Summary
Privia Health reported Q3 earnings on Thursday, November 6th, and as I shared in my write-up from the earnings call last week, I found the emphasis on value-based care quite interesting, particularly coming from a company known for the phrase “it’s called risk for a reason”. Two of the most discussed points on the call were regarding Privia’s acquisition of Evolent’s ACO business, Evolent Care Partners, as well as Privia’s solid performance in MSSP. Privia’s EVP of Medical Groups, Jason Ross, was kind enough to spend some time with me discussing these updates and how Privia thinks about blending Fee-for-Service and Value-Based Care models.
It was fun to learn about how Privia thinks about supporting practices across FFS and VBC, and how that shows up for providers at the point of care. I think there’s a lot to the idea Jason discussed about how payers, providers, and enablement entities should share risk to align incentives effectively. His comment about how global cap contracts became a bit of a “heads I win, tails you lose” proposition in the industry seems like an astute observation of what has happened in that space over the past few years.
As the industry grapples with rapidly rising costs and providers unhappy with the status quo, a partner like Privia, which supports independent practices across all lines of business, seems well-positioned for success moving forward.
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What we covered:
00:00: Welcome and introductions
01:07: Can you do Fee For Service and Value-Based Care at the same time?
04:52: What’s driving the 10-40% revenue lift per encounter for physicians joining Privia, and is that in conflict with value-based care?
09:45: What does a good end-state for VBC contracting look like?
14:08: How does Privia support physicians in practically managing VBC?
18:21: With the Evolent ACO, is Privia thinking differently about new market entry?
21:58: What is the conversation with the ACO doctors like about bringing them into the medical group?
25:07: How is Privia thinking about acquisitions or partnerships with groups that have global capitation contracts?
28:00: What do you see as the rate-limiting factor for Privia’s growth?