Molina Healthcare reported net income of $185 million for the third quarter, an increase of $10 million from the prior-year’s third quarter. Molina ended the quarter with Total Membership of 4,033,000, an increase of 687,000 from third quarter 2019. The increase in membership was driven by an increase in Medicaid members which included an addition of 325,000 Medicaid members in Kentucky due to an acquisition.
Third Quarter 2020 Highlights:
- Premium revenue was $4.8 billion for the third quarter of 2020, a 16.8% increase compared to the third quarter of 2019.
- Medical care ratio (MCR) was 85.9% for the third quarter of 2020, compared to 86.3% for the third quarter of 2019.
- Net income increased to $185 million for the third quarter of 2020, compared to $175 million for third quarter of 2019.
- The Company estimates that the net effect of COVID-19 was negligible to slightly positive to the Company’s results for the third quarter of 2020.
Source: Company press release