MA is a Flat Circle, the Physician Subsidy Bear Case, and Why Density Beats Scale (with Jason Ross, EVP at Privia Health)

Blake Madden
Blake Madden
June 2, 2026

Hospitalogy’s Blake Madden sits down with Jason Ross, EVP of Medical Groups at Privia Health, a guy who has worked basically every seat at the healthcare table. Jason is currently running the largest portion of Privia’s single-TIN medical group footprint across a publicly traded enabler.

Coming out of Privia’s Q1 print, Blake and Jason leaned into on the stuff Wall Street keeps missing.

  • The MA down-cycle and whether VBC is actually broken or just on a familiar back-half-of-the-cycle slump.
  • Privia’s portfolio philosophy — why Privia runs 100+ FFS contracts alongside 100+ VBC contracts when half the market chased pure-play full-risk. 
  • The unsustainability of the health system physician subsidy model from somebody who lived it.
  • Density vs. scale.
  • The PE second-bite math falling apart in real time.
  • Privia is hitting singles and doubles (Not flashy, but Tony Gwynn never hit for power either…and he ended up in the Hall of Fame!)

Navvis partners with health systems and health plans to deliver real performance improvement across value-based care and fee-for-service models.

https://navvishealthcare.com/vbc

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Follow Jason Ross on LinkedIn: https://www.linkedin.com/in/jasonwross/

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Blake Madden
Blake Madden