Specialist
Former director at Privia Health Group Inc
Agenda
- Recent trends and developments in the value-based care software space, focusing on Privia’s (NASDAQ: PRVA) business model
- Competitive landscape overview, comparing Privia’s positioning to Aledade and others
- Value-based contract dynamics, KPIs and margin profile in mature markets
- Expansion strategy to expand provider anchor partnership network
Questions
1.
What are some major trends and developments you’ve been following in the provider value-based care software market over the past 6-9 months or so that might better inform our discussion on Privia?
2.
How has Privia Health been able to build out value-based capabilities to a wide swathe of clinical needs and patient populations? Could you expound on the company’s diversified suite of offerings for primary care, women’s health, specialty care, internal family medicine and so on, and how this translates into a competitive moat in the market?
3.
How do you assess Privia’s provider acquisition strategy and overall marketing spend? The company guides around USD 2m-3m per state in terms of sales infrastructure, marketing and implementation. In light of your remarks around the incentive mix or value proposition to physicians, how is that spend allocated and how effective have these initiatives been?
4.
What’s differentiated about Privia’s two-way risk models and why do you believe the company has been uniquely successful in both the upside and downside value-based contracts?
5.
How would you frame the total market opportunity in the health system demographic more broadly? Could you try to quantify the TAM here, or at least a relative financial opportunity compared to some of the legacy independent physician groups Privia has worked with historically?
6.
Could you discuss Privia’s recently announced health system partnerships with Novant Health and OhioHealth in North Carolina and Ohio, as well as the company’s broader strategy to penetrate this new end market? What’s important for us to understand about these relationships and how they differ from traditional provider anchor partnership dynamics?
7.
From Privia’s perspective, how do you anticipate the health system partner acquisition cost or scalability cost to compare to those of the independent physician groups? Could you compare approximate efficiency?
8.
Which regions do you think are most attractive to expand the health system footprint going forwards and what qualities are companies such as Privia looking at when selecting a region and/or a hospital system partner?
9.
Privia recently joined up with Surgery Partners in Montana to collaborate on value-based arrangements in outpatient settings. How much of a material increase in practice contribution do you think we could see from moving patients to lower-cost sites more broadly?
10.
What has been Privia’s onboarding strategy to ramp up operations in new markets efficiently? What has the company done to manage start-up and implementation costs to see population health management gains earlier on?
11.
How has profitability typically trended in established markets as patient risk coding and value-based care tech capabilities become optimised? How does the shared savings contribution or profitability trend after one, two or three-plus years in some of the more select mature markets?
12.
What’s the potential opportunity for Medicare Shared Savings Programe and ACO Reach to merge down the road? What would be the upside implications for Privia in such a scenario?
13.
How do you see the business models of players such as Privia evolving longer term? What might we see in terms of integrating primary care, behavioural health and other specialities to realise better outcomes over the long term?
14.
Is there anything that we have not touched on that might be especially important to highlight when thinking about Privia?
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