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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of Disaggregated Revenue by Each Payor Type The following table presents disaggregated revenue generated by each payer type (in thousands):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Commercial

 

$

84,566

 

 

$

52,961

 

 

$

176,696

 

 

$

142,667

 

Medicare

 

 

571,405

 

 

 

258,377

 

 

 

1,363,868

 

 

 

747,418

 

Medicaid

 

 

244,620

 

 

 

151,943

 

 

 

610,400

 

 

 

414,453

 

Other third parties

 

 

55,457

 

 

 

15,429

 

 

 

80,279

 

 

 

64,793

 

Revenue

 

$

956,048

 

 

$

478,710

 

 

$

2,231,243

 

 

$

1,369,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Contributions to Revenue and Receivables by Payor

The Company had major payers that contributed the following percentages of net revenue:

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Payer A

 

 

22.4

%

 

 

27.7

%

 

 

28.3

%

 

 

30.0

%

Payer B

 

 

15.0

%

 

 

15.4

%

 

 

15.8

%

 

 

14.8

%

Payer C (1)

 

*

 

 

 

10.7

%

 

 

10.0

%

 

 

10.6

%

Payer D

 

*

 

 

 

12.0

%

 

*

 

 

*

 

(1) For the three and nine months ended September 30, 2025, Payer C also includes their subsidiary health plans.

* Less than 10% of total revenues

The Company had major payers that contributed to the following percentages of receivables, net, and other receivables:

 

As of September 30,
2025

 

 

As of December 31,
2024

 

Payer A

 

 

36.3

%

 

 

38.9

%

Payer E

 

 

15.7

%

 

 

16.1

%

Payer F

 

*

 

 

 

18.3

%

* Less than 10% of receivables, net and other receivables