P3 Health Partners Announces its Expansion into California Managed Care Market
- Acquisition of Knox-Keene licensed Medcore HP and Omni IPA Medical Group, Inc. Expected to Close this Year -
NEW YORK November 11, 2021 P3 Health Partners (P3 or the Company), a patient-centered and physician-led population health management company, today announced the Companys expansion into Californias Central Valley through its acquisition of Medcore HP (MHP), a health plan licensed
under the California Knox-Keene Health Care Service Plan Act of 1975, and Omni IPA Medical Group, Inc. (Omni), an independent practice association in San Joaquin County, California. P3 brings its proven talent, tools and technology to
help providers deliver high-quality, cost-effective care to patients in the Central Valley.
The transaction is expected to close by the end of the year
but remains subject to regulatory approval and other customary closing conditions.
Folllowing the close of the transaction, P3 will have access to
Medcore HPs restricted Knox Keene license, which will allow it to take global risk from other health plans and grow into additional markets while increasing the Companys access to patients, physicians, hospitals, and payers. MHP
contracts directly with major health plans in California and its health plan license allows it to take global risk on more than 10,500 Medicare Advantage members in San Joaquin County. With some of the largest healthcare network in the United
States, California represents an opportunity for P3 to grow its membership and bring its expertise in improving outcomes while reducing costs to Californias Central Valley and beyond.
Omni is an independent practice association with over 400 contracted physicians and other health care providers currently contracted under MHPs provider
network. The addition of these healthcare providers offers P3 increased ease of integration into the service area and a built-in provider footprint. P3 also looks forward to leveraging the strong leadership
and deep in-market experience Omni brings, which is well suited to enhance the current offering while providing efficacy at scale within the value-based model.
Medcore HP and Omni IPA Medical Group are natural additions to the P3 network of physicians and coverage, and more importantly, share our mission and
vision to transform the way we approach healthcare, said Sherif Abdou, M.D., CEO of P3. We believe value-based care is the future of medicine, and we are focusing our efforts to improve the efficacy of the healthcare system for providers
while driving positive outcomes for patients. Expanding coverage to patients in California is a significant step for P3 and demonstrates our continued commitment to transforming healthcare.
P3 announced earlier this year that it expects to become a public company via a merger with special purpose acquisition company, Foresight Acquisition Corp.
(NASDAQ: FORE) (Foresight).
About P3 Health Partners
P3 is a patient-centered and physician-led population health management company. Founded and led by physicians, P3 is a
team of doctors, clinicians and support service professionals with a shared passion for delivering value-based care. We leverage our deeply integrated and capital efficient care model, data and technology, physician leadership and community outreach
tools to create enhanced patient outcomes and experiences, greater satisfaction for providers and caregivers and lower care costs. For more information, visit p3hp.org.