Astrana Health is a physician-centric, value-based healthcare company that coordinates medical care for approximately 1.6 million patients through a network of over 20,000 contracted physicians. Rather than operating on a fee-for-service basis, Astrana assumes financial risk for the total cost of care of its patients, earning a profit when it delivers care below fixed capitation payments it receives from health plans, and incurring losses when costs exceed those payments. Astrana's primary customers are HMOs and Medicare Advantage plans, which pay Astrana a fixed per-member-per-month capitation fee in exchange for Astrana managing the cost and quality of care for their members. Astrana operates through three segments: Care Partners (its core risk-bearing IPA and ACO network), Care Delivery (over 60 owned clinical locations), and Care Enablement (a technology and MSO platform serving both internal and third-party provider organizations). Astrana is concentrated in California but is expanding into Nevada and Texas. The company has shifted aggressively toward full-risk, fully delegated contracts — where Astrana processes its own prior authorizations, pays claims directly, and manages care in real time — which now represent approximately 80% of revenue. Astrana argues this integrated model gives it structural advantages in controlling medical cost trend. M&A has been a key growth driver, including the 2025 acquisition of Prospect Health for approximately $675M, which added roughly 600,000 members and approximately $1.2B in annualized revenue.