Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Disaggregated Revenue by Each Payer Type

The following table presents disaggregated revenue generated by each payer type (in thousands):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Commercial		$	87,190			$	46,049			$	171,730			$	93,278
Medicare			593,876				403,111				1,200,017				790,995
Medicaid			265,619				192,621				494,166				365,802
Other third parties			25,835				13,027				71,707				25,121
Total revenue		$	972,520			$	654,808			$	1,937,620			$	1,275,196

Schedule of Contributions to Revenue and Receivables by Payor

The Company had major payers that contributed the following percentages of total consolidated net revenue. These payers are primarily within the Care Partners segment.


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Payer A			18.5	%			31.9	%			19.7	%			32.4	%
Payer B			15.3	%			17.6	%			14.4	%			16.5	%
Payer C		*					10.3	%		*					10.4	%
Payer D			10.3	%		*				*				*
Payer E			10.1	%		*				*				*

* Less than 10% of revenue.

The Company had major payers that contributed to the following percentages of receivables, net, and other receivables:


		As of June 30, 2026				As of December 31, 2025
Payer A			38.1	%			27.4	%
Payer F			11.2	%			11.0	%

Schedule of Company's Receivables, Net

The Company’s receivables, net consisted of the following (in thousands):


		June 30, 2026				December 31, 2025
Receivables, net		$	25,276			$	31,377
Capitation receivables, net			123,498				94,229
ACO receivables			186,435				109,777
FFS receivables, net			29,082				45,568
Hospital risk pool receivables			7,377				17,420
Risk pool and incentives receivables, net			23,053				24,568
Management fee receivables			12,791				7,073
Receivables from related parties, net			57,568				44,453
Total receivables, net		$	465,080			$	374,465

The Company maintains reserves for potential credit losses on the receivables. Management reviews the composition of the Company’s receivables and analyzes historical bad debts, customer concentrations, customer creditworthiness, current economic trends, and changes in customer payment patterns to evaluate the adequacy of these reserves. The Company also regularly analyzes the ultimate collectability of accounts receivable after certain stages of the collection cycle using a look-back analysis to determine the amount of receivables subsequently collected, and adjustments are recorded when necessary. Reserves are recorded based on historical trends. Any change in such an estimate of reserves is recorded in the period when such change is identified.

Receivables are recorded when the Company is able to determine amounts receivable under applicable contracts and agreements based on information provided and collection is reasonably likely to occur. The Company continuously monitors its receivable collections and expects that the historical credit loss experienced across its receivables portfolio is materially similar to any current expected credit losses (“CECL”) that would be estimated under the CECL model.

Receivables from related parties, net

The Company’s receivables from related parties are comprised of hospital-shared risk pool settlements with AHMC Healthcare Inc. (“AHMC”), for which one of the Company’s directors is an officer, and management fee income from equity method investments. Hospital-shared risk pool settlement receivables from related parties are recorded quarterly based on reports received from the Company’s hospital partners and management’s estimate of the Company’s portion of the estimated risk pool surplus for open performance years. Final settlement of risk pool surplus or deficits occurs within 18 months after the risk pool performance year is completed.

Loans receivable

Schedule of Revenue Recognition

Revenue consisted of the following (in thousands):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Capitation, net		$	905,804			$	614,108			$	1,798,712			$	1,198,071
Risk pool settlements and incentives			21,816				15,402				34,302				29,893
Management fee income			13,211				2,577				28,896				4,887
FFS, net			22,982				17,878				60,813				32,769
Other revenue			8,707				4,843				14,897				9,576

Capitation and other revenue, net		$	972,520			$	654,808			$	1,937,620			$	1,275,196