P3 Health Partners Inc. (NASDAQ:PIII) Q2 2023 Earnings Call Transcript

Bill Bettermann: Yes. Brooks, this is Bill Bettermann. We are really excited about what we’ve been able to achieve this first half of the year. The teams are really laser focused. In my part earlier, I shared with you that there’s many little things that we’re doing. What I’m excited about is the level of engagement we have with our groups right now, you’re seeing us see 6% to 7% more visits than we did the prior year. That is not by chance. That is a focus within the organization. And so as a result of that, you’ll see revenue continue to — and fund and continue to improve from the first half into the beginning of next year. So we’re excited about where we’re headed.

Operator: And this concludes the question-and-answer session. I would like to turn the floor to management for any closing comments.

Sherif Abdou : Great. Thank you very much, Keith. Before end of the call today, I would like to clean a couple of things. Number one, we are not seeing any evidence of easy utilizations by prior art or otherwise inpatient or outpatient. However, there is definitely consideration for seasonality and seasonable changes in the winter that can change the utilization. But there’s no evidence that we’re seeing that patient and provider demand for services are increasing. Number two, as we continue to perfect our ability to predict the sweep and to smooth out the year as a tool set, we’re going to continue to discuss with the accounting and the auditor to allow us to be able to accrue for the sweeps in the right time and the period that it belongs to.

And we’ll continue to have this, and we’ll update you as we go along. I will leave you with this. The first half of 2023 results show the progress we are making toward achieving our goals. Our focus is on the patient and producing better clinical outcomes and our model does just that while lowering medical costs. The mission and the model are working and the momentum we are seeing in the business is quickly driving us to our profitability. With that, I’d like to thank you all for your time today, and have a great evening.

Operator: Thank you. The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.