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    Jessica Tassan • Piper Sandler

    Jessica Tassan's questions to Premier Inc (PINC) leadership

    Jessica Tassan's questions to Premier Inc (PINC) leadership • Q4 2025

    Question

    Jessica Tassan from Piper Sandler Companies asked if the company was observing any divergence in food versus med-surg purchasing patterns that might indicate changes in care intensity. She also requested the approximate size of the advisory business and the visibility into its projected double-digit growth for fiscal 2026.

    Answer

    President & CEO Michael Alkire responded that it is difficult to glean care intensity changes from those specific portfolios and that no significant dynamic has been observed. CFO & Chief Administrative Officer Glenn Coleman sized the advisory business at roughly $50-100 million and stated the company expects growth to exceed 25% in fiscal 2026, with high confidence based on four large, multi-year contracts that have already been signed.

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    Jessica Tassan's questions to Premier Inc (PINC) leadership • Q3 2025

    Question

    Jessica Tassan inquired about the differential ability of hospitals to absorb tariffs on consumables versus capital purchases and asked for a breakdown of purchasing volume between OpEx and capital. She also asked if there were any one-time items in net admin fee revenue and why contract renewals were completed ahead of schedule.

    Answer

    President and CEO Michael Alkire stated that tariffs impact both OpEx and capital, though capital planning allows more time for strategic adjustments. He described the OpEx/capital mix as too dynamic to quantify, as it depends on the economic health of hospital systems. Chief Administrative and Financial Officer Glenn Coleman confirmed there were no one-time items in net administrative fees and attributed the accelerated contract renewals to strong execution by the team.

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    Jessica Tassan's questions to Premier Inc (PINC) leadership • Q2 2025

    Question

    Jessica Tassan of Piper Sandler sought confirmation on whether 'firm for the term' pricing protects members from tariffs, asked if there was evidence of purchasing pull-forward, and requested details on what makes the digital supply chain offering distinct and appealing to prospects.

    Answer

    CEO Michael Alkire confirmed that 'firm for the term' pricing is embedded in supplier contracts, meaning suppliers absorb tariff costs. He stated it was too early to tell if purchasing pull-forward occurred. He described the digital supply chain's appeal as providing suppliers with data access for real-world evidence studies, which helps demonstrate product value and impact on costs.

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    Jessica Tassan's questions to Premier Inc (PINC) leadership • Q1 2025

    Question

    Jessica Tassan sought clarification on the liability related to the sale of future revenues to OMNIA, asking why it grew quarter-over-quarter and if it represents a threshold for retaining upside. She also asked if the Q1 purchasing increase was driven by fee share rates or other factors.

    Answer

    CFO Craig McKasson explained that the OMNIA-related liability grew due to a final $42.3 million payment made in July to finalize the transaction, and it is now expected to decline quarterly. He clarified the current portion is the anticipated payback amount, not an upside threshold. He also stated that the strong Q1 purchasing performance was driven by increased contract penetration and technology-enabled pull-through, not changes in fee share percentages.

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    Jessica Tassan's questions to Doximity Inc (DOCS) leadership

    Jessica Tassan's questions to Doximity Inc (DOCS) leadership • Q1 2026

    Question

    Jessica Tassan from Piper Sandler Companies asked for details on the Ambient Scribe workflow, including EHR integration, and the long-term vision for the workflow suite across different care settings.

    Answer

    CEO Jeff Tangney described the current Scribe workflow as a simple copy-paste to the EHR, with a key feature being the ability for doctors to train their own note templates. While EHR integrations are in progress, he positioned the iPhone as the physician's 'peripheral brain,' with Doximity's suite of widgets for news, scribe, dialer, and GPT creating a synergistic daily workflow tool.

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    Jessica Tassan's questions to Doximity Inc (DOCS) leadership • Q4 2025

    Question

    Jessica Tassan asked for clarity on the expected revenue cadence throughout the fiscal year and sought to understand the composition of the workflow tools opportunity, questioning if it essentially doubles the TAM and if AI is considered a separate, additional opportunity.

    Answer

    CFO Anna Bryson explained that revenue should still see sequential step-ups, with Q3 likely being the highest quarter due to mid-year upsells. She noted that earlier January launches might even aid the upsell cycle by providing a longer ROI tracking period. She confirmed that workflow tools (Act 2) are a distinct opportunity from the News Feed (Act 1), and AI is viewed as a potential third distinct opportunity (Act 3) in the future.

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    Jessica Tassan's questions to Privia Health Group Inc (PRVA) leadership

    Jessica Tassan's questions to Privia Health Group Inc (PRVA) leadership • Q2 2025

    Question

    Jessica Tassan of Piper Sandler Companies asked for details on utilization trends by service and payer type (Medicare, commercial, Medicaid) and whether any trends feel unusual or elevated, including any view on MSSP market-wide trends.

    Answer

    CEO Parth Mehrotra reiterated a consistent observation: strong ambulatory utilization, which benefits Privia's fee-for-service business, alongside elevated downstream trends that are being seen across the industry. He stated that the company has been positioning its business to operate in this 'new normal' utilization environment for the past two to three years, and the current results reflect their ability to manage through it effectively without any single area jumping out as unusual.

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    Jessica Tassan's questions to Privia Health Group Inc (PRVA) leadership • Q4 2024

    Question

    Jessica Tassan questioned why the fourth-quarter upside in platform contribution did not flow through more completely to adjusted EBITDA, asking if there were any one-time operating expense items.

    Answer

    CFO David Mountcastle and CEO Parth Mehrotra explained that the flow-through was impacted by higher-than-expected variable costs in Q4. These included increased sales commissions due to a strong sales year and higher bonus accruals reflecting the company's overall strong performance.

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    Jessica Tassan's questions to Privia Health Group Inc (PRVA) leadership • Q3 2024

    Question

    Jessica Tassan of Piper Sandler asked about the impact of MSSP benchmark rebasing, particularly as the company's largest ACO faces it, and whether this could create a tailwind in 2025.

    Answer

    CEO Parth Mehrotra noted that the company has gone through rebasing before and that any potential impact is already factored into their guidance. He emphasized that Privia's diversified model, with multiple ACOs across various states and value-based programs, is deliberately structured to mitigate the risk of any single, idiosyncratic event like a benchmark change in one program.

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    Jessica Tassan's questions to Oscar Health Inc (OSCR) leadership

    Jessica Tassan's questions to Oscar Health Inc (OSCR) leadership • Q2 2025

    Question

    Jessica Tassan of Piper Sandler sought to understand the core assumptions for returning to profitability in 2026, plans to fortify the balance sheet in a potential downside scenario, and the impact of a large issuer's late 2024 risk adjustment data submission.

    Answer

    CFO Scott Blackley stated that 2026 pricing incorporates conservative assumptions about market morbidity and program integrity changes. He expressed confidence in Oscar's ability to access capital if needed, given the company's low leverage. He also clarified that the late risk adjustment data submission from another issuer had a minimal, single-digit million-dollar impact.

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    Jessica Tassan's questions to Oscar Health Inc (OSCR) leadership • Q1 2025

    Question

    Jessica Tassan of Piper Sandler asked if the 2025 risk adjustment payable is expected to be a similar percentage of premiums as in 2024 and inquired about the margin profile of bronze plans, including MLR and SG&A, to assess margin stability amid a potential downward mix shift.

    Answer

    CFO Scott Blackley stated that while there's no change to the risk adjustment outlook yet, sustained high claims could lower it as a percentage of revenue. He projected a flatter MLR seasonality and gradual SG&A ratio increases through the year. While declining to give 2026 specifics, he affirmed the company's focus on disciplined pricing to continue expanding margins. CEO Mark Bertolini added that the final plan mix depends on the outcome of subsidy and integrity rule changes.

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    Jessica Tassan's questions to Oscar Health Inc (OSCR) leadership • Q4 2024

    Question

    Jessica Tassan requested the quantification of prior period development for Q4 and the full year 2024, and also asked about Oscar's pricing strategy for Silver plans to ensure enrollment of intentional, premium-paying members.

    Answer

    CFO Scott Blackley quantified prior period development at $62 million for the fourth quarter and $126 million for the full year. He explained that Oscar's pricing strategy is disciplined across all metal tiers to balance growth with profitability. He also noted that Oscar polices its brokers and collaborates with CMS on payment integrity. CEO Mark Bertolini added that many members on zero-premium plans use them as catastrophic coverage with low utilization.

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    Jessica Tassan's questions to Oscar Health Inc (OSCR) leadership • Q3 2024

    Question

    Jessica Tassan from Piper Sandler questioned the implied Q4 guidance, which suggests flat medical claims expense or a shrinking risk adjustment payable, and asked how Oscar's risk adjustment forecasting practices have evolved over the past two years to improve accuracy.

    Answer

    CFO Scott Blackley attributed the expected Q4 MLR performance to several factors: the Q3 COVID spike was a temporary event, SEP additions will decelerate, and payment integrity initiatives are ramping up. Regarding risk adjustment, he described their modeling as a consistent, multi-year practice that, while inherently volatile, has served them well and produced stable estimates.

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    Jessica Tassan's questions to Omnicell Inc (OMCL) leadership

    Jessica Tassan's questions to Omnicell Inc (OMCL) leadership • Q2 2025

    Question

    Jessica Tassan of Piper Sandler Companies inquired about the competitive landscape, customer demand among large hospitals amid macro uncertainty, and Omnicell's response to a recent competitor product launch.

    Answer

    Randall Lipps, Founder, Chairman, President & CEO, stated that customer buying behavior has not changed, though conversations are slightly different. He emphasized Omnicell's strong competitive position and its evolution into a tech company with a comprehensive, cyber-secure enterprise solution, which he believes resonates well with current and prospective customers against any new market entries.

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    Jessica Tassan's questions to Omnicell Inc (OMCL) leadership • Q1 2025

    Question

    Jessica Tassan inquired about the distribution of the tariff burden between Omnicell and its customers, specifically asking if price increases are being passed through. She also asked if the XT Amplify product line has a more favorable domestic supply chain and sought confirmation that its XTExtend product is currently being deployed.

    Answer

    CEO Randall Lipps stated that Omnicell is not currently passing on significant price increases but may reduce discounts in the future, emphasizing that reorienting the supply chain is the primary mitigation strategy. COO Nnamdi Njoku clarified that the XT Amplify portfolio is sourced globally, contributing to tariff exposure, and confirmed that the XTExtend product rollout began last year and is ramping up.

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    Jessica Tassan's questions to Omnicell Inc (OMCL) leadership • Q4 2024

    Question

    Jessica Tassan asked for clarification on the drivers of the 2024 bookings upside, questioning if it was primarily from the new XTExtend and Amplify portfolio or if there was also unanticipated strength in core XT cabinet sales. She also inquired about the company's supply chain diversification and its ability to mitigate tariff risks through pricing or cost management.

    Answer

    CFO Nchacha Etta attributed the strong bookings performance to a combination of factors: robust demand for connected devices, a final surge in XT upgrades as that cycle concludes (including some market share gains), and solid early demand for the new XTExtend offering. Regarding tariffs, Etta stated the company has processes to mitigate potential impacts, expecting minimal disruption due to a combination of factoring inflation into 2025 pricing and flexibility in managing cost of goods sold.

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    Jessica Tassan's questions to Omnicell Inc (OMCL) leadership • Q3 2024

    Question

    Jessica Tassan asked for a directional outlook on the cabinet business contribution for 2025 and whether the XT Amplify program alters the historical 10-year cabinet life cycle.

    Answer

    CEO Randall Lipps stated that while the G-Series upgrade cycle is diminishing, the large installed base of XT systems presents expansion opportunities through the XT Amplify program. He clarified that Amplify extends the product life cycle by serving as an "on-ramp" for next-generation software and hardware, allowing customers to adopt new technology with less disruption.

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    Jessica Tassan's questions to Alignment Healthcare Inc (ALHC) leadership

    Jessica Tassan's questions to Alignment Healthcare Inc (ALHC) leadership • Q2 2025

    Question

    Jessica Tassan of Piper Sandler Companies asked for an update on the margin maturation framework for new member cohorts and the potential impact of California's exclusively aligned enrollment (EAE) D-SNP policies.

    Answer

    CFO Jim Head stated that the cohort maturation framework remains stable, with year-one members performing around an 89% MBR and improving over time. He highlighted that with 50% of members in year one or two cohorts, the company's execution has been strong. CEO John Kao addressed the D-SNP issue, stating that members often prefer to opt out of mandated Medicaid networks to join Alignment for greater choice, and he does not expect this dynamic to negatively impact them in 2026.

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    Jessica Tassan's questions to Alignment Healthcare Inc (ALHC) leadership • Q1 2025

    Question

    Jessica Tassan of Piper Sandler inquired about the expected changes in California's competitive landscape for 2026 and any planned investments to support the sales force. She also asked if Alignment is receiving requests from capitated providers for contract changes and at what point the company might consider re-assuming that risk.

    Answer

    CEO John Kao stated that while the rate notice helps all plans, Alignment's relative advantages in Stars and V28 remain significant, positioning them well against competitors. CFO Robert Freeman added that their global cap providers typically do not take Part D or supplemental benefit risk, which fosters better alignment and has prevented requests for concessions. They will continue to grow their at-risk book while working with high-performing capitated partners.

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    Jessica Tassan's questions to Alignment Healthcare Inc (ALHC) leadership • Q4 2024

    Question

    Jessica Tassan asked if new members in non-California markets start with a higher MBR and if their profitability eventually converges with California members. She also inquired about member retention during AEP and sought thoughts on the final CMS rate notice.

    Answer

    Executive Robert Freeman explained that while some non-California markets start with a higher MBR, they often present a greater opportunity for improvement and eventually converge. He noted that AEP retention was strong and similar to the prior year's record high. CEO John Kao added that the company is well-positioned for any rate notice outcome due to its relative advantages, though his gut feeling was that the final rate could be slightly higher than the advance notice.

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    Jessica Tassan's questions to Alignment Healthcare Inc (ALHC) leadership • Q3 2024

    Question

    Jessica Tassan asked about any structural changes to capitated contracts for 2025 and inquired about actions being taken to mitigate the Part D liability shift from the IRA redesign.

    Answer

    Executive Robert Freeman stated there were no structural changes to capitated contracts for 2025 and that he did not expect a significant MBR change in that book of business. He noted that Part D is expected to be a tailwind to MLR in 2025, and the company's Care Anywhere program provides a clinical advantage in managing drug costs for high-acuity members under the new IRA rules.

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    Jessica Tassan's questions to Teladoc Health Inc (TDOC) leadership

    Jessica Tassan's questions to Teladoc Health Inc (TDOC) leadership • Q2 2025

    Question

    Jessica Tassan from Piper Sandler Companies inquired about the outlook for Chronic Care Solutions in 2026, the progress of the current selling season, and any notable competitive dynamics impacting retention and pricing.

    Answer

    CEO Charles Divita noted the employer channel is in line with expectations, but the health plan channel faces continued pressure. He highlighted the new cardiometabolic program's holistic approach as a key differentiator. CFO Mala Murthy added that the market is highly competitive but expressed confidence in leveraging Teladoc's large member base for cross-selling opportunities, given current low penetration rates.

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    Jessica Tassan's questions to Teladoc Health Inc (TDOC) leadership • Q1 2025

    Question

    Jessica Tassan inquired about the impact of BetterHelp's shorter-duration weekly contracts on churn and revenue per member, and questioned the rationale behind acquiring UpLift for payer coverage instead of leveraging the existing BetterHelp provider network.

    Answer

    CFO Mala Murthy explained that weekly offers boost user conversion despite higher churn, resulting in a net positive effect, though it impacts initial revenue per user. CEO Chuck Divita clarified that the UpLift acquisition was a strategic move to accelerate their entry into insurance-covered services, not a reflection of any inability of the BetterHelp network to gain payer contracts.

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    Jessica Tassan's questions to Teladoc Health Inc (TDOC) leadership • Q4 2024

    Question

    Jessica Tassan from Piper Sandler asked for a qualitative description of the differences between the existing behavioral health offerings in the Integrated Care segment and the incremental capabilities BetterHelp would provide if brought in-network for payers.

    Answer

    CEO Chuck Divita explained that while the B2B Integrated Care segment has a scaled mental health offering ($150M in 2024 revenue), BetterHelp's key differentiators are its strong consumer brand, its ability to drive high user volume, and its proven platform for rapidly matching patients with therapists, which many network providers struggle with.

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    Jessica Tassan's questions to Teladoc Health Inc (TDOC) leadership • Q3 2024

    Question

    Jessica Tassan asked about the competitive landscape as payers consider covering BetterHelp, any nuances between commercial and Medicare Advantage, and the potential SG&A burden on Teladoc in a payer-sponsored model.

    Answer

    CEO Chuck Divita reiterated that BetterHelp will remain a predominantly direct-to-consumer business, with the payer initiative being an exploration to serve consumers who want to use their benefits. CFO Mala Murthy added that the initiative could leverage existing marketing spend to attract a wider consumer base by offering another payment choice, rather than creating a significant new SG&A burden.

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    Jessica Tassan's questions to Teladoc Health Inc (TDOC) leadership • Q3 2024

    Question

    Jessica Tassan asked about the competitive dynamics for BetterHelp as it engages with payers, questioning whether payers prefer a single virtual behavioral health partner or a broad network. She also inquired about the potential SG&A burden on Teladoc in a payer-sponsored model, given the need to drive utilization.

    Answer

    Chief Executive Officer Chuck Divita reiterated that BetterHelp's primary focus remains its direct-to-consumer model and that the payer initiative is an exploration to help existing consumers access their benefits. Chief Financial Officer Mala Murthy clarified that the SG&A impact should be viewed as leveraging existing marketing spend more effectively. Instead of being a new burden, offering a payer option is another way to convert consumers brought in by current advertising efforts, potentially making that spend more efficient.

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    Jessica Tassan's questions to Phreesia Inc (PHR) leadership

    Jessica Tassan's questions to Phreesia Inc (PHR) leadership • Q1 2026

    Question

    Jessica Tassan asked about the ROI visibility for Network Solutions customers, their flexibility to adjust campaigns, and the real-time data available to them for modifying media spend.

    Answer

    CEO Chaim Indig explained that while campaigns undergo a formal medical legal review (MLR) process, clients have the flexibility to titrate spending. He noted that due to Phreesia's strong, measurable ROI and growing scale, it often becomes a recipient of increased ad dollars from clients throughout the year.

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    Jessica Tassan's questions to Phreesia Inc (PHR) leadership • Q4 2025

    Question

    Jessica Tassan asked for details on the 'postscript engagement' product, including its mechanics and payment model. She later inquired about the timing of Network Solutions contract renewals, questioning if they are time-bound or impression-bound.

    Answer

    Executive Balaji Gandhi clarified that the postscript product is impression-based, similar to other campaigns, and leverages platform data to send prescription reminders. He and CEO Chaim Indig later added that Network Solutions campaigns are sold for a fixed number of messages and are resold upon completion, making it an ongoing process.

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    Jessica Tassan's questions to Phreesia Inc (PHR) leadership • Q3 2025

    Question

    Jessica Tassan asked about the network solutions selling season, potential tailwinds from Part D, and pharma customer feedback regarding the presumptive HHS secretary nominee.

    Answer

    Executive Balaji Gandhi noted that visibility into the fiscal 2026 outlook is slightly ahead of last year. Regarding the HHS nominee, he reiterated that Phreesia's platform is built on privacy and consent to deliver personalized health information that improves outcomes.

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    Jessica Tassan's questions to Phreesia Inc (PHR) leadership • Q2 2025

    Question

    Jessica Tassan asked what factors increased Phreesia's visibility to guide for growth in average revenue per AHSC and inquired about the opportunity to leverage the Patient Activation Measure (PAM) within the existing client base.

    Answer

    Executive Balaji Gandhi explained that the improved visibility is the result of a multi-year strategy to broaden the solution suite, leading to intentionally larger deal values. He noted that PAM is required in programs like Kidney Care Choices (KCC), making Phreesia's offering stickier for participating nephrology clients and creating opportunities for inclusion in future CMMI models.

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    Jessica Tassan's questions to Evolent Health Inc (EVH) leadership

    Jessica Tassan's questions to Evolent Health Inc (EVH) leadership • Q1 2025

    Question

    Jessica Tassan of Piper Sandler sought clarification on two points: the quarterly cadence of Performance Suite lives, including the impact from recontracting, and the timeline for repricing retained Performance Suite business to reflect current cost trends.

    Answer

    Executive John Johnson clarified that approximately 600,000 lives converted from the Performance Suite to Technology and Services. Regarding repricing, he explained that contracts are on an annual cycle where capitation rates automatically adjust based on changes in the population's risk profile, such as a shift in cancer mix.

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    Jessica Tassan's questions to Evolent Health Inc (EVH) leadership • Q4 2024

    Question

    Jessica Tassan asked what portion of the Performance Suite book was profitable in 2024 and whether the un-renegotiated, profitable contracts would see margin contraction in 2025.

    Answer

    CFO John Johnson stated that the mix of profitable versus unprofitable contracts remained about the same in Q4, though the overall profitability curve shifted down. He confirmed there will be 'modest contraction' in the profitable, un-renegotiated book in 2025, which is factored into the guidance and is part of why the company is only recovering about half of the prior year's margin decline.

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    Jessica Tassan's questions to Evolent Health Inc (EVH) leadership • Q3 2024

    Question

    Jessica Tassan of Piper Sandler & Co. asked for clarification on the $100 million price increase in relation to risk corridors and inquired about the potential impact of the Inflation Reduction Act (IRA) on the business.

    Answer

    John Johnson explained that the $100 million in sought-after rate increases is intended to restore profitability in affected markets, not just to reach the edge of a risk corridor. Regarding the IRA, Johnson stated that Evolent anticipates minimal impact as the company does not typically take risk in Medicare Part D.

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    Jessica Tassan's questions to UnitedHealth Group Inc (UNH) leadership

    Jessica Tassan's questions to UnitedHealth Group Inc (UNH) leadership • Q1 2025

    Question

    Jessica Tassan asked about the phenomenal growth in Medicare Advantage, particularly in Chronic Special Needs Plans (C-SNP), inquiring about the drivers of UHC's success in this segment and its economic implications.

    Answer

    Executive Robert Hunter stated that the company is on track to meet its full-year MA growth target of 800,000 members, with diversified growth across HMO, dual-eligible, and C-SNP plans. He attributed the C-SNP success to their strong value-based care integration with both internal and external providers, which positions them well to manage members with chronic and complex conditions.

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