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

You're digging into how Privia Health Group, Inc. actually makes money in late 2025, and honestly, it's a fascinating model built around shifting risk to reward quality care. Forget the old fee-for-service grind; their engine runs on managing Value-Based Care (VBC) for a network that hit 5,250+ implemented providers by Q3, serving over 5.6 million attributed lives. With full-year 2025 GAAP Revenue guidance landing between $2,050 million and $2,100 million, it's clear their strategy of pairing physician enablement with payer partnerships is scaling fast. To see the exact mechanics-from their proprietary technology platform to how they manage that surging provider expense-check out the full Business Model Canvas breakdown below.

Privia Health Group, Inc. (PRVA) - Canvas Business Model: Key Partnerships

The Key Partnerships for Privia Health Group, Inc. center on expanding its value-based care (VBC) footprint through strategic alliances with payers, provider groups, and technology enablers.

Health plans and payers (Commercial, Medicare, Medicaid)

Privia Health Group, Inc. partners with payers to align reimbursements with quality and performance, focusing on VBC arrangements across commercial, Medicare, and Medicaid programs.

• Commercial attributed lives reached 864,000 as of Q3 2025, representing more than a 12% increase.
• Medicare Advantage attribution grew more than 18% year-over-year as of Q3 2025.
• Medicaid attribution grew more than 12% year-over-year as of Q3 2025.
• Total VBC attributed lives reached 1.38 million in Q2 2025, up 15.2%.
• Total attributed lives, including the expected Evolent Health ACO acquisition, will be approximately 1.5 million across commercial, Medicare, Medicare Advantage, and Medicaid.

Independent physician groups and medical practices

The core of the partnership strategy involves enabling independent physician groups, which drives network density and scale. As of the third quarter of 2025, the network scope was:

Metric	Q3 2025 Number	Q2 2025 Number	Q1 2025 Number
Implemented Providers	5,250	5,125	N/A
Optimized Physician Practices	1,340+	1,300+	1,200+
Rewarded Physicians and Advanced Practitioners	5,200+	N/A	4,800+
Patient Experience Footprint	5.6+ million	5.3+ million	5.2+ million
Geographic Footprint	15 states and D.C.	15 states and D.C.	Arizona entry announced

The company expects implemented providers to increase year-over-year by 11.2% to 5,325 by the end of fiscal year 2025 at the midpoint of guidance.

Health systems for network optimization and VBC collaboration

Privia Health Group, Inc. collaborates with health systems to improve alignment and accelerate VBC adoption.

The partnership with Integrated Medical Services (IMS) in Arizona, announced in Q1 2025, involved a cash payment of $95 million and added over 28,000 patient lives in VBC arrangements.

Strategic acquisition partners (e.g., Evolent ACO business for $100 million)

The definitive agreement to acquire the Accountable Care Organization (ACO) business from Evolent Health, Inc. is a key partnership-related transaction expected to close in the fourth quarter of 2025.

• Upfront cash payment: $100 million.
• Additional performance-based payment (earn-out): Up to $13 million, subject to final Medicare Shared Savings Program (MSSP) performance for 2025.
• Acquisition adds over 120,000 attributed lives.
• Evolent Care Partners works with over 1,000 physicians.
• The deal is projected to add roughly $10 million in adjusted run-rate EBITDA.

Technology vendors for EHR and integrated solutions

The operational success of Privia Health Group, Inc. relies on its technology platform, which integrates with vendor solutions.

Risk factors noted in mid-2025 filings specifically mention the impact of failures by or service disruptions at key third-party vendors, such as the primary electronic medical record vendor, athenahealth, Inc.

Privia Health Group, Inc. (PRVA) - Canvas Business Model: Key Activities

You're looking at the core engine of Privia Health Group, Inc. as of late 2025, focusing only on the hard numbers that drive their operations.

Value-Based Care (VBC) program management and risk-sharing

Privia Health Group, Inc. manages significant risk-sharing arrangements, evidenced by strong performance in the Medicare Shared Savings Program (MSSP). The nine Privia ACOs achieved aggregate shared savings of $234.1 million for the 2024 performance year, which was a 32.6% increase from 2023. The company received approximately $68.5 million from CMS in October 2025 for its portion of the 2024 MSSP shared savings. Value-Based Care (VBC) revenue represented 33.1% of total revenue for the three months ended September 30, 2025. Following the acquisition of an ACO business from Evolent Health, Inc. on September 23, 2025, Privia Health Group, Inc. will serve more than 1.5 million attributed lives in VBC arrangements across commercial, Medicare, Medicare Advantage, and Medicaid programs. For the second quarter ended June 30, 2025, Attributed Lives stood at 1,382,000, up 12.8% year-over-year.

Physician enablement, practice optimization, and administrative support

The core enablement activity is measured by the growth in providers utilizing the Privia Platform. As of September 30, 2025, the number of Implemented Providers reached 5,250, marking a 13.1% increase compared to the same period in 2024. This network generated Practice Collections of $940.4 million in the third quarter of 2025, an increase of 27.1% year-over-year. The Fee-for-Service (FFS) patient care revenue segment accounted for 60.7% of total revenue for the third quarter of 2025.

Here's a look at the operational scale based on the latest reported quarter:

Metric	Q3 2025 Value	YoY Change
Total Revenue	$580.4 million	32.5%
Practice Collections	$940.4 million	27.1%
Implemented Providers	5,250	13.1%
Adjusted EBITDA	$38.2 million	61.6%

Technology platform development and maintenance (Privia Platform)

The Privia Platform underpins all activities, designed to succeed across various reimbursement models. The company raised its full-year 2025 Adjusted EBITDA guidance to a range between $118 million and $121 million. Management anticipates converting over 80% of Adjusted EBITDA into free cash flow by the end of fiscal year 2025. The company expects to conclude fiscal year 2025 with at least $410 million in cash and equivalents, pro forma for the Evolent ACO transaction.

Strategic market expansion and provider network growth

Privia Health Group, Inc. actively expands its footprint. The company operates in sixteen markets, including recent entries into the Arizona and Indiana markets. The acquisition of an ACO business from Evolent Health, Inc. on September 23, 2025, involved a cash payment of $100 million at closing, plus up to an additional $13 million contingent on 2025 MSSP performance. The Q1 2025 entry into Arizona involved paying $95 million in cash for IMS, which manages over 28,000 patient lives in VBC arrangements.

Key operational metrics reflecting growth include:

• Implemented Providers (Q2 2025): 5,125
• Implemented Providers (Q1 2025): Growth driven by additions, management expected 5,200+ for full year 2025
• Cash and Equivalents (Sep 30, 2025): $441.4 million
• Total Revenue (Q2 2025): $521.2 million

Revenue cycle management and billing services

Revenue cycle management (RCM) is integrated into the Privia Platform. Practice Collections, which include collections from Non-Owned Medical Groups, reached $940.4 million in Q3 2025. For the six months ended June 30, 2025, total Practice Collections were $1,661.5 million. The EBITDA margin as a percentage of Care Margin expanded 720 basis points to reach 30.5% in Q3 2025. The company's balance sheet at September 30, 2025, showed no debt.

Financial performance highlights for the three months ended September 30, 2025:

• Gross Profit: $122.6 million
• Operating Income: $14.4 million
• Net Income: $6.9 million
• Non-GAAP Adjusted Net Income: $37.3 million

Finance: draft 13-week cash view by Friday.

Privia Health Group, Inc. (PRVA) - Canvas Business Model: Key Resources

You're looking at the core assets that let Privia Health Group, Inc. operate and scale its physician enablement model. These aren't just abstract concepts; they are tangible capabilities and financial buffers that drive their value proposition. Honestly, for a company in this space, the technology and the provider buy-in are everything.

Proprietary Technology Platform (Privia Platform/Privia Cloud)

The Privia Platform is central. It's described as a single instance, cloud-based technology platform that integrates across the entire clinical and patient experience. The goal here is to eliminate the complexity providers often face when trying to stitch together disparate systems; we're talking about eliminating the need to buy over 30 different tools. This platform is payer and reimbursement model agnostic, which is a key feature for flexibility.

The technology embeds insights directly into the Electronic Health Record (EHR) at the point of care, which helps providers assess both patient health status and practice performance seamlessly. It supports core functions like:

• Practice management, including administrative work and compliance.
• Risk adjustment coding and payer contracting/rate negotiation.
• Automated patient outreach and education.
• Generating reports and alerts for care coordination.

Large Network of Implemented Providers

The scale of the implemented provider network is a direct measure of market penetration and the success of their partnership model. This network forms the foundation for their value-based care (VBC) scale and negotiating power. As of the end of the third quarter of 2025, the number stood at a specific, verifiable figure.

Here's a snapshot of key operational metrics driving the platform's utilization as of September 30, 2025:

Metric	Value (Q3 2025)
Implemented Providers	5,250
Year-over-Year Implemented Provider Growth	13.1%
Practice Collections (YoY Growth)	27.1%
Practice Collections Amount	$940.4 million
Value-Based Care Attributed Lives (YoY Growth)	12.8%

Strong Cash Position

Financial stability is a critical resource, especially when executing strategic growth like acquisitions. At the close of the third quarter on September 30, 2025, Privia Health Group, Inc. maintained a clean balance sheet, which provides significant operational flexibility for business development and potential mergers and acquisitions (M&A).

The reported liquidity was:

• Cash and cash equivalents: $441.4 million.
• Revolving credit facility drawn: $0 (no amounts drawn on the $125 million facility).
• Debt: $0.

What this estimate hides is that pro forma cash, after accounting for the expected $100.0 million payment for the Evolent Health ACO business acquisition, was approximately $409.9 million. That's a healthy war chest.

Physician-Led Governance and Clinical Best Practices

This resource speaks to the cultural and structural alignment that keeps providers engaged. Privia Health is explicitly structured as a physician-led organization. This governance model elevates the clinical voice in all population health initiatives, fostering accountability and cohesion among partners. It's designed to ensure that technology and management services support, rather than dictate, clinical decision-making, allowing physicians to retain practice autonomy.

Clinical best practices are operationalized through regular peer review and collaboration, specifically:

• Physician-Organized Deliveries (PODs) meet monthly.
• Discussions focus on reviewing data and developing action plans.
• The structure cultivates leadership and promotes evidence-based medicine.

Data Analytics and Population Health Management Expertise

The ability to transform raw data into actionable insights is a core competency. Privia Health deploys a multidisciplinary Data and Analytics group whose function is to conduct in-depth analyses supporting growth strategies and optimizing business intelligence. This expertise is directly applied to advancing population health management objectives.

This capability is manifested through:

• Collecting data from payers, providers, and patients.
• Streamlining physician workflows using data-backed medicine.
• Developing key performance indicators (KPIs) and corresponding reports/dashboards.
• Leveraging business intelligence platforms like MicroStrategy, Tableau, or Looker.

Finance: draft 13-week cash view by Friday.

Privia Health Group, Inc. (PRVA) - Canvas Business Model: Value Propositions

You're looking at how Privia Health Group, Inc. (PRVA) creates value for its different partners. It's about giving providers the tools to thrive in value-based care (VBC) while delivering better results for payers and patients. Here's the breakdown of what they offer, grounded in the latest numbers.

For Providers: Reduced administrative burden and VBC success support

Privia Health Group, Inc. focuses on empowering doctors to spend more time with patients by streamlining operations. The Privia Medical Group model specifically combines technology, team-based care, and unique wellness programs so that providers deal with less administrative burden. Furthermore, the broad rollout of Navina's AI assistant is improving documentation accuracy and closing care gaps, which directly helps reduce physician burden. The company's success in VBC is a major draw; for instance, their ACOs delivered an aggregate savings rate of 9.3% in the 2024 performance year of the Medicare Shared Savings Program (MSSP). This physician-led approach is designed to align incentives, creating a win for doctors who deliver high-value care.

For Payers: Optimized physician networks delivering high-value care

For health plans, Privia Health Group, Inc. offers a scaled, physician-led network focused on cost-efficiency and quality. The Privia Quality Network (PQN) manages total cost of care effectively. In the 2024 MSSP performance year, PQN achieved beneficiary expenditures that were 8% lower than the median ACO and 22% below fee-for-service Medicare. Inpatient facility spend was 13% lower than the median ACO. Privia Health Group, Inc. collaborates with health plans to optimize physician practices and reward doctors for value delivery across its network, which, as of mid-2025, involved optimizing over 1,300+ practice locations.

For Patients: Coordinated, personalized care and enhanced experience

The value proposition for patients centers on coordinated, personalized care delivered by engaged providers. Privia Health Group, Inc. collaborates with medical groups, health plans, and health systems to improve the patient experience for over 5.3+ million patients. Practice Collections, a proxy for patient engagement and volume, showed strong growth, hitting $862.9 million in the second quarter of 2025, an 18.5% increase year-over-year. The myPRIVIA patient portal and mobile app equip patients to access personal health information and stay connected with their care team.

Flexible affiliation models (Privia Care Partners)

Privia Health Group, Inc. offers flexibility through Privia Care Partners, a model designed for practices that want VBC solutions without changing their existing electronic health records (EHR) platform or joining a Medical Group. This model promotes physician autonomy, serving as an extension of the practice rather than an owner. This flexibility is key to growth; the company agreed to acquire Evolent Health's ACO business, which adds over 120,000 value-based care attributed lives, bringing the total to approximately 1.5 million attributed lives in VBC arrangements after the expected Q4 2025 close. This acquisition cost is $100 million in cash at closing, plus up to an additional $13 million contingent on 2025 MSSP performance.

Financial incentives through shared savings programs

Financial incentives are directly tied to performance through shared savings programs. The success in these programs is substantial. Privia Health Group, Inc.'s ACOs delivered $233.1 million in total savings through the MSSP for the 2024 performance year, marking a 32% increase from 2023. Since 2014, the Privia Quality Network has delivered total shared savings across all programs of over $1.5 billion. This performance underpins the company's financial outlook, leading management to preliminarily increase its Adjusted EBITDA guidance for the full-year 2025 to a range of $113 to $116 million.

Here's a quick look at the scale and VBC impact as of late 2025:

Metric	Value/Amount	Context/Period
Total MSSP Shared Savings (2024 Performance Year)	$233.1 million	Released August 2025
Total Shared Savings Since 2014 (All Programs)	Over $1.5 billion	Cumulative
Aggregate MSSP Savings Rate (2024 Performance Year)	9.3%	Privia Quality Network (PQN)
Medicare Beneficiaries Managed (2024)	Approximately 194,700	Through nine ACOs
Total VBC Attributed Lives (Post-Evolent Close)	Approximately 1.5 million	Projected for late 2025
Implemented Providers (as of June 30, 2025)	5,125	Up 13.8% year-over-year
2025 Full-Year Revenue Guidance (Midpoint)	$2.08 billion	Raised in November 2025
Q3 2025 Operating Margin	2.5%	Up from 1.3% in Q3 2024

The company's growth in value-based care is enabling margin expansion, with the Q3 2025 Operating Margin at 2.5%, up from 1.3% in the same quarter last year. Also, the Q3 2025 Adjusted EBITDA was $38.19 million, beating estimates by 35%.

The value propositions for the different customer segments look like this:

• For Providers: Support for VBC success, evidenced by 9.3% aggregate MSSP savings rate.
• For Payers: Optimized networks delivering care with beneficiary expenditures 22% below fee-for-service Medicare.
• For Patients: Improved experience reflected in $862.9 million in Q2 2025 Practice Collections.
• Flexible Affiliation: Privia Care Partners allows transition to VBC without changing EHRs.
• Financial Incentives: Earned $233.1 million in MSSP shared savings for 2024 performance year.

Finance: finalize the cash flow impact analysis for the Evolent acquisition by end of next week.

Privia Health Group, Inc. (PRVA) - Canvas Business Model: Customer Relationships

You're looking at how Privia Health Group, Inc. keeps its most critical partners-the physicians-locked in and supported. Honestly, in this business, if the providers leave, the whole model falls apart. Their relationship strategy centers on deep integration and shared success.

Dedicated account management for affiliated physician groups is a core part of how Privia Health embeds itself. This isn't just a help desk; it's about having dedicated resources focused on optimizing the group's performance on the Privia Platform. This hands-on approach helps practices navigate the shift from fee-for-service to value-based care arrangements.

The stickiness of this relationship is reflected in the retention figures. You should definitely note this:

• High provider retention rate of over 98% (Q1 2025)

This high retention is supported by continuous, multi-faceted engagement. It's not just about the software; it's about the people using it and the people supporting it. You see this in the growth of their network, which shows providers are joining and staying.

Continuous support via the technology platform and field teams means providers get tools and on-the-ground help. The Privia Platform provides the technology backbone, while field teams offer localized, practical assistance to drive adoption and efficiency.

Here's a look at the scale of the relationships as of the latest reported data:

Metric	Q1 2025 End of Period	Q3 2025 End of Period	FY 2025 Guidance Midpoint
Implemented Providers	4,871	5,250	5,325
Year-over-Year Provider Growth	+11.7% vs Q1 2024	+13.1% vs Q3 2024	+11.2% vs FY 2024
Optimized Physician Practices	N/A	1,300+	N/A
Rewarding Physicians/APs	N/A	5,100+	N/A

Finally, the structure itself reinforces the relationship. Physician-led governance ensures clinical alignment. Privia Health Group, Inc. explicitly builds its scaled provider networks around a physician-led governance structure. This means the clinical direction and strategic priorities are set by the doctors themselves, which is crucial for maintaining trust and ensuring the platform serves clinical needs, not just administrative ones.

For instance, in Q3 2025, the company announced the planned acquisition of an ACO business from Evolent Health, which cares for over 120,000 attributed lives, expected to close in Q4 2025. This move, like others, is integrated into the existing network structure, showing how new growth is managed within the established physician-led framework.

Finance: draft 13-week cash view by Friday.

Privia Health Group, Inc. (PRVA) - Canvas Business Model: Channels

You're looking at how Privia Health Group, Inc. gets its value proposition-optimizing physician practices and rewarding high-value care-out to the market. The Channels block for Privia Health Group, Inc. is a mix of direct relationship building, geographic expansion via M&A, and the digital delivery mechanism of its core platform.

The physical and virtual reach of the network is substantial, growing through disciplined execution and strategic market entries. As of the third quarter of 2025, the network included over 5,250 implemented providers operating across 15 states and the District of Columbia. This national footprint is supported by over 1,300 Practice Locations. The company's growth strategy relies on deepening density in existing areas while adding new states, such as the recent entry into Arizona.

The expansion channel is heavily reliant on strategic acquisitions, which provide immediate scale. The definitive agreement with Integrated Medical Services, Inc. (IMS) in Arizona, announced in April 2025, exemplifies this. This move brought approximately 70 physicians and advanced practice providers across 21 locations into the network, managing over 28,000 attributed lives in value-based care arrangements. The cash deployment for this transaction was $95 million. Implementation of IMS onto the core technology was scheduled for the fourth quarter of 2025, with profitability expected to begin in that same quarter.

Here's a quick look at the scale and recent channel expansion metrics as of late 2025:

Metric	Value (Late 2025)	Context/Source
Implemented Providers (Q3 2025)	5,250	Up from 4,504 in Q2 2024
Geographic Footprint (Post-Arizona)	15 states and D.C.	Arizona marks the 15th state
Practice Locations	1,300+	Reported as of Q3 2025
Arizona Acquisition (IMS) Providers	~70	Physicians and advanced practice providers
Arizona Acquisition (IMS) Locations	21	Locations added in the new state
Arizona Acquisition (IMS) Attributed Lives	28,000	Lives added in Q1/Q2 2025

The proprietary technology platform is the engine for service delivery across all these channels. This platform, which includes the Privia Cloud, is what allows the company to manage the transition from fee-for-service to value-based care. The platform's scalability is a key strength, enabling growth in new markets like Arizona and supporting the integration of large acquisitions, such as the September 2025 deal for Evolent's ACO business. The technology's effectiveness is evident in clinical outcomes; for instance, among Privia's patients who engaged in the Advance Care Planning (ACP) process, 75% completed a legally valid plan, with 96% of those designating a surrogate health care decision maker.

Direct sales and business development remain a core, though sometimes unquantified, channel. The Q2 2025 results specifically noted a Strong sales and business development pipeline, which management indicated was robust enough that their full-year 2025 guidance did not assume any additional business development activity beyond what was already secured. The company is actively pursuing efforts to enter new states and expand in existing ones to grow its overall addressable market. This pipeline is what feeds the future network growth beyond the current 5,250 implemented providers.

Privia Health Group, Inc. (PRVA) - Canvas Business Model: Customer Segments

You're looking at the core groups Privia Health Group, Inc. (PRVA) focuses on to drive its physician enablement and value-based care (VBC) platform. It's a multi-sided market approach, but the providers are definitely the B2B core you need to watch.

The overall reach is substantial. As of the third quarter of 2025, Privia Health Group, Inc. collaborates with medical groups, health plans, and health systems to optimize physician practices, improve the patient experience for over 5.6+ million patients, and reward its provider network for delivering high-value care.

Independent Physician Groups and Multi-Specialty Practices (B2B core)

This segment represents the primary customers who adopt the Privia Platform. They are looking for support to transition to and succeed in value-based care models while maintaining operational efficiency. The growth in this segment is a key indicator of the business's health.

• Implemented Provider Base (Q3 2025): 5,250 physicians and advanced practitioners.
• Implemented Provider Growth (YoY Q3 2025): 13.1% increase compared to Q3 2024.
• Geographic Footprint: Presence across 15 states and the District of Columbia.
• New Affiliation Model: Privia Care Partners offers an affiliation model for providers seeking VBC solutions without changing EHR providers.

Here's a quick look at the scale of the provider network as of late 2025, based on the latest reported figures:

Metric	Value (As of Q3 2025 or Latest Report)	Context
Total Implemented Providers	5,250	Physicians and advanced practitioners on the Privia Platform.
Total Physician Practices Optimized	1,340+	Practice locations being optimized.
Total Patients Served	5.6+ million	Overall patient population reach.
Total VBC Attributed Lives (Post-Evolent Acquisition)	More than 1.5 million	Across commercial, Medicare, Medicare Advantage, and Medicaid.

Health Plans (Payers) seeking VBC and risk-sharing partners

Health Plans are a critical customer because they contract with Privia Health Group, Inc. for population health management and shared savings opportunities, aligning incentives for better outcomes and lower costs. The company supports all payers and payment models, including fee-for-service, Medicare Shared Savings Program (MSSP), and capitation.

The success in risk-sharing is evident in the Medicare Shared Savings Program (MSSP) results for the 2024 performance year, which are key data points for payer confidence heading into 2026 planning:

• Total Shared Savings (2024 Performance Year MSSP): $234.1 million across nine ACOs.
• Savings Increase (YoY): 32.6% increase in aggregate shared savings from 2023.
• Managed Benchmark Spend (2024 MSSP): Over $2.5 billion.
• Total Shared Savings Since 2014: Over $1.5 billion.

Health Systems looking to align with independent physicians

Health Systems use Privia Health Group, Inc.'s model to integrate independent physician groups into their value-based care networks without requiring full ownership or EHR migration, offering a flexible alignment structure. The company collaborates with health systems to optimize practices.

The strategy involves building scaled provider networks that include risk-bearing entities and physician-led governance, which appeals to systems looking for established VBC infrastructure. The company operates across 15 states and the District of Columbia, providing a broad base for potential system partnerships.

Patients/Attributed Lives: 5.6+ million patients served

While patients are the ultimate beneficiaries, they are segmented based on their payer source and attribution status, which drives the VBC revenue streams for Privia Health Group, Inc. The total number served is 5.6+ million as of late 2025.

Looking at the attributed lives, which are the lives under specific VBC contracts, the breakdown from the end of 2024 provides a concrete view of the mix that informs 2025 performance:

Attributed Lives Segment (As of End of 2024)	Approximate Number of Lives	Source of Revenue/Risk
Commercial Attributed Lives	782,000	Commercial Payers
Medicare Shared Savings / Maryland PCP+	196,000	Government Programs (MSSP)
Medicare Advantage Attributed Lives	185,000	Medicare Advantage Payers
Medicaid Attributed Lives	97,000	Medicaid Programs

The company is targeting a 32% growth in adjusted EBITDA for fiscal year 2025, which is directly supported by the continued growth in these attributed lives and provider adoption.

Privia Health Group, Inc. (PRVA) - Canvas Business Model: Cost Structure

The Cost Structure for Privia Health Group, Inc. centers on scaling its platform and provider network while absorbing significant investment in growth and operational overhead. You see this pressure reflected clearly in the year-to-date figures and the quarter-over-quarter expense movements.

Provider expenses represent the largest component of the cost base, directly tied to the volume of care delivered. These expenses surged by 25.9% in the second quarter of 2025, outpacing revenue growth for that period and signaling upward pressure on service delivery costs.

Technology and platform development costs, categorized as Cost of platform, are essential for maintaining the Privia Platform's functionality and scalability. These represent a fixed-but-growing investment necessary to support the increasing number of providers and attributed lives.

Selling, General & Administrative (SG&A) expenses capture the overhead required to run the corporate structure and support the field operations. This includes the General and administrative component, plus Sales and marketing costs.

The commitment to expansion drives major, discrete capital outlays. The costs of new market entry and practice acquisition are lumpy but strategic. For instance, the deployment for the Integrated Medical Services (IMS) transaction in Arizona totaled $95 million during the second quarter of 2025. Furthermore, the announced definitive agreement to acquire the Accountable Care Organization (ACO) business from Evolent Health involves a cash payment of $100 million at closing, with an additional potential payment of up to $13 million contingent on the final Medicare Shared Savings Program (MSSP) performance for 2025.

A significant non-cash cost reflecting investment in human capital is the non-cash stock compensation expense. For the nine months ended September 30, 2025, this expense totaled $55.6 million.

Here is a breakdown of the key operating expenses for the second quarter ended June 30, 2025, showing the magnitude of these cost centers (amounts in thousands):

Cost Category	Q2 2025 Expense (in thousands)	Q2 2024 Expense (in thousands)
Provider expense	$405,992	$322,536
Cost of platform (Technology/Platform)	$64,918	$57,106
General and administrative (Part of SG&A)	$37,519	$28,916
Sales and marketing (Part of SG&A)	$6,805	$6,852
Depreciation and amortization	$2,583	$1,818
Total Operating Expenses	$517,817	$417,228

The total Selling, General & Administrative (SG&A) for the three months ended June 30, 2025, combining General and administrative and Sales and marketing, was $44,324 thousand ($37,519 thousand + $6,805 thousand).

You can see the year-to-date impact of stock compensation:

• Non-cash stock compensation expense (Nine Months Ended September 30, 2025): $55.6 million.
• Non-cash stock compensation expense (Q3 2025 only): $19.0 million.
• Non-cash stock compensation expense (Six Months Ended June 30, 2025): $36.6 million.

Finance: draft 13-week cash view by Friday.

Privia Health Group, Inc. (PRVA) - Canvas Business Model: Revenue Streams

You're looking at how Privia Health Group, Inc. actually brings in the money, which is a mix of old-school billing and newer, performance-based contracts. It's not just one thing; it's a platform designed to capture revenue across different payment models.

The core revenue streams are clearly segmented in their reporting. Here's the quick math on the growth driving the business as of the second quarter of 2025.

• Fee-for-Service (FFS) patient care revenue saw a year-over-year increase of 20.2% in Q2 2025.
• Value-Based Care (VBC) shared savings and performance payments are a growing component, with significant cash payments expected in the second half of the year.
• Capitated revenue from risk-sharing arrangements shows the company is taking on more downside risk, though they remain cautious about fully committing to it given market dynamics.
• Administrative services and technology platform fees are captured through various service charges, including FFS administrative fees and Per Member Per Month (PMPM) care management fees.
• The latest Full-year 2025 GAAP Revenue guidance has been raised to between $2,050 million and $2,100 million.

To give you a concrete look at the Q2 2025 revenue breakdown, which helps map out the current mix, check out these figures (all amounts in thousands of U.S. Dollars):

Revenue Stream Component	Q2 2025 Amount (in thousands)	Q2 2024 Amount (in thousands)
FFS-patient care	$331,464	$275,761
FFS-administrative services	$35,116	$32,132
Capitated revenue	$75,511	$56,438
Shared savings	$60,021	$39,818
Care management fees (PMPM)	$16,919	$16,163
Total Revenue (Q2 2025)	$521,153	$422,326

The growth in the VBC segments is notable. For the first six months of 2025, the combined revenue from capitated arrangements and shared savings was substantial.

• For the six months ended June 30, 2025, Capitated revenue reached $146,201 thousand.
• For the same six-month period, Shared savings revenue totaled $107,933 thousand.
• The total revenue for the first half of 2025 was $1,001,250 thousand, which is a 19.5% increase over the first half of 2024.

Also, remember that Platform Contribution, which reflects the revenue generated from their technology and services, grew by 21.3% in Q2 2025 compared to Q2 2024. This shows the platform itself is becoming a more valuable, scalable revenue driver. Finance: draft 13-week cash view by Friday.