Significant Accounting Policies (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2021 |
Dec. 31, 2020 |
| Significant Accounting Policies |
|
|
| Summary of total cash balances |
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
Type of Account |
|
September 30, 2021 |
|
December 31, 2020 |
Checking |
|
$ |
4,336,565 |
|
$ |
36,261,104 |
Restricted |
|
|
346,299 |
|
|
3,641,843 |
Total Cash Balances |
|
$ |
4,682,864 |
|
$ |
39,902,947 |
|
|
|
|
|
|
|
|
Type of Account |
|
2019 |
|
2020 |
Checking |
|
$ |
32,592,496 |
|
$ |
36,261,104 |
Restricted |
|
|
312,352 |
|
|
3,641,843 |
Total Cash Balances |
|
$ |
32,904,848 |
|
$ |
39,902,947 |
|
| Summary of sources (by product type) from which the Company's revenues are derived |
The following tables depict the sources (by product type) from which the Company’s revenues are derived:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Revenue Type |
|
2021 |
|
% of Total |
|
2020 |
|
% of Total |
|
Capitated Revenue |
|
$ |
152,276,992 |
|
97 |
% |
$ |
124,461,275 |
|
97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Patient Service Revenue |
|
|
|
|
|
|
|
|
|
|
|
Clinical Fees & Insurance Revenue |
|
|
2,408,642 |
|
2 |
% |
|
1,947,109 |
|
2 |
% |
Shared Risk Revenue |
|
|
139,331 |
|
— |
% |
|
416,765 |
|
— |
% |
Care Coordination / Management Fees |
|
|
1,146,355 |
|
1 |
% |
|
1,115,895 |
|
1 |
% |
Incentive Fees |
|
|
548,935 |
|
— |
% |
|
899,946 |
|
1 |
% |
Subtotal Other Patient Service Revenue |
|
|
4,243,263 |
|
3 |
% |
|
4,379,716 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
$ |
156,520,255 |
|
100 |
% |
$ |
128,840,991 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
Revenue Type |
|
2021 |
|
% of Total |
|
2020 |
|
% of Total |
|
Capitated Revenue |
|
$ |
447,137,121 |
|
97 |
% |
$ |
351,018,290 |
|
97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Patient Service Revenue |
|
|
|
|
|
|
|
|
|
|
|
Clinical Fees & Insurance Revenue |
|
|
7,280,789 |
|
2 |
% |
|
4,895,956 |
|
1 |
% |
Shared Risk Revenue |
|
|
341,342 |
|
— |
% |
|
416,765 |
|
— |
% |
Care Coordination / Management Fees |
|
|
2,994,755 |
|
1 |
% |
|
2,312,840 |
|
1 |
% |
Incentive Fees |
|
|
1,749,225 |
|
— |
% |
|
2,020,429 |
|
1 |
% |
Subtotal Other Patient Service Revenue |
|
|
12,366,111 |
|
3 |
% |
|
9,645,990 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
$ |
459,503,232 |
|
100 |
% |
$ |
360,664,280 |
|
100 |
% |
|
|
| Summary of health plans from which the Company has a concentration of revenue that is 10.0%, or more |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
2021 |
|
% of Total |
|
2020 |
|
% of Total |
|
Health Plan A |
|
$ |
36,417,184 |
|
23 |
% |
$ |
35,838,768 |
|
28 |
% |
Health Plan B |
|
|
38,227,530 |
|
24 |
% |
|
27,666,559 |
|
21 |
% |
Health Plan C |
|
|
29,563,741 |
|
19 |
% |
|
16,638,058 |
|
13 |
% |
Health Plan D |
|
|
18,913,641 |
|
12 |
% |
|
21,599,026 |
|
17 |
% |
All Other |
|
|
33,398,159 |
|
21 |
% |
|
27,098,580 |
|
21 |
% |
Total Revenue |
|
$ |
156,520,255 |
|
100 |
% |
$ |
128,840,991 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
% of Total |
|
2020 |
|
% of Total |
|
Health Plan A |
|
$ |
114,230,860 |
|
25 |
% |
$ |
107,265,350 |
|
31 |
% |
Health Plan B |
|
|
105,261,569 |
|
23 |
% |
|
80,813,324 |
|
22 |
% |
Health Plan C |
|
|
84,489,621 |
|
18 |
% |
|
47,061,035 |
|
13 |
% |
Health Plan D |
|
|
56,606,725 |
|
12 |
% |
|
48,750,247 |
|
14 |
% |
All Other |
|
|
98,914,457 |
|
22 |
% |
|
76,774,323 |
|
20 |
% |
Total Revenue |
|
$ |
459,503,232 |
|
100 |
% |
$ |
360,664,280 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Type |
|
2018 |
|
% of Total |
|
2019 Revenue |
|
% of Total |
|
2020 Revenue |
|
% of Total |
|
Capitated Revenue |
|
$ |
86,465,658 |
|
99 |
% |
$ |
138,727,943 |
|
95 |
% |
$ |
471,551,241 |
|
97 |
% |
Other Patient Service Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical Fees & Insurance Revenue |
|
|
639,636 |
|
1 |
% |
|
4,329,591 |
|
3 |
% |
|
7,030,606 |
|
1 |
% |
Shared Risk Revenue |
|
|
200,801 |
|
0 |
% |
|
932,301 |
|
1 |
% |
|
1,111,466 |
|
0 |
% |
Care Coordination / Management Fees |
|
|
390,600 |
|
0 |
% |
|
1,893,553 |
|
1 |
% |
|
5,614,539 |
|
1 |
% |
Incentive Fees |
|
|
— |
|
N/A |
|
|
11,444 |
|
0 |
% |
|
233,439 |
|
0 |
% |
Subtotal Other Patient Service Revenue |
|
|
1,231,037 |
|
1 |
% |
|
7,166,889 |
|
5 |
% |
|
13,990,050 |
|
3 |
% |
Total Revenue by Year |
|
$ |
87,696,695 |
|
100 |
% |
$ |
145,894,832 |
|
100 |
% |
$ |
485,541,291 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plan Name |
|
2018 Revenue |
|
% of Total |
|
2019 Revenue |
|
% of Total |
|
2020 Revenue |
|
% of Total |
|
Health Plan A |
|
$ |
— |
|
N/A |
|
$ |
— |
|
N/A |
|
$ |
142,268,775 |
|
29 |
% |
Health Plan B |
|
|
— |
|
N/A |
|
|
13,557,771 |
|
9 |
% |
|
113,116,297 |
|
23 |
% |
Health Plan C |
|
|
— |
|
N/A |
|
|
27,788,287 |
|
19 |
% |
|
66,237,074 |
|
14 |
% |
Health Plan D |
|
|
— |
|
N/A |
|
|
6,106,544 |
|
4 |
% |
|
62,683,829 |
|
13 |
% |
Health Plan E |
|
|
87,696,695 |
|
100 |
% |
|
39,265,322 |
|
27 |
% |
|
28,128,820 |
|
6 |
% |
Health Plan F |
|
|
— |
|
N/A |
|
|
26,703,364 |
|
18 |
% |
|
24,521,349 |
|
5 |
% |
Health Plan G |
|
|
— |
|
N/A |
|
|
20,157,166 |
|
14 |
% |
|
22,646,251 |
|
5 |
% |
All Other |
|
|
— |
|
N/A |
|
|
12,316,378 |
|
8 |
% |
|
25,938,894 |
|
5 |
% |
Total Revenue by Year |
|
$ |
87,696,695 |
|
100 |
% |
$ |
145,894,832 |
|
100 |
% |
$ |
485,541,291 |
|
100 |
% |
|
| Summary of settlement receivables (health plan surpluses) and settlement payables (health plan deficits), by health plan, by year |
|
|
|
|
|
|
|
Health Plan Name |
|
September 30, 2021 |
|
December 31, 2020 |
Health Plan A |
|
$ |
838,428 |
|
$ |
94,501 |
Health Plan B |
|
|
18,853,480 |
|
|
15,766,808 |
Health Plan C |
|
|
9,010,871 |
|
|
7,332,687 |
Health Plan D |
|
|
7,933,506 |
|
|
6,863,270 |
Health Plan E |
|
|
1,135,398 |
|
|
1,429,722 |
Health Plan F |
|
|
3,236,511 |
|
|
3,222,247 |
Health Plan G |
|
|
239,375 |
|
|
2,748,622 |
Health Plan H |
|
|
2,124,913 |
|
|
428,755 |
Health Plan I |
|
|
250,591 |
|
|
17,908 |
Health Plan J |
|
|
136,586 |
|
|
141,922 |
Health Plan K |
|
|
— |
|
|
4,569 |
Health Plan L |
|
|
174,859 |
|
|
378,822 |
Health Plan N |
|
|
1,912,792 |
|
|
— |
Total Health Plan Settlement Receivables |
|
$ |
45,847,310 |
|
$ |
38,429,833 |
|
|
|
|
|
|
|
Health Plan Name |
|
September 30, 2021 |
|
December 31, 2020 |
Health Plan C |
|
$ |
191,179 |
|
$ |
1,928,414 |
Health Plan D |
|
|
4,680,185 |
|
|
4,680,185 |
Health Plan F |
|
|
7,294,784 |
|
|
6,125,681 |
Health Plan G |
|
|
703,095 |
|
|
1,008,495 |
Health Plan I |
|
|
166,956 |
|
|
— |
Health Plan M |
|
|
222,919 |
|
|
— |
Total Health Plan Settlement Payables by Year |
|
$ |
13,259,118 |
|
$ |
13,742,775 |
|
|
|
|
|
|
|
|
|
|
Health Plan Settlement Receivables |
Health Plan Name |
|
2019 |
|
2020 |
Health Plan A |
|
$ |
— |
|
$ |
94,501 |
Health Plan B |
|
|
1,796,413 |
|
|
15,766,808 |
Health Plan C |
|
|
5,220,041.00 |
|
|
7,332,687 |
Health Plan D |
|
|
1,155,034 |
|
|
6,863,270 |
Health Plan E |
|
|
2,222,044 |
|
|
1,429,722 |
Health Plan F |
|
|
4,227,155 |
|
|
3,222,247 |
Health Plan G |
|
|
2,571,134 |
|
|
2,748,622 |
Health Plan H |
|
|
— |
|
|
428,755 |
Health Plan I |
|
|
— |
|
|
17,908 |
Health Plan J |
|
|
263,726 |
|
|
141,922 |
Health Plan K |
|
|
— |
|
|
4,569 |
Health Plan L |
|
|
— |
|
|
378,822 |
Total Health Plan Settlement Receivables by Year |
|
$ |
17,455,547 |
|
$ |
38,429,833 |
|
|
|
|
|
|
|
|
|
Health Plan Settlement Payables |
Health Plan Name |
|
2019 |
|
2020 |
Health Plan C |
|
$ |
253,172 |
|
$ |
1,928,414 |
Health Plan D |
|
|
27,391 |
|
|
4,680,185 |
Health Plan F |
|
|
3,461,487 |
|
|
6,125,681 |
Health Plan G |
|
|
1,196,522 |
|
|
1,008,495 |
Total Health Plan Settlement Payables by Year |
|
$ |
4,938,572 |
|
$ |
13,742,775 |
|
| Summary of estimated useful lives applicable to PP&E |
|
|
|
Classification PP&E Asset |
|
Depreciation Cycle |
Leasehold Improvements (Cycle: Lease Term) |
|
Lease Term |
Furniture & Fixtures |
|
7‑Years |
Computer Equipment |
|
3‑Years |
Medical Equipment |
|
7‑Years |
Software |
|
3‑Years |
Software (Development in Process) |
|
N/A |
|
|
|
|
Classification PP&E Asset |
|
Depreciation Cycle |
Leasehold Improvements (Cycle: Lease Term) |
|
Lease Term |
Furniture & Fixtures |
|
7-Years |
Computer Equipment |
|
3-Years |
Medical Equipment |
|
7-Years |
Software |
|
3-Years |
Software (Development in Process) |
|
N/A |
|
| Summary of key inputs into the option pricing model |
|
|
|
|
|
|
|
|
Key Input |
|
September 30, 2021 |
|
December 31, 2020 |
|
Volatility |
|
|
60.00 |
% |
|
65.00 |
% |
Risk-Free Interest Rate |
|
|
0.09 |
% |
|
0.10 |
% |
Exercise Price |
|
$ |
4.68 |
|
$ |
4.68 |
|
Expected Term |
|
|
1.0 |
Years |
|
1.1 |
Years |
|
|
|
|
|
|
Volatility |
|
|
65.0 |
% |
Risk-Free Interest rate |
|
|
0.10 |
% |
Exercise Price |
|
$ |
4.68 |
|
Expected Term |
|
|
1.1 years |
|
|