Delaware
|
1-31719
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13-4204626
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(State of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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Item 2.02.
|
Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit
No.
|
Description |
99.1 | Press release of Molina Healthcare, Inc. issued April 18, 2011, as to financial results for the first quarter ended March 31, 2011. |
MOLINA HEALTHCARE, INC.
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||
Date: April 18, 2011
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By: /s/ Jeff D. Barlow
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|
Jeff D. Barlow
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||
Sr. Vice President – General Counsel, and Secretary |
Exhibit
No.
|
Description |
99.1 | Press release of Molina Healthcare, Inc. issued April 18, 2011, as to financial results for the first quarter ended March 31, 2011. |
●
|
Earnings per diluted share for first quarter 2011 of $0.56, up 37% over 2010
|
●
|
Quarterly premium revenues of $1.1 billion, up 12% over 2010
|
●
|
Quarterly operating income of $31 million, up 53% over 2010
|
●
|
Aggregate membership up 11% over 2010
|
●
|
Pharmacy costs on a per member per month, or PMPM, basis increased approximately 7% in the first quarter of 2011 from the fourth quarter of 2010.
|
●
|
Capitation costs dropped approximately 13% PMPM due to the transition of members in Michigan and Washington into fee-for-service networks.
|
●
|
Fee-for-service costs increased approximately 8% PMPM, partially due to the transition of members from capitated provider networks into fee-for-service networks. Fee-for-service and capitation costs combined increased approximately 4% PMPM.
|
●
|
Pharmacy costs (adjusted for the state’s retention of the pharmacy benefit in Ohio effective February 1, 2010) increased approximately 5% PMPM.
|
●
|
Capitation costs decreased approximately 15% PMPM, primarily due to the transition of members in Michigan and Washington into fee-for-service networks.
|
●
|
Fee-for-service costs increased approximately 4% PMPM, partially due to the transition of members from capitated provider networks into fee-for-service networks. Fee-for-service and capitation costs combined increased less than 1% PMPM.
|
●
|
Hospital admissions per thousand members per year decreased approximately 7% in the first quarter of 2011 when compared with the first quarter of 2010.
|
●
|
Pharmacy utilization was essentially flat, with the increase in costs being driven by higher costs per prescription.
|
(Dollars in thousands)
|
March 31,
2011
|
Dec. 31,
2010
|
March 31,
2010
|
|||||||||
Days in claims payable – fee-for-service
|
41 days
|
42 days
|
44 days
|
|||||||||
Number of claims in inventory at end of period
|
185,300 | 143,600 | 153,700 | |||||||||
Billed charges of claims in inventory at end of period
|
$ | 250,600 | $ | 218,900 | $ | 194,000 |
●
|
Amortization of purchased intangibles relating to customer relationships is reported as amortization in “Depreciation and Amortization;”
|
●
|
Amortization of purchased intangibles relating to contract backlog is recorded as a reduction of service revenue; and
|
●
|
Depreciation is recorded as cost of service revenue.
|
Three Months Ended March 31,
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
Amount
|
% of Total
Revenue
|
Amount
|
% of Total
Revenue
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Depreciation and amortization
|
$ | 12,667 | 1.1 | % | $ | 10,061 | 1.0 | % | ||||||||
Amortization recorded as reduction of
service revenue
|
2,186 | 0.2 | – | – | ||||||||||||
Depreciation recorded as cost of
service revenue
|
3,241 | 0.3 | – | – | ||||||||||||
Depreciation and amortization reported in
the condensed consolidated statements of
cash flows
|
$ | 18,094 | 1.6 | % | $ | 10,061 | 1.0 | % |
(In thousands)
|
||||
Service revenue before amortization
|
$ | 38,860 | ||
Amortization of contract backlog recorded as contra-service revenue
|
(2,186 | ) | ||
Service revenue
|
36,674 | |||
Cost of service revenue
|
31,221 | |||
General and administrative costs
|
2,477 | |||
Amortization of customer relationships intangibles
|
1,282 | |||
Operating income
|
$ | 1,694 |
(In thousands)
|
Three Months Ended
March 31,
|
|||||||
2011
|
2010
|
|||||||
Operating income
|
$ | 31,300 | $ | 20,438 | ||||
Add back:
|
||||||||
Depreciation and amortization reported in the condensed consolidated
statements of cash flows
|
18,094 | 10,061 | ||||||
EBITDA
|
$ | 49,394 | $ | 30,499 |
(1)
|
The Company calculates EBITDA consistently on a quarterly and annual basis by adding back depreciation and amortization to operating income. EBITDA is not prepared in conformity with GAAP because it excludes depreciation and amortization, as well as interest expense, and the provision for income taxes. This non-GAAP financial measure should not be considered as an alternative to the GAAP measures of net income, operating income, operating margin, or cash provided by operating activities, nor should EBITDA be considered in isolation from these GAAP measures of operating performance. Management uses EBITDA as a supplemental metric in evaluating the Company’s financial performance, in evaluating financing and business development decisions, and in forecasting and analyzing future periods. For these reasons, management believes that EBITDA is a useful supplemental measure to investors in evaluating the Company’s performance and the performance of other companies in its industry.
|
●
|
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;
|
●
|
uncertainties regarding the impact of the Patient Protection and Affordable Care Act, including its possible repeal, judicial overturning of the individual insurance mandate, the effect of various implementing regulations, and uncertainties regarding the likely impact of other federal or state health care and insurance reform measures;
|
●
|
management of our medical costs, including seasonal flu patterns and rates of utilization that are consistent with our expectations;
|
●
|
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, and our ability to grow our revenues consistent with our expectations;
|
●
|
the accurate estimation of incurred but not reported medical costs across our health plans;
|
●
|
risks associated with the continued growth in new Medicaid and Medicare enrollees;
|
●
|
retroactive adjustments to premium revenue or accounting estimates which require adjustment based upon subsequent developments, including Medicaid pharmaceutical rebates;
|
●
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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;
|
●
|
the timing of receipt and recognition of revenue and the amortization of expense under the state contracts of Molina Medicaid Solutions in Maine and Idaho;
|
●
|
additional administrative costs and the potential payment of additional amounts to providers and/or the state by Molina Medicaid Solutions as a result of MMIS implementation issues in Idaho;
|
●
|
government audits and reviews, including the audit of our Medicare plans by CMS;
|
●
|
changes with respect to our provider contracts and the loss of providers;
|
●
|
the establishment of a federal or state medical cost expenditure floor as a percentage of the premiums we receive, and the interpretation and implementation of medical cost expenditure floors, administrative cost and profit ceilings, and profit sharing arrangements;
|
●
|
the interpretation and implementation of at-risk premium rules regarding the achievement of certain quality measures;
|
●
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approval by state regulators of dividends and distributions by our health plan subsidiaries;
|
●
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changes in funding under our contracts as a result of regulatory changes, programmatic adjustments, or other reforms;
|
●
|
high dollar claims related to catastrophic illness;
|
●
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the favorable resolution of litigation or arbitration matters;
|
●
|
restrictions and covenants in our credit facility;
|
●
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the relatively small number of states in which we operate health plans;
|
●
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the availability of financing to fund and capitalize our acquisitions and start-up activities and to meet our liquidity needs;
|
●
|
a state’s failure to renew its federal Medicaid waiver;
|
●
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an inadvertent unauthorized disclosure of protected health information;
|
●
|
changes generally affecting the managed care or Medicaid management information systems industries;
|
●
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increases in government surcharges, taxes, and assessments;
|
●
|
changes in general economic conditions, including unemployment rates;
|
Three Months Ended
March 31,
|
||||||||
2011
|
2010
|
|||||||
Revenue:
|
||||||||
Premium revenue
|
$ | 1,081,438 | $ | 965,220 | ||||
Service revenue
|
36,674 | – | ||||||
Investment income
|
1,594 | 1,521 | ||||||
Total operating revenue
|
1,119,706 | 966,741 | ||||||
Expenses:
|
||||||||
Medical care costs
|
913,532 | 822,816 | ||||||
Cost of service revenue
|
31,221 | – | ||||||
General and administrative expenses
|
94,436 | 78,880 | ||||||
Premium tax expenses
|
36,550 | 34,546 | ||||||
Depreciation and amortization
|
12,667 | 10,061 | ||||||
Total expenses
|
1,088,406 | 946,303 | ||||||
Operating income
|
31,300 | 20,438 | ||||||
Interest expense
|
(3,603 | ) | (3,357 | ) | ||||
Income before income taxes
|
27,697 | 17,081 | ||||||
Income tax expense
|
10,309 | 6,491 | ||||||
Net income
|
$ | 17,388 | $ | 10,590 | ||||
Net income per share:
|
||||||||
Basic
|
$ | 0.57 | $ | 0.41 | ||||
Diluted
|
$ | 0.56 | $ | 0.41 | ||||
Weighted average number of common shares and potentially dilutive
common shares outstanding
|
30,838 | 25,837 | ||||||
Operating Statistics:
|
||||||||
Ratio of medical care costs paid directly to providers to premium revenue
|
82.2 | % | 83.2 | % | ||||
Ratio of medical care costs not paid directly to providers to premium revenue
|
2.3 | 2.1 | ||||||
Medical care ratio (1)
|
84.5 | % | 85.3 | % | ||||
General and administrative expense ratio (2)
|
8.4 | % | 8.2 | % | ||||
Premium tax ratio (1)
|
3.4 | % | 3.6 | % | ||||
Effective tax rate
|
37.2 | % | 38.0 | % |
(1)
|
Medical care ratio represents medical care costs as a percentage of premium revenue; premium tax ratio represents premium taxes as a percentage of premium revenue.
|
(2)
|
Computed as a percentage of total operating revenue.
|
March 31,
2011
|
Dec. 31,
2010
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 463,792 | $ | 455,886 | ||||
Investments
|
337,514 | 295,375 | ||||||
Receivables
|
170,418 | 168,190 | ||||||
Deferred income taxes
|
15,395 | 15,716 | ||||||
Prepaid expenses and other current assets
|
28,608 | 22,772 | ||||||
Total current assets
|
1,015,727 | 957,939 | ||||||
Property and equipment, net
|
107,757 | 100,537 | ||||||
Deferred contract costs
|
37,891 | 28,444 | ||||||
Intangible assets, net
|
98,048 | 105,500 | ||||||
Goodwill and indefinite-lived intangible assets
|
212,484 | 212,228 | ||||||
Investments
|
20,187 | 20,449 | ||||||
Restricted investments
|
49,307 | 42,100 | ||||||
Receivable for ceded life and annuity contracts
|
24,155 | 24,649 | ||||||
Other assets
|
17,598 | 17,368 | ||||||
$ | 1,583,154 | $ | 1,509,214 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Medical claims and benefits payable
|
$ | 351,382 | $ | 354,356 | ||||
Accounts payable and accrued liabilities
|
113,697 | 137,930 | ||||||
Deferred revenue
|
143,273 | 60,086 | ||||||
Income taxes payable
|
7,746 | 13,176 | ||||||
Total current liabilities
|
616,098 | 565,548 | ||||||
Long-term debt
|
165,354 | 164,014 | ||||||
Deferred income taxes
|
17,462 | 16,235 | ||||||
Liability for ceded life and annuity contracts
|
24,155 | 24,649 | ||||||
Other long-term liabilities
|
19,580 | 19,711 | ||||||
Total liabilities
|
842,649 | 790,157 | ||||||
Stockholders’ equity:
|
||||||||
Common stock, $0.001 par value; 80,000 shares authorized, outstanding
30,552 shares at March 31, 2011, and 30,309 shares at December 31, 2010
|
31 | 30 | ||||||
Preferred stock, $0.001 par value; 20,000 shares authorized,
no shares outstanding
|
− | − | ||||||
Additional paid-in capital
|
255,803 | 251,627 | ||||||
Accumulated other comprehensive loss
|
(2,309 | ) | (2,192 | ) | ||||
Retained earnings
|
486,980 | 469,592 | ||||||
Total stockholders’ equity
|
740,505 | 719,057 | ||||||
$ | 1,583,154 | $ | 1,509,214 |
Three Months Ended
March 31,
|
||||||||
2011
|
2010
|
|||||||
Operating activities:
|
||||||||
Net income
|
$ | 17,388 | $ | 10,590 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
18,094 | 10,061 | ||||||
Deferred income taxes
|
1,619 | 3,094 | ||||||
Stock-based compensation
|
4,064 | 2,136 | ||||||
Non-cash interest on convertible senior notes
|
1,340 | 1,243 | ||||||
Amortization of deferred financing costs
|
503 | 344 | ||||||
Unrealized gain on trading securities
|
− | (540 | ) | |||||
Loss on rights agreement
|
− | 493 | ||||||
Tax deficiency from employee stock compensation
|
(264 | ) | (353 | ) | ||||
Changes in operating assets and liabilities:
|
||||||||
Receivables
|
(2,168 | ) | 8,054 | |||||
Prepaid expenses and other current assets
|
(8,142 | ) | (668 | ) | ||||
Medical claims and benefits payable
|
(2,974 | ) | 11,657 | |||||
Accounts payable and accrued liabilities
|
(25,796 | ) | 15,134 | |||||
Deferred revenue
|
84,172 | (90,664 | ) | |||||
Income taxes
|
(5,430 | ) | 2,935 | |||||
Net cash provided by (used in) operating activities
|
82,406 | (26,484 | ) | |||||
Investing activities:
|
||||||||
Purchases of property and equipment
|
(14,941 | ) | (5,976 | ) | ||||
Purchases of investments
|
(104,984 | ) | (49,439 | ) | ||||
Sales and maturities of investments
|
62,919 | 53,226 | ||||||
Net cash paid in business combinations
|
(3,253 | ) | (2,430 | ) | ||||
Increase in deferred contract costs
|
(9,635 | ) | − | |||||
Increase in restricted investments
|
(7,207 | ) | (656 | ) | ||||
Change in other long-term assets and liabilities
|
(937 | ) | 426 | |||||
Net cash used in investing activities
|
(78,038 | ) | (4,849 | ) | ||||
Financing activities:
|
||||||||
Proceeds from employee stock plans
|
2,462 | − | ||||||
Excess tax benefits from employee stock compensation
|
1,076 | 113 | ||||||
Net cash provided by financing activities
|
3,538 | 113 | ||||||
Net increase (decrease) in cash and cash equivalents
|
7,906 | (31,220 | ) | |||||
Cash and cash equivalents at beginning of period
|
455,886 | 469,501 | ||||||
Cash and cash equivalents at end of period
|
$ | 463,792 | $ | 438,281 |
Total Ending Membership By Health Plan:
|
March 31,
2011
|
Dec. 31,
2010
|
March 31,
2010
|
|||||||||
California
|
347,000 | 344,000 | 353,000 | |||||||||
Florida
|
66,000 | 61,000 | 52,000 | |||||||||
Michigan
|
225,000 | 227,000 | 226,000 | |||||||||
Missouri
|
82,000 | 81,000 | 78,000 | |||||||||
New Mexico
|
90,000 | 91,000 | 92,000 | |||||||||
Ohio
|
248,000 | 245,000 | 228,000 | |||||||||
Texas
|
128,000 | 94,000 | 40,000 | |||||||||
Utah
|
80,000 | 79,000 | 75,000 | |||||||||
Washington
|
341,000 | 355,000 | 338,000 | |||||||||
Wisconsin (1)
|
40,000 | 36,000 | − | |||||||||
1,647,000 | 1,613,000 | 1,482,000 | ||||||||||
Total Ending Membership By State
for the Medicare Advantage Plans (1):
|
||||||||||||
California
|
5,300 | 4,900 | 2,700 | |||||||||
Florida
|
600 | 500 | 300 | |||||||||
Michigan
|
6,700 | 6,300 | 4,200 | |||||||||
New Mexico
|
700 | 600 | 600 | |||||||||
Ohio
|
400 | − | − | |||||||||
Texas
|
600 | 700 | 500 | |||||||||
Utah
|
6,700 | 8,900 | 7,100 | |||||||||
Washington
|
3,300 | 2,600 | 1,600 | |||||||||
24,300 | 24,500 | 17,000 | ||||||||||
Total Ending Membership By State
for the Aged, Blind or Disabled Population:
|
||||||||||||
California
|
14,100 | 13,900 | 13,400 | |||||||||
Florida
|
10,300 | 10,000 | 8,900 | |||||||||
Michigan
|
32,000 | 31,700 | 32,700 | |||||||||
New Mexico
|
5,600 | 5,700 | 5,800 | |||||||||
Ohio
|
28,200 | 28,200 | 26,700 | |||||||||
Texas
|
51,200 | 19,000 | 18,100 | |||||||||
Utah
|
8,200 | 8,000 | 7,900 | |||||||||
Washington
|
4,300 | 4,000 | 3,500 | |||||||||
Wisconsin (1)
|
1,700 | 1,700 | − | |||||||||
155,600 | 122,200 | 117,000 |
(1)
|
The Company acquired the Wisconsin health plan on September 1, 2010. As of March 31, 2011, the Wisconsin health plan had approximately 2,400 Medicare Advantage members that are ceded 100% under a reinsurance contract with a third party; these members are not included in the membership tables herein.
|
Three Months Ended March 31, 2011
|
||||||||||||||||||||||||||||
Premium Revenue
|
Medical Care Costs
|
|||||||||||||||||||||||||||
Member
Months (1)
|
Total
|
PMPM
|
Total
|
PMPM
|
Medical
Care Ratio
|
Premium
Tax
Expense
|
||||||||||||||||||||||
California
|
1,041 | $ | 134,976 | $ | 129.63 | $ | 113,737 | $ | 109.24 | 84.3 | % | $ | 1,902 | |||||||||||||||
Florida
|
192 | 49,222 | 256.63 | 47,568 | 248.01 | 96.6 | 17 | |||||||||||||||||||||
Michigan
|
678 | 164,760 | 243.06 | 133,728 | 197.28 | 81.2 | 9,846 | |||||||||||||||||||||
Missouri
|
245 | 55,166 | 225.33 | 51,608 | 210.79 | 93.6 | – | |||||||||||||||||||||
New Mexico
|
271 | 84,606 | 311.93 | 70,038 | 258.21 | 82.8 | 1,965 | |||||||||||||||||||||
Ohio
|
737 | 230,340 | 312.68 | 171,752 | 233.15 | 74.6 | 17,775 | |||||||||||||||||||||
Texas
|
349 | 80,811 | 231.49 | 73,615 | 210.88 | 91.1 | 1,340 | |||||||||||||||||||||
Utah
|
236 | 67,935 | 287.77 | 53,839 | 228.06 | 79.3 | – | |||||||||||||||||||||
Washington
|
1,034 | 195,272 | 188.81 | 169,116 | 163.52 | 86.6 | 3,642 | |||||||||||||||||||||
Wisconsin (2)
|
120 | 16,417 | 137.25 | 19,380 | 162.02 | 118.1 | – | |||||||||||||||||||||
Other (3)
|
− | 1,933 | – | 9,151 | – | – | 63 | |||||||||||||||||||||
4,903 | $ | 1,081,438 | $ | 220.58 | $ | 913,532 | $ | 186.34 | 84.5 | % | $ | 36,550 |
Three Months Ended March 31, 2010
|
||||||||||||||||||||||||||||
Premium Revenue | Medical Care Costs | |||||||||||||||||||||||||||
Member
Months (1)
|
Total | PMPM | Total | PMPM |
Medical
Care Ratio
|
Premium
Tax
Expense
|
||||||||||||||||||||||
California
|
1,062 | $ | 123,910 | $ | 116.67 | $ | 107,561 | $ | 101.28 | 86.8 | % | $ | 1,628 | |||||||||||||||
Florida
|
154 | 39,088 | 253.45 | 34,687 | 224.91 | 88.7 | 6 | |||||||||||||||||||||
Michigan
|
675 | 155,345 | 230.13 | 125,449 | 185.85 | 80.8 | 9,939 | |||||||||||||||||||||
Missouri
|
234 | 52,143 | 223.01 | 43,516 | 186.11 | 83.5 | – | |||||||||||||||||||||
New Mexico
|
280 | 95,598 | 341.02 | 74,015 | 264.03 | 77.4 | 2,004 | |||||||||||||||||||||
Ohio
|
673 | 218,363 | 324.35 | 172,625 | 256.41 | 79.1 | 17,005 | |||||||||||||||||||||
Texas
|
121 | 39,200 | 324.08 | 32,331 | 267.29 | 82.5 | 681 | |||||||||||||||||||||
Utah
|
221 | 58,540 | 265.51 | 61,460 | 278.76 | 105.0 | – | |||||||||||||||||||||
Washington
|
1,007 | 181,054 | 179.84 | 163,510 | 162.42 | 90.3 | 3,262 | |||||||||||||||||||||
Wisconsin (2)
|
− | − | − | − | − | − | − | |||||||||||||||||||||
Other (3)
|
− | 1,979 | – | 7,662 | – | – | 21 | |||||||||||||||||||||
4,427 | $ | 965,220 | $ | 218.04 | $ | 822,816 | $ | 185.87 | 85.3 | % | $ | 34,546 |
(1)
|
A member month is defined as the aggregate of each month’s ending membership for the period presented.
|
(2)
|
The Company acquired the Wisconsin health plan on September 1, 2010.
|
(3)
|
“Other” medical care costs primarily include medically related administrative costs at the parent company.
|
Three Months Ended
March 31, 2011
|
Three Months Ended
March 31, 2010
|
|||||||||||||||||||||||
Amount
|
PMPM
|
% of Total
Medical
Care Costs
|
Amount
|
PMPM
|
% of Total
Medical
Care Costs
|
|||||||||||||||||||
Fee-for-service
|
$ | 655,884 | $ | 133.78 | 71.8 | % | $ | 566,879 | $ | 128.06 | 68.9 | % | ||||||||||||
Capitation
|
128,682 | 26.25 | 14.1 | 137,132 | 30.98 | 16.7 | ||||||||||||||||||
Pharmacy
|
91,576 | 18.68 | 10.0 | 90,071 | 20.35 | 10.9 | ||||||||||||||||||
Other
|
37,390 | 7.63 | 4.1 | 28,734 | 6.48 | 3.5 | ||||||||||||||||||
$ | 913,532 | $ | 186.34 | 100.0 | % | $ | 822,816 | $ | 185.87 | 100.0 | % |
March 31,
2011
|
Dec. 31,
2010
|
March 31,
2010
|
||||||||||
Fee-for-service claims incurred but not paid (IBNP)
|
$ | 273,378 | $ | 275,259 | $ | 260,456 | ||||||
Capitation payable
|
43,738 | 49,598 | 42,461 | |||||||||
Pharmacy payable
|
16,953 | 14,649 | 16,196 | |||||||||
Other
|
17,313 | 14,850 | 6,660 | |||||||||
$ | 351,382 | $ | 354,356 | $ | 325,773 |
Three Months Ended
|
Year Ended | |||||||||||
March 31,
2011
|
March 31,
2010
|
Dec. 31,
2010
|
||||||||||
Balances at beginning of period
|
$ | 354,356 | $ | 315,316 | $ | 315,316 | ||||||
Balance of acquired subsidiary
|
– | – | 3,228 | |||||||||
Components of medical care costs related to:
|
||||||||||||
Current period
|
957,909 | 861,271 | 3,420,235 | |||||||||
Prior periods
|
(44,377 | ) | (38,455 | ) | (49,378 | ) | ||||||
Total medical care costs
|
913,532 | 822,816 | 3,370,857 | |||||||||
Payments for medical care costs related to:
|
||||||||||||
Current period
|
646,428 | 581,389 | 3,085,388 | |||||||||
Prior periods
|
270,078 | 230,970 | 249,657 | |||||||||
Total paid
|
916,506 | 812,359 | 3,335,045 | |||||||||
Balances at end of period
|
$ | 351,382 | $ | 325,773 | $ | 354,356 | ||||||
Benefit from prior period as a percentage of:
|
||||||||||||
Balance at beginning of period
|
12.5 | % | 12.1 | % | 15.7 | % | ||||||
Premium revenue
|
4.1 | % | 4.0 | % | 1.2 | % | ||||||
Total medical care costs
|
4.9 | % | 4.7 | % | 1.5 | % | ||||||
Claims Data:
|
||||||||||||
Days in claims payable, fee-for-service
|
41 | 44 | 42 | |||||||||
Number of members at end of period
|
1,647,000 | 1,482,000 | 1,613,000 | |||||||||
Number of claims in inventory at end of period
|
185,300 | 153,700 | 143,600 | |||||||||
Billed charges of claims in inventory at end of period
|
$ | 250,600 | $ | 194,000 | $ | 218,900 | ||||||
Claims in inventory per member at end of period
|
0.11 | 0.10 | 0.09 | |||||||||
Billed charges of claims in inventory per member
at end of period
|
$ | 152.16 | $ | 130.90 | $ | 135.71 | ||||||
Number of claims received during the period
|
4,342,200 | 3,493,300 | 14,554,800 | |||||||||
Billed charges of claims receivedduring the period
|
$ | 3,386,600 | $ | 2,760,500 | $ | 11,686,100 |