Evolent Health helps health insurance plans manage the cost of specialty care — primarily oncology, with cardiology and musculoskeletal as secondary focuses. Health plans pay Evolent on a per-member per-month (PMPM) basis under multi-year contracts, and Evolent currently covers roughly 85M member lives. Evolent's approach centers on steering physicians toward evidence-based clinical pathways to reduce unnecessary treatment variation, rather than denying care outright. To do this, Evolent employs over 350 physicians who conduct peer-to-peer conversations with treating specialists, supported by its proprietary CarePro technology platform. Evolent offers two primary contract types: a Technology & Services model, where Evolent provides clinical decision support for a fixed PMPM fee without taking claims risk, and a Performance Suite model, where Evolent accepts capitation risk — receiving a fixed PMPM and paying all medical claims within scope, earning a margin if claims come in below the capitation rate. The Performance Suite is the faster-growing, higher-value model, and management expects it to represent roughly two-thirds of 2026 revenue, driven largely by a new partnership with Highmark and a contract with Aetna in Florida. Oncology is the dominant and fastest-growing specialty, expected to represent roughly 65% of 2026 revenue. Evolent is also investing in AI-driven authorization automation, targeting auto-approval of 80% of baseline authorization volume over time to reduce labor costs and improve response times.