning to some metrics. Our overall admits per 1,000 decreased sequentially, as did our emergency room visits per 1,000. Admits per 1,000 decreased to 11.7% and emergency department visits decreased 10.3%. In addition, we continued to improve on observation rates, demonstrating our ability to execute around the two-midnight rule. Observations per 1,000 sequentially decreased by over 22%, and readmission rates for the company also decreased by 4% to 5% sequentially.

轉向一些指標。每 1,000 人中的入院總人數連續下降，每 1,000 人中的急診室就診人數也有所下降。每 1,000 人的入院率下降至 11.7%，急診就診率下降 10.3%。此外，我們繼續提高觀察率，並展示了我們圍繞午夜兩點規則執行的能力。每 1,000 人的觀察數連續下降超過 22%，公司的再入院率也連續下降 4% 至 5%。

Additionally, we continue to see decreasing utilization in our delegated plans for Part D costs around unnecessary procedures, oncological drug utilization and using appropriate places of service. Our care management and transition of care programs are consistently enhancing the health of our most critically ill patients and contributing to a reduction in our overall medical expenses, including through the use of hospice care where appropriate.

此外，我們繼續看到我們的 D 部分成本委託計劃中圍繞不必要的程序、腫瘤藥物的使用和使用適當的服務場所的利用率不斷下降。我們的護理管理和護理計劃的過渡不斷增強最危重患者的健康，並有助於減少我們的整體醫療費用，包括在適當的情況下使用臨終關懷。

Furthermore, our ability to connect and touch more patients is allowing us to improve in both our quality gap closures and in the understanding of our acuity of our patient mix, thus leading to better knowledge of their conditions and hence, better management.

此外，我們聯繫和接觸更多患者的能力使我們能夠提高填補差距的品質和對患者組合敏銳度的理解，從而更好地了解他們的病情，從而更好地進行管理。

As we look forward into the second half of the year in 2025, our strategy will center on collaborating with our highly committed medical groups and directing patients towards providers with more extensive experience. We plan to complement this approach by integrating enhanced clinical awareness tools directly into providers' EMRs and partnering with enablement specialists. This comprehensive strategy will allow us a greater scope to achieve our goals.

展望 2025 年下半年，我們的策略將集中於與高度投入的醫療團隊合作，並引導患者尋求擁有更豐富經驗的醫療服務提供者。我們計劃透過將增強的臨床意識工具直接整合到提供者的電子病歷中並與支援專家合作來補充此方法。這項全面的策略將使我們能夠在更大的範圍內實現我們的目標。

With that, I'll pass it back to Aric for closing remarks. Aric?

這樣，我會將其傳回給 Aric 進行結束語。阿里克？

Thanks, Amir. In closing, I'm confident in the future of our sector in the health care industry, the compelling P3 business model, our clear path to profitability and our experienced team. We have a growing TAM, a push by CMS to move all seniors into value-based care by 2030, and a market that reflects the opportunities of value-based care with less than 15% of contracts for seniors in a full risk model. As you heard from Amir, P3 is showing improvement across key metrics in Q2, and I believe at my core we are on sound footing and positioned for success. We're not just participating in the health care transformation, we're leading it.

謝謝，阿米爾。最後，我對醫療保健行業的未來、引人注目的 P3 商業模式、清晰的盈利之路以及經驗豐富的團隊充滿信心。我們的 TAM 不斷增長，CMS 推動到 2030 年將所有老年人納入基於價值的護理，並且市場反映了基於​​價值的護理的機會，在完全風險模型中，老年人合約的比例不到 15%。正如您從 Amir 那裡聽到的那樣，P3 在第二季度的關鍵指標上表現出了改善，我相信我們的核心基礎良好，並為成功做好了準備。我們不僅參與醫療保健轉型，而且正在引領它。

Thank you for your time, and I look forward to sharing more about our progress in the near future.

感謝您抽出寶貴時間，我期待在不久的將來分享更多有關我們進展的資訊。

(Operator Instructions) Brooks O'Neil, Lake Street Capital Markets.

（操作員說明）Brooks O'Neil，湖街資本市場。

I have a couple of questions. I'd like to first start by asking, Aric, if you could give us a quick sense for how affiliated providers have responded to the change at the CEO level?

我有幾個問題。首先，我想問 Aric，您能否讓我們快速了解一下附屬提供者如何應對執行長層面的變革？

Brooks, Aric here. Thanks so much for the question. And I've had the chance to get out into the markets and meet with partners. I would say, generally, very positive and it hasn't really created waves at all. I think Sherif, as my successor, was a great partner during this transition over the last 90 days and continues to be.

布魯克斯，阿里克在這裡。非常感謝您的提問。我有機會進入市場並與合作夥伴會面。我想說，總的來說，非常積極，而且根本沒有真正掀起波瀾。我認為謝里夫作為我的繼任者，在過去 90 天的過渡期間是一位出色的合作夥伴，並且將繼續如此。

Great. Let me ask you a different question. So when you and I had dinner together a couple of weeks ago, we talked at some length about the opportunity you have to go deeper in terms of getting access to more Medicare Advantage members per doctor and how that might have a profound impact on your results. Could you just refresh my memory exactly what you said and why you view that as a significant opportunity for P3?

偉大的。讓我問你一個不同的問題。因此，幾週前，當您和我一起共進晚餐時，我們詳細討論了您必須更深入地了解每位醫生接觸更多 Medicare Advantage 會員的機會，以及這可能如何對您的結果產生深遠影響。您能幫我回憶一下您所說的話以及為什麼您認為這是 P3 的一個重要機會嗎？

Yes, Brooks. I appreciate the question. It's a really important part of how we think about value-based care transformation. And so as we discussed that night, whenever we had the chance to meet, the more repetition each clinician gets, the better they're going to be able to practice the new things they're learning and perform on those things.

是的，布魯克斯。我很欣賞這個問題。這是我們如何思考基於價值的護理轉型的一個非常重要的部分。因此，正如我們那天晚上討論的那樣，每當我們有機會見面時，每個臨床醫生重複的次數越多，他們就越能更好地練習他們正在學習的新事物並在這些事物上執行。

And so as we look at our network today, we already have efforts underway, even though it's only been 90 days in, of adding additional density within providers and doing so in a way that is smart growth. And I think that you'll see that over time as we continue to evaluate both the network as well as the payer contracts, where we have opportunities to expand more deeply on a per provider basis. So that panel density is really important for us.

因此，當我們今天審視我們的網路時，我們已經在努力增加提供者內的額外密度，並以明智增長的方式進行，儘管這只是 90 天。我認為隨著時間的推移，隨著我們繼續評估網路和付款人合同，您會看到這一點，我們有機會在每個提供者的基礎上進行更深入的擴展。因此面板密度對我們來說非常重要。

And Aric, refresh my memory, I think you told me that with many of your affiliated providers, you only essentially are touching or have control over a small percent of the providers' total Medicare Advantage enrollment base. Refresh my memory. Roughly what is that number today? And what might you think it could go to down the road?

Aric，請刷新我的記憶，我想您告訴我，對於您的許多附屬提供者來說，您實際上只觸及或控制了提供者 Medicare Advantage 總註冊基數的一小部分。刷新我的記憶。今天這個數字大約是多少？您認為它未來會帶來什麼？

Yes, Brooks. What I'll say is that we have lots of opportunity for growth in our existing networks with our primary care providers to add additional seniors into their panels. And that includes a combination of both Medicare Advantage as well as programs like ACO REACH. And so the density -- yes, so the density that we'd like to get to with each one of our clinicians, as many patients as they can handle within their panels. And we help them manage that with the same processes that we're using with the existing patients that they have today.

是的，布魯克斯。我要說的是，我們與初級保健提供者的現有網絡有很多發展機會，可以將更多的老年人納入他們的小組。這包括 Medicare Advantage 以及 ACO REACH 等計劃的組合。所以密度——是的，所以我們希望每位臨床醫生都能達到密度，他們可以在小組內處理盡可能多的患者。我們幫助他們透過與他們今天對現有患者使用的相同流程來管理這一點。

Great. And then let me just ask Atul one quick one. Atul, I think I heard you mention something about sweep timing, but I confess, it's been a busy day and my brains are a little bit scattered. So could you just rephrase that or say again whether you thought the impact of sweep timing had an impact on the year-over-year comparison here in Q2?

偉大的。然後讓我快速問一下阿圖爾。阿圖爾，我想我聽到你提到了一些關於掃描時間的事情，但我承認，這一天很忙碌，我的大腦有點分散。那麼，您能否重新表達一下，或再次說明您是否認為掃描時間的影響會對第二季的年比比較產生影響？

Yes. So Brooks, a couple of things. So the nature of sweeps in our business, and this is just the reality of it, the timing can be a bit unpredictable whether it falls into one quarter or another. In last year, as you may recall, we had accrued sweeps for calendar '22 final payment in the second quarter, which made that second quarter and therefore, the year-over-year comparison a little bit higher. That's all I was alluding to.

是的。布魯克斯，有幾件事。因此，我們業務中的掃蕩性質，這就是現實，無論是在一個季度還是另一個季度，時間安排都可能有點難以預測。您可能還記得，去年我們在第二季度對 22 日曆年最終付款進行了累積掃款，這使得第二季度的同比比較略高一些。這就是我所暗示的。

Josh Raskin, Nephron Research.

喬許·拉斯金，腎單位研究。

I want to make sure I got this right. Did you say observation stays were down 22% sequentially on a per 1,000 lives? And then I'm just curious, how are you -- like, I guess maybe year over year, an impact of two-midnight rule, it just seems incongruous with what we're hearing from plans and what we're seeing at the provider level.

我想確保我做對了。您是否說過每 1,000 人的觀察停留時間較上季下降了 22%？然後我只是很好奇，你怎麼樣 - 就像，我想也許年復一年，午夜兩點規則的影響，這似乎與我們從計劃中聽到的以及我們在現場看到的不一致提供者級別。

Yes. Josh, this is Amir. Good to see you or good to hear you again. Yes, actually, we were surprised too, as we looked at the data and said, okay, and for us, as you know, we like to be delegated on as many plans or as many lives as we can. So as we do that, we directly work through a concurrent review and monitor that two-midnight rule. It doesn't just come through the plan and we just accept it.

是的。喬什，這是阿米爾。很高興見到你或很高興再次聽到你的聲音。是的，實際上，我們也很驚訝，因為我們查看了數據並說，好吧，對於我們來說，如你所知，我們希望被委派盡可能多的計劃或盡可能多的生活。因此，當我們這樣做時，我們直接進行並發審查並監控午夜兩點的規則。它不只是透過計劃而我們只是接受它。

We're actively working with the hospitals and seeing if those patients meet the two-midnight rule or deny the admission and/or deny the observation today. In doing that, we have the opportunity to reduce it. So for us, yes, after having what we saw in the fourth quarter of 2023, which is a significant increase, we were able to see that bend to 22% sequentially from quarter one to quarter two of 2024.

我們正在積極與醫院合作，看看這些患者是否符合午夜兩點規則或拒絕入院和/或拒絕今天的觀察。透過這樣做，我們有機會減少它。因此，對我們來說，是的，在經歷了 2023 年第四季的顯著成長之後，我們能夠看到這一數字從 2024 年第一季到第二季連續下降至 22%。

All right. So you reacted to 4Q, but I assume 1Q, like you may still be running up year over year, if possible, right?

好的。所以你對第四季度做出了反應，但我認為第一季度，就像你可能仍然在逐年增長，如果可能的話，對嗎？

Say that again, Josh.

再說一遍，喬許。

Your observation stays in terms of like the decrease there, like on a year over year, the 22% is versus 1Q, but I was curious if it was down year over year?

您的觀察結果仍然是同比下降，與第一季相比下降了 22％，但我很好奇它是否同比下降？

I can get back to you on that for sure and tell you what it is year over year. And we can probably have that chat a little bit later or possibly tomorrow.

我可以肯定地回覆您並告訴您年復一年的情況。我們可能可以稍後或明天再聊聊。

All right. No worries. On the 2025 strategy, you're talking about this increased density within the physician, I'm curious how you compare that against other growth opportunities even for increasing density in say local markets by adding local physicians or even potentially new markets and maybe adjacent markets? How are you sort of weighing the pros and cons of those growth avenues?

好的。不用擔心。在2025 年策略中，您談論的是醫生內部密度的增加，我很好奇您如何將其與其他成長機會進行比較，即使是透過增加當地醫生甚至潛在的新市場甚至相鄰市場來增加當地市場的密度？您如何權衡這些成長途徑的利弊？

Josh, this is Aric. Good to hear from you. So thanks for the question. And I think in terms of the strategy that we have, it's really around smart growth. And when we say smart growth is we want to bring in growth that's going to be both profitable as well as cash flow accretive to the business. And as we look at the underwriting for some of the opportunities that we have in front of us, what that means is we're going to try to go deeper in the markets where we are today rather than have something like a big geographic expansion into a new area, because we know those opportunities exist.

喬什，這是阿里克。很高興收到你的來信。謝謝你的提問。我認為就我們的策略而言，它確實圍繞著智慧成長。當我們說明智的成長時，我們希望帶來的成長既能為企業帶來利潤，又能增加現金流。當我們審視擺在我們面前的一些機會的承保時，這意味著我們將嘗試更深入地進入我們今天所處的市場，而不是進行大規模的地理擴張。 。

Okay. That makes sense. And then just last one. Can you just maybe an update on working with health plans and sort of where did you get to before they submitted their bids for MA for 2025? And maybe any contractual changes that you were keen on getting?

好的。這是有道理的。然後就是最後一張。您能否介紹一下與健康計劃合作的最新情況，以及在他們提交 2025 年 MA 投標之前您進行了哪些工作？也許您希望得到任何合約變更？

Yes. Another great question, Josh. Thank you for that one, too. And the team has been working hard. There's a lot of work and a lot of wood left to chop in the rest of the year to get to our 2025 end point. We have several discussions that are currently ongoing.

是的。另一個很好的問題，喬許。也謝謝你。並且團隊一直在努力。為了實現 2025 年的終點，今年剩下的時間還有大量的工作和大量的木材需要砍伐。我們目前正在進行多項討論。

In terms of what we're hearing from the bid process and the bid cycle, very consistent is we're hearing a lot of discussion around rationalizing benefits to match the funding and the trends that people are seeing in the marketplace. And as soon as we have full visibility into what those benefit changes are, we'll have a little better sense of exactly what we think the impact will be across multiple fronts, whether that's AP growth or whether that's overall product performance.

就我們從投標過程和投標週期中聽到的情況而言，非常一致的是，我們聽到了很多關於合理化利益以匹配資金和人們在市場上看到的趨勢的討論。一旦我們全面了解這些收益變化是什麼，我們就會更了解我們認為影響將在多個方面產生的影響，無論是應用程式成長還是整體產品性能。

David Larsen, BTIG.

大衛‧拉森，BTIG。

This is Jenny Shen on for Dave. I just wanted to touch on, you mentioned some of your conversations that you're having with your auditors. I know that in Q1 of '24, they were asking you guys to reserve about 9% of your claims cost, which was up from the 3% to 5% historically. What is that trending at now? And just how are those conversations progressing?

這是戴夫 (Dave) 的珍妮沉 (Jenny Shen)。我只是想談談，您提到了您與審計師的一些對話。我知道在 24 年第一季度，他們要求你們保留大約 9% 的索賠費用，這比歷史上的 3% 到 5% 有所上升。現在的趨勢是什麼？這些對話進展如何？

Well, the conversations are progressing very well, but just one finer point. The conversations are really with our actuaries. So the actuaries are the third parties that are reviewing claims triangles, establishing risk levels and PAD factors and then assessing what they think our reserves ought to be. So to answer your question, those conversations are going very well. We have been working with them since our last call and we continue to work with them, and we'll continue going forward working with them, helping them understand some of the nuances with each of our contracts.

嗯，對話進展順利，但還有一點要注意。這些對話其實是與我們的精算師進行的。因此，精算師是第三方，他們正在審查索賠三角、確定風險等級和 PAD 因素，然後評估他們認為我們的準備金應該是多少。因此，回答你的問題，這些對話進展順利。自從上次通話以來，我們一直在與他們合作，並將繼續與他們合作，我們將繼續與他們合作，幫助他們了解我們每份合約的一些細微差別。

Each one of our contracts is just a little bit different in terms of the risk profile and the nature of some of the information. One of the things that we're going to be stressing with them going forward are some of the really excellent operational characteristics and KPIs that we are seeing, and having them factored into their calculus. In fact, we had a few of the plans where the actuaries determined that it was appropriate at the time in the quarter for us to actually reduce some of that PAD factor, that safety factor that they apply. And we'll continue working with them as we go forward. So hopefully, that answers your question.

我們的每一份合約在風險狀況和某些資訊的性質方面都略有不同。未來我們要向他們強調的事情之一是我們看到的一些非常出色的營運特徵和 KPI，並將它們納入他們的計算中。事實上，我們制定了一些計劃，精算師認為在本季的某個時候，我們應該實際減少一些 PAD 係數，也就是他們所應用的安全係數。我們將繼續與他們合作，繼續前進。希望這能回答你的問題。

Yes. Is the 9% pretty similar to what it was in Q2? Or has it gone down from there?

是的。9% 與第二季的情況非常相似嗎？還是從那裡開始下降了？

It has gone down. We'd like to see that go down further, but we will continue to work with it on a plan-by-plan basis. It's not an aggregated percentage factor. It is at a specific plan by plan level. Some of them have been reduced, absolutely.

它已經下降了。我們希望看到這一情況進一步下降，但我們將繼續按計劃進行合作。它不是一個匯總的百分比因素。它是按計劃級別制定的具體計劃。其中一些已經絕對減少了。

Okay. That sounds great. And just for a quick follow-up, just wanted to ask about V28. Any updates there? One of your peers recently said that they expect it to have a 2% impact on 2024. I was wondering if you could help quantify what you think the impact will be for P3?

好的。聽起來很棒。只是為了快速跟進，只是想詢問 V28。有更新嗎？您的一位同行最近表示，他們預計這對 2024 年會產生 2% 的影響。我想知道您是否可以幫助量化您認為對 P3 的影響？

So thanks, Jenny. This is Amir. Again, as we've had this conversation before with Version 24 adapting to 28, obviously, going into our last year of it, we with our baseline RAF for us at basically around 1.0 overall for the company, we knew and we have always felt that we can continue to improve the RAF despite Version 28, and we've done that. I don't have an exact number or percent that I can give you right now today. However, we could tell you, as we just described in the call, that we had an actual overall revenue lift based on what we saw from our RAF.

謝謝，珍妮。這是阿米爾。再次強調，正如我們之前就版本 24 適應 28 進行過這樣的對話，顯然，進入我們的最後一年，我們的 RAF 基線基本上為公司整體的 1.0 左右，我們知道並且我們一直覺得儘管有版本28，我們仍可以繼續改進RAF，而且我們已經做到了。今天我無法向您提供確切的數字或百分比。然而，正如我們剛剛在電話中所述，我們可以告訴您，根據我們從 RAF 看到的情況，我們的實際總體收入有所提升。

And I think as Atul described earlier on, we had about a 2% increase in our overall revenue, which bodes well as we look at our current and continued MRA, or medical risk adjustment activities. So we're confident as we continue to move not only from what we've seen in the past, but where we're going towards in the future. We're continuing to improve that as we stand today.

我認為，正如 Atul 之前所描述的那樣，我們的整體收入成長了約 2%，這對我們目前和持續的 MRA（醫療風險調整活動）來說是個好兆頭。因此，我們充滿信心，不僅繼續前進，而且繼續朝著未來的方向前進。我們今天正在繼續改進這一點。

Ryan Langston, TD Cowen.

瑞安·蘭斯頓，TD·考恩。

We've heard some of the insurers talk about simplifying contracts, maybe reevaluating footprints into 2025. Have you had any of those discussions with your payer partners or any, I guess, anticipated changes that you know of in '25 that you'd be willing to call out?

我們聽到一些保險公司談論簡化合同，或許會重新評估 2025 年的足跡。您是否與您的付款合作夥伴進行過任何此類討論，或者您是否願意提及您所知道的 25 年預期的任何變化？

Ryan, thanks for the question. This is Aric Coffman. I'll give it a start and then have the team answer anything additionally. But absolutely, we've had these conversations with our payer partners. And I think that a lot of folks in the space on the payer side are taking a hard look at what counties work. And we think about the business a lot the same way.

瑞安，謝謝你的提問。這是阿里克·科夫曼。我會先開始，然後讓團隊回答任何問題。但絕對的是，我們已經與我們的付款合作夥伴進行了這些對話。我認為支付方領域的許多人正在認真研究各縣的工作方式。我們對業務的思考方式也非常相似。

This is a county-by-county view of how the bids are built up and what their products look like and the success that they have or hadn't had. That will be a continuing process. And as I mentioned a little bit earlier, we're in the early stages of getting to our completion for what 2025 will look like. So all that's still in discussion. I think it will be a little bit premature for us until we get visibility into everything around benefit design and how that's shaking out for the plans as to exactly what that will look like heading into 2025. But it's a big priority for us, and we've got our attention on it.

這是逐個縣的視圖，展示了投標是如何建立的、他們的產品是什麼樣子以及他們已經或沒有取得的成功。這將是一個持續的過程。正如我之前提到的，我們正處於完成 2025 年目標的早期階段。所以所有這些仍在討論中。我認為，在我們了解福利設計的所有方面以及它對計劃的影響以及進入 2025 年的具體情況之前，現在對我們來說還為時過早。但這對我們來說是一個重要的優先事項，我們已經對此予以關注。

Yes. And Ryan, this is Bill Bettermann. I would just add that in addition to looking at payers, we also, as I've talked in the past, are looking at our providers as well, right? Are they performing at the level that we would expect. And so we're evaluating not just our payers, but as well as the providers that we're working with.

是的。瑞安，這是比爾貝特曼。我想補充一點，除了關注付款人之外，正如我過去所說，我們也在關注我們的提供者，對嗎？他們的表現是否達到我們預期的水平？因此，我們不僅評估我們的付款人，還評估與我們合作的提供者。

Got it. And then just one quick one for me. How should we think about maybe free cash flow for the rest of the year. I don't think I heard anything in the prepared remarks, but it looks like the loss narrowed a bit -- actually, I should not say a bit, a pretty decent amount at least from the first half of this year to last year. But just curious, anything on cadence of that or maybe where we might end the year on free cash?

知道了。然後給我一個快速的。我們應該如何考慮今年剩餘時間的自由現金流。我想我在準備好的發言中沒有聽到任何內容，但看起來損失縮小了一些——實際上，我不應該說一點，至少從今年上半年到去年，這是一個相當不錯的數字。但只是好奇，有什麼節奏或我們可能會在年底獲得免費現金嗎？

Yes, Ryan, this is Atul Kavthekar. First, welcome. I'm glad you're part of the team here. But yes, we are expecting really the second half of the year probably to look a lot like the first half of the year in terms of cash burn. One of the things that I think will be a potential uptick factor is with regards to the time lag that some of the cost reductions that we are expecting in the third and fourth quarter to actually show up kind of through the claims lag and surface themselves within the delegated plans that we have.

是的，Ryan，我是 Atul Kavthekar。首先，歡迎。我很高興你是這裡團隊的一員。但是，是的，我們預計下半年的現金消耗可能與上半年非常相似。我認為潛在上升因素之一是關於時間滯後，我們預計第三季和第四季的一些成本削減實際上會透過索賠滯後而顯現出來，並在內部浮現。

So that's a direct reduction in the cash outflow for paying claims that we hope to see in the year. But it's really a factor of timing. There's a lot of other factors that go into it as well. I don't want to oversimplify it, but I think the takeaway should be something along the lines of the second half will be very similar to the first half.

因此，我們希望在今年看到支付索賠的現金流出的直接減少。但這確實是時間因素。還有很多其他因素。我不想過於簡化，但我認為下半場的要點應該與上半場非常相似。

Ryan Daniels, William Blair.

瑞恩·丹尼爾斯、威廉·布萊爾。

This is Jack Senft on for Ryan Daniels. The first half medical margin totaled around $78 million. So your full-year guide implies a pretty solid improvement in the back half of this year. Can you just talk about the visibility you have here in achieving that? And just your confidence level of hitting this metric, like really, should we kind of think about this as a function of the expected revenue coming in that you mentioned in your prepared remarks against the general medical margin improvement?

我是瑞恩·丹尼爾斯的傑克·森夫特。上半年醫療利潤總額約7,800萬美元。因此，您的全年指南意味著今年下半年將取得相當堅實的進步。您能談談您在實現這一目標方面的知名度嗎？您對達到這一指標的信心水平，就像真的一樣，我們是否應該將其視為您在準備好的針對整體醫療利潤率改善的評論中提到的預期收入的函數？

Yes. No, thanks for the question. Let me start off and then I'm sure some of my colleagues may want to add on to it. But I wouldn't put it all on the expectation on revenue improvement. One of the things that we talked about is the expectation. And again, it's a matter of timing when we settle with the health plans on an individual basis, what the -- any adjustments related to the sweeps accrual will be and when they show up, but we expect those in the second half of the year. So those are things that we have increasing visibility into.

是的。不，謝謝你的提問。讓我開始吧，然後我確信我的一些同事可能想補充一下。但我不會把這一切都放在對收入改善的預期上。我們談論的事情之一是期望。再說一遍，當我們根據個人情況制定健康計劃時，這只是一個時間問題，與應計費用相關的任何調整將會是什麼，以及它們何時出現，但我們預計這些調整將在今年下半年進行。因此，我們對這些事情的了解越來越多。

And the other part that is going to be a big factor here is the medical cost reduction. And we saw a pretty significant movement from Q1 to Q2. Our expectation, given everything that we see and here in the field and seeing the data suggests that we should be able to get at least that much of an improvement going into the back half of the year. And so those are really the two things that factor together that give us increased confidence in our ability to hit.

另一個重要因素是醫療成本的降低。我們看到從第一季到第二季發生了相當大的變化。考慮到我們在現場看到的一切以及看到的數據，我們的期望表明我們應該能夠在今年下半年獲得至少這麼多的改進。因此，這兩件事確實結合在一起，讓我們對自己的擊球能力更有信心。

Okay. If I can ask another quick second question. In your prepared remarks too, I think you noted that you guys identified provider groups that could be elevated, which I'm assuming those are just some that are underperforming on average. So when it comes to kind of like elevating those providers, what does the process typically look like? Is it fairly easy to encourage them to kind of perform more efficiently? Or just kind of what are the puts and takes here before exiting the relationship?

好的。如果我可以問另一個快速的第二個問題。在您準備好的發言中，我想您也注意到，您確定了可以提升的提供者群體，我假設這些只是一些平均表現不佳的提供者群體。那麼，當涉及到提升這些提供者的層級時，流程通常是什麼樣的呢？鼓勵他們提高工作效率是否容易？或者只是在退出關係之前，這裡的看跌期權是什麼？

Yes. Thanks for the question. So as Aric described earlier in the conversation in the prepared remarks, getting density into those practices is very important. And the more you get into their mind share of what they need to be doing, then you get them practicing more efficiently. So for us, even in our large practices that we have, we're having conversations with them to sit there and say, can we concentrate some of the patients into even more experienced providers?

是的。謝謝你的提問。因此，正如阿里克在前面準備好的談話中所描述的那樣，將密度融入這些實踐中是非常重要的。你越深入了解他們需要做什麼，就能讓他們更有效地練習。因此，對我們來說，即使在我們擁有的大型診所中，我們也會與他們進行對話，並說，我們是否可以將一些患者集中到更有經驗的提供者那裡？

In doing so, you can create better results, right? So those are some of the things in the conversations we're starting to have with some of our large groups in the different markets to actually have them improve even better than where they stand today. The incentives that we align with them as well as the share in the surplus savings aligned to that very thing as well as our back-end care management programs, et cetera, that work directly with those practices to achieve those results, all working hand in hand. So we are confident, especially with the enthusiasm we have with our providers, to be able to move more in that accord versus some of the practices that may have very, very minimal lives that are not used to and want to do Medicare Advantage risk. So those types of conversations are the ones that we're having today.

這樣做，你可以創造更好的結果，對吧？因此，這些是我們開始與不同市場中的一些大型集團進行對話的一些內容，以實際上讓他們比現在的水平取得更好的進步。我們與他們保持一致的激勵措施以及與此相關的盈餘儲蓄份額以及我們的後端護理管理計劃等，這些計劃直接與這些實踐相結合以實現這些結果，所有這些都是齊頭並進的手。因此，我們有信心，尤其是我們對醫療服務提供者的熱情，能夠在這方面採取更多行動，而不是採取一些做法，這些做法的生命可能非常非常短，他們不習慣並且想要承擔醫療保險優勢風險。所以這些類型的對話就是我們今天正在進行的對話。

And I'll add, this is Aric, a couple of finer points here, too, agreed with everything Amir said. We additionally have made specific investments in the network and in our capability set that will enhance their ability to perform. And then we've stratified groups to understand because it's not just about people that are underperforming, it's also about people that might be in the middle and moving the middle up a bit as well.

我要補充一點，這是阿里克，這裡也有一些更好的觀點，我同意阿米爾所說的一切。我們也對網路和我們的能力進行了具體投資，這將增強他們的執行能力。然後我們對群體進行分層來理解，因為這不僅涉及表現不佳的人，還涉及可能處於中間位置以及將中間位置向上移動的人。

And so those are some of the tactics that we've deployed that will give them better access and quicker access to more information on their performance and allow us to win more real time, address anything that comes up or maybe there's a misunderstanding or maybe they need more education. And this is a -- one of the things that we emphasize, this is a relationship heavy business. And so it's those relationships then in the market with a 96% persistent providers and 90% persistent patients, that's the other place where we get a lot of efficiencies in the way we think about the provider panels and network.

因此，這些是我們部署的一些策略，這些策略將使他們能夠更好地訪問和更快地訪問有關其表現的更多信息，並使我們能夠贏得更多實時信息，解決出現的任何問題，或者可能存在誤解，或者可能他們需要更多的教育。這是我們強調的事情之一，這是一項關係重的業務。因此，正是市場上與 96% 的持續提供者和 90% 的持續患者的關係，這是我們在考慮提供者小組和網絡的方式上獲得很大效率的另一個地方。

This concludes our question-and-answer session and the P3 Health Partners second-quarter 2024 earnings call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和 P3 Health Partners 2024 年第二季財報電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。