FINANCIAL STATEMENTS
| Statements of Operations Years Ended December 31, 2025 and 2024 |
(STATED IN THOUSANDS) |
|
|---|---|---|
| Revenue | 2025 | 2024 |
| Health plan capitation revenue | 813,207 | 697,450 |
| Health plan and other revenue | 147,885 | 128,742 |
| Investment income, net | 10,416 | 4,957 |
| Total revenue | 971,508 | 831,149 |
| Expenses for physician and other contracted services | 816,376 | 656,849 |
| Administrative and Other Expenses | ||
| Salaries and benefits | 107,506 | 102,688 |
| Physician administrative services | 1,635 | 2,103 |
| Software maintenance and support | 22,299 | 20,790 |
| Other purchased services | 17,309 | 17,554 |
| Rent | 3,048 | 3,944 |
| Depreciation and amortization | 7,860 | 14,946 |
| Other | 6,834 | 5,840 |
| Total administrative and other expenses | 166,491 | 167,865 |
| Net Income (loss) Before Income Taxes | (11,359) | 6,435 |
| Income Taxes | (3,277) | 1,463 |
| Net Income (loss) Attributable to Noncontrolling Interest | 361 | 133 |
| Net Income (loss)* | ($8,443) | $4,839 |
*A Note from the CFO: The 2025 Net Loss was driven by Medicare Advantage full-risk business due to its challenging economics, but we expect improvement and a return to profitability in the coming years.
| Balance Sheets December 31, 2025 and 2024 |
(STATED IN THOUSANDS) |
|
|---|---|---|
| Assets | 2025 | 2024 |
| Current Assets | ||
| Cash and investments | 215,314 | 221,978 |
| Accounts receivables | 41,811 | 27,288 |
| Prepaid expenses and other | 10,839 | 8,535 |
| Total current assets | 267,963 | 257,801 |
| Property and equipment | 26,307 | 27,336 |
| Other | 49,190 | 24,926 |
| Total Assets | $343,460 | $310,063 |
| Liabilities and Shareholders’ Equity | ||
| Current Liabilities | ||
| Claims payable | 77,869 | 77,552 |
| Performance compensation payable | 15,639 | 22,475 |
| Other current liabilities | 60,811 | 34,136 |
| Total Current Liabilities | 154,319 | 134,163 |
| Long-term Liabilities | 32,576 | 11,261 |
| Total Liabilities | 186,895 | 145,424 |
| Shareholders’ Equity | ||
| Common stock and paid-in capital | 254 | 246 |
| Retained earnings | 150,765 | 159,208 |
| Total shareholders’ Equity Attributable to Hill Physicians | 151,019 | 159,454 |
| Noncontrolling interest | 5,546 | 5,185 |
| Total Shareholders’ Equity | 156,565 | 164,639 |
| Total Liabilities and Shareholders’ Equity | $343,460 | $310,063 |
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