P3 Health Partners Inc. · NASDAQ:PIII
P3 Health Partners — SPAC Merger (May 2021)
55 slides from P3 Health Partners's SPAC merger presentation, May 25, 2021
Slide 1: P3 Investor Presentation May 2021
P3 Investor Presentation May 2021 Who: People with Passion and Purpose What: Dedicated to Transforming Healthcare for Patients, Providers, and Payors How: Patient-Centric, Physician-Led, and Population Health Management Focused
Slide 2: Foresight Acquisition Corp. Is Led By A World Class Management Team
Foresight Acquisition Corp. Is Led By A World Class Management Team With Deep Operational And Investing Expertise â–Currently serves as President and Founder of his family office, â– Former Partner and Co-Manager of the William Blair Wasson Enterprise Small Institutional portfolio and Small Cap Grow
Slide 3: P3 Health Partners: Nationally Scalable, Capital Efficient, Physician-Led Partnership Model
P3 Health Partners: Nationally Scalable, Capital Efficient, Physician-Led Partnership Model Population Health most management teams in population health ïƒ~ Led by one of the experienced Deeply Experienced 20+ Year Track Record Teamïƒ~ Leverage experience and learnings from HealthCare Partners to im
Slide 4: Today's Presenters
Today’s Presenters Who: People with Passion and Purpose Sherif Abdou, MD, MMM, What: Dedicated to Transforming Amir Bacchus, MD, MBA Eric Atkins, CPA, MBA FACP, FACPE Chief Medical Officer Chief Financial Officer Chief Executive Officer Healthcare for Patients, Providers, and Payors How: Patient-Cen
Slide 5: P3 At A Glance
P3 At A Glance 11 We Operate In A Rapidly Growing ~$300bn Medicare Advantage 200+ Market By Partnering With Payors And Physicians To Enable Operates in 11 markets across Years of combined experience Value-based Care 4 states We Are A Market Leader With A Strong Track Record Of High Growth ~27K ~68K
Slide 6: Proven Outcomes, Compelling Economics And Physician-Led
Proven Outcomes, Compelling Economics And Physician-Led Via our patient-centric, physician-led care model, we are able to drive enhanced ~135% 35% / 36% 99% 97% Reduction in Annual Physician Patient hospital outcomes: 1 2 revenue 4 retention satisfaction 3 admissions / growth 5 ED visits 1 Represent
Slide 7: P3 Investment Highlights: Right Space, Right Team, Right Model
Right Space Right Team Right Model P3 Investment Highlights: Right Space, Right Team, Right Model Right Space e Opportunity To Partner With Physicians & Payors To Accelerate The Move To Value-Based Care rtunity Of ~$800bn Medicare Spend1, Growing At ~7% Per Annum1, And ~60mm Eligibles2 ded And Le
Slide 8: P3 Has A Substantial Market Opportunity
Right Space Right Team Right Model P3 Has A Substantial Market Opportunity Annual U.S. Healthcare Spend ~$3.8tn1 Medicare Spend Total Addressable Market Opportunity ~$800bn2 • lncludes Medicare eligibles who utilize either Traditional Medicare and / or Medicare Eligibles Medicare Advantage ~60mm3 •
Slide 9: P3's Proven Care Model Addresses Some Of The Largest Challenges In Healthcare Today
Right Space Right Team Right Model P3’s Proven Care Model Addresses Some Of The Largest Challenges In Healthcare Today UNCONTROLLED HIGH COSTS Via its integrated tech-platform, P3 empowers physicians, care teams and practices to drive better patient outcomes while maintaining high INCONSISTENT OUTCO
Slide 10: Our Fast Growing PCP Network Has Ample Whitespace
Right Space Right Team Right Model Our Fast Growing PCP Network Has Ample Whitespace… Total U.S. Primary Care Providers PCP Population Across Our Current Mature Markets Arizona Nevada Oregon 8,780 3,111 6,055 ~10% ~10% ~6% 491,060 penetration penetration penetration 850 300 350 P3 2020 Total 2020 Ar
Slide 11: Allowing Us To Grow Into The Rapidly Expanding MA Opportunity
Right Space Right Team Right Model UPDATED …Allowing Us To Grow Into The Rapidly Expanding MA Opportunity That Is Uniquely Addressed By Nextgen Provider Organizations Medicare Advantage % of Total Medicare Enrollment1 Key Tailwinds 51% 39% Aging U.S. population: 49mm people age 65+ in 2016 81mm by 2
Slide 12: Deeply Experienced Executive Team With Years In Population Health
Right Space Right Team Right Model Deeply Experienced Executive Team With 20 Years In Population Health Sherif Abdou, MD, Amir Bacchus, MD, MBA Lorie Glisson Todd Lefkowitz, MHA Dave Yarger Hartley White MMM, FACP, FACPE Chief Executive Officer Chief Medical Officer Chief Operating Officer Chief Man
Slide 13: P3: Years In The Making
Right Space Right Team Right Model P3: 20 Years In The Making First full-risk contract P3’s first full year Founding members of P3 P3 expands into 6 Scaling the business of revenue take on their first full-risk new markets for a ~100K MA global risk lives Revenue of contract at total of 11 $88mm Pin
Slide 14: P3 Health Partners Compares Favorably Across Key Metrics
Right Space Right Team Right Model UPDATED P3 Health Partners Compares Favorably Across Key Metrics Enterprise Value $2.3bn $13.7bn1 $6.1bn2 $13.0bn1 $3.4bn1 Operating Model Partner - Payor / provider Build – Employed / clinic model Buy – Acquisition primarily Partner - Joint-venture PCP Partner - P
Slide 15: Innovative, Patient-Centered And Physician-Led Care Delivery Model
Right Space Right Team Right Model Innovative, Patient-Centered And Physician-Led Care Delivery Model Clinical Ownership Physician Engagement Adoption of Best Clinical Practices Population Engagement Improved Lower Cost Clinical Of Care Experience Data Reporting Access Improved Improved Clinical Pat
Slide 16: Delegation of Services Creates Value
Right Space Right Team Right Model Delegation of Services Creates Value Key delegation services… Example: Network management and credentialling ~$99 ~$41 PMPM PMPM Utilization management • Aetna’s oncology costs, in Nevada, were ~$99 per member per month (PMPM) Care management • Aetna partners with
Slide 17: How We Bend The Cost Curve
Right Space Right Team Right Model How We Bend The Cost Curve • Increase access for patients 1 Care Management • Prioritize high-risk, high-cost, rising-risk patients • Focus cost management efforts via direct patient and provider Align PCP interaction Incentives To • Direct care to most cost effici
Slide 18: Our Technology Suite Enables The Delivery Of High-Quality Care At Scale
Right Space Right Team Right Model Our Technology Suite Enables The Delivery Of High-Quality Care At Scale Inputs – Fragmented Technology Platform – Built For Purpose Value—Proven  250+ fragmented, Multi-Layered Tech Stack Enables Our Effective Care Model And  Data-backed solutions and dispara
Slide 19: How Our Products Interact Together
Right Space Right Team Right Model How Our Products Interact Together Internal Systems P3 Data Fabric P3 Health Hub Claims Adjudication User Provisioning & Access One Login Contracting/ Staging & Quality Provider Facing Analytics CV Submission For MRA Credentialing Checks Excelerate Retrospective Co
Slide 20: The P3 Model Is Effective, Differentiated And A Win Scenario For All Key Stakeholders
Right Space Right Team Right Model The P3 Model Is Effective, Differentiated And A “Win” Scenario For All Key Stakeholders The P3 Model Enables Better Patient Care, Greater Physician Satisfaction, And Enhanced Payor Growth And Cost Savings 19
Slide 21: Our Fly Wheel Drives The Repeatability Of Our Care Model
Right Space Right Team Right Model Our Fly Wheel Drives The Repeatability Of Our Care Model And Its Outcomes High Patient And Provider Satisfaction Backed By Proven And Exceptional Better Quality Of Care 6 1 Higher patient satisfaction High quality of care meaningfully reduces the Greater care conti
Slide 22: Proven Care Outcomes, Enhanced Patient And Provider Satisfaction
Right Space Right Team Right Model Proven Care Outcomes, Enhanced Patient And Provider Satisfaction “P3 is all about patient care. P3 “I have found that coordination “We couldn’t reach our past “I wanted to come to the gets things turned around of care is never a cumbersome doctors on the phone, and
Slide 23: Capital Efficient Market Entry Enables Capital Efficient Growth
Right Space Right Team Right Model Capital Efficient Market Entry Enables Capital Efficient Growth We Enter Markets Through Partnerships With Payors And Providers  Health plans seek P3 to optimize entire blocks of existing business  Establishes contracts based on market data in provider contra
Slide 24: Examples Of Growth: Centene Case Study
Right Space Right Team Right Model Examples Of Growth: Centene Case Study Membership Growth Across States Proven, Agile Model Allows for Rapid Scale OR Douglas County ~15k 15,000 NV 12,500 ~10k CA Clark County 10,000 AZ 7,500 Yuma County Pima County Cochise County 5,000 Santa Cruz County 2,500 ~1k 2
Slide 25: Examples Of Growth: Arizona Connected Care Case Study
Right Space Right Team Right Model Examples Of Growth: Arizona Connected Care Case Study Membership Growth Across Our Most Mature State Proven, Agile Model Allows for Rapid Scale Entered into provider partnership with Arizona Connected Care in 2018 that provided core market infrastructure and allowe
Slide 26: We Have A Strong History Of High Growth And A Line-of-Sight To Continued Success
Right Space Right Team Right Model We Have A Strong History Of High Growth And A Line-of-Sight To Continued Success Via Our Flexible, Repeatable Model ’18A-’22E ïƒ~ P3 continues to (FYE 12/31) 2018A 2019A 2020A 2021E 2022E CAGR successfully leverage longstanding relationships Total revenue $88 $145
Slide 27: Strong Markets, Relationships And Growth Trajectory
Right Space Right Team Right Model Strong Markets, Relationships And Growth Trajectory Select National and Local Payor Relationships Current states States in pipeline Current counties 26
Slide 28: The Foundation Of Everything We Do Is Based On A Scalable And Systematic Approach
Right Space Right Team Right Model The Foundation Of Everything We Do Is Based On A Scalable And Systematic Approach Repeatable Care Model Growth Model Partnership Model 27
Slide 29: Clear And Visible Path For Growth
Right Space Right Team Right Model Clear And Visible Path For Growth Target Long-Term 35% Annual Patient Growth Rate Through a Mix of Payor and Provider Opportunities ïƒ Multiple Levers of Growth 8-10% 3-5% 3-5% 3-5% 3-5% 3-5% 5-10% Opportunity Opportunity Opportunity Opportunity Opportunity Opportu
Slide 30: Direct Contracting Represents An Upside To Our Model
Right Space Right Team Right Model Direct Contracting Represents An Upside To Our Model 2023 – 2027 • CMS expanding Global-Risk contracting through DCEs to Traditional Medicare beneficiaries (Projected $488B total addressable market opportunity) • Opportunity to aggregate physicians and implement th
Slide 31: Track Record Of Growth
Right Space Right Team Right Model Track Record Of Growth Total Full Risk Lives Total Revenue ($mm) CAGR: 71% 86,000 CAGR: 75% $825 68,000 $633 50,000 $483 20,000 $145 10,000 $88 2018A 2019A 2020A 2021E 2022E 2018A 2019A 2020A 2021E 2022E Note: Patient numbers are approximate 30
Slide 32: Select Provider Cohort Analysis
Right Space Right Team Right Model Select Provider Cohort Analysis Provider Cohort Aïƒ~ Proven care model with aligned physician incentives drives $5,757 improved outcomes and 000s) $3,823 reduced medical costs Revenue( $ $90 ïƒ~ Represents a selection of ($142) engaged physicians expense across mul
Slide 33: P3's Projected Mature Market Ramp
Right Space Right Team Right Model P3’s Projected Mature Market Ramp Commentary Projected Cohort Growth be via 33  P3’s historical and projected growth can illustrated a 25 simple cohort analysis 18 Members 10 14 (000s)  Assuming 10,000 members in year 1, a 35% CAGR implies Year 1 Year 2 Year
Slide 34: Actual And Estimated Income Statement
Right Space Right Team Right Model Actual And Estimated Income Statement Actual Projections $mm 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E At-Risk Membership 10,400 19,700 50,600 67,800 86,400 126,100 176,100 229,400 Capitated Revenue $86 $139 $476 $625 $818 $1,247 $1,756 $2,349 Other Revenue 1
Slide 35: Near Term Opportunities In Our Pipeline Represent 100k+ Lives
Right Space Right Team Right Model Near Term Opportunities In Our Pipeline Represent 100k+ Lives Does Not Include Strategic Opportunities With National Payors Provider / Payor Anticipated Lives1 Region Provider A 10,000 Southwest Provider B 10,000 West Provider C 10,000 West Provider D 10,000 Midwes
Slide 36: Long-Term KPI Targets
Right Space Right Team Right Model Long-Term KPI Targets 3 – 5 • Leverage existing payor / provider relationships to extend into adjacent markets Counties per year • Established new payor / provider relationships to enter new markets 35% • Strategically build / acquire centers in key markets to comp
Slide 37: P3 Health: Right Space, Right Team, Right Model
Right Space Right Team Right Model P3 Health: Right Space, Right Team, Right Model Right Space Right Team Right Model ïƒ~ Lack of coordinated care driving ïƒ~ 200+ years of combined healthcare ïƒ~ Care model informs business model unsustainable, high-costs experience ïƒ~ Fully delegatedïƒ~ Large, gr
Slide 38: Transaction Overview
eyEoay SRont Transaction Overview
Slide 39: Proposed Transaction Overview
Proposed Transaction Overview P3 Health Partners is preparing to go public through a SPAC Merger with Foresight Acquisition Corp., which is expected to raise at least $200mm PIPE to further support long-term growth •FOREU’s IPO raised $316mm in February 2021, with its common stock trading on the NAS
Slide 40: Pro Forma Capitalization and Ownership
Pro Forma Capitalization and Ownership Estimated Transaction Sources And Uses¹ ($mm) Post-money Valuation At Close ($mm)2 Sources ($mm) PF transaction Existing P3 equity rollover $1,811 Illustrative P3 share price $10.00 3 PF shares outstanding 242.3 SPAC cash in trust 316 Total PF equity value $2,4
Slide 41: Summary Risk Factors
Summary Risk Factors Key Risks Relating to P3 Health Group Holdings, LLC (“P3 Health”) and Foresight Acquisition Corp. (“Foresight”) Certain factors may have a material adverse effect on our business, financial condition, and results of operations. The summary risks and uncertainties described below
Slide 42: Summary Risk Factors (Cont'd)
Summary Risk Factors (Cont’d) • The healthcare industry is intensely regulated at the federal, state and local levels, including regulations regarding our agreements or arrangements with any physician equity holder of our practices, and government authorities may determine that we fail to comply wit
Slide 43: Summary Risk Factors (Cont'd): Business Combination and Private Placement
Summary Risk Factors (Cont’d) Risks Related to the Business Combination and the Private Placement Except as otherwise noted below, references to “we” and “our” below refer to Foresight • Directors of Foresight have potential conflicts of interest in recommending that our stockholders vote in favor o
Slide 44: Appendix
Appendix
Slide 45: P3 Excelerate – Provider Interface
P3 Excelerate – Provider Interface • Helps improve provider performance, quality and alignment to payment incentives • Seeks to drive revenue through coding and chart review • Provider of ADT alerting HEDIS/STAR Improvement HCC Recapture Drug Opportunities RAF Management
Slide 46: P3 Excelerate – Back Office Suite
P3 Excelerate – Back Office Suite Provider Documentation AWV Processing Coding Reviews Care Gaps Closure Network Management Communication Improvement 45
Slide 47: P3 Velocity
P3 Velocity Business Intelligence AI & ML Quality Risk Stratification Utilization Admit Prediction Risk Suspect Generation Pharmacy Finance Disease Progression 46
Slide 48: P3 Care Connect – Utilization Management
P3 Care Connect – Utilization Management Seeks to Improve Efficiency And Auditability Of Existing Business Workflows Provider Notifications Fax Authorization Request Submission Fax transcription, Letter Generation auto approval and review of medical And Fulfillment necessity Electronic Authorization
Slide 49: P3 Care Connect – Care Management / Disease Management
P3 Care Connect – Care Management / Disease Management Seeks to Democratize risk management Program Management A enabling proactive identification and targeting of specific populations Cohort Builder Seeks to deliver highly impactful clinical B programs aimed at reducing cost and Care Plan Builder i
Slide 50: P3 N-Gage
P3 N-Gage • Bi-directional in-app communication between care manager and member using application, facilitated through integration within Care Connect Clinical â—‹ Message center (email-like capability between member and CM) â—‹ Two way video â—‹ Tap to dial (call Care Manager using device phone) •
Slide 51: Glossary of Terms
Glossary of Terms ï® Shared savings (lives) – A payment strategy that offers incentives for providers to reduce health care spending for a defined patient population by offering them a percentage of net savings realized as a result of their effortsï® Full-risk (lives) – A strategy that holds provide
Slide 52: Disclaimer
Disclaimer CONFIDENTIALITY AND BASIS OF PRESENTATION The information in this presentation is highly confidential. The distribution of this presentation by an authorized recipient to any other person is unauthorized. Any photocopying, disclosure, reproduction or alteration of the contents of this pre
Slide 53: Disclaimer: Use of Projections and Description of Key Contracts
Disclaimer USE OF PROJECTIONS AND DESCRIPTION OF KEY CONTRACTS AND PARTNERSHIPS This presentation contains projected financial information with respect to P3, namely revenue, gross profit, EBITDA, EBITDA Margin and capital expenditures for 2021-2025. Such projected financial information constitutes
Slide 54: Disclaimer: Participants in the Solicitation
Disclaimer PARTICIPANTS IN THE SOLICITATION Foresight, P3 and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from Foresight’s stockholders in connection with th
Slide 55: P3 Health Partners: People. Passion. Purpose
PS Health Partners People. Passion. Purpose “£