Privia Health : May 2024 Investor Presentation

Investor Presentation

May 2024

Disclaimer

Forward-Looking Statements

This presentation contains forward-looking statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to: 2023 financial guidance and other projections and forecasts. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in filings with the Securities and Exchange Commission ("SEC"), including those under "Risk Factors" therein. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date made. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Use of Non-GAAP Financial Information

In order to provide investors with greater insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, the Company supplements its condensed consolidated financial statements presented on a GAAP basis herein with certain non-GAAP financial information, including: Care Margin; Platform Contribution; Platform Contribution margin; Adjusted EBITDA; Adjusted EBITDA margin; Adjusted Net Income; Free Cash Flow and Net Cash Position. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the financial schedules in the Appendix of this presentation, as well as in the Company's quarterly financial press releases and related Form 8-K filings with the SEC. This information can be accessed for free by visiting www.priviahealth.com or www.sec.gov.

Management has not reconciled forward-lookingnon-GAAP measures to its most directly comparable GAAP measure of Gross Profit, Operating Income, Net Income, and Net cash provided by operating activities. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.

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Privia Health: Unique Physician Alignment Model

Proven, Full Solution Model with Experienced Executive and Physician Leaders

Scalable Nationally for All	Diverse & Balanced
Provider Types, Patients &	FFS and VBC Platform
Reimbursement Models	Across all Payers

Multiple Growth Drivers	Highly Profitable,
with Large Total	Capital-Efficient
Addressable Market (TAM)	Profile

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Access to Largest Total Addressable Market Opportunity

Privia Succeeds Across Reimbursement Environments and Payment Models

$322

~$1.9 trillion physician

enablement market

expected to grow at $1,062$398 6.4% CAGR

$114

Medicare Advantage Medicare FFS

Medicaid Commercial

Significant untapped TAM:

• 4,305 Privia implemented providers out of ~1 million total providers in the U.S.
• 4.8 million patients out of U.S. population of 340 million

Sources: Privia Health. Kaiser Family Foundation, Nephron Research. "The Dawn of Physician Enablement: Defining Healthcare in the 2020s." January 20, 2021. Statista.

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Building One of the Largest

Primary Care-Centric Delivery Networks

Washington

Montana

Connecticut

California

		Ohio
		Mid-Atlantic
		Tennessee
		North Carolina
	North Texas	South Carolina
West Texas		Georgia
	Gulf Coast
		Florida

13	1,100+	4,359
States	Care Center	Implemented
(plus D.C.)	Locations	Providers
		(Excludes 1,350
		Privia Care Partners'
		providers)
50+	4.9M+	1.14M
Specialties	Patients	Attributed
on Platform		Lives
		(Includes ~200K
		Privia Care Partners'
		lives)

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Consistent, Replicable Strategy Across all Geographies

Enter	Organize	Drive Growth &
Market	Providers	Profitability

Transition at Scale

to Value & Risk

• Single-TINmulti- specialty medical group or comparable entity
• Risk-bearingentity (Accountable Care Organization - ACO / Privia Care Partners)
• Privia tech & services platform
• Physician-ledgovernance

• Community physicians
• Health systems
• Clinically Integrated Networks (CINs)
• Independent Physician Associations (IPAs)
• Other facility-based providers

• Fee-For-Service(FFS) and Value- Based Care (VBC) practice operations
• Same-storegrowth
• Value-addedancillary services (e.g. lab, imaging, clinical research, etc.)

• Commercial
• MSSP
• Medicare / MA
• Medicaid

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Delivering Demonstrable Value to Our Providers and Payers

Value to Providers

• Enhanced fee-for-service contracts
• Expense savings
• Collections improvement through robust
  revenue cycle management
• Enhanced provider productivity
• Incremental value-based care revenue
• Organic same store practice growth

	Value to Payers
✔	Large community-based,multi-specialty care
delivery networks

Ability to perform across the spectrum of

• value-basedcare models "at-scale"

Flexible value-based care strategy by ✔geography as demographics evolve over time

✔ Multi-year strategy to help community providers succeed and remain autonomous

Generating significant savings across

• populations: Commercial, Medicare and
  Medicaid

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Methodical Process Helps Providers Move Towards Value

12345

	Practice		Enhanced		Fundamentals		Comprehensive		Advanced
	Fundamentals		Experience		of Value		Care		Risk Model
	Stabilize the practice to		Upgrade the patient	Execute on fundamentals		Take greater responsibility	Redesign practice to succeed
create a successful base		experience		of value-based care	for the totality of patient care		in mature value models
▪ EHR & Patient Portal	▪	Practice Websites	▪	Membership	▪	Expanded Access	▪	Capitation
▪	Revenue Cycle	▪	Online Scheduling	▪	Quality	▪	Care Coordination	▪	Risk Positioning
▪	Payer Contracting	▪	Virtual Visits	▪	Clinical Documentation	▪	Network Management	▪	Delegated Services
▪	Performance Mgmt	▪	Patient Outreach	▪	POD Engagement	▪	Clinical Programs	▪	Network Contracting
▪	Reporting	▪	Satisfaction Surveys	▪	Performance Reports	▪	Social Determinants	▪	Home Care

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Diversified Value-Based Platform Across Reimbursement Models 1

1.14 Million	100+
Total Attributed Lives	VBC Contracts

685K458K

• 68% Upside Only
• 32% Upside / Downside

Commercial	Government
Lives	Lives

197K	171K	90K
MSSP	Medicare	Medicaid
Advantage
Lives	Lives
Lives
• 77% in Enhanced Track	• 76% Upside Only	• 100% Upside Only
with downside risk	• 15% Upside / Downside

• 9% Capitation

1 All data estimated as of March 31, 2024. Any slight variations in totals due to rounding.

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Privia Has Extensive Experience in Managing Risk

"It's Called Risk for a Reason"

1 All data estimated as of January 1, 2024. For illustrative purposes only.

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