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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Molina Healthcare Inc | NYSE:MOH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.99 | -0.58% | 340.11 | 344.905 | 339.31 | 341.44 | 109,037 | 17:45:14 |
Molina Healthcare, Inc. (NYSE: MOH):
Molina Healthcare, Inc. (NYSE: MOH) today reported its financial results for the third quarter of 2016.
“Our third quarter results demonstrate continuing improvement in our overall business,” said J. Mario Molina, M.D., chief executive officer of Molina Healthcare, Inc. “Although these results highlight the need for programmatic adjustments to the Affordable Care Act’s health insurance Marketplaces, Molina Healthcare’s combination of product and geographic diversification, quality focused medical care, and efficient operations continues to deliver value to our members, our government partners, and our investors.”
Update on Financial Performance
Third Quarter 2016 Compared With Second Quarter 2016
Third quarter 2016 financial performance improved significantly when compared with the second quarter of 2016. Earnings per diluted share increased to $0.76 in the third quarter of 2016 from $0.58 in the second quarter. Adjusted earnings per diluted share increased to $0.85 in the third quarter of 2016 from $0.67 in the second quarter.
Higher profitability in the third quarter of 2016, when compared with the second quarter of 2016, was primarily the result of:
Net Income per Share Guidance
Our net income per share guidance for fiscal year 2016 remains unchanged. As previously disclosed, we expect the following factors, among others, to affect our financial performance in the rest of 2016:
Conference Call
Management will host a conference call and webcast to discuss Molina Healthcare's third quarter results at 5:00 p.m. Eastern time on Thursday, October 27, 2016. The number to call for the interactive teleconference is (212) 231-2903. A telephonic replay of the conference call will be available from 7:00 p.m. Eastern time on Thursday, October 27, 2016, through 6:00 p.m. Eastern Time on Friday, October 28, 2016, by dialing (800) 633-8284 and entering confirmation number 21818529. 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 12 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:
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 October 27, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollar amounts in millions, except net income per share) Revenue: Premium revenue $ 4,191 $ 3,377 $ 12,215 $ 9,652 Service revenue 133 47 408 146 Premium tax revenue 127 99 345 289 Health insurer fee revenue 85 81 251 203 Investment income 9 5 25 12 Other revenue 1 2 4 5 Total revenue 4,546 3,611 13,248 10,307 Operating expenses: Medical care costs 3,748 3,016 10,930 8,581 Cost of service revenue 119 34 362 103 General and administrative expenses 343 287 1,034 830 Premium tax expenses 127 99 345 289 Health insurer fee expenses 55 36 163 117 Depreciation and amortization 36 26 102 76 Total operating expenses 4,428 3,498 12,936 9,996 Operating income 118 113 312 311 Interest expense 26 15 76 45 Income before income tax expense 92 98 236 266 Income tax expense 50 52 137 153 Net income $ 42 $ 46 $ 99 $ 113 Diluted net income per share $ 0.76 $ 0.77 $ 1.77 $ 2.07 Diluted weighted average shares outstanding 56.1 60.0 56.2 54.7 Operating Statistics: Medical care ratio (1) 89.4 % 89.3 % 89.5 % 88.9 % General and administrative expense ratio (2) 7.6 % 8.0 % 7.8 % 8.1 % Premium tax ratio (1) 2.9 % 2.8 % 2.7 % 2.9 % Effective tax rate 54.0 % 52.6 % 58.0 % 57.3 % Net profit margin (2) 0.9 % 1.3 % 0.7 % 1.1 %____________
(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
September 30, December 31, 2016 2015 (Unaudited) (Amounts in millions,except per-share data) ASSETS Current assets: Cash and cash equivalents $ 2,842 $ 2,329 Investments 1,735 1,801 Receivables 1,053 597 Income taxes refundable — 13 Prepaid expenses and other current assets 169 192 Derivative asset 314 374 Total current assets 6,113 5,306 Property, equipment, and capitalized software, net 450 393 Deferred contract costs 83 81 Intangible assets, net 149 122 Goodwill 619 519 Restricted investments 116 109 Deferred income taxes — 18 Other assets 40 28 $ 7,570 $ 6,576 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Medical claims and benefits payable $ 1,871 $ 1,685 Amounts due government agencies 1,232 729 Accounts payable and accrued liabilities 383 362 Deferred revenue 380 223 Income taxes payable 19 — Current portion of long-term debt 466 449 Derivative liability 314 374 Total current liabilities 4,665 3,822 Senior notes 971 962 Lease financing obligations 198 198 Deferred income taxes 6 — Other long-term liabilities 39 37 Total liabilities 5,879 5,019 Stockholders’ equity: Common stock, $0.001 par value; 150 shares authorized; outstanding: 57 shares at September 30, 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 831 803 Accumulated other comprehensive gain (loss) 3 (4 ) Retained earnings 857 758 Total stockholders’ equity 1,691 1,557 $ 7,570 $ 6,576MOLINA HEALTHCARE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2016 2015 2016 2015 (Amounts in millions) Operating activities: Net income $ 42 $ 46 $ 99 $ 113 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 46 31 135 93 Deferred income taxes (19 ) (19 ) 20 (12 ) Share-based compensation 8 7 24 16 Amortization of convertible senior notes and lease financing obligations 8 7 23 22 Other, net 3 4 14 13 Changes in operating assets and liabilities: Receivables (12 ) 12 (427 ) (23 ) Prepaid expenses and other assets 27 34 (116 ) (63 ) Medical claims and benefits payable 86 67 168 359 Amounts due government agencies (6 ) 155 503 453 Accounts payable and accrued liabilities (146 ) (124 ) 1 34 Deferred revenue 276 9 157 (129 ) Income taxes 42 29 32 30 Net cash provided by operating activities 355 258 633 906 Investing activities: Purchases of investments (470 ) (318 ) (1,444 ) (1,311 ) Proceeds from sales and maturities of investments 700 322 1,512 863 Purchases of property, equipment, and capitalized software (41 ) (35 ) (143 ) (101 ) Change in restricted investments (1 ) 9 4 (5 ) Net cash paid in business combinations (40 ) (69 ) (48 ) (77 ) Other, net (6 ) (17 ) (12 ) (34 ) Net cash provided by (used in) investing activities 142 (108 ) (131 ) (665 ) Financing activities: Proceeds from common stock offering, net of issuance costs — — — 373 Proceeds from employee stock plans — — 10 8 Other, net — — 1 3 Net cash provided by financing activities — — 11 384 Net increase in cash and cash equivalents 497 150 513 625 Cash and cash equivalents at beginning of period 2,345 2,014 2,329 1,539 Cash and cash equivalents at end of period $ 2,842 $ 2,164 $ 2,842 $ 2,164MOLINA 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Amounts in millions) Net income $ 42 $ 46 $ 99 $ 113 Adjustments: Depreciation, and amortization of intangible assets and capitalized software 42 29 118 87 Interest expense 26 15 76 45 Income tax expense 50 52 137 153 EBITDA $ 160 $ 142 $ 430 $ 398The 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In millions, except per diluted share amounts) Amount Per share Amount Per share Amount Per share Amount Per share Net income $ 42 $ 0.76 $ 46 $ 0.77 $ 99 $ 1.77 $ 113 $ 2.07 Adjustment, net of tax: Amortization of intangible assets 5 0.09 2 0.04 15 0.26 8 0.15 Adjusted net income $ 47 $ 0.85 $ 48 $ 0.81 $ 114 $ 2.03 $ 121 $ 2.22MOLINA HEALTHCARE, INC.UNAUDITED HEALTH PLANS SEGMENT MEMBERSHIP
September 30, December 31, September 30, 2016 2015 2015 Ending Membership by Health Plan: California 683,000 620,000 611,000 Florida 563,000 440,000 349,000 Illinois 195,000 98,000 101,000 Michigan 387,000 328,000 340,000 New Mexico 253,000 231,000 231,000 New York (1) 37,000 — — Ohio 339,000 327,000 344,000 Puerto Rico 331,000 348,000 356,000 South Carolina 109,000 99,000 102,000 Texas 352,000 260,000 263,000 Utah 150,000 102,000 102,000 Washington 716,000 582,000 568,000 Wisconsin 131,000 98,000 103,000 4,246,000 3,533,000 3,470,000 Ending Membership by Program: Temporary Assistance for Needy Families (TANF) and Children's Health Insurance Program (CHIP) 2,529,000 2,312,000 2,249,000 Medicaid Expansion 658,000 557,000 540,000 Marketplace 568,000 205,000 226,000 Aged, Blind or Disabled (ABD) 395,000 366,000 359,000 Medicare-Medicaid Plan (MMP) - Integrated 51,000 51,000 56,000 Medicare Special Needs Plans 45,000 42,000 40,000 4,246,000 3,533,000 3,470,000____________
(1)
The New York health plan was acquired on August 1, 2016.
MOLINA HEALTHCARE, INC.
UNAUDITED SELECTED HEALTH PLANS SEGMENT FINANCIAL DATA
(In millions, except percentages and per-member per-month amounts)
Three Months Ended September 30, 2016 MemberMonths(1)
Premium Revenue Medical Care Costs MCR(2)MedicalMargin
Total PMPM Total PMPM California 2.1 $ 612 $ 298.05 $ 523 $ 254.11 85.3 % $ 89 Florida 1.6 494 297.24 462 277.79 93.5 32 Illinois 0.6 163 275.26 145 244.86 89.0 18 Michigan 1.2 387 334.25 337 290.16 86.8 50 New Mexico 0.8 338 440.12 304 396.35 90.1 34 New York(3) 0.1 32 427.40 30 403.71 94.5 2 Ohio 1.0 501 491.51 424 415.87 84.6 77 Puerto Rico 1.0 184 183.46 167 167.44 91.3 17 South Carolina 0.3 102 312.28 94 285.97 91.6 8 Texas 1.1 597 559.98 525 493.07 88.1 72 Utah 0.4 106 236.31 104 230.53 97.6 2 Washington 2.1 569 265.48 521 243.49 91.7 48 Wisconsin 0.4 103 262.32 90 231.86 88.4 13 Other(4) — 3 — 22 — — (19 ) 12.7 $ 4,191 $ 329.88 $ 3,748 $ 295.01 89.4 % $ 443 Three Months Ended September 30, 2015 MemberMonths(1)
Premium Revenue Medical Care Costs MCR(2)MedicalMargin
Total PMPM Total PMPM California 1.9 $ 524 $ 288.45 $ 438 $ 241.09 83.6 % $ 86 Florida 0.9 300 299.33 265 264.39 88.3 35 Illinois 0.3 106 347.34 100 327.61 94.3 6 Michigan 0.9 281 330.00 236 276.61 83.8 45 New Mexico 0.7 297 421.76 275 390.26 92.5 22New York(3)
— — — — — — — Ohio 1.0 510 498.36 436 425.98 85.5 74 Puerto Rico 1.0 181 170.91 162 152.69 89.3 19 South Carolina 0.3 86 264.37 68 211.76 80.1 18 Texas 0.8 524 661.69 493 622.84 94.1 31 Utah 0.3 85 276.72 77 250.50 90.5 8 Washington 1.7 400 238.03 371 221.14 92.9 29 Wisconsin 0.3 71 232.32 57 184.94 79.6 14 Other(4) — 12 — 38 — — (26 ) 10.1 $ 3,377 $ 332.05 $ 3,016 $ 296.49 89.3 % $ 361____________
(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)
The New York health plan was acquired on August 1, 2016.
(4)
“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)
Nine Months Ended September 30, 2016 MemberMonths(1)
Premium Revenue Medical Care Costs MCR(2)MedicalMargin
Total PMPM Total PMPM California 6.1 $ 1,707 $ 280.21 $ 1,485 $ 243.64 86.9 % $ 222 Florida 5.0 1,447 288.74 1,301 259.60 89.9 146 Illinois 1.8 466 266.11 414 236.39 88.8 52 Michigan 3.6 1,143 322.08 1,018 286.77 89.0 125 New Mexico 2.3 1,016 447.07 905 398.22 89.1 111New York(3)
0.1 32 427.40 30 403.71 94.5 2 Ohio 3.0 1,472 484.82 1,306 430.14 88.7 166 Puerto Rico 3.0 535 176.44 516 170.46 96.6 19 South Carolina 0.9 273 288.93 232 245.13 84.8 41 Texas 3.3 1,852 570.65 1,599 492.79 86.4 253 Utah 1.3 330 246.78 312 233.14 94.5 18 Washington 6.2 1,634 261.91 1,479 237.15 90.5 155 Wisconsin 1.2 299 252.45 278 235.25 93.2 21Other(4)
— 9 — 55 — — (46 ) 37.8 $ 12,215 $ 323.44 $ 10,930 $ 289.41 89.5 % $ 1,285 Nine Months Ended September 30, 2015 MemberMonths(1)
Premium Revenue Medical Care Costs MCR(2)MedicalMargin
Total PMPM Total PMPM California 5.3 $ 1,538 $ 292.64 $ 1,349 $ 256.71 87.7 % $ 189 Florida 2.9 868 294.05 763 258.49 87.9 105 Illinois 0.9 312 342.27 288 315.68 92.2 24 Michigan 2.4 738 310.01 621 260.53 84.0 117 New Mexico 2.1 933 448.75 843 405.60 90.4 90New York(3)
— — — — — — — Ohio 3.1 1,534 498.76 1,281 416.69 83.5 253 Puerto Rico 2.1 375 175.17 346 161.60 92.3 29 South Carolina 1.0 270 269.11 209 208.45 77.5 61 Texas 2.4 1,418 597.53 1,313 553.35 92.6 105 Utah 0.8 242 284.83 223 262.14 92.0 19 Washington 4.9 1,186 242.75 1,094 223.99 92.3 92 Wisconsin 0.9 206 221.97 162 173.99 78.4 44Other(4)
— 32 — 89 — — (57 ) 28.8 $ 9,652 $ 334.74 $ 8,581 $ 297.58 88.9 % $ 1,071____________
(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)
The New York health plan was acquired on August 1, 2016.
(4)
“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 September 30, 2016 MemberMonths(1)
Premium Revenue Medical Care Costs MCR(2)MedicalMargin
Total PMPM Total PMPM TANF and CHIP 7.6 $ 1,373 $ 180.74 $ 1,246 $ 164.04 90.8 % $ 127 Medicaid Expansion 2.0 763 386.98 642 325.68 84.2 121 Marketplace 1.7 399 238.86 352 210.38 88.1 47 ABD 1.1 1,186 1,008.28 1,094 929.93 92.2 92 MMP 0.2 334 2,165.26 280 1,818.75 84.0 54 Medicare 0.1 136 1,019.19 134 1,003.85 98.5 2 12.7 $ 4,191 $ 329.88 $ 3,748 $ 295.01 89.4 % $ 443 Three Months Ended September 30, 2015 MemberMonths(1)
Premium Revenue Medical Care Costs MCR(2)MedicalMargin
Total PMPM Total PMPM TANF and CHIP 6.6 $ 1,139 $ 171.16 $ 1,070 $ 160.85 94.0 % $ 69 Medicaid Expansion 1.5 565 366.80 458 297.16 81.0 107 Marketplace 0.6 170 262.74 124 192.21 73.2 46 ABD 1.1 1,070 1,017.68 979 931.11 91.5 91 MMP 0.2 310 1,975.10 271 1,718.13 87.0 39 Medicare 0.1 123 1,002.50 114 930.43 92.8 9 10.1 $ 3,377 $ 332.05 $ 3,016 $ 296.49 89.3 % $ 361 Nine Months Ended September 30, 2016 MemberMonths(1)
Premium Revenue Medical Care Costs MCR(2)MedicalMargin
Total PMPM Total PMPM TANF and CHIP 22.5 $ 3,999 $ 177.60 $ 3,646 $ 161.93 91.2 % $ 353 Medicaid Expansion 5.8 2,184 376.98 1,850 319.38 84.7 334 Marketplace 5.1 1,181 231.69 1,009 197.77 85.4 172 ABD 3.5 3,466 987.20 3,173 903.85 91.6 293 MMP 0.5 989 2,160.14 867 1,894.38 87.7 122 Medicare 0.4 396 1,015.14 385 986.40 97.2 11 37.8 $ 12,215 $ 323.44 $ 10,930 $ 289.41 89.5 % $ 1,285 Nine Months Ended September 30, 2015 MemberMonths(1)
Premium Revenue Medical Care Costs MCR(2)MedicalMargin
Total PMPM Total PMPM TANF and CHIP 18.6 $ 3,280 $ 175.52 $ 3,030 $ 162.16 92.4 % $ 250 Medicaid Expansion 4.2 1,654 393.71 1,325 315.33 80.1 329 Marketplace 2.0 525 259.97 370 183.33 70.5 155 ABD 3.2 3,063 965.91 2,789 879.27 91.0 274 MMP 0.4 733 1,981.40 684 1,847.03 93.2 49 Medicare 0.4 397 1,026.00 383 991.53 96.6 14 28.8 $ 9,652 $ 334.74 $ 8,581 $ 297.58 88.9 % $ 1,071____________
(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 September 30, 2016 2015 Amount PMPM % ofTotal
Amount PMPM % ofTotal
Fee for service $ 2,799 $ 220.29 74.7 % $ 2,224 $ 218.69 73.8 % Pharmacy 567 44.65 15.1 418 41.07 13.9 Capitation 302 23.83 8.1 260 25.57 8.6 Direct delivery 21 1.66 0.5 31 2.97 1.0 Other 59 4.58 1.6 83 8.19 2.7 $ 3,748 $ 295.01 100.0 % $ 3,016 $ 296.49 100.0 % Nine Months Ended September 30, 2016 2015 Amount PMPM % ofTotal
Amount PMPM % ofTotal
Fee for service $ 8,156 $ 215.96 74.6 % $ 6,275 $ 217.63 73.1 % Pharmacy 1,621 42.93 14.8 1,161 40.26 13.5 Capitation 901 23.86 8.3 725 25.13 8.5 Direct delivery 55 1.46 0.5 85 2.94 1.0 Other 197 5.20 1.8 335 11.62 3.9 $ 10,930 $ 289.41 100.0 % $ 8,581 $ 297.58 100.0 %The following table provides the details of our medical claims and benefits payable as of the dates indicated:
September 30, December 31, 2016 2015 Fee-for-service claims incurred but not paid (IBNP) $ 1,333 $ 1,191 Pharmacy payable 114 88 Capitation payable 27 140 Other (1) 397 266 $ 1,871 $ 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 September 30, 2016 and December 31, 2015, we had recorded non-risk provider payables of approximately $237 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 Nine Months Ended September 30, 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 11,120 8,724 11,935 Prior period (190 ) (143 ) (141 ) Total medical care costs 10,930 8,581 11,794 Change in non-risk provider payables 70 42 48 Payments for medical care costs related to: Current period 9,536 7,372 10,448 Prior period 1,278 892 910 Total paid 10,814 8,264 11,358 Medical claims and benefits payable, ending balance $ 1,871 $ 1,560 $ 1,685 Benefit from prior period as a percentage of: Balance at beginning of period 11.3 % 11.9 % 11.8 % Premium revenue, trailing twelve months 1.2 % 1.2 % 1.1 % Medical care costs, trailing twelve months 1.3 % 1.3 % 1.2 % Fee-For-Service Claims Data: Days in claims payable, fee for service 47 49 48 Number of members at end of period 4,246,000 3,470,000 3,533,000 Number of claims in inventory at end of period 580,200 408,100 380,800 Billed charges of claims in inventory at end of period $ 1,346 $ 908 $ 816 Claims in inventory per member at end of period 0.14 0.12 0.11 Billed charges of claims in inventory per member at end of period $ 316.89 $ 261.73 $ 230.91 Number of claims received during the period 39,683,800 29,084,100 40,173,300 Billed charges of claims received during the period $ 48,017 $ 33,517 $ 46,211
View source version on businesswire.com: http://www.businesswire.com/news/home/20161027006765/en/
Molina Healthcare, Inc.Juan José Orellana, 562-435-3666, ext. 111143Investor Relations
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