Molina Healthcare Reports First Quarter 2016 Results

LONG BEACH, Calif.--()--Molina Healthcare, Inc. (NYSE: MOH):

  • Net income per diluted share of $0.43.
  • Adjusted net income per diluted share of $0.51.
  • Total revenue of $4.3 billion, up 37% over first quarter 2015.
  • Aggregate membership up 42% over first quarter 2015.
  • 2016 outlook for adjusted net income per diluted share revised to range of $2.50 – $2.95
  • 2016 outlook for net income per diluted share revised to range of $2.15 – $2.60

Molina Healthcare, Inc. (NYSE: MOH) today reported its financial results for the first quarter of 2016.

“Although first quarter results were not in line with our expectations, we nevertheless remain on track to meet our long term goals,” said J. Mario Molina, M.D., chief executive officer of Molina Healthcare, Inc. “During the first quarter we closed on five acquisitions and welcomed nearly 700,000 new members to the Molina family. In total, we increased our membership nearly 20% in the span of three months. There were some disappointments this quarter; however, we remain confident that we can reach our long-term goal of 1.5% to 2.0% after-tax margins by the fourth quarter of 2017.”

First Quarter 2016 Compared with First Quarter 2015

Net income per diluted share decreased to $0.43 in the first quarter of 2016 compared with $0.56 reported for the first quarter of 2015. The primary reason for the decline in earnings year over year was reduced Medicaid Expansion premium rates that lowered income before taxes by approximately $50 million ($0.55 per diluted share).

Strong enrollment growth generated approximately $1 billion, or 34% more premium revenue in the first quarter of 2016 compared with the first quarter of 2015. Enrollment growth was primarily due to increased Marketplace enrollment, the start-up of the Puerto Rico health plan in April 2015, and acquisitions. Consolidated premium revenue measured on a per-member per-month (PMPM) basis decreased approximately 6% in the first quarter of 2016 when compared with the first quarter of 2015. The decline in PMPM premium revenue was primarily the result of lower PMPM premiums for Medicaid Expansion and the Marketplace.

The medical care ratio increased to 89.8% in the first quarter of 2016, from 88.7% in the first quarter of 2015. Consolidated medical care costs measured on a PMPM basis decreased approximately 5% in the first quarter of 2016 when compared with the first quarter of 2015.

General and administrative expenses as a percentage of total revenue (the “general and administrative expense ratio”) decreased slightly to 7.8% in the first quarter of 2016, from 8.1% in the first quarter of 2015, primarily the result of improved leverage of fixed administrative expenses over higher total revenue.

Revised 2016 Outlook

Slower than anticipated realization of the benefits from medical cost management initiatives, combined with the stresses exerted on our administrative capacity by rapid growth, have resulted in medical care costs that have exceeded our expectations. Accordingly, we are revising our 2016 outlook to reflect developments in the first quarter that include, among other things:

  • Higher than anticipated medical care costs at our Ohio and Texas health plans; and
  • Margin pressures as a result of pharmacy costs across the business in general, but particularly in Puerto Rico.

Despite this revision to our 2016 outlook, we expect to achieve our long-term goal of 1.5% to 2.0% profit margin by the fourth quarter of 2017.

The following table presents our revised outlook for fiscal year 2016:

       
Low End High End
Premium Revenue $16.0B $16.0B
Health Insurer Fee Revenue $360M $360M
Premium Tax Revenue $440M $440M
Service Revenue $560M $560M
Investment and Other Income     $35M     $35M
Total Revenue $17.3B $17.4B
Total Medical Care Costs $14.2B $14.2B
Medical Care Ratio 89.2% 88.9%
Total Cost of Service Revenue $510M $510M
General & Administrative Expenses     $1.3B     $1.3B
G&A Ratio 7.8% 7.8%
Premium Tax Expense $440M $440M
Health Insurer Fee Expense $233M $233M
Depreciation & Amortization $140M $140M
Interest and Other Expense $100M $100M
Income Before Income Taxes $350M $400M
EBITDA $610M $660M
Effective Tax Rate 64% 62%
After Tax Margin 0.7% 0.9%
Diluted Shares 58M 58M
Net Income per Share $2.15 $2.60
Adjusted Net Income per Share $2.50 $2.95
 

Conference Call

Management will host a conference call and webcast to discuss Molina Healthcare's first quarter results at 5:00 p.m. Eastern time on Thursday, April 28, 2016. The number to call for the interactive teleconference is (212) 231-2905. A telephonic replay of the conference call will be available from 7:00 p.m. Eastern time on Thursday, April 28, 2016, through 6:00 p.m. Eastern Time on Friday, April, 29, 2016, by dialing (800) 633-8284 and entering confirmation number 21808925. A live audio broadcast of Molina Healthcare’s conference call will be available on our website, molinahealthcare.com. A 30-day online replay will be available approximately an hour following the conclusion of the live broadcast.

About Molina Healthcare

Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health care services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through our locally operated health plans in 11 states across the nation and in the Commonwealth of Puerto Rico, Molina currently serves approximately 4.2 million members. Dr. C. David Molina founded our company in 1980 as a provider organization serving low-income families in Southern California. Today, we continue his mission of providing high quality and cost-effective health care to those who need it most. For more information about Molina Healthcare, please visit our website at molinahealthcare.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This earnings release contains “forward-looking statements” regarding our plans, expectations, and anticipated future events. Actual results could differ materially due to numerous known and unknown risks and uncertainties. Those known risks and uncertainties include, but are not limited to, the following:

  • uncertainties and evolving market and provider economics associated with the implementation of the Affordable Care Act, the Medicaid Expansion, the insurance marketplaces, the effect of various implementing regulations, and uncertainties regarding the Medicare-Medicaid dual eligible demonstration programs in California, Illinois, Michigan, Ohio, South Carolina, and Texas;
  • management of our medical costs, including seasonal flu patterns and rates of utilization that are consistent with our expectations, our ability to reduce over time the high medical costs commonly associated with new patient populations, and the success of our care management initiatives;
  • federal or state medical cost expenditure floors, administrative cost and profit ceilings, premium stabilization programs, profit sharing arrangements, and conflicting interpretations thereof;
  • the interpretation and implementation of at-risk premium rules regarding the achievement of certain quality measures, and our ability to recognize revenue amounts associated therewith;
  • cyber-attacks or other privacy or data security incidents resulting in an inadvertent unauthorized disclosure of protected health information;
  • the success of our new health plan in Puerto Rico, including the resolution of the Puerto Rico debt crisis and the payment of all amounts due under our Medicaid contract;
  • specialty drugs or generic drugs that are exorbitantly priced but not factored into the calculation of our capitated rates;
  • significant budget pressures on state governments and their potential inability to maintain current rates, to implement expected rate increases, or to maintain existing benefit packages or membership eligibility thresholds or criteria, including the resolution of the Illinois budget impasse and continued payment of all amounts due to our Illinois health plan;
  • the accurate estimation of incurred but not reported or paid medical costs across our health plans;
  • retroactive adjustments to premium revenue or accounting estimates which require adjustment based upon subsequent developments or new information;
  • efforts by states to recoup previously paid amounts;
  • the success of our profit improvement and cost-cutting initiatives;
  • the success of our efforts to retain existing government contracts and to obtain new government contracts in connection with state requests for proposals (RFPs) in both existing and new states;
  • the continuation and renewal of the government contracts of both our health plans and Molina Medicaid Solutions and the terms under which such contracts are renewed;
  • complications, member confusion, or enrollment backlogs related to the annual renewal of Medicaid coverage;
  • government audits and reviews, and any fine, enrollment freeze, or monitoring program that may result therefrom;
  • changes with respect to our provider contracts and the loss of providers;
  • approval by state regulators of dividends and distributions by our health plan subsidiaries;
  • changes in funding under our contracts as a result of regulatory changes, programmatic adjustments, or other reforms;
  • high dollar claims related to catastrophic illness;
  • the favorable resolution of litigation, arbitration, or administrative proceedings;
  • the relatively small number of states in which we operate health plans;
  • the effect on our Los Angeles County subcontract of Centene’s acquisition of Health Net;
  • the availability of adequate financing on acceptable terms to fund and capitalize our expansion and growth, repay our outstanding indebtedness at maturity and meet our liquidity needs, including the interest expense and other costs associated with such financing;
  • the failure of a state in which we operate to renew its federal Medicaid waiver;
  • changes generally affecting the managed care or Medicaid management information systems industries;
  • increases in government surcharges, taxes, and assessments;
  • newly emergent viruses or widespread epidemics, including the Zika virus, and associated public alarm;
  • changes in general economic conditions, including unemployment rates;
  • the sufficiency of our funds on hand to pay the amounts due upon conversion of our outstanding notes;
  • increasing competition and consolidation in the Medicaid industry;

and numerous other risk factors, including those discussed in our periodic reports and filings with the Securities and Exchange Commission. These reports can be accessed under the investor relations tab of our website or on the SEC’s website at sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this release represent our judgment as of April 28, 2016, and we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations.

   

MOLINA HEALTHCARE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 
Three Months Ended March 31,
2016     2015

(Dollar amounts in millions, except
net income per share)

Revenue:
Premium revenue $ 3,995 $ 2,971
Service revenue 140 52
Premium tax revenue 109 95
Health insurer fee revenue 90 48
Investment income 8 3
Other revenue 1   2  
Total revenue 4,343   3,171  
Operating expenses:
Medical care costs 3,588 2,636
Cost of service revenue 127 36
General and administrative expenses 340 256
Premium tax expenses 109 95
Health insurer fee expenses 58 41
Depreciation and amortization 32   25  
Total operating expenses 4,254   3,089  
Operating income 89 82
Interest expense 25   15  
Income before income tax expense 64 67
Income tax expense 40   39  
Net income $ 24   $ 28  
 
Diluted net income per share $ 0.43   $ 0.56  
 
Diluted weighted average shares outstanding 56.9   50.1  
 
Operating Statistics:
Medical care ratio (1) 89.8 % 88.7 %
General and administrative expense ratio (2) 7.8 % 8.1 %
Premium tax ratio (1) 2.6 % 3.1 %
Effective tax rate 61.7 % 58.2 %
Net profit margin (2) 0.6 % 0.9 %
____________

(1)

Medical care ratio represents medical care costs as a percentage of premium revenue; premium tax ratio represents premium tax expenses as a percentage of premium revenue plus premium tax revenue.

(2)

Computed as a percentage of total revenue.

 
       

MOLINA HEALTHCARE, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

 
March 31, December 31,
2016 2015
(Unaudited)

(Amounts in millions,
except per-share data)

ASSETS
Current assets:
Cash and cash equivalents $ 2,156 $ 2,329
Investments 2,070 1,801
Receivables 863 597
Income taxes refundable 38 13
Prepaid expenses and other current assets 260 192
Derivative asset 377   374  
Total current assets 5,764 5,306
Property, equipment, and capitalized software, net 419 393
Deferred contract costs 79 81
Intangible assets, net 149 122
Goodwill 619 519
Restricted investments 116 109
Deferred income taxes 18
Other assets 37   28  
$ 7,183   $ 6,576  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Medical claims and benefits payable $ 1,940 $ 1,685
Amounts due government agencies 910 729
Accounts payable and accrued liabilities 601 362
Deferred revenue 94 223
Current portion of long-term debt 455 449
Derivative liability 377   374  
Total current liabilities 4,377 3,822
Senior notes 965 962
Lease financing obligations 198 198
Deferred income taxes 15
Other long-term liabilities 38   37  
Total liabilities 5,593   5,019  
Stockholders’ equity:
Common stock, $0.001 par value; 150 shares authorized; outstanding: 57 shares at March 31, 2016 and 56 shares at December 31, 2015
Preferred stock, $0.001 par value; 20 shares authorized, no shares issued and outstanding
Additional paid-in capital 806 803
Accumulated other comprehensive gain (loss) 2 (4 )
Retained earnings 782   758  
Total stockholders’ equity 1,590   1,557  
$ 7,183   $ 6,576  
 
   

MOLINA HEALTHCARE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 
Three Months Ended March 31,
2016     2015
(Amounts in millions)
Operating activities:
Net income $ 24 $ 28
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 44 33
Deferred income taxes 30 1
Share-based compensation 7 6
Amortization of convertible senior notes and lease financing obligations 8 7
Other, net 6 3
Changes in operating assets and liabilities:
Receivables (266 ) 105
Prepaid expenses and other assets (202 ) (137 )
Medical claims and benefits payable 255 248
Amounts due government agencies 181 95
Accounts payable and accrued liabilities 205 189
Deferred revenue (129 ) (26 )
Income taxes (24 ) 2  
Net cash provided by operating activities 139   554  
 
Investing activities:
Purchases of investments (611 ) (438 )
Proceeds from sales and maturities of investments 348 255
Purchases of property, equipment, and capitalized software (46 ) (25 )
Increase in restricted investments (4 ) (5 )
Net cash paid in business combinations (2 ) (8 )
Other, net 1   (7 )
Net cash used in investing activities (314 ) (228 )
 
Financing activities:
Proceeds from employee stock plans 1
Other, net 2   4  
Net cash provided by financing activities 2   5  
Net (decrease) increase in cash and cash equivalents (173 ) 331
Cash and cash equivalents at beginning of period 2,329   1,539  
Cash and cash equivalents at end of period $ 2,156   $ 1,870  
 

MOLINA HEALTHCARE, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES

We use two non-GAAP financial measures as supplemental metrics in evaluating our financial performance, making financing and business decisions, and forecasting and planning for future periods. For these reasons, management believes such measures are useful supplemental measures to investors in comparing our performance to the performance of other public companies in the health care industry. These non-GAAP financial measures should be considered as supplements to, and not as substitutes for or superior to, GAAP measures.

The first of these non-GAAP measures is earnings before interest, taxes, depreciation and amortization (EBITDA). We believe that EBITDA is particularly helpful in assessing our ability to meet the cash demands of our operating units. The following table reconciles net income, which we believe to be the most comparable GAAP measure, to EBITDA.

   
Three Months Ended March 31,
2016     2015
(Amounts in millions)
Net income $ 24 $ 28
Adjustments:
Depreciation, and amortization of intangible assets and capitalized software 37 29
Interest expense 25 15
Income tax expense 40   39
EBITDA $ 126   $ 111
 

The second of these non-GAAP measures is adjusted net income (including adjusted net income per diluted share). We believe that adjusted net income per diluted share is very helpful in assessing our financial performance exclusive of the non-cash impact of the amortization of purchased intangibles. The following table reconciles net income, which we believe to be the most comparable GAAP measure, to adjusted net income.

   
Three Months Ended March 31,
2016     2015
(In millions, except per diluted share amounts)
Amount     Per share Amount     Per share
Net income $ 24 $ 0.43 $ 28 $ 0.56
Adjustment, net of tax:
Amortization of intangible assets 5   0.08   3   0.06
Adjusted net income $ 29   $ 0.51   $ 31   $ 0.62
 
           

MOLINA HEALTHCARE, INC.

UNAUDITED HEALTH PLANS SEGMENT MEMBERSHIP

 
March 31, December 31, March 31,
2016 2015 2015
Ending Membership by Health Plan:
California 676,000 620,000 574,000
Florida 576,000 440,000 352,000
Illinois 206,000 98,000 102,000
Michigan 399,000 328,000 256,000
New Mexico 246,000 231,000 222,000
Ohio 336,000 327,000 350,000
Puerto Rico (1) 339,000 348,000
South Carolina 102,000 99,000 111,000
Texas 380,000 260,000 268,000
Utah 151,000 102,000 90,000
Washington 672,000 582,000 533,000
Wisconsin 137,000   98,000   107,000
4,220,000   3,533,000   2,965,000
Ending Membership by Program:
Temporary Assistance for Needy Families (TANF), CHIP(2) 2,485,000 2,312,000 1,825,000
Medicaid Expansion 632,000 557,000 437,000
Aged, Blind or Disabled (ABD) 380,000 366,000 358,000
Marketplace 630,000 205,000 266,000
Medicare-Medicaid Plan (MMP) - Integrated 50,000 51,000 34,000
Medicare Special Needs Plans 43,000   42,000   45,000
4,220,000   3,533,000   2,965,000
_______________________
(1) The Puerto Rico health plan began serving members effective April 1, 2015.
(2) CHIP stands for Children’s Health Insurance Program.
 
   

MOLINA HEALTHCARE, INC.

UNAUDITED SELECTED HEALTH PLANS SEGMENT FINANCIAL DATA

(In millions, except percentages and per-member per-month amounts)

 
Three Months Ended March 31, 2016

Member
Months(1)

  Premium Revenue   Medical Care Costs   MCR(2)  

Medical
Margin

Total   PMPM Total   PMPM
California 2.0 $ 541 $ 273.42 $ 469 $ 236.92 86.7 % $ 72
Florida 1.6 489 295.42 413 249.45 84.4 76
Illinois 0.6 149 267.10 132 236.76 88.6 17
Michigan 1.2 387 320.14 347 287.34 89.8 40
New Mexico 0.7 336 449.52 296 394.77 87.8 40
Ohio 1.0 488 489.14 449 450.11 92.0 39
Puerto Rico 1.0 181 176.85 174 170.43 96.4 7
South Carolina 0.3 84 275.97 67 220.78 80.0 17
Texas 1.1 620 580.81 575 538.91 92.8 45
Utah 0.4 114 264.62 102 235.88 89.1 12
Washington 2.0 506 255.41 458 231.18 90.5 48
Wisconsin 0.4 97 250.36 92 238.01 95.1 5
Other(3)   3   14   (11 )
12.3   $ 3,995   $ 323.73 $ 3,588   $ 290.74 89.8 % $ 407  
 
Three Months Ended March 31, 2015

Member
Months(1)

Premium Revenue Medical Care Costs MCR(2)

Medical
Margin

Total PMPM Total PMPM
California 1.7 $ 511 $ 305.10 $ 452 $ 270.37 88.6 % $ 59
Florida 0.9 311 346.46 281 313.51 90.5 30
Illinois 0.3 104 341.86 90 293.58 85.9 14
Michigan 0.7 220 290.29 185 244.32 84.2 35
New Mexico 0.7 314 458.75 292 426.82 93.0 22
Ohio 1.0 515 488.26 413 391.56 80.2 102
Puerto Rico
South Carolina 0.3 91 266.42 74 216.67 81.3 17
Texas 0.8 382 492.38 352 453.30 92.1 30
Utah 0.3 77 290.27 74 278.99 96.1 3
Washington 1.6 376 240.83 352 225.49 93.6 24
Wisconsin 0.3 60 199.61 49 161.13 80.7 11
Other(3)   10   22   (12 )
8.6   $ 2,971   $ 344.65 $ 2,636   $ 305.80 88.7 % $ 335  
____________
(1) A member month is defined as the aggregate of each month’s ending membership for the period presented.
(2) The MCR represents medical costs as a percentage of premium revenue.
(3) “Other” medical care costs include primarily medically related administrative costs at the parent company, and direct delivery costs.
 
   

MOLINA HEALTHCARE, INC.

UNAUDITED SELECTED HEALTH PLANS SEGMENT FINANCIAL DATA

(In millions, except percentages and per-member per-month amounts)

 
Three Months Ended March 31, 2016

Member
Months(1)

  Premium Revenue   Medical Care Costs   MCR(2)  

Medical
Margin

Total   PMPM Total   PMPM
TANF and CHIP 7.4 $ 1,324 $ 178.47 $ 1,198 $ 161.46 90.5 % $ 126
Medicaid Expansion 1.9 679 365.11 574 308.30 84.4 105
ABD 1.2 1,112 961.49 1,041 899.79 93.6 71
Marketplace 1.6 409 251.85 334 205.86 81.7 75
MMP 0.1 340 2,220.68 317 2,070.23 93.2 23
Medicare 0.1   131   1,029.10 124   980.49 95.3 7
12.3   $ 3,995   $ 323.73 $ 3,588   $ 290.74 89.8 % $ 407
 
Three Months Ended March 31, 2015

Member
Months(1)

Premium Revenue Medical Care Costs MCR(2)

Medical
Margin

Total PMPM Total PMPM
TANF and CHIP 5.5 $ 972 $ 177.40 $ 897 $ 163.67 92.3 % $ 75
Medicaid Expansion 1.3 507 397.99 393 308.59 77.5 114
ABD 1.0 940 894.70 863 820.72 91.7 77
Marketplace 0.6 194 332.52 156 268.60 80.8 38
MMP 0.1 225 2,206.17 199 1,950.71 88.4 26
Medicare 0.1   133   1,013.66 128   977.09 96.4 5
8.6   $ 2,971   $ 344.65 $ 2,636   $ 305.80 88.7 % $ 335
_______________________
(1) A member month is defined as the aggregate of each month’s ending membership for the period presented.
(2) The MCR represents medical costs as a percentage of premium revenue.
 
   

MOLINA HEALTHCARE, INC.

UNAUDITED SELECTED HEALTH PLANS SEGMENT FINANCIAL DATA

(In millions, except percentages and per-member per-month amounts)

 

The following tables provide the details of our medical care costs for the periods indicated:

 
Three Months Ended March 31,
2016   2015
Amount   PMPM  

% of
Total

Amount   PMPM  

% of
Total

Fee for service $ 2,737 $ 221.77 76.3 % $ 1,948 $ 226.04 73.9 %
Pharmacy 525 42.53 14.6 351 40.75 13.3
Capitation 295 23.87 8.2 217 25.10 8.2
Direct delivery 16 1.34 0.5 27 3.11 1.0
Other 15   1.23   0.4   93   10.80   3.6  
$ 3,588   $ 290.74   100.0 % $ 2,636   $ 305.80   100.0 %
 
       

The following table provides the details of our medical claims and benefits payable as of the dates indicated:

 
March 31, December 31,
2016 2015
Fee-for-service claims incurred but not paid (IBNP) $ 1,392 $ 1,191
Pharmacy payable 111 88
Capitation payable 138 140
Other (1) 299   266
$ 1,940   $ 1,685
______________________
(1) “Other” medical claims and benefits payable include amounts payable to certain providers for which we act as an intermediary on behalf of various state agencies without assuming financial risk. Such receipts and payments do not impact our consolidated statements of income. As of March 31, 2016 and December 31, 2015, we had recorded non-risk provider payables of approximately $191 million and $167 million, respectively.
 

MOLINA HEALTHCARE, INC.
UNAUDITED CHANGE IN MEDICAL CLAIMS AND BENEFITS PAYABLE
(Dollars in millions, except per-member amounts)

Our claims liability includes a provision for adverse claims deviation based on historical experience and other factors including, but not limited to, variations in claims payment patterns, changes in utilization and cost trends, known outbreaks of disease, and large claims. Our reserving methodology is consistently applied across all periods presented. The amounts displayed for “Components of medical care costs related to: Prior period” represent the amount by which our original estimate of claims and benefits payable at the beginning of the period were more than the actual amount of the liability based on information (principally the payment of claims) developed since that liability was first reported. The following table presents the components of the change in medical claims and benefits payable for the periods indicated:

       
Year Ended
Three Months Ended March 31, December 31,
2016     2015 2015
 
Medical claims and benefits payable, beginning balance $ 1,685 $ 1,201 $ 1,201
Components of medical care costs related to:
Current period 3,755 2,772 11,935
Prior period (167 ) (136 ) (141 )
Total medical care costs 3,588   2,636   11,794  
 
Change in non-risk provider payables 24   (14 ) 48  
Payments for medical care costs related to:
Current period 2,241 1,648 10,448
Prior period 1,116   727   910  
Total paid 3,357   2,375   11,358  
Medical claims and benefits payable, ending balance $ 1,940   $ 1,448   $ 1,685  
 
Benefit from prior period as a percentage of:
Balance at beginning of period 10.0 % 11.3 % 11.8 %
Premium revenue, trailing twelve months 1.2 % 1.4 % 1.1 %
Medical care costs, trailing twelve months 1.3 % 1.5 % 1.2 %
 
Fee-For-Service Claims Data:
Days in claims payable, fee for service 46 51 48
Number of members at end of year 4,220,000 2,965,000 3,533,000
Number of claims in inventory at end of year 512,600 319,300 380,800
Billed charges of claims in inventory at end of year $ 1,141 $ 848 $ 816
Claims in inventory per member at end of year 0.12 0.11 0.11
Billed charges of claims in inventory per member at end of year $ 270.39 $ 286.07 $ 230.91
Number of claims received during the year 12,685,500 8,635,500 40,173,300
Billed charges of claims received during the year $ 15,033 $ 9,892 $ 46,211

Contacts

Molina Healthcare, Inc.
Juan José Orellana, 562-435-3666, ext. 111143
Investor Relations

Contacts

Molina Healthcare, Inc.
Juan José Orellana, 562-435-3666, ext. 111143
Investor Relations