Privia Health is a physician enablement company that organizes independent physician practices into large, integrated medical groups and wraps them with technology, administrative services, and value-based care infrastructure. When a practice joins Privia, it becomes part of a single-tax-ID regional medical group, gaining access to Privia's technology stack (built on athenahealth), revenue cycle management, payer contracting, population health analytics, and care management — while physicians retain clinical independence. As of year-end 2025, Privia had 5,380 implemented providers across 1,300+ care center locations in 24 states and D.C., serving over 5.8 million patients and roughly 1.54 million attributed VBC lives. Privia's business model runs in three layers: management fees earned on every patient encounter billed through its platform (highly predictable, analogous to a payment network); per-member-per-month care management fees paid by payers for managing VBC patient populations (recurring, performance-independent); and a share of ACO savings when its physician networks outperform cost benchmarks set by CMS or commercial payers (variable, but diversified across 130+ programs). Privia's growth strategy combines adding new providers, growing attributed VBC lives, same-store expansion, and M&A to enter new states. The model is capital-light, carries no debt, and converts the majority of adjusted EBITDA to free cash flow. Privia deploys capital primarily through M&A, positioning itself as a consolidator in a fragmented market.