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,
exceptnet 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
MemberMonths(1)
Premium Revenue Medical Care Costs
MCR(2)
MedicalMargin
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
MemberMonths(1)
Premium Revenue Medical Care Costs
MCR(2)
MedicalMargin
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
MemberMonths(1)
Premium Revenue Medical Care Costs
MCR(2)
MedicalMargin
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
MemberMonths(1)
Premium Revenue Medical Care Costs
MCR(2)
MedicalMargin
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
% ofTotal
Amount PMPM
% ofTotal
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
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160428006887/en/
Molina Healthcare, Inc.Juan José Orellana, 562-435-3666, ext.
111143Investor Relations
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