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)
6 Months Ended
Jun. 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 six months ended June 30, 2021 and 2020 (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Commercial
$ 33,296  $ 25,479  $ 65,562  $ 50,192 
Medicare
64,273  62,038  128,950  126,918 
Medicaid
68,482  68,450  138,146  134,897 
Other third parties
9,587  9,202  19,038  18,267 
Revenue
$ 175,638  $ 165,169  $ 351,696  $ 330,274 
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
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Payor A
12.5  % 11.9  % 12.6  % 11.9  %
Payor B
10.3  % 10.3  % 10.4  % 10.3  %
Payor C 16.7  % 17.5  % 16.8  % 17.5  %
Payor D * 12.4  % * 12.9  %
Payor E      * 10.1  % * 10.3  %
*    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 June 30,
2021
As of December 31,
2020
Payor C 11.5  % *
Payor F 41.1  % 43.9  %
Payor G 34.4  % 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 June 30, 2021, are presented below (in thousands):
Fair Value Measurements
Level 1
Level 2
Level 3
Total
Assets
Money market funds*
$ 107,403  $ —  $ —  $ 107,403 
Marketable securities – certificates of deposit
67,200  —  —  67,200 
Marketable securities – equity securities
120,006  —  —  120,006 
Total assets $ 294,609  $ —  $ —  $ 294,609 
Liabilities
Interest rate swaps $ —  $ 1,195  $ —  $ 1,195 
Total liabilities $ —  $ 1,195  $ —  $ 1,195 
*    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