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Variable Interest Entities
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
The Company prepares its condensed consolidated financial statements in accordance with Accounting Standards Codification Topic No. 810, Consolidations (“ASC 810”), which provides for the consolidation of VIEs of which an entity is the primary beneficiary.
Pursuant to the MSAs established with the TOI PCs, TOI Management is entitled to receive a management fee, which represents a variable interest in and the right to receive the benefits of the TOI PCs. Through the terms of the MSAs, TOI Management receives the right to direct the most significant activities of the TOI PCs. Therefore, the TOI PCs are variable interest entities and TOI Management is the primary beneficiary that consolidates the TOI PCs, and their subsidiaries.
The condensed consolidated financial statements include the accounts of TOI and its subsidiaries and VIEs. All inter-company profits, transactions, and balances have been eliminated upon consolidation. The following summarizes the assets and liabilities of the VIEs included in the accompanying condensed consolidated balance sheets.
(in thousands)June 30, 2024December 31, 2023
Assets   
Current assets:   
Cash $369 $2,282 
Accounts receivable, net53,961 45,175 
Other receivables129 129 
Inventories11,322 13,646 
Prepaid expenses and other current assets1,472 1,136 
Total current assets67,253 62,368 
(in thousands)June 30, 2024December 31, 2023
Property and equipment, net85 105 
Other assets547 525 
Intangible assets, net5,419 5,628 
Goodwill2,679 2,679 
Total assets$75,983 $71,305 
Liabilities
Current liabilities:
Accounts payable$14,474 $12,729 
Accrued expenses and other current liabilities8,372 8,413 
Amounts due to affiliates227,456 189,048 
Total current liabilities250,302 210,190 
Other non-current liabilities25 211 
Deferred income taxes liability21 21 
Total liabilities$250,348 $210,422 
Single physician holders, who are officers of the Company, retain equity ownership in TOI CA, TOI FL, TOI OR, and TOI TX, which represents nominal noncontrolling interests. The noncontrolling interests do not participate in the profit or loss of TOI CA, TOI FL TOI OR or TOI TX, however.