P3 Health Partners ("P3" or the "Company"), a patient-centered and physician-led population health management company, today announced the Company's expansion into California's Central Valley through its acquisition of Medcore HP ("MHP"), a health plan licensed under the California Knox-Keene Health Care Service Plan Act of 1975, and Omni IPA Medical Group, Inc. ("Omni"), an independent practice association in San Joaquin County, California. P3 brings its proven talent, tools and technology to help providers deliver high-quality, cost-effective care to patients in the Central Valley.
 

The transaction is expected to close by the end of the year but remains subject to regulatory approval and other customary closing conditions.

Following the close of the transaction, P3 will have access to Medcore HP's restricted Knox Keene license, which will allow it to take global risk from other health plans and grow into additional markets while increasing the Company's access to patients, physicians, hospitals, and payers. MHP contracts directly with major health plans in California and its health plan license allows it to take global risk on more than 10,500 Medicare Advantage members in San Joaquin County. With some of the largest healthcare network in the United States, California represents an opportunity for P3 to grow its membership and bring its expertise in improving outcomes while reducing costs to California's Central Valley and beyond.

Omni is an independent practice association with over 400 contracted physicians and other health care providers currently contracted under MHP's provider network. The addition of these healthcare providers offers P3 increased ease of integration into the service area and a built-in provider footprint. P3 also looks forward to leveraging the strong leadership and deep in-market experience Omni brings, which is well suited to enhance the current offering while providing efficacy at scale within the value-based model.

"Medcore HP and Omni IPA Medical Group are natural additions to the P3 network of physicians and coverage, and more importantly, share our mission and vision to transform the way we approach healthcare," said Sherif Abdou, M.D., CEO of P3. "We believe value-based care is the future of medicine, and we are focusing our efforts to improve the efficacy of the healthcare system for providers while driving positive outcomes for patients. Expanding coverage to patients in California is a significant step for P3 and demonstrates our continued commitment to transforming healthcare."

P3 announced earlier this year that it expects to become a public company via a merger with special purpose acquisition company, Foresight Acquisition Corp. (NASDAQ:FORE) ("Foresight").