P3 Health Partners Expands to California, Closes Acquisition of Medcore HP and Omni IPA Medical Group, Inc.

Rhea-AI Summary

P3 Health Partners has successfully acquired Medcore HP and Omni IPA Medical Group, adding over 10,500 Medicare Advantage members in California. This acquisition marks P3's entry into its fifth state, enhancing its national expansion strategy.

Medcore HP is licensed under California's Knox-Keene Act, allowing it to manage global risk for its members, while Omni IPA comprises over 400 healthcare providers. CEO Sherif Abdou emphasized that this move aligns with P3's mission to improve healthcare outcomes through value-based care.

Positive

• Acquisition adds over 10,500 Medicare Advantage members, expanding the company's market presence.
• Enters California, marking the fifth state of operation and enhancing national growth strategy.
• Medcore HP has contracts with major health plans, providing opportunities for increased revenue.

Negative

• None.

Acquisition brings more than 10,500 Medicare Advantage members and marks P3’s fifth state of operation

HENDERSON, Nev., Jan. 04, 2022 (GLOBE NEWSWIRE) -- P3 Health Partners, Inc. (P3) (NASDAQ:PIII), a patient-centered and physician-led population health management company, today announced the closing of the company’s previously announced acquisition of Medcore HP, a health plan licensed under the California Knox-Keene Health Care Service Plan Act of 1975, and Omni IPA Medical Group, Inc., an independent practice association in San Joaquin County, California.

With some of the largest healthcare networks in the United States, California represents an opportunity for P3 to grow its membership and bring its expertise in improving outcomes while reducing costs to California’s Central Valley and beyond. Medcore HP contracts directly with major health plans in California and its health plan license allows it to take global risk on more than 10,500 Medicare Advantage members in San Joaquin County. Omni IPA Medical Group is an independent practice association with over 400 physicians and other healthcare providers currently contracted under Medcore HP’s provider network.

“Our national expansion is key to ensuring P3 continues to advance our mission of transforming healthcare through value-based care and we are thrilled to add Medcore HP and Omni IPA Medical Group to our organization,” said Sherif Abdou, M.D., CEO of P3 Health Partners. “Our arrival into California, which is our fifth state of operation, marks an important milestone in the execution of our growth strategy and demonstrates our dedication to delivering improved clinical outcomes at a reduced cost with our proven, scalable model.”

About P3 Health Partners
P3 (NASDAQ: PIII) is a patient-centered and physician-led population health management company founded and led by physicians with a shared passion for delivering value-based care. We leverage our deeply integrated and capital efficient care model, data and technology, physician leadership and community outreach tools to create enhanced patient outcomes and experiences, greater satisfaction for providers and caregivers and lower care costs. For more information, visit p3hp.org.

Contacts
Kelley Waynert, Senior Manager, Strategic Communications
P3 Health Partners
(702) 334-6745
KWaynert@p3hp.org

Investor Relations
Cody Slach, Alex Kovtun
Gateway Group, Inc.
(949) 574-3860
PIII@gatewayir.com

Press
Jordan Schmidt
Gateway Group, Inc.
(949) 574-3860
PIII@gatewayir.com

FAQ

What is the significance of P3's acquisition of Medcore HP and Omni IPA?

The acquisition adds over 10,500 Medicare Advantage members and marks P3's entry into California, enhancing its national expansion strategy.

How will the acquisition of Medcore HP impact P3's operations?

This acquisition allows P3 to manage global risk for Medicare Advantage members and integrate new healthcare providers into its network.

What is the expected impact of the acquisition on P3's revenue?

The addition of a significant member base and contracts with health plans in California is expected to drive revenue growth.

When was the acquisition of Medcore HP and Omni IPA finalized?

The acquisition was announced and finalized on January 4, 2022.

What opportunities does this acquisition provide for P3 Health Partners?

It enhances membership growth, access to a broader network of healthcare providers, and the ability to deliver value-based care.