Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

v3.21.2
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Schedule of Disaggregated Revenue by Each Payor Type The following table presents disaggregated revenue generated by payor type for the three and nine months ended September 30, 2021 and 2020 (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Commercial
$ 36,960  $ 25,041  $ 102,522  $ 75,233 
Medicare
103,919  79,649  232,869  206,567 
Medicaid
74,262  65,849  212,408  200,746 
Other third parties
11,976  9,584  31,016  27,851 
Revenue
$ 227,117  $ 180,123  $ 578,815  $ 510,397 
Schedule of Contributions to Revenue and Receivables by Payor
The Company had major payors that contributed the following percentages of net revenue:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Payor A
13.8  % 12.7  % 13.1  % 12.1  %
Payor B
* * 10.1  % 10.1  %
Payor C 13.3  % 16.2  % 15.4  % 17.0  %
Payor D 17.1  % 16.7  % 12.1  % 14.2  %
*    Less than 10% of total net revenues
The Company had major payors that contributed to the following percentages of receivables and receivables – related parties:
As of September 30,
2021
As of December 31,
2020
Payor C 13.7  % *
Payor F 42.0  % 43.9  %
Payor G 25.8  % 36.5  %
*    Less than 10% of total receivables and receivables — related parties, net
Schedule of Carrying Amounts and Fair Values of Financial Instruments
The carrying amounts and fair values of the Company’s financial instruments as of September 30, 2021, are presented below (in thousands):
Fair Value Measurements
Level 1
Level 2
Level 3
Total
Assets
Money market funds*
$ 89,678  $ —  $ —  $ 89,678 
Marketable securities – certificates of deposit
67,540  —  —  67,540 
Marketable securities – equity securities
57,108  3,910  —  61,018 
Warrants —  1,045  —  1,045 
Total assets $ 214,326  $ 4,955  $ —  $ 219,281 
Liabilities
Interest rate swaps $ —  $ 1,010  $ —  $ 1,010 
APCMG contingent consideration —  —  1,000  1,000 
Total liabilities $ —  $ 1,010  $ 1,000  $ 2,010 
*    Included in cash and cash equivalents

The carrying amounts and fair values of the Company’s financial instruments as of December 31, 2020, are presented below (in thousands):
Fair Value Measurements
Level 1 Level 2 Level 3 Total
Assets
Money market funds* $ 115,769  $ —  $ —  $ 115,769 
Marketable securities – certificates of deposit 67,637  —  —  67,637 
Marketable securities – equity securities 58  —  —  58 
Total $ 183,464  $ —  $ —  $ 183,464 
*    Included in cash and cash equivalents