Texas markets

Privia Health Announces Entry into California and West Texas Markets

Expands national supplier network with over 430 new suppliers in California and Texas

ARLINGTON, Va., Oct. 18, 2021 (GLOBE NEWSWIRE) — Privia Health Group, Inc. (Nasdaq: PRVA), a national technology-driven physician enablement company that works with medical groups, health plans and of Health Systems, today announced its entry into the California market and the expansion of its presence in Texas.

“We are extremely pleased to partner with BASS Medical Group as we enter the state of California and expand our presence in Texas with a third anchor group,” said Shawn Morris, CEO of Privia Health. “Finding the right partner who shares our vision was key to meeting healthcare providers where they are on their journey to improve care in their communities, and we believe BASS Medical Group and The Abilene Clinic are the perfect anchor groups to bring our model of patient care as we build a large-scale network of primary and specialty care providers across the country.

“Our vision is to build provider networks nationwide by adding medical practices in existing and new markets, and enabling our provider partners to profitably transition to increased risk in value-based programs. over time,” Morris added. “These new partnerships help accelerate our growth while demonstrating Privia Health’s ability to replicate our operating model with new medical groups in uniquely differentiated markets.

Privia Health will provide an update to its full-year 2021 guidance when releasing third quarter financial results on November 8, which will include the expected impact of its market entry in California and West Texas. .

Entering the California market
Privia Health has partnered with BASS Medical Group to expand its footprint in the state of California. BASS Medical Group, one of the San Francisco Bay Area’s leading multi-specialty healthcare groups, cares for patients at more than 125 sites with more than 400 providers spanning 42 specialties, and will serve as a point of market anchoring of Privia Health in California as the company expands across the state. Privia Health now owns a controlling interest in BASS Management Services Organization, LLC, which is the exclusive provider of management services to BASS Medical Group.

Inez Wondeh, President and CEO of BASS Medical Group, said, “We look forward to a highly collaborative partnership with Privia Health to help our current and future provider partners improve patient engagement, reduce administrative burdens, strengthen the vitality of the practice and successfully transition to value-based care. We strongly believe that leveraging Privia Health’s industry experience and expertise, a robust technology solution, and physician-led governance and guidance will enable us to succeed in our pursuit of the quadruple objective.

Privia Health’s interoperable technology platform enables care insights and collaboration for new and existing providers. Leveraging its population health expertise and comprehensive technology solution, Privia Health will provide an alternative for California physicians who wish to remain independent of hospitals and health systems while caring for patients across all reimbursement models.

Former BASS Medical Group vendors will remain on its existing Epic electronic health record (EHR) platform. New provider practices in the State of California are expected to join Privia Health’s comprehensive technology solution.

Entering the West Texas Market
Privia Health also announced its entry into the West Texas market in partnership with Abilene Diagnostic Clinic, an independent multi-specialty group practice with more than 30 providers and five care centers.

With the launch of Privia Medical Group – West Texas, Privia Health plans to expand from Abilene, TX, into the Texas Panhandle and across East Texas and West Texas. This will complement Privia Health’s established and expanding provider practice locations in North Texas (Dallas-Fort Worth) and the Gulf Coast region of the state, which in total currently include more than 600 providers in more than 200 care centers.

Privia Health’s entry into the West Texas market will add to its current operations in Texas, leveraging economies of scale across the state. This anchor practice is expected to be fully implemented on the Privia Health platform before the end of 2021.

About Privia Health
Privia Health™ is a national, technology-driven physician enablement company that works with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward physicians for delivering high-value care in person and virtual settings. The company’s platform is driven by top industry talent and exceptional physician leadership, and consists of scalable operations and end-to-end cloud technology that reduces unnecessary healthcare costs , achieves better outcomes and improves patient health and well-being. being suppliers. For more information, visit priviahealth.com.

Safe Harbor Statement
This release may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, including, but not limited to, statements regarding projections, future operations or plans, financial results, cash flows, costs and cost management initiatives, capital structure management, growth rates and operational and strategic initiatives, and can also be identified by the use of words such as ‘may’, ‘will’, ‘plans’, ‘expects’, ‘anticipates’, ‘intends’, ‘plans’, ‘believes “, “estimates”, “continues”, “believes”, “outlook”, “target” and words or phrases of similar meaning. In particular, forward-looking statements include statements relating to, among other , the Company’s entry into new markets and the Company’s expectations regarding the benefits of partnerships. These forward-looking statements speak only as of the date hereof and are based on our current plans and expectations and are subject to a number of known and unknown risks, uncertainties and other factors, many of which are difficult or impossible to be expected and may be beyond our control. These risks and uncertainties include, but are not limited to, compliance with applicable health care laws and governmental regulations in the highly regulated industry in which the Company operates; the Company’s dependence on relationships with its medical groups, some of which are not owned by the Company; the Company’s growth strategy, which may not prove viable and the Company may not achieve the expected results; difficulties in implementing the company’s proprietary end-to-end cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in the Company’s industry and the Company’s inability to compete and innovate; the challenges of successfully establishing a presence in new geographic markets; the Company’s dependence on its electronic medical records provider, upon which the Privia technology solution is integrated and built; changes in the composition of patient payers and potential declines in the Company’s reimbursement rates due to consolidation of commercial payers; the Company’s use, disclosure and other processing of personally identifiable information, including health information, is subject to the Health Insurance Portability and Accountability Act 1996 and to other federal and state privacy and security regulations; difficulties in realizing the benefits of physician relationships discussed in this press release; and the factors referenced in Part II, Item 1A, “Risk Factors” of the Company’s final prospectus dated April 28, 2021, filed with the SEC on April 30, 2021, and other public filings by the Company. Accordingly, current plans, planned actions, financial condition and future results of operations may differ materially from any future results or performance expressed or implied by the forward-looking statements in this press release. Given these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to revise or update any of these statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Robert Borchert
SVP, Investor and Corporate Communications
[email protected] or [email protected]
817.783.4841