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Privia Health Group, Inc. is a healthcare company that focuses on improving healthcare delivery and reducing costs through innovative solutions and partnerships. The company collaborates with payer groups to form provider networks, engages in value-based care arrangements, and utilizes a proprietary technology solution to support its operations. Privia Health generates revenue from various streams, including direct patient care services and administrative support.
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Fee-for-Service (FFS) Revenue - Provides healthcare services to patients through Privia Providers of Owned Medical Groups and earns revenue through administrative services provided to Non-Owned Medical Groups.
- FFS-Patient Care - Delivers healthcare services directly to patients.
- FFS-Administrative Services - Offers administrative support to medical groups.
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Value-Based Care (VBC) Revenue - Engages in contracts that tie incentive payments to targets such as risk-adjusted total cost of care, quality measures, and patient experience.
- Capitated Revenue - Receives fixed monthly payments from third-party payers for providing healthcare services to attributed beneficiaries under at-risk contracts.
- Shared Savings - Earns revenue from contracts with large commercial payer organizations and the U.S. Federal Government.
- Care Management Fees (PMPM) - Collects per-member-per-month fees for care management services.
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Other Revenue - Generates income from additional services such as concierge services, virtual visits, virtual scribes, and coding.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Parth Mehrotra ExecutiveBoard | Chief Executive Officer (CEO) | Parth Mehrotra has been the CEO of Privia Health Group, Inc. since July 1, 2023. Previously, he served as President and COO from 2018 to 2023 and has been a Director on the Board since 2023. | View Report → | |
David Mountcastle Executive | Executive Vice President and Chief Financial Officer | David Mountcastle is the Executive Vice President and Chief Financial Officer at Privia Health Group, Inc., resuming this role in March 2022 after previously serving as CFO from 2014 through January 2022. He has an extensive background in finance with senior roles at Brainware Inc., iDirect, Coventry, United Healthcare, and began his career at Ernst & Young. | ||
Edward C. Fargis Executive | Executive Vice President, General Counsel, and Corporate Secretary | Edward C. Fargis has served as the Executive Vice President, General Counsel, and Corporate Secretary at Privia Health since January 29, 2024. He is a key member of the senior leadership team, backed by extensive legal and compliance experience in the healthcare industry. | ||
David King Board | Chair of the Board of Directors | Managing Member of KingMan LLC; Executive Chair of HealthChannels | David King has been serving as the Chair of the Board of Directors at PRVA since 2021, and he brings extensive experience from his leadership roles in the healthcare industry, including active positions at KingMan LLC and HealthChannels. | |
David Wichmann Board | Board Director | Director at Boston Scientific Corporation | David Wichmann is a seasoned healthcare leader, having served as CEO of UnitedHealth Group from September 2017 to March 2021, and he currently serves as a board member at Privia Health since August 1, 2023. | |
Jaewon Ryu Board | Director | President and Chief Executive Officer at Geisinger (since June 2019); Commissioner on the Medicare Payment Advisory Commission (since 2018); Director on boards of National Committee for Quality Assurance (NCQA), the Commonwealth Fund, Teleflex, Inc. | Dr. Jaewon Ryu has been serving as a director at Privia Health Group since 2021 as a member of the Compliance Committee. He has held significant leadership roles externally, including serving as President and Chief Executive Officer at Geisinger since June 2019 and as a Commissioner on the Medicare Payment Advisory Commission since 2018. | |
Nancy Cocozza Board | Director | Nancy Cocozza is a seasoned healthcare professional with over 25 years of experience, currently serving as a Director on the Board of Privia Health Group since 2022. She has held leadership roles at Aetna, HealthMarkets, and Coventry Health Care. | ||
Pamela Kimmet Board | Class III Director | Chief Human Resources Officer at Manulife Financial Corporation | Pamela Kimmet is a Class III Director at Privia Health Group, Inc. since August 1, 2023, where she serves as the Chair of the Compensation Committee. She is also the Chief Human Resources Officer at Manulife Financial Corporation, a role she has held since October 2018. | |
Patricia Maryland Board | Director | Board Member at Encompass Health Corporation (since 2020); Board Member at Surgery Partners, Inc. (since March 2021) | Patricia Maryland has over 40 years of healthcare experience and has been a Director at Privia Health Group, Inc. since 2021. She chairs the Compliance Committee at Privia and holds board roles at Encompass Health Corporation (since 2020) and Surgery Partners, Inc. (since March 2021). | |
Thomas McCarthy Board | Director | Board Member of Selective Insurance Group, Inc. (Risk Committee and Finance and Investments Committee); Board of Trustees of the American University of Rome; Director of Avenue of the Arts, Inc.; Director of Habitat for Humanity of Montgomery and Delaware Counties | Thomas McCarthy has been a Director and serves as the Chair of the Audit Committee at Privia Health Group, Inc. since 2021. With over 35 years in healthcare, insurance, and financial services, he previously held senior roles at Cigna, Kemper Insurance, and USAA. |
- Given your guidance of 80% free cash flow conversion in 2025, down from over 100% in previous years, can you elaborate on the factors causing this decrease and how you expect cash flow conversion to trend in a normalized year without working capital adjustments?
- You've mentioned no new market entry costs in your 2025 guidance despite typically entering new markets annually; can you explain why there are no planned new market entries this year and how this aligns with your overall growth strategy?
- In light of the challenging Medicare Advantage environment and your expectation of flat shared savings, what steps are you taking to manage risk in your value-based contracts and continue growing EBITDA?
- Considering potential increases in the uninsured population if subsidies are reduced and changes in Medicaid, how might these developments impact your business, and what strategies are you implementing to mitigate potential negative effects?
- With a gross margin of around 2% on your capitated revenue, which seems low, why do you continue to engage in these contracts instead of exiting them, and how do you plan to improve margins in this area?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Payer A | Major healthcare payer | All | 2024 revenue: $451.46M (26% ) derived from $1,736.4M , AR: $145.45M (46% ) derived from $316.2M ; 2023 revenue: $381.27M (23% ) derived from $1,657.7M , AR: $127.95M (44% ) derived from $290.8M ; 2022 revenue: $339.18M (25% ) derived from $1,356.7M. |
Payer B | Major healthcare payer | All | 2024 revenue: $295.19M (17% ) derived from $1,736.4M , AR: $60.08M (19% ) derived from $316.2M ; 2023 revenue: $265.23M (16% ) derived from $1,657.7M , AR: $55.25M (19% ) derived from $290.8M ; 2022 revenue: $244.21M (18% ) derived from $1,356.7M. |
Payer C | Major healthcare payer | All | 2024 revenue: $260.46M (15% ) derived from $1,736.4M , AR: $44.27M (14% ) derived from $316.2M ; 2023 revenue: $248.66M (15% ) derived from $1,657.7M , AR: $37.80M (13% ) derived from $290.8M. |
Payer D | Major healthcare payer | All | 2023 revenue: $165.77M (10% ) derived from $1,657.7M. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Washington Friendly Medical Group | 2023 | Launched in August 2023 as a physician-owned entity where Washington Nominee PC holds a 51% majority interest and governance rights with a Restriction Agreement, anchored by Walla Walla Clinic (a multi-specialty practice with over 50 providers). The acquisition was part of a $38.2 million combined deal—featuring cash, payer contract intangibles, and $8.7 million in goodwill—with implementation planned by the end of 2023. |
Privia Quality Network Connecticut (PQN-CT) | 2023 | Acquired in February 2023 with a majority ownership interest, using the acquisition method per ASC 805 for a total consideration of $25.2 million (cash of $24,856,000 and $344,000 in other liabilities). The deal strategically partners with Community Medical Group—supporting approximately 1,100 multi-specialty providers and value-based care arrangements covering 180,000 lives—to strengthen Privia’s presence in Connecticut. |
Great Falls Clinic | 2022 | Completed in 2022 through a partnership with Surgery Partners, Inc. to enter the Montana market by leveraging Great Falls Clinic—an anchor practice with 65 providers spanning 24 specialties. This strategic move allowed Privia Health to extend its performance operations and technology services, replicating its operating model in a new geography while supporting value-based care. |
BASS Privia Management Company of California, LLC | 2021 | Acquired in 2021 through an affiliation with BASS Medical Group, a leading multi-specialty group boasting over 400 providers at 125+ locations in the San Francisco Bay Area. The structure included a single tax ID medical group, a risk-bearing entity, and a management services entity—with Privia obtaining majority interest to rapidly expand in the California provider market. |
Privia Medical Group West Texas, PLLC | 2021 | Launched on October 1, 2021 in partnership with Abilene Diagnostic Clinic—an independent multi-specialty group with over 30 providers across five care centers—to serve as an anchor for Privia’s expansion in Texas. The acquisition demonstrates an asset-light operating model intended to capitalize on economies of scale while facilitating further growth throughout the Texas Panhandle, East, and West Texas regions. |
Recent press releases and 8-K filings for PRVA.
- FY 2024 Revenue & Performance: Recorded revenue of $1,736.4M with all operating and financial metrics exceeding high-end guidance .
- Strong Q4 Results: Delivered a record $109.3M in free cash flow, improved gross profit, and practice collections rising to $792.5M .
- Provider Growth: Implemented Providers increased by 11.2% YoY to 4,789 .
- Adjusted EBITDA Expansion: Q4 performance included $24.9M in adjusted EBITDA and fee-for-service adjusted EBITDA of $90.5M, achieving a FY adjusted EBITDA margin of 22.4% .
- Robust Financial Position: Ended the year with approximately $491M in cash and no debt .
- 2025 Guidance: Forecasts include further provider growth (projected increase to 5,250 or 9.6%) and targeted EBITDA growth of about 19%, supporting margin expansion despite market challenges .
- Record Year & Guidance: Achieved record sales in 2024 with FY 2025 guidance targeting 20%+ EBITDA growth despite value-based care headwinds .
- Conference Presentation: Delivered a detailed presentation at the 43rd Annual J.P. Morgan Healthcare Conference 2025 outlining its multi-specialty, risk-bearing model .
- Expansive Network: Building one of the largest primary care-centric networks across 14 states (plus D.C.), featuring over 1,170 care center locations and 4,600+ providers serving 5 million patients .
- Value-Based Care Leadership: Supports 1.2 million patients in value-based care programs and robust patient/provider metrics .
- Enhanced Unit Economics: Improved efficiency with a 40% reduction in customer acquisition costs and consistent conversion of 100% EBITDA to free cash flow .
- Tech-Enabled Operations: Leverages a holistic technology and services platform to drive provider productivity and streamline value-based care operations .
- The document is a Form 8-K filing that features the investor presentation delivered at the J.P. Morgan 2025 Healthcare Conference in January 2025, detailing forward-looking statements related to 2024 financial guidance.
- It highlights key non‐GAAP measures and operating metrics such as Care Margin, Adjusted EBITDA, and Practice Collections, providing a snapshot of recent performance and strategic initiatives.
- The filing reaffirms FY 2024 guidance with high‐end projections including Adjusted EBITDA of $90 million, Practice Collections of $2,875 million, and Care Margin of $400 million.