Good afternoon. My name is Lisa Gill, and I'm the Healthcare Services analyst with JP Morgan. It is with great pleasure this afternoon that we have with us Bright Health Group. Presenting for Bright Health Group is CEO Mike Mikan. Post Mike's presentation, he will join myself and CFO Cathy Smith over at the table to take questions. With that, Mike. Great. Thanks, Lisa, for that introduction and JP Morgan for inviting me to speak this afternoon about the incredible work that our team at Bright Health Group has been doing over the past year. It goes without saying that there has been significant challenges across our sector for the 2021 IPO class and Bright Health Group as a company. I'll talk about today, despite those challenges, the team has done a tremendous job rallying around our mission and focusing the company on where we drive the most value in the healthcare ecosystem. I've never been more excited about the future holds for our company. Our strategy has sharpened, we are more convicted than ever in our fully aligned care model, and we believe the opportunity has only expanded. The business we're presenting today takes the best of Bright Health and removes the volatility of the ACA insurance business, doubling down on the segments of the business where we create the most value. Before we go further, I'll note that our presentation may contain forward-looking statements and non-GAAP measures. Please reference the presentation slides posted on our website and our SEC filings for the associated disclaimers. Bright Health is focused on making healthcare right together by delivering personalized and affordable healthcare for aging and underserved consumers through our fully aligned care model in the largest markets in the U.S. Bright Health brings together care providers and healthcare payers in a financially and clinically aligned model that leverages what we call the value layer of healthcare to drive improved outcomes and results. We have simplified and focused the company on two operating segments: Consumer Care, which is a value-driven care delivery business that manages risk in partnership with external payers, and our Bright HealthCare business that now exclusively focuses on a delegated senior managed care model with a tight group of providers in California. As we enter 2023, we believe we have a strong foundation to grow profitably and serve consumers across the country. In 2023, we expect to be a $3.4 billion-$3.6 billion revenue company, managing over 125,000 Medicare Advantage consumers in our Bright HealthCare segment and serve between 275,000 and 300,000 value-based consumers with external payers in our Consumer Care segment. We are also reiterating today our expectation to be adjusted EBITDA profitable in 2023. We believe the business is well positioned for the current market environment with significant future upside as we expand our refined model nationally. We have focused and simplified our business for 2023. With the exit of the Affordable Care Act marketplace as an insurance carrier, we have reduced the volatility of the business while also strengthening our capital position. Both our Consumer Care segment and now our senior-focused Bright HealthCare segment support our accelerated path to adjusted EBITDA profitability in 2023. We are focused on consumer-directed healthcare in the largest U.S. markets, healthcare markets of Florida, Texas, and California, which are also among the fastest-growing, providing significant opportunities for expansion. Our business is now balanced across value-driven care delivery and delegated senior managed care, adding stability and diversification. Our businesses have many years of experience operating in the communities they serve. Over the past six years, we've developed technology and proprietary capabilities to enable providers to successfully manage the total cost of care and population risk. Our Consumer Care segment works with a broad set of payer partners across the spectrum of consumer-directed lines of business. For 2023, we have strong consumer retention, and we have secured deep payer partnerships with specific payers in each of our markets. In addition, our Consumer Care segment includes a scaled and well-performing Direct Contracting Entity, now the ACO REACH program, managing traditional Medicare beneficiaries that leverages the same core capabilities as the rest of the segment. The scale and breadth of our business, as well as deepening national and payer and provider partnerships, means that we have multiple drivers to support long-term profitable growth at a national scale. Bright Health has been built as a company with a consumer and a value-first orientation, which we believe addresses some of the key challenges in healthcare today. The current healthcare system was not built with the consumer in mind, where high costs and misaligned incentives keep consumers from getting the care necessary to maintain their health. Only a small percentage of healthcare spending is directed to primary care, and the penetration of value-based care is very low, particularly outside of Medicare Advantage. These challenges are compounded by limited data sharing between payers and providers in the healthcare system, resulting in gaps in care and wasteful spending. Bright Health believes the best way to address these challenges are through our fully aligned care model that builds clinical and financial alignment between payer and care providers with the requirement that data and technology are shared to drive better outcomes. To deliver measurable success in value-based care models, we believe that we need to focus on the activities that drive the most margin expansion. This value layer of healthcare is the common set of value-additive capabilities across managed care and care delivery that drive consumer satisfaction and better health outcomes at a lower total cost of care. Engaging consumers, directing them to the best sites of care, selecting providers based on the best quality and outcomes, enabling providers to take population risk all drive this value creation. For example, in 2022, we made over a half a million provider-driven touches to members and patients attributed to our clinics. We're applying these tools, methods, and insights to enable care providers across both our Consumer Care segment and Bright HealthCare segment to drive better outcomes for aging and underserved consumers that are our members and patients. We're using our technology and data to push insights out to the care providers, allowing them to make interventions in patient care and drive better clinical outcomes. We carefully measure the success of our value-based care model has in driving better outcomes for consumers and in lowering the total cost of care, and we've seen differentiated results. We're confident that our focus on the right capabilities and solutions for consumers and providers in the value layer of healthcare is changing the way healthcare is delivered. A critical component of executing on our strategy is a common economic model that rewards these value-driven activities. On the Consumer Care side of the business, we work with our health plan partners to manage the total cost of care for consumers we are managing, earning a PCP capitation payment to cover operating costs, but more importantly, earning a share of the savings we generate relative to the targeted total medical costs. On the Bright HealthCare side of the business, we're working with our care provider partners to manage the total cost of care for the seniors delegated to each of our care provider partners. Like the Consumer Care side of the business, we have opportunities to share in the savings relative to target total medical costs. Importantly, it is the core capabilities I highlighted earlier that drive success in value-based arrangements in both segments of our business. Our ability to create value through consumer engagement, care management, network management, and provider enablement drives these shared savings that benefit our payer and provider partners as well as Bright Health. We look back at 2022 for Bright HealthCare, consumers attributed to our Centrum clinics in Florida and Texas delivered a greater than 15% total cost of care improvement compared to those affiliated with other providers. We look to the future, we expect to deliver improved results to our portfolio of external payer partners. We are convicted in this model because the fully aligned care model delivers a win-win-win value proposition for stakeholders. Bright Health helps consumers find affordable, personalized healthcare that meets their unique needs. We're meeting consumers where they are, through clinic visits, virtual care, or in home, all driving high consumer NPS scores of over 80 in 2022 across our clinics. We help providers support population health management and move along the continuum of value-based care toward greater risk sharing and value creation, enabling providers to share in the value that we create together. We help payers better predict and manage medical spend through risk-sharing and capitated total cost of care arrangements, driving the improvement I noted earlier in total cost of care compared to the market. Our businesses have been operating in their local communities for many years, with deep-rooted relationships offering unique solutions tailored to their communities. Healthcare is local, and every market is unique. We have native language speakers in our call centers and among our care providers, supporting consumers in multiple languages, including Chinese, Vietnamese, Spanish, and more. We facilitate income assistance programs, immigration assistance, and make sure that our providers are representative of the patients they serve. We have curated our networks of providers to ensure that it is strategically aligned with the patient populations we serve. Our care providers have developed trusted relationships with their patients, driving loyalty and retention, making us an attractive partner for health plans. We are serving aging and underserved communities, often with complex and unmet health needs, and are enabling our provider partners to do so while maintaining competitive outcomes. This shows up in our data as well across all of our lines of business, including the example we give here of lowering readmission rates for our DCE, now the ACO REACH members. As you can also see, we are driving lower utilization while providing better access to care. We deliver our fully aligned care model through two operating segments, serving the fastest-growing consumer segment in healthcare in the largest markets in the U.S. Our Consumer Care segment includes our clinics in Florida and Texas, our affiliated care providers, and our ACO REACH business, and is projected to generate over $1.6 billion in revenue in 2023. We expect to end 2023 with between 275,000 and 300,000 value-driven consumers, including approximately 65,000 from the ACO REACH program. Our Bright HealthCare business operates Medicare Advantage plans, serving aging and underserved consumers in California through our Brand New Day and Central Health Plan brands. We are forecasting 2023 revenue of greater than $1.8 billion and expect to end the year with greater than 125,000 Medicare Advantage consumers in this business. On an enterprise level, we are well-balanced between care delivery and managed care, with significant growth opportunities in both segments. As we look to the future, we think it's important to understand what we've built over the last six years. From 2016 to 2022, we were building out the key foundational capabilities of the fully aligned care model. We developed the core capabilities necessary to take and manage risk, building out the clinical, financial, and technology alignment between the payer and the care provider. The scale we achieved in 2022 in the ACA marketplace insurance business, in alignment with our value-driven care delivery business, helped move the IFP commercial market toward value-based care arrangements. As a result of our investment in the fully aligned care model, we have become a leader in value-driven care in the commercial risk market. We have also demonstrated with Bright HealthCare consumers and with external payers that our fully aligned care model delivers superior results with leading clinical outcomes and more affordable care. In the next two years, we're focusing on demonstrating the strength of our fully aligned care model with our strategic partners. Our Consumer Care segment has deepened relationships with existing and has contracted with several new external payer partners to retain value-based consumers that were Bright HealthCare ACA marketplace members last year. Our Bright HealthCare business is focused on continuing to improve performance and strengthening our alignment with our care provider partners. Long term, we're focused on capital-efficient growth and building on our expected 2023 profitability. We intend to continue growing our Consumer Care business with external payer partners within existing markets and over time, expanding into new geographies. We're building on our Medicare and Medicaid value-based consumers served through our Consumer Care segment and expect to accelerate the growth within those lines of business. We also continue to have a significant opportunity to grow our market share in California, working closely with our care partners. I wanna drill down on the growth opportunity for our Consumer Care segment. In 2022, our Consumer Care segment served over 500,000 value-based consumers, with a large percentage of those attributed patients coming through the relationship with Bright HealthCare's ACA marketplace insurance business. While Bright HealthCare has exited the ACA marketplace as an insurance carrier for 2023, our Consumer Care segment has retained a high percentage of these consumers. The strong relationships between providers and patients and our existing and new payer relationships means we expect 70% of the consumers in our clinics to be members that we previously served. This high level of retention gives us both meaningful scale and familiarity with the population, giving us high confidence to manage total cost of care and continuing to deliver differentiated results in partnership with our external payer partners. We expect the Consumer Care segment to deliver $1.6 billion-$1.8 billion in revenue in 2023, driven by 70% growth from external payer relationships and the expansion of our ACO REACH business. We believe our Consumer Care segment is nicely positioned to benefit from increased adoption of value-based care models over time. Our Consumer Care segment now has more than 20 external payer relationships for 2023 and is diversified across health benefits product categories, including commercial, Medicare Advantage, Medicaid, and traditional Medicare through the ACO REACH program. I mentioned earlier, the business operates 75 clinics and an affiliate management business in Florida and Texas, as well as a much broader service area through our greater than 2,400 affiliated physicians in our ACO REACH and physician enablement businesses. Our team has done a tremendous job adding new payer relationships since we announced our Consumer Care segment would no longer have the affiliated Bright HealthCare ACA members, including adding many of the largest healthcare payers in the country. We also view this as a clear demonstration of the demand in the market for the value of our fully aligned care model. Our Bright HealthCare segment has a solid foundation to deliver continued growth and performance. We expect to deliver at least $1.8 billion in revenue, representing 12% year-over-year growth in our California Medicare Advantage business. In addition, the integration and operational improvements that are underway drive our expectation for a medical cost ratio between 86%-88%, with an operating cost ratio of approximately 10%, excluding non-cash and corporate overhead charges. Our Medicare Advantage plans are differentiated with a focus on underserved consumer populations. We're building on our strong market position, having already reached 5% Medicare Advantage market share in Los Angeles County, and we're growing statewide. We serve a large patient population in Special Needs Plans, where we are the third-largest chronic SNP in the country. Furthermore, we have a successful model focused on culturally responsive offerings that build on our deep partnerships with local delegated care providers and our community relationships. Near term, we're focused on optimizing the performance of our Medicare Advantage business, driving improved profitability and integrating capabilities across our plans. We also continue to work on refining our provider and referral networks, driving Star Ratings improvement over time, and adjusting our plan offerings to drive margin improvement. For 2023, we're focused on specific priorities that will drive the future success of the business. We have taken substantial actions to rightsize our cost structure for our go-forward business and will continue to watch our expenses carefully. We are carefully managing the run-out of our ACA marketplace insurance business as we resolve medical claims and work with regulators to recover excess capital from the regulated entities. We are also focused on fundamental execution in our Consumer Care segment and Bright HealthCare segment, with a key goal of delivering on adjusted EBITDA profitability in 2023 and getting to positive free cash flow. We're mindful of the challenges we've had in our business and are engaging and inspiring our team members around our mission. We've streamlined management and organizational accountability and have strong leadership across our businesses. While we're focused on delivering against our 2023 results, we are also working to strengthen the foundation of the business to support future growth opportunities in 2024 and beyond. Part of strengthening the foundation for future growth were the key steps we took in the fourth quarter to bolster our parent company liquidity. We ended the third quarter with over $220 million in parent company liquidity and raised $175 million through our convertible preferred equity issuance in October. We also expect to recapture surplus risk-based capital from our regulated entities as we wind down our ACA marketplace insurance business, pending claims run-out and regulatory approval. We expect uses of cash to include losses associated with our discontinued operations and cash needs for the go-forward business. The operational efficiency efforts we've made in the go-forward business have supported an improvement in our cash projections for the company. We expect the net of our starting parent company cash balance and the positive and negative cash items to result in a projected year-end 2023 pro forma liquidity of $200 million-$300 million, including future surplus risk-based capital recapture. This projection includes an assumption that our credit facility remains drawn at $300 million at the end of the first quarter of 2023. We expect our improving liquidity and our expectation for adjusted EBITDA profitability to give us additional options around the credit facility over the course of the year. With respect to 2022, we're still closing our books and plan to report our full year 2022 results at our upcoming earnings call. With regards to the ACA marketplace insurance business, which we exited at the end of 2022, utilization has been stable and modestly lower throughout the year, which we believe is a key indicator to performance. The cash plan included in our presentation incorporates our expectations on performance, inclusive of all run-out costs. We have positively revised our 2023 outlook this week, including a projection for an increase in value-based consumers in our Consumer Care segment. The key driver has been our success in contracting with payer partners to recapture Bright HealthCare value-based consumers in our clinics and affiliates. We now expect 210,000-235,000 value-based consumers from external payers by the end of 2023. In addition to maintaining our forecast for 65,000 ACO REACH consumers for year end 2023. The increase in projected value-based consumers drives the upside to our Consumer Care and enterprise revenue projections, where we now expect $1.6 billion-$1.8 billion and $3.4 billion-$3.6 billion in revenue for 2023, respectively. The range of revenue reflects our forecasts for initial attribution and in-year attrition of value-based consumers from our payer partners and any impacts from membership mix and risk adjustment. To make comparisons to reported numbers easier, we're now providing our forecasted operating cost ratio on an adjusted basis, and we expect the ratio to be between 11% and 12% for the year. We continue to expect to be profitable in 2023 on an adjusted EBITDA basis. Today, we are introducing our long-term outlook for Bright Health. We expect annual revenue growth of 20% or greater, which will support an operating cost leverage and lower our long-term adjusted operating cost ratio to below 10%. We expect successful execution on our fully aligned care model will drive significant value creation and supports our expectation for long-term adjusted EBITDA margins between 6% and 9%. In summary, Bright Health has built a differentiated, fully aligned care model that is well-positioned for the future of consumer-directed healthcare. Financially, we have accelerated our path to profitability with our more focused model and having strengthened our capital position. We're in large, attractive markets serving aging and underserved consumers. Our business is well diversified with our Bright HealthCare and Consumer Care segments. We're building on our partnerships with payers and providers to be successful in value-based care models. We have a solid foundation for profitable, capital-efficient growth. Thank you. Lisa, we're happy to take some questions. Thanks very much, Mike. Thank you for all the detail today. Can we just start big picture, you know, the strategic pivot to exit the ACA exchanges and move exclusively to MA? Can you just give us some background on why you felt that was the best decision, and why not keep maybe a few states instead of exiting everything? Well, it goes back to, you know, as the company was founded, the company was founded on an integrated model, where we align the interest between care providers and the financing of care. One of our objectives early on as a company was to build scale within that alignment model. Having the ACA marketplace insurance business was a core driver to that. Keep in mind, as I said earlier, value-based care models outside of Medicare Advantage is still relatively low in penetration. Bright HealthCare, as an insurance carrier, was fully committed to value-based models. That was a core driver for us, not only to get to scale, but also build the foundational capabilities of the company that I talked about earlier. As we got into the later part of last year, combined with the fact that we were really successful earlier in the previous year of contracting with external payers, you know, we realized that it was more capital efficient, but it was also a great opportunity to leverage the scale and depth and breadth of, you know, leading healthcare payers that we could partner with that now have become more interested in aligning with value-based care. From a strategic perspective, while, you know, we're no longer in the insurance ACA marketplace business, the foundational capabilities of our model, the fully aligned care model, really built within the value layer of healthcare remains the same. We see the opportunity as only enhanced or greater with the partners that we've partnered with. I understand the question around certain markets, but when we looked at the markets that we thought were most attractive for us, we thought the biggest markets in the country felt pretty good to us, Florida, Texas, and California, 90+ million people. As you know, there's a diversified set of payers that we can partner with in Florida and Texas, and we love our care partner, IPA partners in California as well. You talked about, you know, maintaining those ACA members through partnership with NeueHealth on the consumer side. You talked a little bit about value-based care in this consumer product. Is this a risk model? Is this a shared risk model? Is it a fee-for-service model? How do I think about that model and the future of the model? Well, I'll start with it's a risk model, right? We do believe that the future of healthcare is gonna continue to shift to value-based arrangements, where more and more there will be an alignment of interest and a shifting of risk to the care provider community. Our models vary depending on the market and how deep our relationships are with our payers and our delegated senior care, you know, IPAs, if you will. Today, on the Consumer Care segment side, you know, we participate in risk arrangements across basically all lines of business on the consumer-directed side. Medicare, Medicaid, or Medicare Advantage, Medicaid, the ACA insurance, as well as the ACO REACH. In the senior Medicare business, we're one of the largest Medicare risk primary care model in Ocala, which is right outside of Orlando in The Villages. The fastest growing senior retirement community. We manage about 11,000 Medicare Advantage customers today with leading payers, and we take full global capitation risk. In the ACA marketplace, depending on the partnership and, kind of the legacy that we have in the market, meaning how well we know the market, the relationships generally start with a PCP capitation targeted medical costs. We share upside downside. With a corridor around it, we have limited downside, limited upside. Over time, though, our intention is to move to full global capitated risk. We think that we have the levers in that value layer of healthcare to control underlying medical spend. You know, when we think about your Medicare Advantage business, maybe just let's spend a couple of minutes here and talk about how you're competing in the marketplace. What do you think your strengths are? You talked about 125,000 lives, but when we think about the Annual E nrollment P eriod that just ended, can you talk about your ads and net number for the year? Well, let's start with our team. You know, I'd say, part of our strength is our team. We've got a great team of people dedicated to our mission, to our growth and performance in California. I'll start with them. Second, I would say, you know, we've been operating in California for many years. Even though our company, our enterprise company is relatively young, the companies that we operate in California have been around for 20+ years. We've got strong relationships in the local community. One of our, we believe, are differentiated is the partnerships that we have with delegated IPAs and in a core set of, you know, care systems. We're focused on where we can differentiate, and where we differentiate are those areas that are generally underserved communities. Whether they're ethnicity-based dense communities or a demographic like the aging, you know, frail elderly with the chronic SNP plans, those are all areas that we think we can differentiate, go deep with our care providers who wanna align interests, who wanna combine our clinical models to really manage that population better. We think we can, continue to differentiate and grow there. The other growth pillar for us is really just, you know, continuing to expand statewide. You know, we really grew out of Southern California. We're now in Central California and also in Northern California, but significant opportunities in partnership with our care partner IPAs to grow in those other markets. With respect to AEP, you know, as I mentioned this year from a Medicare Advantage perspective, we're really focused on integration and operational improvements. Two years ago, we put together a plan to get to profitability. We've grown significantly over the last two years. We've added about 45,000 MA lives during that time period. We really wanted to focus on operational improvement, so we thought we'd be flat to net slightly down as we terminated some relationships and really focused on core relationships. To our pleasant surprise. We ended up in the positive side of that. We're favorable in terms of net new adds. I'll also remind you, Lisa, as you probably know, we don't rely necessarily on the Annual E nrollment P eriod for our only growth. Since we're heavily into the chronic SNP population, we can grow all year long. Last year, we grew 10,000 members between December 2022 and December 2023. We believe we'll continue to grow in year, maybe not at that pace we continue to believe there's growth opportunities there. You know, pre-IPO, you had talked about getting to a four-star rating and I think, you know, you and others have been challenged by the, especially the COVID guardrails going away. Can you talk about your expectation or timeline to achieve that four-star rating again? Look, it is a disappointment for us not to be a four-star, but, and I don't want to by any means underappreciate how important it is to be a high quality provider. We were challenged with some of the changing in the formulas and the weightings of caps and what have you, but we're also challenged with just the significant growth that we've seen over the last couple years. While it is a disappointment, we still are very focused on becoming a four-star plus plan over time. We think that's achievable over the next year or two. It hasn't limited us with growth, and it really hasn't limited us with performance. As you see where we're targeting an 86%-88% medical loss ratio that we have high confidence in partnership with our care partner IPAs, we only see it as an opportunity for future performance upside for our combined partnerships. I'd also say one other thing is, as we've grown so much as most people who study Medicare Advantage, with this type of growth, it takes a couple years really to get accurate codes to capture with our patient base, and that's been studied and well-known. We see that as an additional opportunity. We're very focused on Stars improvement, including risk capture of codes and accuracy of coding and, you know, continuing building on our relationship with IPA partners to grow. You know, we've had this great opportunity to have a number of the managed care companies here this week, and the ruling for RADV will come out February 1st. I'd like to hear your perspective on what you expect from the ruling and how you think it potentially will impact both the industry as well as Bright Health? Yeah. You know, on this one, Lisa, I'll probably punt and say, you know, I'd like to wait to see the rule. I mean, we've all got our opinions on what have you. This is what I will say. We all know healthcare has regulatory, you know, changes that impact the industry. We believe if we've got a high consumer satisfaction, low cost, high outcome, great outcome model that we're gonna perform. I think I'll wait till the rules come out before I weigh in on that. We'll talk about it once the rules come out. I'm sure. On the other side, I think many of you know in the room that we will get the preliminary Medicare Advantage rates in the first quarter of the year as well. The last couple of years they've been better than expected, right? Over 4%. The anticipation is that maybe it won't be so great going into 2024, but again, any early thoughts on what you're expecting? Well, they have been favorable. Of course, 2023 was a favorable year. It's part of our expansion, and we're grateful for that as we get to our targeted, you know, margins, if you will. You know, I think it's incumbent upon all of us in the healthcare industry to control costs and to while doing it with improving outcomes. That's why I'm so convicted in our model and why I believe one of the reasons we continue to be so excited about California is we think California is leading in terms of an aligned care, where you've enabled providers over many years to understand how to take community risk. By doing so, make better decisions and eliminate the wasteful spend that I talked about earlier. I believe if model done right, we don't necessarily need the types of increases that we've gotten in the past. I think, dare I say, if we're really gonna control healthcare costs in America, we better do a better job. That's why I think our model is part of the future. You know, the other question that comes up, and you talk about California, especially Southern California, which is very progressive, right, around healthcare and has done a much better job than other places across the country in controlling costs, is the ability to replicate that in other parts of the country. Can you talk about, you know, maybe some of your experiences and what you think from a future perspective around that ability to really truly replicate that in other areas of the country? I've been saying, alignment models go across the country now for about 20 years. I'm hoping at some point I'll be right, and I do think it is. I think it is happening, and I'll say this while some may or may not agree with me. I do think government is an impetus for change. The more we see the government trying to align and drive relationships with providers directly, I think you're gonna continue to see this value shift and more effort to have providers manage the risk of the population. That, that's a core driver of change. I'd also say this, I think Medicare Advantage, there's numerous businesses, you've seen them here today over the last couple days, who are focused on, you know, risk delivery models that are a good starting point to go in and take, drive the change of, total underlying management of costs compared to Medicare fee-for-service. Look, when Medicare Advantage came to be, it was a, you know, a government-private payer partnership. The goal was to drive down costs. We think these models get after it. I think more and more, and we think we're part of that change, as I mentioned earlier, we think more and more other parts of the country, not only geographically, but other lines of business, will move to more of an alignment model, and we think that's where the future of healthcare is. And part of that is ACO REACH? It is. Right? Yeah. If I think about, the 65,000 patients or members, whatever term you wanna use, for next year. I think about how you did in the program this year, any changes as it shifts from Direct Contracting Entity to ACO REACH or, you know, ways that you feel like you're better positioned when we think about that program going into next year? I'm not sure I would say there's any different from year-over-year or what have you, but I do think the more and more our provider partners, including our own or our employed doctors, utilize the tools that we provide them, utilize the data, focus on risk stratification and managed care capabilities, the better we're gonna perform. We're really excited about how our ACO REACH performed in 2022. We're really excited about 2023 and beyond. I really think it's more about getting physicians who maybe weren't introduced to managed care now introduced to managed care and enabling them to perform in managing population risk. The more they get a better understanding of using the tools and methods and the insights that I've talked about, the better we're gonna perform over time. I don't know how much time we have left here? 15 seconds. Oh, okay. In 15 seconds, what will people appreciate in 2024 about Bright Health Group they don't today? I think they'll appreciate how the fully aligned care model drives differentiation, superior results, and how we're investing in the value layer of healthcare, and we're pointed to the future of healthcare, where the puck is going, so to speak. We hope that the market appreciates that. Great. Thanks so much, everyone. Thank you. Thank you.