v3.24.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table presents the Company’s revenues disaggregated by source:
For the Years Ended December 31,
(Dollars in Thousands)202320222021
FFS-patient care $976,688 $869,165 $772,482 
FFS-administrative services 113,154 94,929 68,805 
Capitated revenue338,729 218,463 — 
Shared savings 170,143 132,615 83,016 
Care management fees (PMPM) 50,519 35,541 36,503 
Other revenue 8,504 5,947 5,414 
Total Revenue $1,657,737 $1,356,660 $966,220 
Fee-for-service (“FFS”) patient care is primarily generated from third-party payers with which the Company has established contractual billing arrangements. The following table presents the approximate percentages by source of net revenue received for healthcare services the Company provided for the periods indicated:
For the Years Ended December 31,
202320222021
Commercial insurers 70 %70 %69 %
Government payers 15 %16 %17 %
Patient 15 %14 %14 %
100 %100 %100 %
FFS-administrative services revenue is earned through the Company’s MSA with Non-Owned Medical Groups primarily based on a fixed percentage of net collections on patient care generated by those medical groups.
VBC revenue is primarily earned through contracts for Capitated revenue, Shared savings and Care management fees. Capitated revenue is generated through what is typically known as an “at-risk contract.” At-risk capitation refers to a model in which the Company receives a fixed monthly payment from the third-party payer in exchange for providing healthcare services to attributed beneficiaries. The Company is responsible for providing or paying for the cost of healthcare services required by those attributed beneficiaries for a set of services. At-risk Capitated revenue is recorded at the total amount gross in revenues because the Company is acting as a principal in arranging for, providing, and controlling the managed healthcare services provided to the attributed lives. Shared savings revenue and Care management fees are generated through contracts with large commercial payer organizations and the U.S. Federal Government.
Contract Asset
The Company has the following contract assets:
(Dollars in Thousands)December 31, 2023December 31, 2022
Balances for contracts with customers
Accounts receivable $290,768 $189,604 
Remaining Performance Obligations
The Company does not disclose the value of the remaining performance obligations at the end of the reporting period or when the Company expects to recognize revenue. The Company has minimal unsatisfied performance obligations at the end of the reporting period as the Company’s patients typically are under no obligation to continue receiving services at the Company’s facilities.