P3 Health Partners shares surge 15.47% after hours after forming joint venture with Commonwealth to expand value-based care in Arizona.

P3 Health Partners surged 15.47% in after-hours trading following the announcement of a joint venture with Commonwealth Primary Care ACO to create a Management Services Organization (MSO). The partnership expands P3’s value-based care platform, enters Maricopa County, Arizona, and combines P3’s Medicare Advantage expertise with Commonwealth’s ACO REACH program to enhance operational efficiency and support for primary care providers. The collaboration, governed by a joint board and led by P3 as majority owner, underscores strategic growth in key markets and aligns with the company’s focus on physician-led care models. Positive sentiment from Rhea-AI and the emphasis on strengthening value-based care operations likely drove the sharp after-hours rally, overshadowing a separate 5% year-over-year revenue decline reported in Q3 results.