Healthcare Finance News October 25, 2024
Short-term disparity between rates and medical cost trend may have reached its widest point in Q3, CEO says.
Unlike Q3 earnings reports from insurers more heavily in the Medicare Advantage market, Medicaid-based Molina Healthcare on Thursday released third quarter financials that beat expectations.
Molina shares rallied 23% Thursday, according to Seeking Alpha.
California-based Molina reported an 18% increase in revenue year-over-year, according to the earnings report. States have been reporting rate increases for Medicaid, according to a KFF report.
Adjusted net income was $6.01 per diluted share for the third quarter of 2024, an increase of 19% year over year.
“In Medicaid, the business produced a third quarter MCR (medical cost ratio) of 90.5%, above our long-term target range....
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