Full-risk capitation arrangements can look strong on paper — until you look closely at what’s actually hitting the bottom line. Zephyr Healthcare Advisors was brought in to assess a large independent Southern California hospital whose full-risk program, spread across six medical groups and four MSOs, had drifted substantially off course. Draw rate agreements hadn’t been renegotiated in years; risk pool audits had lapsed. This session shares what the assessment found, how it was followed up and what hospital leaders need to know before entering or continuing in these arrangements.