Alignment Healthcare, Inc.

Overview

Alignment Healthcare (Nasdaq: ALHC) is a Medicare Advantage–focused health plan and care-delivery platform that aims to improve care for seniors through a senior-first, data-driven, in-home and digital care model. Its stated mission is "improve Healthcare, One Senior at a Time." The company treats Medicare Advantage as a care-management business, delivering cross-disciplinary care intended to lower costs, improve outcomes, and enhance member experience.

Care delivery and member experience

• Hybrid model combining virtual care with in-home services (branded as Care Anywhere) to reduce hospitalizations, support post-discharge care, and manage chronic conditions.
• In-house care teams that include physicians, advanced practice clinicians, case managers, social workers, and behavioral health coaches.
• Standardized, condition-based programs that are personalized to individual member needs, with proactive outreach, 24/7 access, detailed care plans, and coordination of medical and social needs.
• 24/7 concierge member services and a digital ecosystem featuring a member portal and mobile app.

Technology and data

• Proprietary platform AVA ingests data from more than 200 sources to produce real-time, prescriptive insights that guide workflows such as prescribing, alerts, and care plans.
• AVA supports internal care delivery, provider collaboration, member engagement, and growth operations (including an AVA Broker Portal).
• Data-security posture includes HITRUST certification and compliance with HIPAA and comparable privacy frameworks. The company uses machine learning and AI for risk assessment and care optimization.
• AVA is not patented; the company relies on trade secrets, know-how, data licenses, confidentiality, and contractual protections. AVA ingests data from government sources, providers, and partners and incorporates third-party software and licensed data.

Population, markets, and scale

• Health Plan Membership grew from about 13,000 at inception to 236,300 as of December 31, 2025.
• Operates in 45 Medicare Advantage markets across California (22), North Carolina (16), Nevada (2), Arizona (3), and Texas (2); these markets include roughly 8.4 million Medicare-eligible seniors.
• As of January 1, 2026, MA coverage under CMS contracts extended to approximately 275,300 individuals.

Organizational and financial snapshot

• Employees: 1,849 full-time employees as of December 31, 2025, plus seasonal staff for Medicare AEP; more than 450 full-time clinical employees (about 25% of the workforce).
• Leadership and governance: diverse board and senior leadership with a defined human-capital strategy; hybrid-remote work model.
• Corporate history: founded in 2013 as Alignment Healthcare Holdings, LLC; restructured and renamed Alignment Healthcare, Inc. in March 2021 in connection with the IPO. Headquarters in Orange, California.
• Headquarters and contact: 1100 W. Town & Country Rd., Suite 1600, Orange, CA 92868.

Selected financial and capital items

• Net losses: $1.0 million (2025); $128.1 million (2024).
• Accumulated deficit: $1,009.0 million as of December 31, 2025.
• Five-year compound annual growth rates: revenue 36%; Health Plan Membership 29%.
• Debt and liquidity: $330.0 million of convertible senior notes issued November 22, 2024; senior secured revolving credit facility up to $200 million (undrawn at the time of the filing).
• Common stock: 204,153,619 shares outstanding as of December 31, 2025.

Revenue model and regulation

• Revenue is primarily generated from CMS under Medicare Advantage contracts through capitated per-member, per-month (PMPM) payments. Revenue growth is tied to membership increases and Star/quality incentives.
• Uses a risk-based payment structure with risk-sharing components under Part D and Part C risk-adjustment mechanisms.
• Regulatory and compliance exposures include CMS contract requirements, risk adjustment and RADV audit processes, and HIPAA/privacy obligations.

Key factual takeaways

• Membership and footprint: 236,300 Health Plan Members as of 12/31/2025; presence in 45 MA markets across CA, NC, NV, AZ, and TX covering about 8.4 million Medicare-eligible seniors; 275,300 MA members under CMS contracts as of 1/1/2026.
• Workforce: 1,849 full-time employees (12/31/2025), including more than 450 clinical staff.
• Financials: net losses of $1.0 million (2025) and $128.1 million (2024); accumulated deficit $1,009.0 million; 5-year CAGRs — revenue 36%, membership 29%; $330 million convertible notes and an undrawn $200 million revolver; 204,153,619 shares outstanding (12/31/2025).
• Corporate milestones: founded in 2013; IPO and name change in 2021; headquartered in Orange, California.