P3 Health Partners is a Medicare Advantage (MA) population health management company operating in Arizona, California, Nevada, and Oregon, serving approximately 116,000 members. P3 contracts with MA health plans to manage the total healthcare costs of their attributed members — primarily seniors 65 and older — under a full-risk capitated model, meaning P3 keeps any surplus when medical costs come in below the capitation rate and absorbs losses when costs exceed it. Rather than building its own clinics, P3 primarily contracts with independent local physicians and physician groups who join its network, preserving existing patient-physician relationships and giving P3 an immediate patient panel. As of year-end 2025, P3 had contracted with approximately 2,400 primary care physicians. P3 layers care management services on top of these networks — deploying care managers, utilization management teams, and technology tools into physician practices to proactively manage high-risk patients. P3 also takes on delegated functions from payors, including credentialing, utilization management, and claims processing, giving it greater visibility over the full care continuum. P3's economics hinge on two key drivers: the per-member-per-month capitation rate it receives from health plans (itself driven by CMS risk-adjusted payments and member disease burden coding) and P3's ability to keep actual medical costs below that rate. P3 also manages a smaller ACO REACH population, under which P3 manages traditional Medicare beneficiaries and shares cost savings with CMS.