v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table presents our revenues disaggregated by source:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in thousands)
2026202520262025
FFS-patient care $412,640 $331,464 $803,773 $643,225 
FFS-administrative services 33,222 35,116 64,625 67,371 
Capitated revenue95,150 75,511 181,298 146,201 
Shared savings 68,920 60,021 143,883 107,933 
Care management fees (PMPM)
20,733 16,919 38,600 32,121 
Other revenue 1,965 2,122 4,298 4,399 
Total revenue $632,630 $521,153 $1,236,477 $1,001,250 
Fee-for-service (“FFS”) patient care is primarily generated from third-party payers with which the Company has established contractual billing arrangements. The following table presents the approximate percentages by source of net revenue received for healthcare services we provided for the periods indicated:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Commercial insurers 72 %71 %71 %70 %
Government payers 13 %14 %13 %14 %
Patient 15 %15 %16 %16 %
100 %100 %100 %100 %
FFS-administrative services revenue is earned through the Company’s MSA with Non-Owned Medical Groups primarily based on a fixed percentage of net collections on patient care generated by those medical groups.
Value Based Care (“VBC”) revenue is primarily earned through contracts for capitated revenue, shared savings and care management fees (“PMPM”). Capitated revenue is generated through what is typically known as an “at-risk contract.” At-risk capitation refers to a model in which the Company receives a fixed monthly payment from the third-party payer in exchange for providing healthcare services to attributed beneficiaries. The Company is responsible for providing or paying for the cost of healthcare services required by those attributed beneficiaries for a set of services. Capitated revenue is recorded at the total amount gross in revenues because the Company is acting as a principal in arranging for, providing, and controlling the managed healthcare services provided to the Attributed Lives (as defined herein). Shared savings revenue and PMPM are generated through contracts with large commercial payer organizations and the U.S. Federal Government.
Contract Asset
The Company has the following contract assets:
(Dollars in thousands)
June 30, 2026December 31, 2025
Balances for contracts with customers
Accounts receivable $574,160 $400,902 
Remaining Performance Obligations
As our performance obligations relate to contracts with a duration of one year or less, the Company elected the optional exemption in ASC 606-10-50-14(a). Therefore, the Company is not required to disclose the transaction price for the remaining performance obligations at the end of the reporting period or when the Company expects to recognize revenue. The Company has minimal
unsatisfied performance obligations at the end of the reporting period as our patients typically are under no obligation to continue receiving services at our facilities.