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Revenue Recognition
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table presents our revenues disaggregated by source:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in Thousands)2024202320242023
FFS-patient care $275,761 $230,987 $550,584 $458,776 
FFS-administrative services 32,132 27,172 61,208 53,568 
Capitated revenue56,438 86,695 107,742 164,955 
Shared savings 39,818 52,846 87,282 96,774 
Care management fees (PMPM)
16,163 13,568 26,766 22,126 
Other revenue 2,014 2,083 3,987 3,428 
Total revenue $422,326 $413,351 $837,569 $799,627 
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 we provided for the periods indicated:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
Commercial insurers 70 %69 %70 %69 %
Government payers 14 %15 %14 %15 %
Patient 16 %16 %16 %16 %
100 %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.
Value Based Care (“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)June 30, 2024December 31, 2023
Balances for contracts with customers
Accounts receivable $370,055 $290,768 
Remaining Performance Obligations
As our performance obligations relate to contracts with a duration of one year or less, the Company elected the optional exemption in ASC 606-10-50-14(a). Therefore, the Company is not required to disclose the transaction price for 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 our patients typically are under no obligation to continue receiving services at our facilities.