LifeStance Health Group, Inc. (LFST): Business Model Canvas [Dec-2025 Updated]

You're looking to understand exactly how LifeStance Health Group, Inc. is making money and scaling up in the tricky mental health space, especially after their Q3 2025 results signaled a real pivot to profitable scale. Honestly, when you see that 91% of revenue comes from commercially insured patients and they are managing a clinician base of about 8,000 across a hybrid platform, you know the underlying model is critical. This isn't just about adding centers; it's about efficient delivery. So, let's map out the nine building blocks that underpin their strategy to hit that $1.41 billion to $1.43 billion revenue guidance for the full year, and see where the real leverage is hiding.

LifeStance Health Group, Inc. (LFST) - Canvas Business Model: Key Partnerships

You're looking at the core external relationships LifeStance Health Group, Inc. relies on to deliver care and scale its platform as of late 2025. These partnerships are critical because they feed the patient volume and provide the infrastructure necessary for their hybrid care model to function profitably.

The payer mix is the financial bedrock. LifeStance Health Group, Inc. is in-network with more than 300 insurance plans. This broad network access is key to keeping patient costs down and driving volume. For the full year 2024, the company reported that 91% of its revenue came from commercial in-network payors. To give you a sense of concentration, UnitedHealthcare and Elevance Health, Inc. alone accounted for 17% and 15% of total revenue, respectively, for the year ended December 31, 2024.

The relationship with digital health platforms is a newer, high-potential growth lever. The strategic partnership with Calm Health is designed to enhance the patient funnel by routing high-acuity referrals directly into the LifeStance Health Group, Inc. network. This is a direct play to capture patients needing immediate, structured care. We're watching for tangible volume growth from this channel in the Q4 2025 results.

Referrals from the broader medical community remain a vital source of patient acquisition. LifeStance Health Group, Inc. maintains a large base of referring partners, including primary care physicians (PCPs), specialist physicians, and various health systems. These relationships ensure a steady flow of patients needing specialized mental healthcare services from trusted sources.

The operational efficiency you see in the latest numbers is directly tied to technology vendor relationships, especially concerning AI and Electronic Health Record (EHR) platforms. The company is actively implementing digital AI-type tools to address the heavily manual nature of the business. This investment is paying off in the numbers:

Technology Partnership Impact Area	Metric	Latest Real-Life Number (as of Q3 2025)
Operational Efficiency (AI)	Adjusted EBITDA Growth (Y/Y)	31% (Q3 2025)
Billing & Collections Tech	Days Sales Outstanding (DSO)	31 days (Lowest since IPO)
Overall Clinician Base Size	Total Clinicians	7,996 (End of Q3 2025)
Patient Volume	Quarterly Visits	2.3 million (Q3 2025)

The focus on technology is clearly driving operating leverage. In Q3 2025, revenue grew 16% year-over-year, but General and Administrative (G&A) expenses only increased by 10%. This difference shows the technology investments are scaling faster than corporate overhead.

The company's ability to manage these external relationships is also reflected in its cash management. LifeStance Health Group, Inc. generated a strong $17.0 million in free cash flow in Q3 2025 alone. This signals that the in-network contracts and referral sources are converting into sustainable, self-funding operations.

Here are the key external relationship categories that feed the LifeStance Health Group, Inc. model:

• Commercial Health Insurers (300+ plans)
• Calm Health (High-acuity digital referrals)
• Primary Care Providers (PCPs) (Large base of regional referrers)
• Specialist physicians and health systems (Network providers)
• Technology vendors (AI/EHR platforms)

Finance: draft 13-week cash view by Friday.

LifeStance Health Group, Inc. (LFST) - Canvas Business Model: Key Activities

You're running a massive, multi-state mental healthcare delivery system, so your key activities have to be about scale, quality, and efficiency. LifeStance Health Group, Inc. (LFST) focuses intensely on the engine of its business: its clinicians and the technology supporting them.

Clinician recruitment and retention

Attracting and keeping licensed professionals is paramount in this sector. LifeStance Health Group, Inc. reported a sequential net increase of 288 new clinicians in the third quarter of 2025, which was their strongest quarter to date for net adds. This growth pushed the total clinician base to 7,996 professionals as of September 30, 2025, representing an 11% year-over-year increase. To support this, existing clinicians also saw productivity gains, with a 5% jump in productivity during Q3 2025, the largest quarterly increase ever recorded by the company. This dual focus on adding staff while improving their output is critical for scaling care delivery.

Key clinician-related metrics from the latest report include:

• Net clinician additions in Q3 2025: 288
• Total clinician base (as of Q3 2025): 7,996
• Year-over-year clinician base growth: 11%
• Largest quarterly productivity jump (Q3 2025): 5%

Delivering virtual and in-person outpatient mental healthcare

The core activity is the actual delivery of care through a hybrid model. In the third quarter of 2025, LifeStance Health Group, Inc. managed to increase total visit volumes by 17% year-over-year, reaching 2.3 million visits for the quarter. This volume growth, combined with operational leverage, drove significant financial results. You can see the scale of the operation reflected in the top-line performance for the period.

Here's a look at the Q3 2025 operational and financial output:

Metric	Amount/Value (Q3 2025)
Total Revenue	$363.8 million
Visit Volumes	2.3 million
Net Income	$1.1 million
Adjusted EBITDA	$40.2 million
Adjusted EBITDA Margin	11.1% of revenue
Free Cash Flow	Positive $17.0 million

The company achieved its second quarter of positive net income this year, hitting $1 million in Q3 2025.

Managing a national network of over 550 centers

LifeStance Health Group, Inc. maintains a physical footprint to support its hybrid model. The company operates a national network of over 550 centers across 33 states. This physical presence is key for in-person utilization and for attracting clinicians who prefer a mix of settings. The profitability of these physical locations, before corporate overhead, is tracked closely via the Center Margin metric.

Center Margin performance for Q3 2025 was $116.6 million, which represents 32.0% of total revenue. For the full year 2025, the company raised its guidance midpoint for Center Margin to between $448 million and $462 million.

Payer engagement to maintain in-network status

Securing and maintaining favorable payer contracts is a constant, necessary activity to ensure affordable patient access and consistent reimbursement. A key indicator of success in the billing and collections process is the Days Sales Outstanding (DSO), which reflects how long it takes to get paid by insurance companies. LifeStance Health Group, Inc. reported that DSO dropped to 31 days in Q3 2025, marking the lowest level since the company's Initial Public Offering. This suggests their payer engagement and related technology investments are paying off in working capital efficiency. The company also engages in pay-for-performance models with some regional payers, focusing on longitudinal engagement and quality metrics.

Developing and deploying proprietary technology tools

The shift to operating leverage is heavily reliant on technology deployment to reduce manual work. Management explicitly noted the opportunity to implement technology, including digital AI-type tools, to improve operations. This activity includes rolling out new tools to streamline administrative burdens that previously required more staff-a strategy that is now showing up in the financial results, with General and Administrative (G&A) expenses growing only 10% while revenue grew 16% in Q3 2025. Specific technology deployments include:

• AI-enabled scheduling and documentation tools contributing to Q3 2025 Adjusted EBITDA of $40.2 million.
• A clinician cash incentive program launched in May 2025 to reward improved patient access.
• A patient engagement platform implemented to enhance acquisition and retention.
• Proprietary online booking and intake experience, first unveiled in 2022, continuing to modernize patient interaction.

Finance: draft 13-week cash view by Friday.

LifeStance Health Group, Inc. (LFST) - Canvas Business Model: Key Resources

You're looking at the core assets that power LifeStance Health Group, Inc.'s national mental healthcare platform as of late 2025. These aren't just line items; they are the engines driving scale and access in a market hungry for behavioral health services. Honestly, the sheer size of the human capital and physical footprint is what sets them apart right now.

The most critical resource is the professional base. As of the third quarter of 2025, LifeStance Health Group, Inc. reported a clinician base of 7,996 professionals, with the CEO noting they are bringing the team to approximately 8,000 clinicians. This massive network includes psychiatrists, advanced practice nurses, psychologists, and therapists, all employed through subsidiaries and supported practices. This scale is the primary lever for revenue growth, which is projected to hit up to $1.43 billion for the full fiscal year 2025.

The operational infrastructure supporting these clinicians is built around a hybrid care platform. This allows for flexibility, supporting both virtual and in-person visits. To be fair, the virtual component is dominant; in mid-2025, about 70% of all sessions were conducted via telehealth, showing a strong reliance on their digital delivery mechanism. This digital backbone is essential for managing the high volume of care, which reached 2.3 million visits in Q3 2025 alone.

Physically, LifeStance Health Group, Inc. maintains a significant presence across the country. They operate a physical network of over 550 centers spread across 33 states. This geographic reach is key to serving a broad payer base and capturing regional demand.

On the financial side, liquidity remains a key resource for operational flexibility and continued investment. LifeStance Health Group, Inc. ended Q3 2025 with $203.9 million in cash and equivalents. This strong cash position, coupled with achieving positive Free Cash Flow of $17.0 million in Q3 2025, gives them the flexibility to run the business and execute strategy, including potential acquisitions in the second half of 2025.

Finally, the technology platform is a foundational, albeit currently resource-intensive, asset. LifeStance Health Group, Inc. is actively working on standardizing its operations by unifying its Electronic Health Record (EHR) and practice management systems. This integrated platform is designed to share clinical information, track outcomes, and support their collaborative care model. While management noted in mid-2025 that they were still 'incredibly inefficient' regarding technology use, the investment in unifying these systems is a strategic resource aimed at driving future operating leverage and efficiency into 2026 and beyond.

Here's a quick look at the quantifiable scale of these key resources as of the latest reporting period:

Resource Category	Specific Metric	Latest Reported Value (Late 2025)
Human Capital	Clinician Base (End of Q3 2025)	7,996 clinicians
Physical Footprint	Number of Centers	Over 550 centers
Physical Footprint	States of Operation	33 states
Financial Strength	Cash and Equivalents (End of Q3 2025)	$203.9 million
Operational Scale	Quarterly Visit Volume (Q3 2025)	2.3 million visits
Technology Platform	Telehealth Visit Percentage (Mid-2025 Estimate)	About 70% of sessions

The focus on standardizing the EHR and practice management systems is a direct investment in making the existing clinician base more productive. If onboarding takes 14+ days, churn risk rises, so system efficiency is defintely tied to retaining talent.

You should track the progress on G&A (General and Administrative) expense leverage against the technology investment; that's where the promised efficiency gains will show up in the 2026 numbers. Finance: draft 13-week cash view by Friday.

LifeStance Health Group, Inc. (LFST) - Canvas Business Model: Value Propositions

You're looking at the core reasons why patients choose LifeStance Health Group, Inc. (LFST) over other options. It boils down to making quality mental healthcare fit into real life, financially and logistically.

Accessible, affordable, personalized mental healthcare

The value starts with accessibility, which LifeStance Health Group, Inc. frames around its payer strategy. The focus is heavily on commercial insurance, meaning minimal exposure to government pay risks, which helps stabilize the financial offering for many patients. This focus on commercial payers is a deliberate choice to keep the service within reach for a large working population. The total revenue per visit in the third quarter of 2025 settled at $158, which is a key metric for understanding the realized value capture per patient interaction. This structure aims to deliver personalized care that is financially viable for the majority of their covered population.

Hybrid model: virtual (over 70% of visits) and in-person care

The flexibility of the hybrid model is a major draw. Offering both virtual and in-person care is a key differentiator in today's environment. While specific Q3 2025 data isn't public, the model consistently supports a high volume of remote care, historically seeing virtual visits account for over 70% of all visits. This blend helps meet patients where they are, whether that's from home or at one of the physical locations. It's a model that definitely supports continuity of care.

Comprehensive in-network coverage with most major payers

A significant part of the value proposition is the breadth of insurance acceptance. By maintaining in-network status with most major commercial payers, LifeStance Health Group, Inc. reduces the out-of-pocket burden for patients, making ongoing treatment more sustainable. This network depth is what allows the high volume of commercial utilization we see in the numbers. If you're insured by one of those major carriers, the path to care is much clearer.

Full spectrum of services: medication management, therapy, testing

LifeStance Health Group, Inc. offers a comprehensive suite of services under one roof. This means a patient can potentially receive psychiatric evaluations, medication management, psychological testing, and various forms of therapy without needing to coordinate multiple external providers. The scale of the operation supports this breadth, with the clinician base reaching 7,996 professionals by the end of Q3 2025. They operate across more than 550 centers in 33 states, giving them a national footprint to deliver these varied services.

Improved patient access with 17% organic visit growth (Q3 2025)

The market is clearly responding to the value offered, as evidenced by strong growth metrics. In the third quarter of 2025, the company delivered a remarkable 17% organic visit growth year-over-year. This growth reflects both adding new clinicians and improving how efficiently existing ones see patients. Total visit volumes hit 2.3 million for that quarter alone, showing that the model is successfully increasing patient access to necessary care. The visits per average clinician also improved by 5% year-over-year, which is a testament to productivity initiatives.

Here are the key operational metrics from the third quarter of 2025 that underpin these value propositions:

Metric	Q3 2025 Value	Context
Total Visit Volumes	2.3 million	Increased 17% year-over-year
Organic Visit Growth	17%	Year-over-year growth rate
Total Clinicians	7,996	An 11% increase year-over-year
Organic Clinician Net Adds	288	A record number for the quarter
Revenue Per Visit	$158	Reported as flat year-over-year
Adjusted EBITDA Margin	11.1%	Highest margin since going public

The ability to scale the team by adding a record 288 organic clinicians in the quarter, while simultaneously boosting productivity, is what drives that 17% volume increase. That's the engine behind the improved access.

LifeStance Health Group, Inc. (LFST) - Canvas Business Model: Customer Relationships

You're looking at how LifeStance Health Group, Inc. keeps its patients engaged and its clinicians busy. It's a high-volume, tech-supported relationship model built on access and insurance coverage.

Tech-enabled self-service for scheduling and check-in

LifeStance Health Group is investing in standardizing its local operating model, which includes developing routine digital tools for the patient journey. For example, executives specifically mentioned the rollout of an online patient check-in tool as a key accomplishment from administrative spending. This supports the hybrid care model where approximately 70% of all sessions were delivered via telehealth as of early 2025.

Dedicated call center for converting inquiries to appointments

While specific call center conversion rates aren't public, the focus on patient acquisition and retention is clear through platform investment. LifeStance Health recently implemented a patient engagement platform designed to improve acquisition and retention by fostering a stronger connection with the patient. This complements the growth in capacity, which saw the clinician base expand to 7,996 professionals by the end of Q3 2025.

High-touch, continuous care provided by licensed clinicians

The relationship is defined by the sheer scale of the clinical team and the volume of care delivered. As of Q3 2025, LifeStance Health Group employed 7,996 licensed mental health clinicians across 33 states. This capacity supported 2.3 million patient visits in Q3 2025 alone, a 17% year-over-year increase. Patient continuity is a focus; in 2024, 86% of patients had two or more visits with their clinicians.

The operational metrics supporting this relationship scale are detailed below:

Metric	Period/Date	Value
Total Clinicians	Q3 2025	7,996
Total Clinicians	December 31, 2024	7,424
Quarterly Visit Volume	Q3 2025	2.3 million
Quarterly Visit Volume Growth (Y/Y)	Q3 2025	17%
Unique Patients Treated	2024	Over 940,000
Total Visits Delivered	2024	Approximately 7.9 million

Loyalty built through in-network affordability

Affordability, driven by payor relationships, is a core component of loyalty. LifeStance Health Group's model is heavily weighted toward commercial insurance, which provides stability for clinicians and affordability for patients. As of the 2024 year-end, 91% of the company's revenue was derived from commercial in-network payors. Government payor exposure is minimal, totaling around 5% of revenue. The company raised its full-year 2025 Adjusted EBITDA guidance to a range of $146 million to $152 million, signaling operational leverage that supports this value proposition.

Digital communication for appointment reminders and follow-up

The hybrid model necessitates strong digital touchpoints for continuity of care. The company is also applying technology, including plans to soon roll out AI tools for clinician documentation, which is intended to enhance clinician satisfaction and allow them to focus more on patient care. The company uses its digital capabilities for efficient patient matching during onboarding and to streamline referrals.

• Hybrid Care Split (Early 2025): Approximately 70% of sessions via telehealth.
• Clinician Base Growth (Q1 2025 Sequential Net Add): 152 clinicians.
• Clinician Base Growth (Q3 2025 Sequential Net Add): Record 288 clinicians.

LifeStance Health Group, Inc. (LFST) - Canvas Business Model: Channels

You're looking at how LifeStance Health Group, Inc. (LFST) gets its services in front of the people who need them. It's a hybrid approach, blending the physical footprint with a strong digital push.

Virtual care delivery via telehealth platform

The digital channel is significant. As of the second quarter of 2025, about 70% of sessions were conducted via telehealth, showing a clear preference for remote access among patients. The total volume of visits in the third quarter of 2025 hit 2.3 million, a 17% increase year-over-year, driven by both clinician growth and productivity improvements across both care settings.

Physical network of over 550 outpatient centers

LifeStance Health Group, Inc. maintains a substantial brick-and-mortar presence to support in-person needs. As of late 2025, the company operates across 33 states with a network of over 550 centers. Management indicated plans to open another 20-25 new centers during the 2025 fiscal year.

Direct-to-consumer digital marketing and website

The company uses digital channels to attract patients directly, though the most granular spend data available is from 2023. In that year, LifeStance Health allocated $6.7 million to targeted digital advertising, including programmatic and search engine marketing. For direct patient marketing in 2023, the investment was $4.2 million, with targeted online advertising showing a 3.5% conversion rate. The company is also investing in AI-assisted scheduling and documentation tools to improve appointment conversion rates.

Referral network from partner PCPs and specialists

Referrals from established healthcare players are a core volume driver. LifeStance Health Group, Inc. has built strategic relationships across the payer and provider landscape. The company established partnerships with 127 insurance providers and 89 regional healthcare networks as of 2023 data. These relationships are key to driving patient volume, especially as the company focuses on commercial insurance streams.

Strategic digital partnerships like Calm Health

New digital alliances are designed to broaden reach and streamline patient acquisition. LifeStance Health entered a strategic partnership with Calm Health in late 2025. This collaboration guides Calm Health users identified as needing more intensive support directly to LifeStance providers for services like therapy and psychiatry, either in-person or virtually. This is expected to introduce a younger patient demographic and diversify referral channels.

Here's a quick look at the scale of the physical and digital reach as of the third quarter of 2025:

Channel Metric	Value/Count	Period/Note
Total Clinicians Employed	7,996	Q3 2025
Total Outpatient Centers	Over 550	As of Q3 2025
Total Quarterly Visits	2.3 million	Q3 2025
Percentage of Visits via Telehealth	~70%	As of Q2 2025
Insurance Provider Partnerships	127	2023 Data

The channels LifeStance Health Group, Inc. uses to connect with patients include:

• Direct access via the company website and digital marketing.
• In-person appointments at the physical outpatient center network.
• Seamless referrals from the Calm Health digital platform.
• Volume driven by established payer contracts and health system relationships.
• Virtual care delivery through the proprietary telehealth platform.

Finance: draft 13-week cash view by Friday.

LifeStance Health Group, Inc. (LFST) - Canvas Business Model: Customer Segments

You're looking at the core patient base for LifeStance Health Group, Inc. as of late 2025. The company targets a broad spectrum of individuals needing mental healthcare, but the financial engine is clearly focused on a specific payer type.

The primary demographic served by LifeStance Health Group, Inc. includes children, adolescents, and adults experiencing a variety of mental health conditions, seeking outpatient therapy and psychiatric services. The scale of this operation is significant, employing approximately 7,996 clinicians as of the third quarter of 2025.

The financial structure heavily relies on one segment:

• Patients covered by commercial health insurers, which is the main driver of revenue.

The company's operational footprint defines the geographic reach of these customer segments:

Geographic Metric	Data Point (Late 2025)
Number of States of Operation	33
Number of Physical Centers	More than 550
Total Quarterly Visits (Q3 2025)	2.3 million

A key characteristic of the customer base is the preference for flexibility in care delivery. LifeStance Health Group, Inc. serves patients seeking a hybrid care delivery model, combining in-person and virtual sessions. As of mid-2025, about 70% of all sessions were conducted via telehealth.

There is also a segment requiring more intensive or specific interventions. Individuals needing specialized services contribute a measurable portion to the top line. For the third quarter of 2025, Specialty Services accounted for about $50 million of the total revenue.

To put the scale in context for Q3 2025:

• Total Revenue was reported at $364 million.
• The clinician base grew 11% year-over-year to reach 7,996.

Finance: review the Q4 2025 payer mix report for the exact percentage of commercial insurance revenue versus prior quarters by Wednesday.

LifeStance Health Group, Inc. (LFST) - Canvas Business Model: Cost Structure

You're looking at the hard costs LifeStance Health Group, Inc. faces to keep the lights on and the clinicians seeing patients. Honestly, this structure is dominated by people costs, which makes sense for a service business.

Clinician Compensation and Benefits (Largest Cost Component)

This is the engine room of the cost structure. LifeStance Health pays clinicians via a revenue share from each session, which keeps the cost variable with service delivery, but benefits add to the fixed side of that coin. As of late 2025, the clinician base stood at 7,996 professionals at the end of Q3 2025. The average annual pay estimate for a LifeStance Health Clinician, based on job postings data from late October 2025, was around $62,500. Remember, this is just an estimate, and the actual cost includes the revenue share percentage plus benefits.

General and Administrative (G&A) Expenses for Corporate Overhead

The corporate overhead costs are showing better operating leverage now. For the third quarter of 2025, adjusted General & Administrative Expenses increased only 10% year-over-year, while revenue grew 16%. This means the fixed cost base is growing slower than the top line, which is exactly what management aimed for after making those big investments in 2023 and 2024. They also expect to see stock-based compensation run between $70 million to $85 million for the full year 2025.

Operating Costs for Over 550 Physical Center Locations

The costs tied directly to the physical footprint, excluding clinician pay which is handled above, are captured in the Center Margin calculation. For Q3 2025, the Center Margin was $116.6 million, representing 32.0% of total revenue for that quarter. LifeStance Health operates over 550 centers across 33 states. For the full year 2025, they are guiding for a total Center Margin between $448 million to $462 million. They planned to open 20 to 25 new centers in 2025.

Technology and Infrastructure Investment for Platform Unification

You know this is a major area of spend, especially after rapid M&A growth. Executives noted that they are making key investments to standardize the local operating model, unify electronic health records, and develop digital tools like online patient check-in. These building block practice management investments are expected to have efficiencies show up in 2026 and beyond, meaning the cost is being incurred now to reduce future inefficiency.

Interest Expense on Net Long-Term Debt of $269.4 Million (Q3 2025)

Debt servicing is a non-operational cost you need to track. As of September 30, 2025, LifeStance Health reported net long-term debt of $269.4 million. They also had $203.9 million in cash on hand at that time. This debt level is the base upon which the interest expense is calculated, though the specific interest expense for the quarter isn't explicitly broken out separately from other expenses.

Here's a quick look at some key Q3 2025 financial metrics that frame these costs:

Metric	Value (Q3 2025)	Context/Notes
Total Revenue	$363.8 million	16% increase year-over-year
Adjusted EBITDA	$40.2 million	11.1% margin; highest since IPO
Net Long-Term Debt	$269.4 million	Balance sheet liability at quarter end
Clinician Count	7,996	Total clinicians as of September 30, 2025
Total Centers	Over 550	Physical locations across 33 states

You should keep an eye on the relationship between the clinician count growth (11% year-over-year in Q3) and the revenue growth (16%) as that productivity gain directly impacts the largest cost bucket.

• Clinician Base Growth (Y/Y Q3 2025): 11%
• Visit Volume Growth (Y/Y Q3 2025): 17%
• Expected New Centers (FY 2025 Guidance): 20 to 25

Finance: draft 13-week cash view by Friday.

LifeStance Health Group, Inc. (LFST) - Canvas Business Model: Revenue Streams

LifeStance Health Group, Inc.'s revenue generation centers on a per-visit model for outpatient mental health services. The primary mechanism for collecting this revenue involves securing reimbursement directly from various third-party payers, which is key to the accessibility and affordability of care for patients.

The financial performance in late 2025 shows strong momentum, supporting the company's revenue expectations for the full year. Here's a look at the latest figures and forward guidance you should keep in mind.

Metric	Value	Period/Context
Q3 2025 Total Revenue	$363.8 million	Actual Results
FY 2025 Revenue Guidance (Reiterated)	$1.41 billion to $1.43 billion	Full Year Outlook
FY 2025 Center Margin Guidance (Raised Midpoint)	$448 million to $462 million	Midpoint is $455 million

The composition of these revenue figures is heavily weighted toward insurance coverage. You can see the structure of how LifeStance Health Group, Inc. collects payment for its services:

• Fees for outpatient mental health services (visits) which are billed to the patient's responsible party or payer.
• Reimbursement from commercial health insurance payers, which historically constituted the vast majority of revenue; for the year ended December 31, 2024, this mix was 91% of revenue from commercial in-network payors.
• Reimbursement from government payors, which accounted for 5% of revenue for the year ended December 31, 2024.
• Self-pay revenue, which was 3% of revenue for the year ended December 31, 2024.
• Non-patient services revenue, which was 1% of revenue for the year ended December 31, 2024.

The Q3 2025 revenue of $363.8 million reflected a 16% increase year-over-year, driven by higher visit volumes from net clinician growth and improved productivity. This performance allowed management to raise the midpoint expectations for the full-year 2025 Center Margin to $455 million (from the range of $448 million to $462 million). Finance: draft 13-week cash view by Friday.