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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) before noncontrolling interest $ (63,150) $ 2,589 $ (105)
Adjustments to reconcile net income (loss) to net cash used in operating activities      
Depreciation and amortization 8,450 6,719 6,079
Amortization of debt issuance costs 787 627 363
Deferred income taxes 384 0 786
Amortization of operating right-of-use assets [1] 8,289 10,364  
Loss on change in fair value of derivatives 10,204 0 0
Stock compensation 4,874 0 20
Loss on extinguishment of debt financing costs 0 0 80
Equity in loss of affiliate 259 0 0
Gain on sale of property and equipment (289) (121) (79)
Deferred rent     1,293
Changes in operating assets and liabilities, net of reverse recapitalization:      
Patient accounts receivable, net 6,947 (24,873) (30,803)
Inventories [2] (8,090) (1,947) (10,260)
Prepaid expenses and other current assets (1,607) 607 (1,883)
Other receivables (5,759) (3,123) (8,095)
Other assets (2,649) (1,748) (1,021)
Accounts payable [3] 20,067 14,077 21,679
Accrued compensation related costs 3,944 (1,435) 2,093
Accrued other 5,495 4,008 5,568
Operating lease liabilities [4] (7,754) (10,485)  
Medicare advance payments 0 (3,742) (13,447)
Other long-term liabilities 1,480 1,699 1,394
Net cash used in operating activities (18,118) (6,784) (26,338)
Cash flows from investing activities      
Purchase of property and equipment (12,283) (7,193) (8,322)
Proceeds from disposals of property and equipment 704 2,084 683
Purchases of marketable securities (67,395) (12,619) 0
Proceeds from sales of marketable securities 42,320 2,652 0
Acquisition of physician practices 0 (5) (3,215)
Issuance of notes receivable - related parties (55) (243) (1,263)
Collections on notes receivable - related parties 1,175 1,333 1,423
Net cash used in investing activities (35,534) (13,991) (10,694)
Cash flows from financing activities      
Repayments of revolving line of credit 0 0 (10,000)
Borrowings on long-term debt 0 16,250 65,000
Repayments of long-term debt 0 0 (27,098)
Proceeds from reverse recapitalization 1,493 0 0
Repurchases of Class A Common Stock (89) 0 0
Class A and A-1 preferred returns and tax distributions (9,480) 0 0
Repayments on finance and capital leases (593) (426)  
Repayments on finance and capital leases     (205)
Issuance of redeemable convertible Class C Units 64,996 0 0
Cash paid for debt financing costs (446) (271) (1,153)
Contribution from noncontrolling interest 134 0 0
Net cash provided by financing activities 55,265 15,347 26,544
Net increase (decrease) in cash and cash equivalents 1,613 (5,428) (10,488)
Beginning of period 26,926 32,354 42,842
End of period 28,539 26,926 32,354
Supplemental consolidated cash flow information      
Cash paid for interest 5,847 2,184 1,378
Cash paid for income taxes 0 0 577
Supplemental noncash investing and financing activities      
Unpaid offering costs relating to the reverse recapitalization 2,745 0 0
Right-of-use assets and lease liabilities removed in termination of lease 2,128 0 0
Deemed dividend for Series A Preferred Stock extinguishment 2,089 0 0
Assumed capital lease liabilities in acquisition of physician practice 0 0 1,097
Changes in accounts payable for capital additions to property and equipment 1,131 623 890
Payables for deferred offering costs 0 133 0
Disposal of property and equipment in exchange for reduction in finance lease liability 0 72 0
Capital Unit, Class C      
Cash flows from financing activities      
Cash paid for deferred offering costs/stock offering costs 0 (206) 0
Series A Preferred Stock      
Cash flows from financing activities      
Cash paid for deferred offering costs/stock offering costs $ (750) $ 0 $ 0
[1] Includes related party amortization of operating right-of-use assets of $2,146 and $2,059 for the years ended December 31, 2023 and 2022, respectively.
[2] Includes changes in related party balances of ($7,688), $(1,850), and $(11,848) for the years ended December 31, 2023, 2022, and 2021, respectively.
[3] Includes changes in related party balances of $18,744, $13,314, and $23,309 for the years ended December 31, 2023, 2022, and 2021, respectively.
[4] Includes changes in related party balances of ($2,381) and ($1,995) for the years ended December 31, 2023 and 2022, respectively.