Privia Health Group, Inc. Stock Price, News & Analysis

Privia Health announces the appointment of Parth Mehrotra as CEO, succeeding retiring Shawn Morris, effective July 1, 2023. Under Morris's leadership since 2018, Privia transitioned to a publicly-traded entity, expanded into eight states, and increased provider partnerships by over 125%, totaling more than 3,600.

Mehrotra, who has been with the company since 2018, expressed excitement about leading during a period of significant change in the healthcare industry. The company aims to build a large primary-care centric network and reiterated its 2023 financial guidance remains unchanged. The board endorsed Mehrotra's leadership capabilities, emphasizing the company's strong position for future growth and profitability.

ARLINGTON, Va., April 11, 2023 (GLOBE NEWSWIRE) -- Privia Health Group (Nasdaq: PRVA) announced its plans to release financial results for the first quarter ending March 31, 2023, before market open on May 4, 2023. The press release will be distributed at 7:00 am ET and will be available on the Company’s Investor Relations website. Following the release, Privia Health management will host a conference call at 8:30 am ET to discuss the results and provide insights on future financial and operational performance. Interested parties can join the call via live webcast, which will also be archived for later access. For additional information, visit the Investor Relations page on their website.

Contact: Robert Borchert, SVP, Investor & Corporate Communications, IR@priviahealth.com, 817.783.4841.

On March 7, 2023, Privia Health (Nasdaq: PRVA) announced a strategic partnership with OhioHealth, launching Privia Medical Group – Ohio. This initiative aims to enhance OhioHealth's clinically integrated network and provide local physicians with advanced technology and support for value-based care. The partnership seeks to reduce administrative burdens for physicians, enabling them to focus on delivering quality patient care. New members of Privia Medical Group will benefit from Privia's data connectivity and population health expertise, while participating in OhioHealth's CIN for improved access to value-based arrangements.

Privia Health Group, Inc. (Nasdaq: PRVA) reported strong FY 2022 results with total revenue reaching $1.36 billion, a 40.4% increase. Work from the fourth quarter showed total revenue of $364.4 million, up 32.4%. Notable achievements include a 49.1% growth in practice collections, totaling $2.42 billion for the year. The company launched new ACOs and entered Connecticut, Delaware, North Carolina, and Ohio, increasing attributed lives to 856,000. For FY 2023, guidance anticipates revenue growth of 14.3% to 21.6% with expected practice collections between $2.7 billion and $2.85 billion, indicating further robust expansion.

On February 17, 2023, Privia Health (Nasdaq: PRVA) announced a partnership with Community Medical Group (CMG) to create the Privia Quality Network of Connecticut (PQN CT), the largest Clinically Integrated Network in the state. The network includes around 1,100 multi-specialty providers, with over 430 primary care doctors across 450 locations, serving approximately 180,000 patients. Privia will be the majority owner of PQN CT, which contracts with payers including Medicare, covering around 29,000 beneficiaries in the Medicare Shared Savings Program for 2023.

CEO Shawn Morris emphasized that this partnership is a significant step toward establishing a national network of value-based care providers.