agilon health partners with community-based primary care physician groups to transition them from fee-for-service medicine into a value-based care model focused on Medicare seniors. agilon does not employ physicians — instead, it forms local risk-bearing entities that accept full financial responsibility (global capitation) for all Medicare Part A and B costs of attributed members, then contracts with physician groups under long-term professional services agreements, paying them a base fee-for-service rate and sharing any financial surplus from cost savings. agilon's primary revenue is monthly per-member per-month capitation payments from Medicare Advantage health plans, and agilon profits when those payments exceed total medical costs incurred by members. As of year-end 2025, agilon serves approximately 511,000 Medicare Advantage members across 28 anchor physician groups in 30 geographies. agilon also operates nine ACO REACH and MSSP accountable care organizations covering approximately 114,000 traditional Medicare beneficiaries, generating shared savings under CMS cost benchmarks. agilon grows by signing new physician group partners in new geographies each year. The company is in a challenging period, with medical margins near breakeven and deeply negative EBITDA, driven by lower-than-expected risk adjustment scores, elevated inpatient and oncology drug costs, and losses on exited markets. agilon is responding by reducing Part D drug exposure, renegotiating payer contracts, improving clinical documentation programs, and curtailing new market entry. The company is also conducting a CEO search following the departure of its former chief executive in mid-2025.