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Medical Expenses Payable | 12 Months Ended
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Dec. 31, 2025
Insurance [Abstract] |
Medical Expenses Payable | Medical Expenses Payable The following table is a detail of medical expenses payable as of December 31, 2025 and 2024:
| December 31, 2025 |  | December 31, 2024
Claims incurred but not paid | $ | 297,368 |  |  | $ | 168,357 |
Capitation and risk-sharing payable | 85,083 |  |  | 52,016 |
Other | 92,118 |  |  | 69,415 |
Medical expenses payable | $ | 474,569 |  |  | $ | 289,788 |
Each period, we re-examine previously established outstanding claims reserve estimates based on actual claims submissions and other changes in facts and circumstances. As more complete claim information becomes available, we adjust the amount of the estimates and include the changes in estimates in claim costs in the period in which the change is identified. Substantially, all of the total claims paid by us are known and settled within the first year from the date of service, and substantially, all remaining claim amounts are paid within a three-year period. The following table presents components of the change in medical expenses payable as of December 31, 2025, 2024, and 2023 :
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Claims incurred but not paid - beginning balance | $ | 168,357 |  |  | $ | 95,664 |  |  | $ | 88,813 |
Incurred related to: |  |  |  |  |
Current year | 1,136,448 |  |  | 832,819 |  |  | 492,315 |
Prior years | (25,389) |  |  | (9,245) |  |  | (14,555) |
Total incurred, net of reinsurance | 1,111,059 |  |  | 823,574 |  |  | 477,760 |
Payments related to: |  |  |  |  |
Current year | 848,206 |  |  | 670,471 |  |  | 400,465 |
Prior years | 133,842 |  |  | 80,410 |  |  | 70,444 |
Total payments, net of reinsurance | 982,048 |  |  | 750,881 |  |  | 470,909 |
Claims incurred but not paid - ending balance | 297,368 |  |  | 168,357 |  |  | 95,664 |
Capitation payable, risk-sharing payable, and other | 177,201 |  |  | 121,431 |  |  | 109,735 |
Total medical expenses payable | $ | 474,569 |  |  | $ | 289,788 |  |  | $ | 205,399 |
We re-examine previously established outstanding claims reserve estimates based on actual claims submissions and other changes in facts and circumstances. We recognized a favorable prior year development, excluding provision for adverse deviation, of $20,243, $7,052, and $10,996 for the years ended December 31, 2025, 2024, and 2023, respectively. The favorable prior year development incurred in 2025, 2024 and 2023 was primarily due to better-than-expected claims recoveries and actual claims expense being less than expected. The following tables provide information about incurred and paid claims development as of December 31, 2025:
| Cumulative Incurred Claims, Net of Reinsurance For the Years Ended December 31,
| 2023 |  | 2024 |  | 2025
Claims Incurred Year | (in thousands)
2023 | $ | 492,315 |  |  | 482,279 |  |  | 480,412 |
2024 |  |  | 832,819 |  |  | 809,297 |
2025 |  |  |  |  | 1,136,448 |
Total |  |  |  |  | $ | 2,426,157 |
| Cumulative Claims Paid, Net of Reinsurance For the Years Ended December 31, |  | Cumulative Number of Paid Claims(1)
| 2023 |  | 2024 |  | 2025 |  |
Claims Incurred Year | (in thousands) |  |
2023 | $ | 400,465 |  |  | 479,148 |  |  | 478,999 |  |  | 540,426
2024 |  |  | 670,471 |  |  | 804,462 |  |  | 1,036,274
2025 |  |  |  |  | 848,206 |  |  | 1,268,147
Total |  |  |  |  | $ | 2,131,667 |  |  |
(1) Cumulative number of paid claims are presented in whole amounts Substantially all of the claims incurred but not paid as of December 31, 2025 relate to the current year. There is no single or common claim frequency metric used in the health care industry. We believe a relevant metric for our health insurance business is the cumulative number of claims paid for each incurred year. Claims that did not result in a liability are not included in the frequency metric.

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- Definition The entire disclosure for insurance products considered to be short-duration contracts because the contract provides insurance protection for a fixed period of short duration and enables the insurer to cancel the contract or to adjust the provisions of the contract at the end of any contract period, such as adjusting the amount of premiums charged or coverage provided, and on contracts on which amounts are paid but insurance risk is not transferred. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4D + Details
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