Annual report [Section 13 and 15(d), not S-K Item 405]

Related Parties

v3.25.1
Related Parties
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Parties
Atrio Health Plans
CPF, a principal equity holder of the Company, has an equity investment in Atrio Health Plans (“Atrio”). The Company has a full-risk capitation agreement in place with Atrio whereby the Company is delegated to perform services on behalf of Atrio’s members assigned to the Company. These delegated services include but are not limited to provider
network credentialing, patient authorizations, and medical management (care management, quality management and utilization management). The following tables summarize the Company’s transactions with Atrio:
Year Ended December 31,
2024 2023
(in thousands)
Capitated revenue $ 303,606  $ 192,577 
Other patient service revenue $ 4,340  $ 2,737 
Medical expense $ 345,566  $ 197,641 
December 31,
2024 2023
(in thousands)
Health plan receivable $ 23,872  $ 5,290 
Claims payable $ 61,090  $ 41,348 
Health plan settlements payable $ 1,386  $ 4,176 
Deferred revenue (1)
$ —  $ 12,700 
__________________
(1)Amount is included within accrued expenses and other current liabilities on the Company’s consolidated balance sheet.
VGS Promissory Notes
As described in Note 10, in December 2023, the Company issued an unsecured promissory note to VGS, an entity managed by CPF and whose equity holders consist of three members of the Company’s Board of Directors and the Company’s Chief Medical Officer, among others. In March 2024 and December 2024, the Company issued unsecured promissory notes to VGS 2 and VGS 3, respectively, both of which are also managed by CPF. The following tables summarize the Company’s transactions with VGS, VGS 2, and VGS 3:
Year Ended December 31,
2024 2023
(in thousands)
Interest expense, net $ 9,025  $ 3,905 
December 31,
2024 2023
(in thousands)
Long-term debt, net $ 74,823  $ 28,319 
Accrued interest $ 3,992  $ 4,010 
Accrued expenses $ 437  $ 331 
Florida Asset Sale
As described in Note 6, on November 30, 2024, the Company sold its Florida Assets to Buyers which are affiliated with the Company’s principal stockholder.