Right. Good morning, everyone, and welcome to CareMax's Investor Day. I'm Sam Swerdlin, Vice President of Investor Relations. On behalf of the entire CareMax team, we'd like to extend a very warm welcome to those of you joining us here in Miami. Thank you for being here. Thank you to everyone joining virtually as well. We have an exciting day planned with you, with great speakers and content, who will provide a deeper understanding of our business. You'll hear about our unique care model and how it enables us to achieve our best-in-class outcomes. How we're scaling and investing in our platform and technology to bring much needed improvements to the U.S. healthcare system. Our growth and national expansion plans and how we plan to deliver strong financial performance over the next several years. Before we begin, please take a moment to review the disclaimer slide. In this presentation, we'll be making forward-looking statements which contain risks and uncertainties. More information regarding these risks and uncertainties are included in our SEC filings. We'll also be referring to non-GAAP financial measures. You can find a reconciliation in the appendix of our presentation. As an aside, we know a lot of focus is on SVB this morning. As a reminder, we put out an 8-K on Friday and just wanna reiterate that we don't maintain any accounts there, and they are not our current lender. Moving to today's agenda. Carlos will kick us off with an overview of CareMax and how our strategic priorities are transforming care to create a more sustainable healthcare system. Dr. Morigino will dive into our care model and show you how our integrated approach solves many problems seniors and PCPs are facing today. Nicole Cable will follow, who will take you through our human experience platform and how we always put the point, the voice of our patient first. We'll then take a short break before diving into our operating model. When we will return, Albert de Solo will begin by discussing our operating platform and performance insights. Next, Mark Llorente will provide greater detail on how we are using our One CareMax platform to scale nationally. Marlene Borrego will give insights into our sales approach and the organic growth engine that we have in place today. followed by Michael Jarjour, who will take you through our CareOptimize technology platform. Finally, Kevin will discuss the financial outlook for CareMax and how we plan to achieve our near-term and long-term targets. Following the conclusion of our presentation, we'll take five minutes and then open it up for your questions. Before I turn it over to our CEO, Carlos de Solo, let's kick it off with a short video which will give you an idea of what it really feels like to work and be a patient at CareMax. Imagine a healthcare system where doing good and doing well are inextricably linked. Where traditional fee for service model is turned on its head, replaced with a more efficient, more caring, more value-based model. Where doctors spend more time with their patients and patients spend more time staying well. Where visiting your provider also means visiting your friends, playing games, and even having fun. Imagine CareMax. CareMax is transforming the healthcare delivery system by connecting seniors in an underserved communities with the comprehensive quality care that they deserve. We're bringing health to more communities across the country every day. CareMax is now one of the largest senior-focused value-based care platforms in the U.S., with a network of more than 2,000 providers and over 200,000 senior value-based care patients in 10 states across 30 markets. Our clinicians are not just focused on what's happening with the patient at a particular visit. Rather, they're taking a longer-term view of the patient, a more holistic view of the patient. They're trying to figure out how to improve that patient's outcomes, how to better educate that patient, and how to keep them healthy and avoid unnecessary hospital visits. These are all things that impact a patient's quality of life. I love working at CareMax. It's honestly such a beautiful place to come in. It's amazing that the patients come in and they feel right at home, they feel taken care of. They love how beautiful the space is and the atmosphere that we try to provide for them. Staffs here are very good. I like it. Very professional. They're always on time. You don't have to wait a lot. Here, they take care of you right away. I like the staff. They're very friendly, very good, and they're always you know, on the ball. One of my favorite parts is seeing how our providers go above and beyond for their patients. One time I was visiting one of our CareMax locations. I walked in to say hi to the provider and see how everything was going. I see that a patient, as they were walking out, they're like, "Okay. Well, don't worry. I'll see you on Saturday." I was like, "You work on Saturday?" Like, "What's happening?" She's like, "No, it's her granddaughter's baby shower, and she invited me, so I'm gonna go." I'm like, "That's beautiful." You know? You're their provider. You're there to take care of them, you know, and you're also gonna go and you're part of their family too. I think that's beautiful when patients make that connection with our physicians. Beyond the statistics, beyond the success, beyond the growth, CareMax is family. Our expansion is impressive. Throughout, we've never lost the strong family culture upon which CareMax was founded. Family taking care of family. It's the heart of everything we do. Doing good while doing well. This is CareMax, the next generation of care delivery. Good morning, everyone. I'd like to thank all of you for being here today at our first in-person Investor Day presentation. Well over a decade ago, Albert and I had the idea to start CareMax. Several years before that, my grandparents were getting older, and I began to experience firsthand the inefficiencies of the healthcare system. Making an appointment with a doctor took weeks. Getting referrals and coordinating care between specialists was next to impossible, and bouncing in and out of the hospitals was the norm. This led to a lot of frequent and avoidable hospital readmissions that I would later come to truly appreciate how avoidable they were. It was that frustration that led us to embark on a journey to fix the U.S. healthcare system in this country. Today, we're gonna be walking you through that journey. The questions we asked ourselves then were: What if we could create a healthcare system that focuses on quality versus quantity, that rewards providers for outcomes over volumes? A delivery system that not only treats the patients at the medical center, but follows them back into their homes and their communities, where we now know that over 80% of a patient's healthcare outcomes are determined. A system that focuses on treating the whole person healthcare rather than root cause, instead of just focusing on treating symptoms. A system that focuses on housing stability, food security, mental health, preventing social isolation, wellness, and access to health and even education. What if we didn't just focus on prolonging life, but on having a better, healthier life? Lifespan without healthspan is both costly and not in the best interest of the communities that we serve. Imagine if we increase lifespan and improve the healthspan of our seniors. How could we impact the economy and our healthcare system and our ability to pay for Medicare in the future, right? I recently read an estimate by one Harvard aging expert and two Oxford economists. They said that if we could increase lifespan and healthspan by just one year, we could impact the world's economy by $38 trillion. Even if that number sounds insanely high, which it did to me, just think about healthier seniors contributing more, buying more goods, spending less on care, and the positive impact that that could have on the US economy and our ability to pay for healthcare and make it more sustainable in the future. We discovered such an opportunity to build a delivery system in full risk value-based care, a model that compensates providers for keeping patients healthy and out of the hospital. We founded CareMax with the mission and the vision to improve the lives of the members that we serve and to transform our healthcare system so that all seniors, despite their demographic, their race, their income, have access to the care that they deserve. While improving patients' health and keeping them out of the hospital is critical and at the core of what we do, it's really how we do that at CareMax that makes us truly unique and special. We have become the social support structure for these members that we serve. We have changed that relationship between the member and the provider. We aren't just a doctor's office that a member calls when he's feeling sick. We're a health and wellness facility that uses our technology and our whole person healthcare model to drive better results for those members that we serve. Members come to CareMax to see a doctor. They come to receive an integrated care plan. They come to see their specialist. Sometimes they come for a healthy meal and to play games. They leave social isolation. They'll see their dentist, and sometimes they just come for exercise or even just to see their friends. They come to CareMax for an experience. They come for a sense of community. Today, our management team is gonna walk you through a journey through CareMax, focusing on four major themes. First, we're gonna talk to you about our medical clinics and our MSO network and how we execute on both, and how we've pioneered a model that emphasizes the PCP to drive superior results. Second, we're gonna talk to you about our approach to patient experience and how we drive better outcomes for our patients through our customer obsession. Third, we're gonna use our tech-enabled platform to put more information at the fingertips of the physicians to drive better results. Fourth, we're gonna talk to you about our roadmap for 2026 and the embedded opportunity that exists in our platform today. 2022 was an exciting and transformational year for CareMax. We finished the year with year-over-year revenue growth of 57%, $80 million over our initial guidance. Our adjusted EBITDA was $22 million under the new definition, excluding de novo losses, in line with our recasted guidance. We expanded our CareMax centers nationwide, opening 17 new centers in 3 different states, and completed the acquisition of Steward Value-Based Care, transforming us into one of the largest value-based care platforms in the country. Thanks to that transformational year, we now manage 245,000 value-based care lives, 93,000 Medicare Advantage members. We have 2,000 physicians under our platform and 62 medical centers in 10 different states. We're also the second-largest ACO in the country. One of the stats that I'm most proud about is that we've maintained our five-star quality across all of our medical centers, despite the fact that we treat the most underserved and chronically ill populations in the country. One of the big differentiators for CareMax is our ability to execute both on the MSO and the clinic model and then marry the two strategies. Right? Our CareMax Medical Centers is where we achieve the best outcomes. This is our fully integrated medical center where we have dental, specialists, diagnostics, transportations, and a heavy focus on social determinants of health. We're able to drive down ER visits per thousand by 70%. We have an annual reduction of 14%, and we reduce the cost of a member over 3 years by 39%. What we've done is we've applied these lessons learned to our Medical Centers and applied them to our affiliate model, leveraging our operating platform. We use the same technology platform. We use our CareMax University, and we optimize our specialist network. What does that mean? We want our providers and our affiliates to use one or two cardiologists rather than 20 cardiologists so that they know that cardiologist and can create a coordinated care plan to deliver the best results. We're able to drive down ER visits by 65% versus the national average and reduce the overall spend of a member by 7% year-over-year. Finally, we marry these two strategies. Right? We lead with the MSO, we build density and scale, and then we follow with the medical centers. Medicare is expanding quickly. The estimated spend in 2021 was $991 billion, and that's expected to increase by $1.3 trillion by 2026. It's also expected that by 2026, 53% of Medicare eligibles will be enrolled in a Medicare Advantage program. It's also estimated that 25% of healthcare is wasted. Because of that, CMS and health plans are committed to a healthcare system that focuses on quality and outcomes over volume. In fact, CMS has stated that by 2030, they expect all Medicare beneficiaries to be in a value-based care relationship. We're well-positioned to take advantage of this transformational shift. We have a 10-year track record of performance, managing value-based care models and driving better results. We've built a national network of 62 clinics and 2,000 physicians, and we're the second-largest ACO in the country. This puts us in a perfect position to take advantage of the shift to MA, to MSSP, or to ACO REACH. The future of healthcare is here. The old model of relying on a hospital facility for costly outpatient procedures and diagnostics and very little continuity of care is behind us. That new, fully integrated model, like at CareMax, at the center, managing risk and coordinating the entire continuum of care for the member is here. We manage everything from the pharmacy experience, so patients can walk out of the center with their prescription drugs or receive it at home for no charge. We manage the outpatient facilities. We manage the relationship within the specialist, either in-house or through an affiliate network. We coordinate with the healthcare systems to make sure that we have the right discharge planning and post-care. We manage the member at home. If the member's too sick to come to the medical center, we'll actually go out there and provide the care in their homes. What makes this model effective and sustainable is that it aligns the interests of the patient with that of the provider. A little bit on Steward. Although we just closed this transaction in November of 2022, we've accomplished a lot in a short period of time. We've begun integrating technology and workflows. We've onboarded 50,000 Medicare Advantage members and 100,000 MSSP members and 10,000 ACO REACH members. We've executed more than 60 Medicare Advantage risk contracts to manage the membership that we're serving, and that's most of the contracts that we needed to execute. We're gonna talk to you in a lot more detail later on in the presentation. Albert and Mark will take you on a deeper dive on the Steward integration and how it's going. Over the next three years, we're gonna be executing on our multi-pronged growth strategy. First, we're gonna grow our membership in our existing clinics. We're gonna do this by embedding ourselves deeply in our community through grassroots efforts and community events. We participate and host healthcare events. We create our awareness programs. We hire locally from those communities so that we can look and feel like the communities that we serve. Second, we're gonna expand density in our MSO network. We're gonna do this by adding new providers to our business development team and our strategic relationships. We can do this in low cost because we've already made investments in those platforms, in those regions that we're providing care. Adding an extra physician is at a very low incremental cost to us. Third, opening up seated de novos. We leverage the MSO to identify PCPs and open up seated de novos through what we call tuck-ins and acquisitions. We can do this in a capital-efficient way, which allows us to reduce or eliminate the OpEx burn in those early years. When we start a medical center, we already have 200 or 300 patients, so we don't have to start with zero and have that initial burn in our platform. We're gonna cover this in a lot more detail in the financial section, here's a quick overview on our near-term and long-term guidance. In 2023, we're gonna continue to drive results in our core business in our de novo centers. We're gonna continue to ramp our MSO growth and performance, and we expect to end the year with 115,000 Medicare Advantage lives, 225,000 total Medicare value-based care lives, $725 million of revenue, and $30 million of adjusted EBITDA under our new definition. In 2026, we expect an additional 160,000 Medicare Advantage members, and the majority of our membership by then will have already been in full risk arrangements. We expect to end the year with 300,000 Medicare Advantage lives, 400,000 total Medicare value-based care lives, between $3.5 billion and $4 billion of revenue, and between $250 million and $300 million of adjusted EBITDA. I want to take a quick moment to highlight the earnings power and embedded EBITDA in our platform. As you know, value-based care membership cohorts need to mature before recognizing the full value. What we're showing you here is the historical mature Medicare economics outlined below and applying it to total membership for the end of that period. You can see on the slide at the end of 2023, our embedded EBITDA will be over $250 million, and in 2026, it will be over $600 million. Kevin's going to take a deeper dive on this in the financial section as well. Before I turn it over to Dr. Moreno, I'd like to finish by saying that I'm extremely confident that by the end of the day, you'll have much deeper understanding of CareMax, our track record, our operations, our ability to execute at scale, and finally, a detailed roadmap of where we're going. With that, I'd like to welcome Dr. Moreno to walk you through our integrated care model. Thank you, Carlos. Nice to see some familiar faces, nice to see some new faces. Nice to have folks joining via webcast for taking the time to learn a little bit more about CareMax today. My name is Dr. Bert Moreno. I'm Chief Medical Officer at CareMax, and I'm President of the MSO. I just wanna start a little bit talk about culture, the culture that keeps me happy to come to work every day. It's culture of innovation at CareMax that has driven us to create this care model I'm gonna talk to you about today. It's an enthusiasm and an entrepreneurial spirit that permeates every single one of us who's gonna be talking to you guys today. We're really excited and committed to our mission. It's a mission to transform healthcare across the country, to make it easier for doctors to get the joy out of practicing and make it easier for patients to have happy and healthy patient days. As I go around the country and I talk to doctors, you know, doctors are overwhelmed. They're having a rough time. They're overwhelmed by declining economics and increasing overhead. CareMax and the platform has a solution for that. You know, doctors don't wanna see 30, 40 patients a day. They wanna have time to study, to work on their trade. If COVID taught us anything, it taught us that it's important to have work-life balance. They wanna spend time with their families. Our platform simplifies the work they do, so they have more time to invest in the things they wanna invest in. They have an overabundance of data. They're inundated with sources of data from everywhere. The pharmacist is asking them for refills, the hospital is sending them discharge summaries. The health plans are asking them to fill out care gaps and quality gaps. Our platform makes it easier, and the tools that we provide physicians makes it easier for them to execute while making their patients happy and healthy. It all starts with our One CareMax platform, and the foundation of which is our proprietary CareOptimize tech stack. It was purpose-built out of necessity based on the experiences that we developed over the course of more than 10 years, starting from one patient in Homestead and now having over 240,000 VBC lives on our platform. It ingests data from a myriad of sources and communicates them in a simple, actionable, and trackable manner so that doctors can meaningfully impact outcomes of their patients, improve the quality of care, and drive down costs. It starts with capturing the right acuity, because when you're detailed about capturing the patient's chronic conditions, you also have a preventative care plan for each one of those patients' chronic conditions, therefore driving down the cost of care via meaningful improvements in outcomes. We have a five-star performance in our clinics that we're very proud of, and we'll talk a little bit about why that is. Quantifiably, if you perform at a five-star level, you're providing high-quality care, and high-quality care is value-based care. In terms of utilization and driving down the cost of care, there's nothing we're more proud of than our 100% vertically integrated multi-specialty network of physicians that team up with our providers and are incentivized and think in a like-minded way, in a VBC way, as they approach our patients. By narrowing our focus on a few core pillars that when executed upon, provide better outcomes, higher quality care for patients, we impact our doctors that are affiliated with us, ability to enjoy their day, and we impact the ability to make our patients happy and healthy. Now, the patients at CareMax and the doctors at CareMax have tools that have been made available to them that can meaningfully impact their lives. For example, much like we're doing here today with all of you, we've gone out across the country, and we're educating doctors. Through our CareMax University, we're onboarding physicians, we're onboarding their administrators, and we're onboarding their MAs and their front desk and their secretarial staff onto our model. We're teaching them the tools to succeed, the pillars that I just mentioned, and we're also ensuring that they understand that if they perform with these tools, there'll be incentive that aligns the interest of the patient and the provider. That's why 90% of physicians that are on our platform are retained. We're not losing our physicians to competitors, to health systems or otherwise. Once they get on our model and they understand it, the incentives and the tools that we provide them keep them on our platform. In terms of resources for patients, the patients also utilize our platform. As Carlos said, greater than 60% of the patients that are on our platform are dual Medicare and Medicaid. We purposely go in the most that are negatively impacted by the social determinants of health. That's why every single patient that comes on our platform is seen by either a social worker or access coordinator. This social worker or access coordinator can evaluate a patient for food insecurity and provide food stamps as needed, for housing security and resolve that issue for them if needed. If a patient is a Medicare patient who also qualifies for Medicaid but does not have that service, our social worker will assist them with that. That's why we have a 97 patient net promoter score on our platform. Nicole Cable, our Chief Experience Officer, is gonna talk to you a little bit more about that. One of the things we're most proud of is our ability to consistently perform at a five-star level across our patient population. At a macro level, when you say you're five-star, it's difficult to kinda put that into perspective, but let me see if I can do it a little bit more for you here. 95% of our patients are adherent to medications. That means every single month they pick up their meds, and they take them. That's 10 points better than fee-for-service benchmarks. Extrapolated over 200,000 patients, that's 20,000 patients that because they're on our platform, take their medicines, and when people take their medicines, they're preventative about their chronic conditions, they're healthier, and we drive the cost of care down. 90% of our patients on our platform have their blood pressure well controlled. 89% of our patients have their diabetes well controlled. That's 9 percentage points better than fee-for-service benchmarks. Extrapolated over our 200,000 patients that are on our platform, that's 15,000-20,000 patients who have better diabetes and hypertension control because their doctor affiliated themselves with CareMax and because the patients have the ability to utilize our tools. That's real moms and dads, real aunts and uncles, real grandmothers and grandfathers who are meaningfully impacted and healthier because of the work we're doing from a population basis. Our platform has shown the ability to reduce total patient medical spend. There are two ways we do this. First of all, we have to capture the right acute of patients. As you can see, the longer a patient is tenured with CareMax, the lower the medical expense ratio drops. That's because when you capture every single patient's chronic conditions, you ensure that physicians evaluate, document, and treat patient's heart failure or patient's COPD. If you forget to treat those conditions at any one visit, you're much more likely to end up in the ER in the hospital with exacerbations of those conditions. We help our physicians make sure no condition gets left behind and that every single one is evaluated and managed. On the right-hand side, you'll see, as Carlos mentioned, almost 40% reduction years of medical spend. It's a 14% year-over-year reduction in cost, and it's because we're so detailed about treating every single one of our patient's medical conditions that we can be preventative in our focus of their care, and we can ensure that they don't end up utilizing more expensive healthcare resources. Managing the total cost of care, you could break it down into three buckets, whether it's the Part A or inpatient bucket, the Part B or specialty bucket, or the Part D pharmacy bucket. We have tools that meaningfully drive down the cost of care. It's important to know that we have developed our care model that includes wraparound services that impact each and every single one of these. One of our favorites is our risk stratify our patients into buckets. Look, if you're a 67-year-old male with hypertension and no other medical problems, you can be seen by your doctor once or twice a year and once for an infection, and you'll be good. You'll get your preventative tests done, you'll get your vaccinations. We'll document all your chronic conditions, make sure you get your prescriptions, and you'll go merrily along your way and enjoy your life. If you're a 72-year-old with end-stage renal disease, hypertension, diabetes, and a history of myocardial infarction, if I see you today and I don't see you for six months, you're gonna end up in the ER in the hospital with an exacerbation and worsening of one of those conditions. We risk stratify our patients because 50% of healthcare dollars are spent on just 5% of patients. At CareMax, because of our platform, because we risk stratify our patients, we ensure that resources are allocated to the patients that need it most. That 72-year-old patient who's polychronic and may be negatively impacted by the social determinants of health, gets seen once a month by their doctor, gets a call once a month by their doctor, has care management or nurses that call in and make sure that they picked up their prescriptions and are being preventative about staying healthy. It works. Carlos de Solo mentioned these numbers before, let me reiterate. Out of every 1,000 patients, fee for service benchmarks, you know, Medicare patient with supplemental, about 1,000 of them end up in the ER a year. At CareMax, we drop that number by almost 70% with only 300 or so out of 1,000 coming into the ER. That's meaningfully impacting the care and the quality of life of our patients. Benchmark fee for service, Medicare plus supplemental. Out of every 1,000 patients, about 400 of them are admitted to the hospital a year. At CareMax, because of our platform, because of the tools our doctors and patients use, that number drops by almost half to under 200. Make no mistake, one of the secrets to our success is that we have a 100% vertically integrated multi-specialty care delivery system. I'm a cardiologist by trade, and it's no coincidence that CareMax has, as their chief medical officer, a specialist. We're not just a primary care delivery organization. We're a multi-specialty primary care delivery organization. It's because we pair specialists and PCPs that are like-minded, that we're able to fully achieve the medical expense ratios that are industry leading less than 73%. We have greater than 1,500 specialists spread throughout our markets who we incentivize based on the quality of the care they provide and the outcomes that they can generate. It doesn't make sense to leave primary care physicians out on an island. If your patient leaks to a hospital system that prioritizes diagnostic tests and procedures over good outcomes, you're gonna lose some of the hard work that you're doing. Again, if you send your patient to a specialist who's prioritizing diagnostic tests and procedures over outcomes, that leakage is an inefficiency in the system, and our platform directly addresses that inefficiency. One of the most stark ways in which we affect that is that patients at CareMax, on average, once a primary care physician writes a referral, are seen in less than 10 days by that specialist. If a PCP has a referral for a specialist, it's because they have a question that they can't personally answer. If I write as a primary care physician, a referral for a pulmonary doctor because I have a question about my patient, about a pulmonary problem that I can't handle on my own, and that patient's not seen for four months, it's very likely that patient's gonna end up in the ER or in the hospital to answer that question. At CareMax, because of our platform, because of the way we coordinate care, those patients are seen on average in less than 10 days when a referral is made by a primary care physician. About 15%-20% of all healthcare dollars are spent on pharmacy costs. That's why CareMax has a 360-degree solution to address pharmacy costs, improve the quality of the medicines and the regularity with which our patients receive them, thus driving down the Part D cost of care. CareMax has its own proprietary in-house pharmacy called CareMax Pharmacy that delivers medicines to patients' front doors. That's why we have greater than 95% medication adherence from a quality perspective. It's also why we have greater than 90% generic dispensing rates for our medicines. In addition to delivering medicines from the front door, we have quality coordinators that are pharmacy techs that call patients. You know, they're tracking in CVS and in Walgreens whether or not a patient has picked up their medicines. If they haven't picked up their medicines, they'll call the patient, "Hey, what's going on? Why haven't you picked up your medicines?" "Oh, like, you know, my car got repossessed 6 weeks ago, and I haven't had a ride," or, "My daughter moved out of my house and now I have no one to take me to my specialty visits or pick up my medicines." "Well, don't you worry, ma'am. You know, we, our CareMax Pharmacy, will deliver the medicine to your front door." Our doctors are also paired with pharmacy technicians in our medical centers. You know, if you're a doctor and you write a new prescription for a diabetes meds, diabetes meds cause complications. They can cause low blood sugar. Only have 5, 10, 15 minutes to talk to the patient about why you started the medicine and have helped them understand it. Our doctors have the resource of pharmacy technicians who are working dispensaries in our clinics, who can spend 30, 40 minutes walking the patient through the new medicine, how they need to take it, what to expect, what to do if this or that happens. That's high quality care that meaningfully impacts outcomes and drives down the cost of care. CareMax is a growing platform. We purpose-built this care model out of necessity. It's a foundational homegrown tech platform that generates actionable and trackable insights that drive performance. It appropriately captures the acuity of patients so that we can create preventative care plans that improve outcomes and drive down costs. Our five-star HEDIS performance is indicative of our ability to onboard our physicians and have them understand the incentives aligned with high-quality care. Our vertically integrated specialty network delivers superior outcomes, thus driving down the cost of care and pairing doctors with like-minded physicians who prioritize outcomes over revenue. It's a platform that's ingested massive growth, going from 21,000 Medicare Advantage lives to over 200,000 VBC lives at this time. We're proud to go from the 200,000 we have now to the 400,000 we're gonna have in the next couple of years. Thank you so much for your time. I'd now like to introduce a brief one to two-minute video which will introduce, Nicole Cable, our Chief Experience Officer. At CareMax, we celebrate diversity. It's one of our core values, and understand that every community has its own needs. We take a unique, hyper-local approach where we spend time learning about the communities we enter, forming groundbreaking partnerships with local and national organizations, and building teams from the people who live there. This helps us determine how to serve them best. CareMax locations are both literally and figuratively the centers of the communities in which they're built. Our commitment to community goes beyond just working hours and geographical location. Our dedicated team volunteers their time to help those in need across the entire CareMax network. More than everything, that everybody's here for the same goal, is to take care of our patients. We have a passion for that service, that we have the vocation to take care of their needs. We wanna make sure that they feel our love and the love in our service. I believe it's just our human talent. You know, our employees that come from all areas, as we were just talking about, you know, the demographics and stuff for all our employees, it's great. I believe in our people and our people's happiness, so to speak, you know, to make sure, because I believe that's the groundwork for any, you know, business to really be successful. It's very convenient to where we live and, everything, encompassed in one location. Primary care. Yes. That's what we love. Because of our business model and our scale in the community, empathy drives our business and the relationship that we have with our patients. I've been granted the opportunity to make a difference in everyone's lives, while keeping our team members engaged with a job that they have every day, and also providing our patients with the best care possible. I think it's the best feeling in the world. Good morning, everyone. My name is Nicole Cable, and I am the Chief Experience Officer for CareMax, and I'm so happy to be with you this morning to share a little bit about my passion for the company and what we do. First, let me share with you a little story. I think back over my many healthcare experiences as a patient, with a life-threatening condition, and I can vividly remember my provider sitting with me, holding my hand and telling me that I was going to die if I didn't get treatment as quickly as possible. Now, this all happened when I moved to the state of Maryland. I had no friends, no family. I did not work in healthcare. I worked in hospitality at that time, so I did not understand what was being told to me. I did not have a care plan. I didn't understand anything that he said to me once I heard that I may die. I'd never heard the word rapicity of growth or metastasize. These are big words for someone that doesn't work in healthcare. I was afraid, and I was also frustrated 'cause I didn't know what was going to happen to me. Whole person health is a concept that resonates with me not only as a patient, but also as someone that's worked in the field for a number of years. I look at the way we address healthcare disparities by dealing with social isolation and loneliness. Also, the celebrations we have in our centers to celebrate the lives of our patients and everything that they've done given to the communities during their lifetime. The work that we do with vulnerable and marginalized populations is inspiring. Our unwavering commitment to all the communities that we serve to dismantle disparities and to provide better healthcare, breaking down barriers of equitable care. At CareMax, we say, we deliver health with heart, but that is not a slogan. That is what we do each and every day. Everyone matters in our organization and has access to high quality care. Human experience reflects the belief that team members and provider experiences are inseparable from the patient and their loved one. We must care for the team member and the provider because they're the direct conduit of the experiences that we want to deliver for an ideal patient experience. Human experience is inclusive to the patient experience at its core. By solidifying our core, it gives us a real opportunity to dismantle healthcare disparities and ensure equity. To that end, we are committed to the human experience in healthcare. We elevate experience as a priority in our organization, which allows us to position CareMax as an industry leader in human experience and creates a company culture focused on patient experience. As Carlos mentioned earlier, 80% of healthcare outcomes are determined outside of a medical center. Whole person health is foundational for us at CareMax, and that's why we focus on, one, mental and physical well-being of our patients and team members, two, providing social activities and wellness classes, training care teams to interact with patients and families, and lastly, being aware of biases that impact the welfare of our patients. Diversity, equity, inclusion, and belonging is one of our core values. We create an inclusive environment in which our patients, our team members, and providers can thrive. We feel our organization is strongest when we embrace the full spectrum of humanity. That is why 61% of our patients are dual eligible Medicare and Medicaid, over 75% identify as African American, Latino, or Indigenous, and 40% of our patients have 4 or more chronic conditions. Our team members, 66% of our team members identify as managers, 82% are ethnic minorities that work for CareMax. Lastly, over 80% are ethnic minority providers that work for CareMax. As you can see, we are a diverse organization serving a diverse population. If you've been listening to healthcare lately, you will understand that health equity is a big, big piece for CMS. They're hugely focused on it. In fact, it's one of their first pillars for their strategic plan from 2022 to 2032. Nearly 9% of the U.S. populations are persons with limited English proficiency, and nearly 36% have low health literacy. Individuals with Medicaid are at an increased risk of low literacy. Failure to address language, health literacy, and culture can result in patient safety and adverse events, including diagnostic errors, missed screenings, and inappropriate care transitions. Communities experiencing persistent poverty and inequality tend to disproportionately experience unmet social needs. Therefore, we focus on language, health literacy, culture, transportation, social isolation, food insecurity, and geography. For these reasons, it is important to meet our patients and families where they are. That's why we tailor our experiences to local markets. You may be wondering, like, "How in the world do you do this?" Or, "How do we get our patients fully engaged?" We have a three-prong approach. First, we engage patients and families as part of their care team. We'll identify care team members, including the patient's family and the patient's circle of support. We identify and eliminate barriers to effective care team and partnership and encourage patients and families to serve in roles beyond their own healthcare journey. Secondly, we take consideration to histories of discrimination and marginalization. We leverage peer mentors and cultural brokers as partners in the patient's care. We diversify the ways in which we capture, hear, and listen to patients and the family voice. An example is we use three modalities in order to capture patient experience through our survey. While it may be a little bit more expensive to do that, what it does for us is ensures that we do not marginalize or discriminate against anyone that may need to share their feedback with us. We do phone, text, and email because we wanna ensure that our patients have a voice. Third, we co-design systems and processes and behaviors to deliver the best in human experience. We use human-centered co-design to ensure consistent and equitable systems that are personalized and inspire confidence. We develop and apply standardized measurements and tools for continuous improvement. We co-design workflows that promote partnership with our patients, our family, their families, our healthcare professionals, and observations, just to name a few. In our patient, in our customer voice, we have a program called Voice of the Customer. We leverage all those when we're capturing voice from our patients. We constantly seek input from current patients and even former patients. We do focus groups, various surveys, and observations. One tool we use now is called journey mapping. Journey mapping basically is a process in which we can better understand, listen, and hear what our patients and families have to say about the services that we provide. We recently conducted journey mapping sessions with patients and frontline team members and was able to identify abrasion points that we're currently addressing. In my field of patient experience, we have a saying, "Nothing about me without me." That is why it's important that we listen to our patients and our families to make sure that we're delivering systems that they feel meet their needs. I'd like to share a quick slide with you, one of my patients that I love her to death, Mrs. Cruz. She's been a member of CareMax since 2015, and she is a passionate 80-year-old. She's been married to her soulmate for more than 60 years. Mrs. Cruz came to us with an undiagnosed cancer. Our provider quickly jumped into action, and now she's in remission. She would tell anyone that CareMax saved her life. Sometime later in her care journey, she suffered depression. Noticing she was no longer visiting us center weekly, Odalis, as one of our outreach representatives, jumped into action. Mr. Cruz credits this intervention for saving her life a second time. He is now one of our patients. Mrs. Cruz leads our wellness center and volunteers often. She teaches other patients how to create crafts and arts. As you can see by this hat I have on my head that I had to wear in this photo, this is one of her crafts right there. Enough about me telling you about her. I wanted to share with you a quote that she shared with us. "I like this center since I feel like it's my own family. I love the loving and family treatment of all the team members. I love my physician for his professionalism and charisma, and I found a daughter or a sister in a couple of employees. The wellness center is my life, and I am constantly planning on how to help make decorations according to seasons, teach knitting, and I volunteer at all events. I'm an active participant in each of them. All of this gives me motivation to dress up, put on makeup, and cope with the ones that give me health and happiness. I do love CareMax. Without it, I would be lost. This is my clinic." As you can see, our patient stories illustrate the importance of truly engaging and activating our patients and family in their care. Some are former models, dancers, teachers, and even a World War II veteran. They all have a story to tell. We recently celebrated Miss Griselda 106th birthday. I remember her coming into the center with a walker. She walked in by herself. Her 85-year-old daughter dropped her off at the front door. She walked in. She was surrounded by friends and family. As we began to take this picture, she asked me to stop. She got up. She pushed her walker across the room. I was like, "Okay, wait a minute. That's insane. You're, like, 106 years old. You're stronger than I am." She sat down. She took that picture. Everyone in the room started to laugh. All the patients laughed. All the family members laughed. All we could do is appreciate her for her passion. We'll be celebrating her this year as she turns 107. In closing, I just wanna leave you with a quick quote from Jason Wolf, President and CEO of The Beryl Institute, that kind of summarizes experience and its importance in healthcare. "If organizations are willing to weave experience efforts into who they are as an organization, sustainability no longer becomes something to achieve, but in fact, it is a result that is unavoidable." Thank you for your time this morning. We're gonna be taking a quick 10-minute break. Good morning, everyone. I'm Albert de Solo, Co-Founder, Chief Operating Officer, CareMax. I'll be joined by Mark Llorente, our Chief Administrative Officer and head of MSO. I'll be more focused on kind of talking about our CareMax culture and how that's contributed to the success that we've had and how that has translated into our performance numbers. Mark will actually dive a little bit deeper into the operating platform itself, what we do for our centers, and what we do for MSO affiliates. Before I get started, I wanted to share a comment that my 15-year-old daughter made to me, actually just this past weekend. We were watching TV, and on comes a TV commercial, and you see your big pharma commercial and an elderly taking their medications. She turns to me, and she goes, "Dad, I don't think I wanna live until 90." You know, I was shocked initially about that, but after thinking and pausing and thinking about it for a second, I realized that, you know what? I can't blame her. You know, as we age, we go from having 1 chronic disease. 1 in 6 of us have at least 1 chronic disease. As we age, that number actually grows to over 80%, and many of us even have more than just 1 disease to deal with. On top of that, there is fear, there's insecurity, there's lack of mobility, there's pain. It's pretty scary for seniors nowadays. Hopefully, as you heard our team members, Carlos, Bert, and Nicole talk, and you kinda heard from our videos, we have a solution that addresses many of those concerns. We provide transportation to our seniors that don't have the same access to and mobility to get to the medical centers. We provide pain modality treatment rooms to our patients that are suffering from pain. For those that are unable to come to the medical center, we actually extend our services into their homes. We become our family's extended family and offer that level of support. You know, while as a co-founder, you can imagine I've had many different roles at CareMax. You know, my passion has really always been on the operating side of the business and on the culture and making sure that we had the right culture in place. Our culture really starts with the people that we have. You know, Bert mentioned that at the beginning, but it's really important for us to maintain that same culture that we started CareMax with as we've scaled and grown in size. You'll see it in a few slides how much we've grown over the last three years. We wanted to preserve our ability to innovate. We wanted to preserve our culture that is looking at action instead of fearing failure. We wanted to make sure that we preserve these traits that kept us ahead of the curve. When it comes to our processes, our processes needed to be standardized. We needed to be able to have a process that we can replicate as we were growing in all the different markets that we were going into. A critical component of our process is maintaining enough flexibility to adapt to each of the communities we serve's different needs. You'll see that at the CareMaxes, even though our centers look and feel in a very similar fashion to one another, the folks that we hire, the services that we provide, do have a variation. It's done very deliberately so that we can address those unique needs. Finally, our technology. You know, many of you cover healthcare, so you're very familiar with some of the challenges surrounding data and healthcare. We have to deal with a lot of fragmented data, multiple EMR systems, CMS data, different payer data, none of which is standardized. It was important for us to be able to ingest all of this data from all of these different sources and be able to provide that data back to our providers while the patient is still in the room. This allows them to actually make the right clinical decision based on that data. You can see on the right-hand side, you know, Bert mentioned our retention rate with physicians. We have an NPS score of 97. What I consider pretty remarkable, lower than 73% medical expense ratios to third parties. My one that I'm most proud about, which is the 5-star quality rating, and that's in Florida across all of our centers and across all of the payers that we work with. One thing that's unique to CareMax, and it's one of our strengths, is the fact that we have centers, but we also have an affiliate network. Since the beginning, we saw a lot of synergies between the two. Actually, many of our centers were born from our affiliate MSO network. What that has allowed us to do is by understanding the center model, we're able to understand the needs of the patients, and we're able to understand the needs of our providers. This has allowed us to be able to replicate and offer those services back to those affiliates. When it comes to leveraging the specialist network that we have for our centers, we make those available to our affiliate practices. If they want to leverage and send their patients to a CareMax center for dental optometry services, we're able to do that as well. Finally, we give them access to our data, to our technology. This enables our MSO platform to really perform very similar margins to our wholly owned centers. Wanna highlight where we were in 2020, because we were in South Florida, and that's it. You know, you could see over a very short period of time how quickly we've grown. We've grown in over 2,000 providers into 10 different states, and we have enough density to be successful in each of those states. It's been very deliberate, the strategy that we've employed that has generated that growth. It's been a combination of partnerships. Back in November, we announced the acquisition of the Steward Medicare VBC book of business. As we were looking at how many lives live, Medicare lives, live within a hospital system, it's over 30%. We believe that that's a strategy that going forward is gonna be unique to CareMax, and it's gonna serve us well. We've partnered with payers. We've opened up joint medical centers, did 1 in New York, but we're also exploring different strategies. We have different conversations and partnerships, and that we're currently negotiating. Finally, with affordable housing. We have a partnership with a Related Group, they help us identify different affordable housing units that don't have access to healthcare, where we can actually place a CareMax center, more of a spoke, smaller in size, to be able to offer healthcare services to the residents in their building. This provides them easy access, easy convenience, either just walk across the street or just go downstairs to the lobby of their residence to seek care. I wanna highlight Florida. Kevin's gonna go into a little bit more detail on the cohort of centers that we had open prior to 2021, what we consider our legacy most mature centers. They're all performing profitably. You can see we have healthy margins of 22%. Our medical expense ratios are less than 60%. Within the cohort of acquisitions that we made in 2021, they're all showing significant trends to generate similar platform contributions. We offered a bridge below that shows after the investments that we've made in the centers that we've acquired, one, there's an additional $32 million of value creation to shareholders. We continue to like Florida. It has favorable demographics. It's where we have the greatest density. We currently have eight de novos opening within the next couple of years in Florida. There's a lot of information in this slide, but what I wanna highlight here is that we have a very diverse payer mix. We don't have more than 15% of our membership with any one payer. That was important to us because as you are covering healthcare, you realize that you don't want to have all your eggs in one basket when it comes to payers. Having that diversity, that competitive landscape, allows us to move membership if one of our payers isn't able to attract new patients or has a low star rating. It significantly reduces the risk that we take. In addition to that, we have over 62 VBC contracts across the country. On the right-hand side of the page, those are the 10 markets we're in, the number of centers that we have in each of those markets, and the breakdown between employed and MSO providers. You can see that in each of the markets that we've gone into, we have enough density to build preferred networks and to execute on our strategy. A very unique component to our contracts with the payers is our glide path to risk. You can see where we are today, approximately 93,000 Medicare Advantage members, and all 93,000 are on a glide path to full risk. When we enter new markets, we're very purposeful in that we don't want to enter full risk immediately. We want to make sure that we give ourselves time to educate providers, educate our patients, build out the networks, stand up the technology. It's important for us not to have to shortcut and take any and cut any corners. We've given ourselves that 24-month ramp to take on that full risk. The unique part of that contract is if we are showing that we're performing better, quicker, we're able to go back to our payers and accelerate that glide path to risk. See, I don't think there's a switch in here. Oops. One of the things that I'm most excited about is how quickly we've grown, and you can see our membership growth over the last 3 years. The hardest thing to do, especially in this business, is to grow and perform at the same time. Because as you grow, you're growing with membership that hasn't been professionalized. You haven't brought into your system. You don't have the right acuity captured for this membership. They're not utilizing your preferred networks. To perform all that new membership is extremely difficult. You could see that for us, we've actually been able to do both. We've not only grown over the last 3 years, we've done a pretty remarkable job of managing our MER It's a combination of how deep we go with our patients and the full suite of services that we provide, as well as being very thoughtful with our contracts, with the new payers in the new markets that we're going into. Prior to turning it back to Mark Llorente, hopefully you have a better understanding of the CareMax culture, our ability to execute, and some of our performance numbers. Thank you very much. Mark? Good morning, welcome. My name is Mark Llorente. I serve as Chief Administrative Officer and Head of MSO Operations. I will joke by starting that I have the privilege and honor of walking you through the most dynamic section of the presentation, selfishly, because it allows me to talk about how we bring our operating model to life. The One CareMax platform, how we drive best-in-class Medicare VBC results, and how we scale the platform nationally. With that, it's important to consider that our operating model consists of really two core verticals. One is the operations vertical, and the other is the clinical vertical. While I won't go through them in a great deal of detail right now, I would like to highlight some of the services that make up our One CareMax platform. Transportation services. When you consider that many of our members struggle to find transportation to and from our centers, we take care of that for them. When you think about HEDIS, quality, and documentation, and why it's important, it allows us to understand the chronicity and the acuity of our members so that we can develop the right care plans to manage their health and well-being. When you think about the specialty network, it allows us to ensure that we are aligned with providers across the communities that we serve, who understand and have experience in working in the Medicare value-based care space. When you think about referral management, it allows us to ensure that we're removing any barrier that exists to ensure that our patients are seen with specialists in the time with which we need them to be seen to manage their health and well-being. This slide is perhaps one of the slides I'm most proud of, because on one slide, it encapsulates what we've been able to successfully achieve over the course of the last 15 months. Taking us back to 2022, the beginning of 2022, we had a pretty aggressive mandate ahead of us, integrating essentially five equally big medical center groups all into one. For those of you that have participated in integrations in the past, you understand just how challenging it is. Outside of some of the cultural dynamics that Albert talked about, establishing a leadership team that really drives and thrives in success and ensures that each of our team members are bought in, all of the technical elements associated with an integration are incredibly challenging and cumbersome. In addition, we closed on and ingested 160-plus thousand Medicare VBC lives in six new states. Finally, we opened 17 de novos in Florida, New York, and Tennessee and Texas. The results. We exceeded our 2022 guidance in revenue and met our guidance in adjusted EBITDA. Our strong year one de novo center growth above 25% membership capacity. We achieved less than 73% medical expense ratio. We saw more than 93% of our members. We achieved a 5-star quality rating, expanded our specialty services network, integrated EMRs, and optimized our shared services platform. I'd be remiss if I didn't highlight that we did all of this with predominantly the same team that we had in place. It was because leaders stepped up, the culture of excellence prevailed, and we had a very strong and robust operating platform to ingest the level of operation, data, and membership to drive the appropriate outcomes and performance. I would like to thank the entire CareMax team for all of the efforts over the course of the last 15 months. As you think about how we scale our model across the national footprint, it's important to consider, and it's been mentioned, our operating model serves as our operating model for our wholly owned medical centers. What that means is that our provider partners across the national footprint have the benefit of learning from our failures over the last 11 years in getting to the point where we have the best practices model that we have today. How we deploy those services across our provider partners, we can deeply embed and integrate. If they have a service, we can augment it. If they don't have a service, we can provide it. What's important to note is that we look for, in each of the respective markets we go into, building sufficient density with provider practices so that we have the opportunity to deploy our own wholly owned medical center model and/or a specialty hub. What that means is that provider partners in the communities we serve can have their members access care in a CareMax location for anything outside of primary care within the ambulatory space. That augments their ability to successfully achieve their outcomes and ours. Of course, taking on this national value-based care book of business from our Steward partners is an incredibly daunting task. It's important to highlight how we focus our efforts of integrating 633 practices. How did we do that? I'd like to introduce a couple of terms, anchor groups and priority practices. An anchor group very much looks a lot like a CareMax. Multi-site, multi-specialty, sizable Medicare membership with aligned partners and stakeholders at a leadership level who are intent on driving outcomes. In addition, we have priority practices who tend to be smaller, but still sizable and very much bought in to Medicare VBC. When you take a look at the whole portfolio of 633 practices, and you distill it down, both anchor groups and priority practices account for 28% of the total or 179 of the total groups. Focusing on this subset of practices allows us to drive the performance we need to drive and to capitalize on the growth opportunities that we have ahead of us. This group of 178 total practices accounts for 80% of our existing Medicare VBC. I'm sorry, Medicare Advantage beneficiary book of business, as well as 60% of our total Medicare book of business. Of course, as you're scaling a model nationally, it's incredibly important, as was the case in South Florida, to allow for the local tailoring of a model. We've hardwired 80% of the operating model, and that's what's allowed us to be successful across the country as we've expanded. We've also allowed for 20% to be hyper-local and focused, tailored to the specific needs of a community. Take South Florida, for example, whether it was Little Haiti that we were serving a community in or Homestead. Some of you, I believe, will be down in the Homestead market later today. They're in the same general geography, and they are two distinct, very, very different populations, which means different types of activities and interventions appeal to them and will drive successful outcomes. Allowing for that hyper-local focus has been core and essential to our model. As has been talked about, we hire from the communities we serve, and that is incredibly important because our members feel a kinship with our team members. Our team member may remind them of a granddaughter or grandson, and we want our team members to be reminded of their aunt or uncle who they are serving. The culture of family and the culture of community is critically important to our success. This ultimately creates a better patient experience and yields better outcomes for our patients. I wanna leave this slide with a quote, "Cultural humility better positions organizations to have a significant impact on building trust, supporting patients' engagements in their care, and improving outcomes." Now, this is absolutely my favorite slide in the entire presentation, and the reason it's my favorite slide in the entire presentation is because it brings to life the very services that we provide. If I was to pause for a minute and ask each of you, what comes to mind when I say the word driver? I guarantee the majority of you would respond with something like someone who transports someone from point A to point B. While that's very literally the definition of driver, that definition falls woefully short to describing what our drivers do for our team members. Our drivers and our members know each other's life stories. Inside of a van, if you've ever participated, and I've had the benefit and the pleasure of doing so, you'll understand that a driver is curating an experience from start to finish as members are entering into the van. It may be that a driver knows something about one member's history and will prompt a conversation understanding that three or four other members in the van will have something to say about it. The idea that the driver gets that van buzzing, fosters that sense of community with the very members that we serve, is something that is very real and dear to us. Insofar as you can imagine political debates bursting out inside of a van or members bursting out into song, and there being a competition between two members. You have to understand and appreciate that these members oftentimes deal with loneliness. They don't have the sense of community that we all think we have in our day-to-day lives. Being in an environment with what they feel now as newfound friends and family is something that very much plays a pivotal role in the success of their health and well-being. Now I'd like to walk you through a couple of our different processes so that you understand within the overarching operating model, how we optimize and what we mean when we say optimize. In this case, we'll review the referral process. As we've talked about in the past, and I'm sure each of you has experienced in your own daily lives as I have with children or for myself, the referral process can be pretty cumbersome and taxing. The status quo referral process puts almost the entire onus on that of the patient. They're the ones ensuring that they schedule the appointment, that they follow through with the appointment, and that they adhere to whatever the clinical protocol is. As Dr. Moreno highlighted, the importance of our members seeing their specialist is absolutely critical to ensure their health and well-being. On the right-hand side, you see that we've taken on the onus of the entire referral process. Why that's critically important is because outside of the challenge that the referral process actually poses to our members, it's challenging, it's cumbersome, it's taxing. It's that it's a barrier to them seeking the care that they need. By us taking on that burden, we're not just alleviating them from that pain point, we're also ensuring their health and well-being. The outcomes are pretty clear. A 20% reduction in appointment no-show rates. 99% prior authorization approvals versus the industry average of 94%. As Albert, I believe, mentioned, within 24 hours, we can see a member for an urgent referral. Our average wait time from the time of referral to being seen is about 10 days. Next, I'd like to walk you through our contact center and why our contact center is important in highlighting how we hardwire patient satisfaction and patient experiences across the entire platform. When you consider that we're able to train each of our respective team members who answer the phone on what human experience is, they understand that they have members calling from different communities, and they have to be trained to be able to respond to that. Real-time reporting allows us to make real-time decisions and flex the operation as needs arise. Obviously, the headcount is scalable as demand grows, and very quickly we can staff that demand to ensure that we have sufficient operating capacity to meet the need. We have a centralized team that actually triages these one-off cases where we cannot solve a problem for a member on the phone. What that means, in totality, is that our team is able to alleviate the burden that a lot of the practices feel frontline with the inundation of calls to be able to satisfy the member who's in their office, the need that's presented itself right in front of them. To give you a sense of the overarching size and scale of the operation, we manage over 5,000 calls per day as it stands right now, and we're able to resolve 80% of the issues with the first call. In closing my presentation, I thought it'd be really helpful to provide you with a little bit of an oversight and overview of the type of response we've received in communicating the CareMax message to all of our respective national provider network. Dr. Moreno and I spend quite a bit of time traveling these days together. We know a lot more about each other now than we did, I don't know, six months ago. Part of what we have the pleasure of doing is wearing our CareMax banner, going into these new markets, sitting down with these provider practices and talking about who we are, what we do, how it could be meaningful for them and for their members. Oftentimes, the response is overwhelmingly positive. In this case, Doctors Dilley and Dr. Lai, two physicians in Florida, one in Rockledge and one in Palm Bay, raised their hands upon hearing the CareMax message and model and said, "I want in. That's the model I wanna practice in." As of the close of the transaction, we began in earnest conversations to bring them over, and as of January, we now employ them. CareMax employs them as providers within the CareMax ecosystem. What's important to highlight when we think about our model, how scalable it is, and how scalable our platform is that Dr. Lai's office is the first picture you see. We took over his employment in January. His office has been what we would call phase one rebranded. He now has additional services, and as you can see in the quote at the bottom of the screen, he's incredibly excited about the opportunity ahead of him and ahead of us. What makes the opportunity that much more exciting is that we have two de novo centers, one in each one of the respective markets that we were developing as we were engaging in these conversations. Each of these respective providers, while they provide care in the same office they provided care previous to being employed by CareMax, once our centers, once our de novos are open in Rockledge and Palm Bay, they will move their membership, their Medicare membership to our wholly owned centers, thus ceding those de novos. Next, I wanted to highlight for you what it means when we say anchor group. Hawthorn Medical Associates is a multi-specialty, roughly 150 provider group with roughly 20,000 Medicare beneficiaries in Southern Massachusetts. They have greater than 20 specialties offered across their multiple sites, 15 clinical services, and multiple diagnostics. What's really impressive about the team is not just the size and scale of their operation, but how bought in they are to Medicare VBC and the value it provides to their members. As you can see in the middle of the screen. That's actually a picture of Dr. Moreno and I in Massachusetts a few weeks ago, meeting with the Hawthorn Medical Associates leadership team. What this highlights for you is a highly engaged, highly focused leadership team. We have the opportunity through monthly JOCs to have our subject matter experts on the line with Hawthorn Medical Associates subject matter experts, talking through what the right clinical plans are, what the right core care plans are, what quality measures, what quality initiatives, what growth initiatives we're gonna drive. Dr. Moreno and I have the opportunity to meet with the leadership team to talk about how we can expand the model. Is there a subset of space on campus where we can build a dedicated Medicare senior-focused space? Do we expand and add transportation or do we add another service? This highly engaged team gives us the opportunity to very quickly embed ourselves in the community, have an immediate impact, and anchor ourselves in our success in each of the respective markets that we serve. I'll pause for a minute so you will have the benefit of hearing directly from Dr. Dilley in Rockledge, Florida, and Dr. J.P. Tracey, President of Hawthorn Medical Associates. I'm Dr. Frances Dilley. I am family medicine board-certified. I am speaking to you from our new center in Rockledge, Florida. Excited to be here because CareMax actually does things differently. It's not fee for service. You just come in, you have your office visit, you leave. This model allows me to be more to the patients in a way that I couldn't before. It allows them to truly have a medical home in a way that has been talked about for many years by the insurance companies, has never been accomplished to the extent in which CareMax has been able to do so. Hawthorn Medical is a multi-specialty group in Dartmouth, Massachusetts. Years ago we were very interested in full risk capitated health plans for our patients 'cause it gave us many more opportunities and more flexibility in helping patients. For various reasons, because of the local environment, we weren't able to do this. Now we have an opportunity to do this again, even better. We are a larger group. We have more opportunities and more resources to bring to patients, and we think this collaboration with CareMax is gonna allow us to really help our patients. As we help our patients, doctors are happier. They feel they're in the right location to provide care for patients. If this can be a benefit for the patients, the doctors, as well as CareMax, I can't see how this will not be a success for everyone. In closing, I really hope that I provided you with a greater degree of clarity on what we mean when we say the One CareMax platform on the infrastructure we've built, and how we're able to scale that infrastructure. How that infrastructure and our model is hyperlocal and focused, being agile and flexible to the needs of the community that we're serving. How ultimately the culture within the organization is very much focused on building lasting, meaningful relationships with the members that we serve, because that's absolutely critical to their health and well-being. How the platform is designed and has resulted in driving best-in-class Medicare VBC results. With that, I'd like to thank you all this morning for coming to Miami and for spending a little bit of time with us. I'd like to introduce Marlene Borrego to walk you through our national sales strategy. Good morning. My name is Marlene Borrego. I serve as the National Vice President of Sales. My role at CareMax is to develop and sustain growth for both our wholly owned centers and our MSO platform. It is my pleasure to be with you today to talk you through how we're poised and positioned to achieve it. The thought that probably comes to mind, or the question that comes to mind is, why choose CareMax? You've heard throughout the presentation that our target audience is seniors, and by having a laser focus on this particular population, we're able to intimately research their needs and wants and solve for them. Here are some real-life examples that we asked and that seniors are asking their healthcare providers to do better. They want us to make it easier for them to get in contact with their providers. They don't wanna feel rushed or with a sense of being dismissed when they're at their appointments with their primary cares. They don't wanna be made to jump through hoops or wait long periods of times to see a specialist. You might ask, "What has CareMax done to solve for these issues?" You've already heard through previous presenters a lot of the services that we've already implemented, like a 24/7 call hotline with care coordinators in our medical centers. Our primary care physicians are rewarded on quality of care versus volume of visits. We offer transportation to and from primary and specialty appointments, we have a team of referral coordinators making the process seamless for our patients to access their referrals. As you see, patients have concerns, and we've listened, and this is why seniors and their caregivers are choosing CareMax. We're gonna continue to grow because sustainability is paramount for us, and these three pillars are the main drivers of our long-term success. You already heard Carlos talk about CMS's goal to transition all Medicare beneficiaries into an accountable or value-based care provider by the year 2030. We are one of the few nationally based providers that are uniquely positioned to capitalize on this opportunity, thanks to our growing medical center model and our national MSO footprint. Secondly is the investments that we've made into key markets where we've identified dense senior populations and large aging-in and underserved populations. Lastly is our extensive physician network of over 2,000 providers with tens of thousands of patients that will be aging into Medicare in the next seven years. We're gonna keep these members by providing a comprehensive and repeatable healthcare experience that consists of a welcoming onboarding program for new members because first impressions do matter, efficient and shared services, access to care, because that's at the heart of what we do. Finally, ensuring an enjoyable experience because we believe healthcare is best received when the patients feel comfortable and familiar. Now, I've talked to you about the whys of growth. Let's get a little bit deeper into the hows. We have a patient acquisition model driven by three main levers: our internal growth channels, our external partners, and community outreach. Our first lever consists of our outreach representatives and a dynamic in-house marketing department that cost-effectively creates all of our campaigns and brands the CareMax name locally and nationally. Our outreach representatives are focused on net new growth to our medical centers. They're highly trained to identify needs and provide solutions in the communities. You can think of them as concierge patient recruitment and retention specialists. They bring new members to the centers, then they follow them throughout their healthcare journey, all while providing a high-touch customer service. You heard Nicole talk in her presentation about one of our patients, Lucila, and how Odalis, an outreach representative, is the one that noticed that there was something wrong 'cause she didn't see her coming into the center. That enabled us to react, to mobilize, and to get Miss Lucila the treatment that she needed, and that's an amazing example of the CareMax difference. Our second lever is our external partners, consisting of our brokers and distribution channels and our strategic relationships with our health plan partners, both of which work hand in hand with our outreach representatives. Lastly is our community outreach initiatives. Community outreach is pivotal component that equally supports the other two levers, but independently fuels our immersion into these communities that we wanna grow in. All three levers can independently work to bring growth to CareMax, but we know that together, they achieve optimal results. Now let's talk a little bit more about our outreach representatives and our community outreach initiatives. We want our outreach representatives to be trusted advisors in the community. We've created a robust training program in partnership with some of the leading Medicare Advantage plans in the nation. We've created a training that pulled from both the payer or health plan side and the provider side. We've also designed a sales playbook that allows us unified implementation of our sales strategy in any state that we go into. If you hadn't noticed by now, there's a recurring theme throughout this section and the entire presentation: local, community, familiar, culture. This is all by design. Although we know we're bringing innovative healthcare into many of these areas, we know that the experience has to feel comfortable and familiar and should be tailored to the unique nuances of each market. To drive home to you how important it is for us to be rooted in the communities we serve, on any given day, we'll have over 70 events taking place in or around our medical centers in partnership with over 1,500 community partners, ranging from faith-based organizations, food banks, community centers, just to name a few. What are the impact of these go-to market strategies? It builds strong community ties in our neighborhoods. It gives us access to vital providers or services that are already being provided in these communities, and it creates a repeatable and scalable sales book, allowing us continued growth success in any market we venture into. The final thing I'd like to leave you with is how our two distinct but complementary platforms are leading us to success. On one hand, we have our medical centers, which provide a consistent stream of membership growth with strong lifetime values, higher contribution margins, and a deepened relationship with our payer partners due to its high-touch model. We have the MSO that has even higher lifetime values, little bit less predictability and growth, but creates an attractive model for physician recruitment, because our physicians can stay independent through the MSO model while allowing patients to access a hybrid model of care. They're able to keep their private PCP, but still, access services or activities in our wholly owned centers nearby. In summary, it's been my pleasure to walk you through the hows and whys of CareMax's growth. I hope the time I've spent with you has helped to paint a picture of the foundations that we've laid for immediate and long-term growth success. I hope the next time you think about primary care for a senior in your life, that CareMax comes first to mind. Hope you have a beautiful rest of your day. Up next, we have our Chief Digital Officer, Michael Jarjour. Good morning. My name is Michael Jarjour. I'm CareMax's Chief Digital Officer. I joined CareMax from Steward Health Care Network, where I built and led, among other things, the digital infrastructure. Here at CareMax, I'm scaling our CareOptimize data infrastructure to seamlessly support the rapid growth you heard earlier from Carlos. In the previous slide, I alluded to CareOptimize. For those of you who are not familiar with CareOptimize, it is our end-to-end value-based care platform that supports our providers as well as our other teams to better manage our patients' health. Today, I'm focused on two key topics: how we scale our CareOptimize data infrastructure and its capabilities, and how we use the accurate data to support our business operations. Let me start off by saying in healthcare, accurate data is critical to support the success of any organization. Actually, let me restate that. I believe that accurate data is one of the most critical components to drive the success of an organization, because as you can imagine, it supports and informs, among others, our financial team, our clinical team, our operations team, and more. As you heard earlier, our population is growing from 30,000 or 40,000 to nearly 400,000 members. To support that growth, we need to ensure that our CareOptimize data infrastructure is built to support both our current and future needs. How do we do this? We receive fragmented, disparate, inaccurate data from multiple sources. Those include claims, hospital admission discharges, labs, and more. We then aggregate this data, we validate it, we standardize it, and we put it into a centralized repository that supports our organization. For this, we actually work closely with a partner, one of the leading providers focused on data quality in the healthcare industry. We master a patient index our population. What does that mean? We need to create a unique identifier for each one of our members to ensure that said member is re-reflected only once in our data. As you can imagine, it will be difficult and challenging to commingle, for example, data for two Joanne Smiths, two disparate Joanne Smiths, which could pose a significant challenge. For this purpose, we also partnered with a probably best-of-breed vendor focused on giving us accurate data matching. More importantly, this vendor also interestingly has a database of 300 million-plus individuals representing pretty much most of the United States. Why is this important? We can now take our demographic data and ensure that, for example, phone numbers and addresses are highly accurate. I'll allude to that further downstream because this is critical to some of our downstream applications. In addition to the two vendors I mentioned earlier, we're combining our proprietary solutions with highly scalable best-of-breed technology partners to further drive our CareOptimize technology capabilities. To further exemplify how accurate data supports, in this case, improved patient outcomes, I wanted to talk to you about our connections to EMRs. As you know, we acquired Steward's Medicare membership. As part of this acquisition, we actually have access to 30-plus EMRs, representing approximately 1,000-plus providers. Because of our ability to connect to these EMRs, our clinical teams can draw valuable insights to draw better outcomes. For example, we are able to see daily clinical measurements and use some of these insights. To, for example, enroll members in programs that reduce the potential for uncontrolled disease progression. Now that we have accurate data, let me give you some examples of downstream applications that this accurate data informs and supports. For example, our referral concierge team, when referring a patient, now has the capability to identify an in-network geo-located provider close to the member, and thereby very quickly, structuring or establishing an appointment. By the way, should we be connected to the EMR of said provider, we can potentially access the calendaring component of the EMR and very rapidly schedule that appointment. Next is the contract center. Based on the fact that we master the patients, as we talked earlier, and we validate their phone numbers, our contact center can automatically pull up the patient's history using caller ID, review previous issues, and document new ones quickly to resolve them. For example, the patient was scheduled for transportation pickup. She calls our contact center team and says, "I'm still here. Nobody has picked me up yet." Now that our contact center representative can capture very quickly this challenge, forward the situation quickly to our transportation team and resolve the issue fairly rapidly. What you call first call resolution, which of course, is significant in terms of improving members' experience. Lastly, we can also improve continuity of care by managing our condition acuity, chronic condition acuity. This capability allows us to connect to the provider's EMR, which we talked about earlier, to review the patient's entire record. We capture the acuity of the patient's condition using natural language processing and Optical Character Reading capabilities because of some of these notes potentially can be captured in PDFs or unstructured data like patient's notes. This capability then allows us to very quickly evaluate the conditions that have not been addressed by the provider, and then proactively treat them to reduce any potential future conditions and improve quality of care. In closing, scaling our care-optimized data infrastructure to provide accurate data will support our providers, our operations teams, and improve patient outcomes, and ultimately, of course, reduce cost of care as well. Thank you. With that, I'd like to hand over to Kevin Wirges to talk you through the financial aspects of our business. How do we translate what you've just heard today from our leadership team into financial outcomes? That's my job. My name is Kevin Wirges. I'm the Chief Financial Officer here at CareMax. Over the next 15 minutes or so, maybe a little longer, my goal is for you to leave here with a deeper understanding of the unit economics of our business. We're gonna spend a little bit of time talking about our history. We're gonna spend a little bit of time talking about 2023 guidance. We're gonna spend time talking about 2026. Obvious question is why 2026? What happens in 2026? 2026 is a milestone year for this organization because our contracts that we currently have today and the MSO, which are on a glide path to full risk, will trigger full risk. Before we start, I wanted to spend a little bit of time on what I call VBC Accounting 101. There's a lot of information on this slide, and I don't, t rust me, I'm not gonna read everything to you guys. I do wanna focus on two major topics here. The first one is on revenue recognition and why value-based care revenue recognition is important. It's important because in order for us to recognize gross premiums, we have to be at substantially all of the financial risk within a contract. Substantially all is anything north of 99%. Meaning if we're in a partial risk contract, we can't recognize revenue on a gross basis. Gross basis is the CMS prep premiums that go to the health plan for an MA contract. CMS premiums that go to the health plan, the health plan minus takes out the administrative fee. That number, let's make it very simple, $1,000 goes to the health plan, health plan takes out 15% or $150. That $850 is what we would show as our revenue. That's a full risk contract. Under a partial risk contract, that revenue is further suppressed on a net basis for the external provider cost, meaning whatever the TPA, in this instance, the MA plan, is paying for those services. We have some examples in here I'm gonna walk you through so that you can see the impact and how substantial it is when we have a partial risk patient and a full risk patient. Nothing changes. Nothing changes on how we manage that patient. We manage the patient identically the same, whether they're in a partial risk contract or a full risk contract. The revenue recognition is completely different. The other topic that I wanna highlight here is where MSO distributions are on the MSO side. Provider distributions under the MSO. Similar to how revenue on the full risk basis is captured in one place and on a partial risk basis is captured somewhere else, provider distributions under the MSO work the same way. Under full risk, we're capturing those provider distributions under external provider cost. It's considered part of our medical expense ratio. Partial risk, we don't wanna do that. We can't do that because we're not using the matching principle. There's no full risk revenue that's associated to that medical expense. Therefore, if we put it there, we're gonna overinflate our medical expense ratio. It actually goes into the cost of care line. Both of those calculations ultimately impact our platform contribution, but it's very important to understand exactly where they are from a geography standpoint on our financials. Let's go through an example. Please don't use this to model. This is a one mature patient at a mature clinic. Don't use this to model, please. Same patient in our centers. I think most folks are familiar with what you're seeing on the left side of the page here. Full risk patient, $1,300 premiums, a 65% medical expense ratio. Remember, that's everything that's paid by the health plan. Results in medical margin of $455. Once we deduct our cost of care, remember, cost of care is the cost that it takes for us to operate within the four walls of our clinics, so salaries, rent, utilities, transportation's included in there. We have a net platform contribution of $325 for this patient, roughly 25% margins. I think those are all numbers that we have communicated historically, should be very familiar. That same patient, exactly that same patient with exactly the same acuity, exactly the same claims expenses, has a completely different unit economic because it's in a partial risk contract. In this instance, it's a 50% partial risk contract. Instead of recognize $1,300 in revenue, we recognize that $455 margin at 50% because we're doing the shared savings here with the health plan, 50%. Two hundred and twenty-eight dollars. Significant difference, though, on the revenue side, $1,300 versus $228. Cost of care is exactly the same. We make no differentiation between a partial risk contract in our clinics and a full risk patient in our clinics. Platform contribution is only $98 in this instance. Why? Because we are sharing, there's a risk sharing here with the health plans. Big delta on the unit economics. On the far right side, same patient under an MSO, you can see the same similar unit economics. One thing that I would highlight here, again, external provider costs in this instance includes the distributions that we're giving to the PCPs. It's their cap and any surplus that they're generating, any risk share that they have with us goes into that number as well. About a 15% margin, 85% MER. Again, that same patient in a mature partial risk contract, very different premium recognition, and now in the cost of care line is that provider distribution. There's no difference in how we manage these patients, but there's material difference in the revenue recognition component of these patients. We're gonna talk a little bit later about premiums under management and why that's so important for us over the next four years. Now we're done with class. Let's get into the rest of the presentation. What are the three key levers that are gonna drive our performance in the future? You've heard them repeated today over and over and over again. It's growth within our core centers. Our core 45 clinics that we ended 2021 with still have capacity, and they're not at the peak margin contributions that we see in the core legacy CareMax centers. Maturing our de novos. We opened 17 de novos last year, had a $13 million drag on EBITDA. This year, we're expecting that drag to be another $25 million. As those centers progress through the timeline, they will go from a significant use of cash, a use of cash, maybe not significant, a use of cash, to a significant source of cash and source of EBITDA for our organization. Lastly, management of our MSO. There's three key components in the management of our MSO. It's contracting with our health plans to make sure that we're ensuring that those MA VB fee-for-service contracts are transitioning to MA VBC contracts. It's transitioning patients that are in MA fee-for-service and Medicare, traditional Medicare into value-based care type contracts. It's deploying our medical management tech stack and know-how so that we are ensuring that our MSSP and ACO REACH achieve high single-digit shared savings numbers. Not only are our MERs industry-leading, but they're also consistent. I think this is very important. You can see here, COVID impacted us favorably in 2020. We did make some adjustment for that, increasing us to 71.2%. I think it's very well documented the impact of COVID in 2021 from a revenue standpoint, as well as a direct claim standpoint. If you adjust for that, we're at about 70.6%. 2022, if we adjust for the impact of sequestration for that first quarter and second quarter, is about 73%. We reported 72.7%, if you recall. We had significant growth in 2022 within our MSO. If you go back to our Accounting 101, you'll remember our MSO is typically around 85% from an MER standpoint. That mix of patients is really what's driving the overall blended MER to about 73%. Our centers consistently perform at approximately 70%. The other thing I would highlight here is that you guys know this, at the end of 2021 or in the middle of 2021, we acquired 19 additional centers. This data is pro forma for the business combination. It includes IMC and CareMax. In the 2021 data and 2022 data are those 19 acquired centers that we did in middle to late of 2021. I'm gonna spend a little bit of time on this slide because I think it's a very important slide for us. The blue line represents the 2021 to 2015 legacy CareMax vintage cohort of centers that were opened during that period. You can see the rapid growth from a platform contribution standpoint, which we did not model for our de novos. We don't expect our de novos to continue with the same curve. Why? Florida is a unique market, right? Florida is heavily penetrated. It's a very mature market. Patients tend to come in with some coding. They tend to have been part of some type of medical management process in the past, so it ramps very quickly to profitability. We don't expect that to continue as we open up de novos outside of Florida. What we consistently said is by year three, we'll be at 50% capacity. We're well on track for that for our cohort, our 17 centers that we opened in 2022. We'll be at break even by year three. By year five, with 70% capacity, we should be generating 20% margins. You can see that although the first three years we didn't model our de novos to be consistent with our historical cohort, by year four, five, and six, we are estimating them to be approximately in the same range. The green dot are the 34 acquired centers, inclusive of the IMC centers that happened in 2021. Those centers are at various stages of their maturity, which is why there's only one dot on there. However, they've been under our CareMax management for a little less than two years. I think what's really important to understand here is that from a capacity standpoint and from a margin standpoint, we still have about $32 million of platform contribution runway for those 34 clinics. In addition to that, the 17 clinics that we opened this year. Sorry, last year. My brain is still stuck in 2022. We're not done with the audit yet. In 2022, we'll go from, like I said before, a use of cash to a source of cash. We're expecting those clinics to produce $60 million of platform contribution at maturity. If we go back to our levers, our core 45, $30 million, $33 million, 32. Our de novo clinics, approximately $60 million. Between our two clinics, lever one and lever two, we have about $90-$100 million. Later. In addition, lever 3, if you take our membership that we had as of last year, we have nearly $200 million of upside with the 110,000 patients that we currently have in MSSP and ACO REACH, and the 51,500 patients on the partial risk side from the MSO acquisition, the acquisition of the Steward Value-Based Care. We talked about how at maturity, we expect our MSSP and DCE to be in that high single-digit shared savings, which is approximately $80 PMPM. That MSSP, without growing it today, has an additional platform contribution value of roughly $100 million. In addition to that, the 51,500 patients in our partial risk contracts under the MSO, as those progress to full risk, we expect about $150 PMPM worth of platform contribution, which translates to an additional $93 million. What is on the platform today, we stop right there, is an incremental $100 million from the clinics that we just talked about on the previous slide, plus the $200 million that we're showing here. In addition to this, and Carlos hit it, Marlene hit it, I think everyone hit it. 175,000 member growth between now and 2026 on our MA VBC contracts at $150 at maturity PMPM, is expected to be $315 million of platform contribution. In totality, the MSO by itself, A plus B plus C, is $500 million. Lasering. We talked about the three levers, and this is our glide path to 2026. Membership drives everything for us. We talked about our guidance last week, the midpoint of our guidance of 115,000 MA VBC members, revenue, midpoint $725 million, and our adjusted EBITDA under our new definition of roughly $30 million. We grow to 300,000 VBC members at the midpoint, and we start converting MA fee-for-service contracts to full risk contracts. This is gonna increase our revenues from $725 million this year to, at the midpoint, $3.75 billion by 2026. These changes, along with our maturing de novo clinics, will result in our EBITDA, projected EBITDA in 2026 of $250 million-$300 million. How do we get there? Membership drives everything, but it's the same three levers that everyone's been talking about the whole day today. We continue to grow in our core Florida market, both on medical margin PMPM and membership. We continue to grow our de novos, and we continue to transition patients from MA fee-for-service or traditional Medicare into MA VBC contracts. These transitions will unlock $3 billion of incremental revenue for us by 2026, and even with our estimated MER of approximately 85%, $250 million-$300 million of EBITDA. I think more importantly, though, if you look at the last subsection, there is our cash flow. Unlevered free cash flow is expected to break even by Q4 of this year, and free cash flow expected to break even by Q4 of next year. The slide on the left here shows our bridge of membership at the end of 2022 to 2026. Carlos mentioned this a little bit. I'll hit on it again. There's 175,000 members we anticipate transitioning over. 160,000 of those will transition out of partial risk due to timing into full risk contracts. I think, again, going back to our VBC Accounting 101, that 160,000 patients coming out of our partial risk VBC contracts and going in to our full risk contracts has 0 impact on membership. -160 plus 160 equals 0. If you see the middle on the right side, the middle bar, it's a $1.7 billion impact to revenue. That revenue recognition component really is a timing. Yes, it's important that we recognize the revenue, but the revenues that we're managing, most of those patients are already here today. On the left, you'll see our adjusted EBITDA bridge, showing where we're growing from the med margin standpoint and the incremental OpEx that we're gonna have coming through. On the right, again, is our anticipated unlevered free cash flow and free cash flow break evens and where we're anticipating that to come from. The free cash flow break even, I would point out, is really from our 2023 MSSP payment that we'll receive in Q4 of 2024. If we were to receive that a little early, we'd break even a little sooner. You should be familiar with 2022 and 2023 on these slides. These are what we talked about last Thursday on our earnings call. I do want to spend a little bit of time talking about the second line here, which is the illustrative net Medicare premiums under management, and explain exactly what that is. It's a lot of words. It's very basic. It's very simple. It really is the business that we're managing today. If you were to look at revenues, if you were to just take an average of 1,100, you could say it's 1,200, you could say it's 1,000, we're using 1,100. $1,100 a premium PMPM under full risk contract times the 93,500 MA VBC patients that we ended with in 2022 and multiply it times 12. It's a $1.2 billion-dollar organization that we exited 2022. Because of our accounting process, right, and recognizing the revenue, we have to wait for those that are on a glide path. All 93,500 of those patients are on a glide path. They're in a contract that will hit full risk. This year, 2023, that $1.2 billion goes to approximately $1.5 billion at the end of the year. What you can see here, though, is that by 2026, the delta between those premiums under management and our total revenue is nearly the same. Why? 'Cause we've converted most of the patients. We've converted most of the patients from partial risk contracts into full risk contracts. 2026 is a very important year for us. With medical expense ratios of 85% projected, again, that's well below what we'd expect to see in a fully mature clinic model. If you were to weight this 85% MSO, 70% clinics, you would come closer to an 81% MER. There's still room to grow in there. Even with that room, we're still projecting $250 million-$300 million of adjusted EBITDA when we end 2026. I know I've thrown a lot out at you. There's a lot of data, there's a lot of words. We went to class, we came back. My goal here was to educate you on VBC Accounting 101, specifically, and the unit economics of our business, and I hope I've done that. I hope that you are as excited as I am about the future of this organization. With that, I'll turn it over to Carlos for closing remarks. All right. Today, you heard about our journey, our mission, the future of VBC, and where we are going. Dr. Moreno spoke to you about our differentiated care model. You heard from Albert and Mark on operations and how we leverage our operating platform to manage our centers and our MSO in a capital-efficient way to achieve best-in-class results. You heard from Nicole and Marlene on how we create an experience for our members and a sense of community that impacts retention and growth through our obsession with our patients. You heard from Michael on how we use our technology platform to scale and drive innovation, and we bring more information at the point of care at the fingertips of our physicians. Finally, you heard from Kevin about our financials and our near-term and long-term roadmap. You heard from the importance of revenue under management, our near-term path to free cash flow, and the embedded EBITDA in our current platform. With that, I'd like to thank everyone again for joining us today. We hope you enjoyed the presentation and now have a deeper understanding of CareMax. We're gonna take a quick 5-minute break, and then we'll meet back here for a Q&A. Thank you. Hi, everyone. We're now going to begin our Q&A session. If you're listening virtually, we'll also be taking questions. Just type in the box where it's submit a question, if we have time, we'll also get to those questions. If you have a question in the room, please raise your hand and we'll pass the mic. Good morning. Brian Tanquilut from Jefferies, thank you for hosting us today. Really appreciate it. I guess I'll start with Kevin. Appreciate the guidance all the way to 2026, obviously. I guess there's obviously a big hockey stick here, or there's a big ramp from today to 2026 in revenue and EBITDA, and I think you outlined it pretty well how you're gonna get there. Maybe for the rest of the team and Carlos and the other folks, like, what are the catalysts and what are the actual operational moves that you need to do to trigger the change, you know, where you're recognizing the revenue? I know the other day, Carlos, you talked about how some of these can be, you can fast-forward some of these moves. I guess just 1 follow-up, Kevin, is the 85% MLR in 2026? Just curious why it's 85 when you're saying that the patients are already here today? Thanks. Yeah, I'll start. I think an important distinction is all of the contracts that we negotiate are all full risk contracts. I think that's important to appreciate, right? This isn't a potential partial risk contract that stays in partial risk contract. Everything is a glide path to risk. In the next- 12 to 24 months of negotiating any contract, all of that membership that we have under our care will eventually be under a full risk arrangement. We do have that ability to pull that lever earlier and then take on full risk in 6 months if the medical loss ratio or the MER is more favorable than what we had originally anticipated. We've done that in the past, and we expect to do that occasionally in the future. In order to do that, obviously, we work with the medical teams, we work with the operations on the ground, we work with those physicians to make sure that they have all the right resources through our technology to impact that positive MER. In some cases, we're able to do that sooner than later. Do you wanna add on that or? Yeah. Happy to. Is this working? Yep. You know, to get more in detail, we've got a lot of work to do, but we're very hopeful we'll be able to hit our membership targets. We've gotta get to that membership. It's only through the acquisition of lives and implementing our platform in the care of those patients that will capture the right acuity and that we'll be able to hit our quality bonuses. We'll be able to drive down those costs so we can hit those numbers in 2026. The, the other thing I would add is the bulk of the membership is with a limited number of groups. You know, you have SMG, they're all on one EMR platform. You have some of the larger affiliates, like the Hawthorne that you saw in today's video that have 150 providers, 20,000 Medicare lives. When you're talking to these groups, because they already have the bulk of the membership, you're not tackling the ocean and going to onesies and twosies and going after 2,000 providers. From a, an operation standpoint, it becomes something that's much more achievable. Yeah. Let me tell you, 'cause I think we talked about this before, but when you're trying to interact with a provider that's 1 or 2 providers in a practice, they don't have operational staff. It's the doctor and the administrator. Because more than 60% of the membership that we've taken into our platform, is in SMG or these anchor practices that have 130, 140 physicians, these big multi-specialty practices have folks that are coding team. They have a quality team. They have care management teams. Like Mark mentioned, we create these monthly touch points, these JOCs, where our coding teams, our quality teams, our clinical teams are interacting with theirs. These groups, when you go to them and you walk through the halls, they, in a lot of ways, resemble the CareMax centers that a lot of you guys have toured. For example, when you go to the MOB, one of the Steward MOBs that has all these primary care physicians from Steward Medical Group, you'll see that there are specialists in there. There's optometrists in there. Many of the ancillary services that we provide in our centers that provide that whole person approach, that provide that holistic approach, they're all in these buildings. They just need to be coordinated in the right way to positively impact the outcomes, drive down the cost of care. To follow up on your question. We do still anticipate a ramp. Although the contracts are flipping to full risk by 2026, there's still gonna be patients that are gonna be added every year to those panels, right? As we add patients to those panels, we're not expecting them to be at full maturity day one, right? There's a natural ramp that's always gonna be there. We will never be at full maturity, hopefully, 'cause we're gonna continue to grow and grow and grow. There's gonna be a dilution impact that's gonna happen from that new membership. Go to the other side. Thank you. Jailendra Singh, Truist Securities. Kevin, quickly on $275 million EBITDA you expect in 2026. How should we think about a split between MSO strategy and own center strategy? You laid out some upside drivers. Which strategy would you think is going to drive some upside to those numbers? Yeah. In the appendix here, you'll see we have some support that gets us to kind of the run rate of $250 million and $600 million that Carlos laid out in his slides. You look at it, the opportunity for us, yes, we're gonna continue to grow our clinics. We anticipate 35,000 patients coming in from our clinics. That will grow our EBITDA number. If you look at the vast majority of that EBITDA is really unlocking the value on the MSO side, which today, you know, there's significant upside that we see just from a medical management standpoint. One more, if I can ask about, you know, specialists. You talk about having 1,500 in your preferred network, you said these are addition to your in-house specialists. If you can give some number around, like how many in-house specialists you have right now, and what are the most common conditions where you prefer to employ these specialists than have a network? Is there still some specialty condition where you see some leakage, and how do you address that? Yeah. We track very closely the specialists that are in-house, their productivity, the amount of leakage for the specialties that we have in-house. We work closely to make sure that if we have a provider who's not performing, right? Because some providers might come in and the patients may not like them, may not choose to wanna go outside of our wholly owned clinics. We work with those providers, have them improve in terms of how they can perform, if not replace them. In our actual wholly owned clinics, the greater than 60 clinics that we have, we have probably something in the range of 50 specialists that are coming in and out of them at any moment in time, in addition to affiliate providers that augment the work that they can do. Our core centers of specialty excellence are radiology and diagnostics, 'cause those are the tools that the doctors use to make decisions. So we wanna closely manage the quality of that data that they're utilizing to make clinical decisions for their patients. Cardiology, pulmonary, psychiatry. So those are our core set, specialty centers of excellence in addition to endocrine. But it's very important, whether they're fully employed specialty physicians or affiliated, that the incentives are aligned. So that is really the key, is you identify a narrow network of specialists who have the same incentives and are incentivized based on the outcomes they can generate and the quality of care they can deliver. The only thing I would add is, within the model itself today, we're not modeling converting some of those affiliates into centers. As you heard, we've already had some success stories in being able to identify some of those affiliates that are nearby one of our centers, and we just bring those patients over and seed those patients in the center. That's gonna drive performance much faster as well. If you go back to our VBC 101, accounting 101 slide, right? The unit economics that you see in a mature full risk MSO model versus what you would see in our clinics is really the thesis behind that. It's unlocking that incremental platform contribution. I think something else that's unlocked is the extraordinary amount of inbound interest from health systems that are approaching us to repeat what we've already kind of executed on, with the Steward acquisition of VBC lives. We have health systems all across the country that are approaching us, that are really interested in what we do, and are really interested in the expertise that we've gained over the course of the last 18 months thinking about this and the playbook that we've developed. I think there is untapped potential in terms of growth and in possibly exceeding our targets there. Hi, Josh Raskin. I've got two for you. The first would be, how do you incent the specialists? I just wanna make sure I understand the non-employee specialists, how they're paid and how you determine, you know, who is a high quality specialist to work with, and I assume that changes depending on the patient's insurance, right? Who's in network and who's not in a network. I guess all part of the first question, what's the% of cost that actually move through those specialists? Yeah. I think Kevin can answer the PMPM for specialty costs more broadly, but I would say it ranges somewhere in the range of $300 PMPM. Yeah. Maybe a little less than that, but yeah. There are multiple ways that we can incentivize specialists. Some specialists take full risk on their actual specialty. For example, we have cardiology providers who actually take risk on the $24 or so PMPM that cardiology costs, and they share in the savings that they can generate. We have, you know, specialists that are employed. Our employed specialists are incentivized in the same way that our primary care physicians are, basically with medical expense ratio and whether or not we can attain quality scores. We also have specialists that augment their own daily practices with per diems that come into our medical centers. Those specialists, it's kind of a way of testing out and seeing if they're gonna work for our model. There are multiple ways of kind of incentivizing specialists, but the best ones are for them to be incentivized on the KPIs that matter to us, which are medical expense ratio, overall cost of care, and overall quality of care. Yeah. On the affiliate side, it's also working with specific specialists, right? We'll optimize that specialty network. We'll identify one or two specialists in that specific area that really understand value-based care and can work very closely with that specific physician, as I mentioned earlier, they can work with, on a care coordinated plan together with that member. We'll take our physician leader, our specialist leaders, they will train those physicians on value-based care to ultimately impact those outcomes favorably. Now you have a one or two cardiologists taking on an entire panel of patients for three or four affiliates in a specific region, where otherwise they may have had two or three patients from that specific panel. There's a lot of different ways to incentivize them, whether they're in the affiliate model or whether they're in the wholly owned center model. Economies of scale matter, right? In the markets that we're talking about, we have a sufficient number of providers and lives to where the sheer volume of members that could equate to membership that a specialist is seeing in a given market makes it much more favorable for us to engage in negotiations and have earnest discussions about opportunity to drive meaningful value across the board. Gotcha. Just a second question. You showed a slide that had first-year MERs going from, you know, 107% to 84%. You know, that's a big move in the first year. I'm curious how much of that's revenue improvement versus cost declines, and then maybe more specific on the cost declines. What are some of the early first-year, you know, cost savings? I think on the same slide, it also shows that there's a 14% year-over-year reduction in cost. I think it's both, making sure that you capture the right acuity. Again, we talked about how capturing the right acuity is actually preventatively treating these chronic conditions, so they don't become acute. That's why you get decrease in hospitalizations. That's why you get decrease in ER visits. That's why you get the lowering down of costs. Yeah. I think in the medical center, you have a 14% year-over-year decline in those first 3 years, totaling 39%, and in the MSO, it's 7%. Yeah. But the 14's not even, and you're talking about, you know, whatever it is, 23 points in the 1st year. Is it 14 is medical cost and 7-? On the MSO side. I think that slide... Is that the one we're referring to? Yeah. That's the MSO side. On the MSO side. All right. 7%. 7% is revenue. Is that the right way to think about it in the first year or no? 7% is the PMPM decline in the. On the MSO. [cross talk] Yeah. That's right. The other thing you experience within that first year is as we're acquiring these patients and we're sending them to specialists and we're trying to assess what chronic conditions they have so we can treat them early, you also see a bump in medical expenses in that first 12-month period. As that normalizes those declines, you do see some acuity being reflected back, you also see, like, Carlos and Burt have been mentioning, that 14% decline in medical expenses. Yeah, you invest on them on the front end. You get diagnostic tests ordered that identify diseases so we can treat them early. You get them seen by those specialists, so those meds are optimized. I'd also say the revenue impact is more 12, 18, 24 months, right? If all of our patients came in month 1, then we would expect to see that revenue improvement month 13. That is not how our model works, right? Because of the population that we're seeing, they're enrolling throughout the year, right? A patient that comes in December, in January, we're not gonna have a significant improvement due to our coding efforts. It's normally the 18-24 months when we really start seeing the impact from an MER standpoint. Hi, Andrew Mok from UBS. Just wanted to follow up on the 300,000 full risk MA membership and understand where exactly that sits today. I think your slide noted 160,000 in partial risk, 30,000 in full risk today. What's the source of the remaining 100,000 full risk members? Is that all supposed to come from the MA fee for service bucket or non-risk MA bucket? Yeah, that's right. The growth from the organization really is from that MA fee for service and traditional Medicare that's currently sitting on our, on our Steward platform today. That's correct. Got it. I think there's another 500,000 or so Medicare fee-for-service members. Is any of that embedded in the target? What's the plan for that bucket of membership? Yeah, we look at it holistically. As we evaluate the membership, we will evaluate all members that are currently in Medicare. If you have meaningful penetration of that bucket, is that all upside? Yeah, there's. That's exactly right. There's still significant upside, right? When you looked at the initial slides, there's still that fee for service, you know, tranche that lives there. We still have that Medicare Advantage fee for service tranche of members that lives there. There is still significant upside, you know, to the numbers that we discussed here, but that's where the majority of that membership is coming from. As Kevin mentioned earlier, 35,000 members of that growth over those four years is coming from our core de novo centers. Just to highlight, there are additional levers that we're pulling. Organic growth, right, is core and essential in the markets that we serve. With the payer partners and the strategic relationships we have, we're able to do the events in the community to grow these panels within the existing practices that we're talking about right now. In addition, we're talking about a captive population of providers. The provider communities in the markets that you go into are very tight-knit and very close. You have success with one group of providers in an individual market, and that word of mouth spreads. We're, aside from the strategic relationships and opportunities we're experiencing on the partnership level as it relates to health systems and other big aggregators of lives, there's also the practice piece as it relates to growing our network to include more providers than currently exist today. If you think about the macro view of the targets, the bolus of it is in what you highlighted, but there are additional complementary levers that we're actively pulling. Got it. Maybe just another follow-up on the 2026 targets. When you think about the $600 million of embedded EBITDA in 2026, how do you think that breaks out between owned clinics and affiliated clinics over time? I'd just refer you to the appendix. It's in the back, on the $600 million. What I would tell you is that if you look from the first slides that we had talked about and the two levers that we can pull, it's about $100 million of embedded EBITDA from the current core clinics and the 17 de novos. From that I'm sorry, platform contribution. From that platform contribution, there's an additional $300 million that's coming from the MSO. I don't think we have the appendix there, do we? Probably. Let's see. There you go. There you go. You got it up on the screen. Page 99. If I can find it. If you look at the platform contribution, $763 million, you see that our MSO MA is approximately $405 million of that $763 million. You can see the growth there too between those two targets, platform contribution line. Hi. Thanks. Michael Ha, Morgan Stanley. So I think in terms of fully delegated risk, you're taking that in a couple of your markets, I think UM and credentialing. Is there an opportunity to take on more of that across all of your members going forward? It sounds like CareOptimize has the technological capabilities to do that. Is there any additional build-out of services to accomplish that? In terms of, like, revenue, is that, like, 1% or 2% extra, like, capitation? How should we think about it? From a revenue standpoint. Oh, sorry. Go ahead. No, no. Go. I was just gonna say, we do have. Historically in Florida, you know, we didn't take, or we didn't have UM and credentialing capabilities, so it wasn't a full delegated risk. As we're exploring new contracts, and now we are with some of the payers, we think there is an opportunity to take on more of those services, and we do think that that opens up an opportunity to increase our revenue because we're taking on more responsibilities with the payers. In fact, the way we've negotiated, you know, that specific contract allows us to have additional revenue dollars. I think there is upside there, that isn't really in these, in these numbers here today. We do have those capabilities to do that through our technology platform and the services that we're offering today. You know, CareMax is a provider group. When you put clinical decisions and medical decisions of patients in the hands of providers, you have better outcomes, you have more efficient care. There's a lot of duplicity in terms of some of the things that we do and some of the things that health plans do. We're excited about that opportunity to broaden our opportunity to do that utilization management and take delegation of that within our platform. I think from a plan perspective, the experience is they're willing to delegate so long as they can ensure that you can perform, right? Which is key. Building the relationship, showing our record directly with our payer partners, having a few examples, building the internal capability, and then having the runway to actually convert it should be much more seamless. There's inefficiencies in the system. We were sharing an article last week where 80% of all contested referrals are actually ultimately approved. It doesn't make sense to have so many contested referrals by providers, and if you put those decisions in the hands of groups like ours, it'll improve the process, decrease the time for patients to get needed procedures and needed diagnostic tests approved. We're excited about that opportunity. Thank you. I'll ask another one. I think in your slide, you mentioned 60% of your members are dual eligibles, and you're building out these robust home health services. When I think about, you know, the flip side, capturing Medicaid capitation potentially, is that something that you think about? I think about it usually like LTSS having the capabilities to do assisted daily living. Is that a potential growth opportunity in the future, or not so much? I think when we think about our platform today, we're really focused on the Medicare platform, Medicare Advantage, MSSP, ACO REACH. We have managed the Medicaid population well and the ACA very well under these value-based care arrangements. That's the really interesting thing about our platform, is while we built it for Medicare Advantage, it's been very successful in managing all lines of business that are value-based care. I think what that means is the opportunity for us is really huge when we think about the future. I think over the next three, four years, what you're really gonna see us focus on is taking on this Medicare Advantage and Medicare value-based care populations, and that's where the majority of our focus is going to be. If there's no more questions in the audience, I'm gonna take a few. Oh, virtual. Okay, go ahead. Just one more. Yep. Go ahead. Kevin, I wanted to just ask a question on what you had mentioned. You have 160,000 lives that are either partially managed through MSSP or other MA plans. I get the ramp to 2026 on the PMPM. Given that those patients are at least partially being managed and maybe not to the medical expense ratio that you guys are used to, do you think that that ramp could be potentially shortened? Yeah. It's definitely possible that it could be shortened. I think we're taking a prudent approach to managing that population. We wanna make sure that that glide path, and Carlos mentioned this, all of our contracts have that glide path to full risk, and we can pull that trigger sooner if the data supports that. That's one of the things that we're constantly looking at as we get the data and we're evaluating the data, is where the performance is on each one of those contracts. As we see them performing better, we do have the ability to pull that forward. Thank you. Thank you. Again, Jailendra Singh from Truist Securities. I know you guys spent, some time on pharmacy and specialties and all, but, this is something you briefly touched upon, leveraging home health and, in-home assessments. Maybe talk a little bit more about how you leverage that in your care management approach. Do you do it in-house, or do you work with some third-party vendors, or do you generally leverage the data from your health plans? The most important aspect when you're providing specialty care, like Mark mentioned, is scale. Not only have we developed the scale in multiple other markets, but we'll be leaning in to develop these capabilities in-house or with vendors. I don't think there's a one-size-fits-all approach for each market. Each market might be different, but certainly reaching out to patients' homes and impacting their health, not just in the four walls of the clinics of doctors, is a priority for us. Okay. One more follow-up. Actually, you know, You are one of the few companies who actually have both MSO and clinic-based strategy. There are some players who are focused only on MSO, some on clinic-based, and they all talk of their own books. There are some pros and cons on both the side, but as you think about your long-term expectations around driving superior clinical and financial outcomes, which one do you think has, you know, upper hand over the other, you know, or is gonna vary by market, or is it too early to say? I will say, as I spoke earlier, the clinic model is always going to drive better patient outcomes, right? I mean, everything is under one roof. Because it's fully integrated, because we have the specialists, because we have dental, because we have diagnostics, and we can do, you know, we can take care of the entire continuum of care inside of that medical center, your outcomes are always going to be superior to that. The MSO, it's still going to have a place for a long time. There are a lot of physicians that are not ready to make that transition. I think for the next 5, 10 years, you're going to have to be able to execute on both models to have a really successful platform. The secret is in being able to leverage both and have them work together using that operating leverage, and then using those MSO top-performing physicians, identifying those as those tuck-in and acquihire opportunities that I spoke about in our presentation. That allows us to grow in an incredibly capital-efficient way. Right now, when we open up a medical center, we put in a physician. We don't have those first three years of cash burn from operating expenses that we would've otherwise had. I think it's very critical in this market to be able to operate both of those. I think if you look back to the history of CareMax and our inception, you know, back from 2011, the majority of our clinics, what allowed us to grow and be successful, was that we used that seeded de novo strategy, and we're able to do it in a very capital-efficient way. I think both strategies have a place. I think they're gonna have a place for a long time. Ultimately, if you're just thinking about from a pure patient outcome perspective, the clinic model is always going to be a little bit better than the MSO. I would highlight, our model is different from The models that you highlighted, right? There's the wholly-owned, there's the MSO, and there's those that do both. Yes, we do both. There aren't many, if any, out there that have done such a transformative transaction with a captive provider group such as Steward, where Steward Medical Group accounts for 40% of all of our MSO book of business, which means they're not loosely affiliated providers. It is a very much a managed provider group that we, as a leadership team, work very closely with the Steward leadership team, in establishing the right goals and the right incentives to be able to drive the right behaviors and optimize the MSO platform. It's not a loosely aligned group. It is a very tightly aligned group. We have one more question in the room. Just to add. When you combine the two strategies is when you get to scale. There's nothing more important we do than completely vertically integrate the specialists with the PCPs. If you have two different strategies, when you combine them together, they potentiate each other. That scale is key to being able to identify and get providers to think alike and treat patients alike. Two, two somewhat connected questions. One would be, what's the biggest uncertainty that could serve to kind of knock us off this path that you laid out today? You know, it seems like there's a lot more predictability around the revenue targets that you laid out, given that it's somewhat contracted, but more unpredictability around the profitability target. If there's 1 or 2 or however many things that, you know, if we're sitting here in a couple of years, you know, things didn't pan out the way that you laid out today, what are those things? Two, just a question on free cash flow. I just wanna make sure that 1 point's really clear. You expect to be able to achieve the targets that you gave us today without the need to raise additional capital. If that's right, what gives you the confidence there? I'll answer the last question first. Go ahead. Yeah, that's exactly right. No need to raise any additional capital. We have clear line of sight into 2023 cash flows. If you think about 2024 cash flows, what really gets us into that cash flow positive is that payment on the MSSP side, which we already have some visibility in today using our third-party actuaries looking at the data. We have clear visibility into the unlevered free cash flow for 2023, and we're confident in that number, as well as the 2024 number because of the data that we're using to support that. Do you wanna take the other one? I think the risk is just, you know, speed of working with the physicians, deploying the technology, and how quickly we transfer from partial risk to full risk, right? How quickly we make the impact on that MER medical loss ratios. I think that's always the risk. That's what we do, and that's what we built our platform to be able to accomplish, is to be able to ingest something like this at scale, deploy the technology, as you heard from Michael talk about earlier today, and execute. That's always the biggest risk in value-based care, is being able to impact that medical expense ratio and connect with those patients to drive better results. I think one thing that you can track in the interim is membership. I think, you know, it all starts with doctors and patients. We've got the doctors, we've got a captive population of patients. How many of the population of patients that our doctors are treating can we bring onto our platform and start them along that path of risk? If you see that over the course of the next 6 to 12 months, we're hitting our membership targets, I think it's a surrogate marker for success in 2026. You see the different provider groups in the respective markets responding really, really well to competition. You stack rank them against their cohort peer group in each market or in their existing market, and we're sitting across the table, and it's a group of them. Nobody wants to be at the bottom of the list as far as performance is concerned. We've built some guardrails to insulate the risk of adoption, if you will, and one of which is ensuring that they're all driving in the same direction and at a speed and at a clip that's beneficial. Also the incentives are there and aligned to drive the behavior. Yeah, there's a huge value proposition to all of the providers that we're talking to on the MSO, right? Aligning with us and leveraging the contracts and value-based care, every single one of these physicians, we're laying out an opportunity for them to have much higher earnings based on quality and their ability to execute on the playbook that we're effectively giving them. It's a huge value proposition for the providers. If you go back to our VBC Accounting 101, one of my favorite slides. In the full risk MSO, we have built in there, distributions to providers, right? If providers are performing, to the point, they're performing, they're getting that incentive. To the extent that that MER starts to slip, those are monies that insulate us, if you will, from that margin PMPM. Essentially, whether I'm paying the doctor or I'm paying an external third party, we've somewhat insulated ourselves from that slippage of the MER. What I would add also is, you know, we built the model really focused on MA and MSSP, the two programs that are most mature that CMS has today. If we get additional clarity around ACO REACH and the profitability behind ACO REACH and managing that risk the way that we're doing it today, we could also start moving some of that MSSP into ACO REACH if the economics are there. That's something that we're also evaluating year-over-year. Okay. On the growth side, which has to do with membership, these anchor partners and priority practices that we've affiliated with already have a strong understanding of the value of Medicare Advantage and value-based care. They're already bought into the model, and they probably only needed this injection from us with our best practices of doing this for many years, and they're already on board to participate and to actively help grow their partnerships. It's not like we have this MSO where we're having to convince the provider of the value and how to grow the membership. They're already on board and willing to participate. Okay. That concludes our Q&A session. If we didn't get to you virtually, we'll follow up, and thank you for joining. Thank you. Thank you. Thanks, everyone.