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JPM 2025 One-Liners

After a strong 2024 with improved margins and balance sheet positions, Intermountain is focused on operating improvement (implementing DAX this year), continued Epic implementation (and man are those pricey), new constructions like the Nevada Children’s Hospital, expanding its risk-based book of business alongside the acute care mother ship, and continued pilots under its top performing Intermountain Ventures portfolio.

Astrana Health is coming off a pivotal, acquisitive year as it restructured its business segments and looking ahead in 2025, continues to focus on building complementary density in existing markets while expanding into new ones. (Side note – despite Astrana’s perceived complexity I actually think they try to do a really good job of presenting their business transparently).

With strong Stars positioning and a differentiated approach to MA (e.g., with a care management focus), Alignment Healthcare grew to 210,000 members in 2024 and is projecting to reach $40M in adjusted EBITDA in 2025.

After a steep (and I mean STEEP) reset, Clover Health is quietly mounting a comeback, focused on growth in 2025 with an emphasis on Counterpart Health, the continued penetration of Medicare Advantage, and New Jersey expansion plans.

Ardent Health joined this year’s conference with a slick presentation deck. The health system targeting mid-sized markets is focused on building out its ambulatory footprint within those markets across ASCs, urgent care centers, micro hospitals, and more. To that end Ardent acquired 18 urgent cares from NextCare across New Mexico and Oklahoma, a complementary asset to its existing hospital footprint. Ardent also wants to engage in opportunistic M&A on the hospital side, targeting acquisitions with $500M to $1B in patient revenue. Ardent’s deck was a good one to review if you are trying to understand evolving hospital growth strategy in 2025 particularly with its focus on joint ventures.

Talkspace continues its pivot into payor coverage as it peeks into profitability

Privia had a great year in MSSP and also talked a bit about its commercial risk book of business. 35% of Privia’s ~800,000 commercial value-based lives sit in downside risk arrangements – not significant downside risk, but some level of it. Look for Privia to continue to steadily compound its growth with a solid financial profile to boot as it provides value to physicians at all points of the risk spectrum.

Blake Madden
Blake Madden
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