Privia Health Group, Inc. reported a significant increase in financial performance for the first quarter of 2026, with total revenue reaching $603.8 million, up 25.8% from $480.1 million in the same period last year. The growth was primarily driven by a $79.4 million increase in fee-for-service (FFS) patient care revenue, attributed to the addition of new providers and increased patient visit volumes. Additionally, shared savings revenue surged by $27.1 million, reflecting improved performance in value-based care (VBC) programs, while capitated revenue rose by $15.5 million due to an increase in attributed lives.
Despite the revenue growth, net income attributable to Privia Health Group decreased to $3.1 million from $4.2 million year-over-year, marking a decline of 27.4%. This decline was influenced by a substantial increase in operating expenses, which totaled $596.4 million, up 25.6% from the previous year. Notably, provider expenses rose by 26.8% to $475.1 million, driven by higher FFS revenue and growth in implemented providers. General and administrative expenses also increased significantly, reflecting higher salaries, benefits, and stock-based compensation.
Operationally, Privia Health expanded its provider base, with the number of implemented providers increasing by 13.6% compared to the previous year. The company also reported a 26.5% increase in attributed lives, which is crucial for its VBC revenue. As of March 31, 2026, Privia operated in 16 markets across the United States, including recent expansions into Arizona and the acquisition of an accountable care organization (ACO) business from Evolent Health, which added over 120,000 attributed lives.
Looking ahead, Privia Health aims to continue its growth trajectory by investing in its technology-enabled platform and expanding its market presence. The company plans to enhance its value-based care capabilities and maintain strong relationships with payers to facilitate the transition to VBC models. Management remains optimistic about the potential for revenue growth as it leverages its existing provider relationships and market share to attract new practices and patients. However, the company acknowledges the challenges posed by regulatory changes and competitive pressures in the healthcare industry.
About Privia Health Group, Inc.
Privia Health is a technology-enabled, physician-enablement company that partners with practices, health plans, and health systems to deliver value-based care. Its platform integrates clinical, administrative, and data analytics tools to improve patient outcomes, reduce costs, and enhance provider satisfaction across diverse reimbursement models. Focused on primary care and specialty networks, Privia promotes physician leadership, operational efficiency, and scalable growth in multiple U.S. markets.
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