Delaware | 001-31826 | 42-1406317 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7700 Forsyth Blvd. St. Louis, Missouri | 63105 | |
(Address of Principal Executive Offices) | (Zip Code) |
CENTENE CORPORATION | ||||
Date: | February 4, 2014 | By: | /s/ William N. Scheffel | |
William N. Scheffel Executive Vice President & Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release* of Centene Corporation issued February 4, 2013, as to financial results for the fourth quarter and year ended December 31, 2013. |
* | The press release is being furnished pursuant to Item 2.02, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange of 1934, as amended. |
Contact: | Investor Relations Inquiries |
Edmund E. Kroll | |
Senior Vice President, Finance & Investor Relations | |
(212) 759-0382 | |
Media Inquiries | |
Deanne Lane | |
Vice President, Media Affairs | |
(314) 725-4477 |
• | Fourth quarter - $0.84 |
• | Full Year - $2.87 ($2.95 excluding $0.08 of AcariaHealth transaction costs) |
2013 Results | ||||||||
Q4 | Full Year | |||||||
Premium and Service Revenues (in millions) | $ | 2,859 | $ | 10,526 | ||||
Consolidated Health Benefits Ratio | 88.1 | % | 88.6 | % | ||||
General & Administrative expense ratio | 8.9 | % | 8.8 | % | ||||
Diluted earnings per share (EPS) | $ | 0.84 | $ | 2.87 | ||||
Diluted EPS excluding AcariaHealth transaction costs | $ | 0.84 | $ | 2.95 | ||||
Total cash flow from operations (in millions) | $ | 170.9 | $ | 382.5 |
• | December 31, 2013 at-risk managed care membership of 2,723,200, an increase of 298,700 members, or 12% year over year. |
• | Premium and service revenues for the fourth quarter of $2.9 billion, representing 31% growth compared to the fourth quarter of 2012 and $10.5 billion for 2013, representing 37% growth year over year. |
• | Health Benefits Ratio of 88.1% for the fourth quarter 2013, compared to 90.7% in the fourth quarter of 2012 and 88.6% for the full year 2013 compared to 89.6% for 2012. |
• | General and Administrative expense ratio of 8.9% for the fourth quarter of 2013, compared to 8.4% in the fourth quarter of 2012 and 8.8% for both of the full years 2013 and 2012. |
• | Operating cash flow of $170.9 million and $382.5 million for the fourth quarter and full year of 2013, representing 3.1 and 2.3 times net earnings, respectively. |
• | Diluted EPS for the fourth quarter of 2013 of $0.84, compared to $0.35 in 2012. |
• | In November 2013, our South Carolina subsidiary, Absolute Total Care, was selected by the South Carolina Department of Health and Human Services to serve dual-eligible members as part of the state's pilot program to provide integrated and coordinated care for individuals who are eligible for both Medicare and Medicaid. Operations are expected to commence in the second half of 2014. |
• | In December 2013, our California subsidiary, California Health and Wellness Plan (CHWP), began operating under a new contract with the California Department of Health Care Services to serve Medicaid beneficiaries in 18 rural counties under the state's Medi-Cal Managed Care Rural Expansion program. Also in December 2013, CHWP began operating under a new contract to serve Medi-Cal beneficiaries in Imperial County. |
• | In December 2013, we signed a definitive agreement to purchase a majority stake in Fidelis SecureCare of Michigan, Inc. (Fidelis), a subsidiary of Fidelis SeniorCare, Inc. The transaction is expected to close in the fourth quarter of 2014, subject to certain closing conditions including regulatory approvals, and will involve cash purchase price payments contingent on the performance of the plan over the course of 2015. Fidelis was recently selected by the Michigan Department of Community Health to provide integrated healthcare services to members who are dually eligible for Medicare and Medicaid in Macomb and Wayne counties. Enrollment is expected to commence in the fourth quarter of 2014. |
• | In December 2013, our subsidiary, New Hampshire Healthy Families, began operating under a new contract with the Department of Health and Human Services to serve Medicaid beneficiaries. |
• | In January 2014, we acquired a majority interest in U.S. Medical Management, LLC, a management services organization and provider of in-home health services for high acuity populations, for approximately $200.0 million. The transaction consideration was financed through a combination of cash on hand and 2,243,217 shares of Centene common stock. |
• | In January 2014, we began serving members enrolled in Health Insurance Marketplaces in certain regions of 9 states: Arkansas, Florida, Georgia, Indiana, Massachusetts, Mississippi, Ohio, Texas and Washington. |
• | In January 2014, our CeltiCare subsidiary began operating under a new contract with the Massachusetts Executive Office of Health and Human Services to participate in the MassHealth CarePlus program in all five regions. |
• | In January 2014, Centurion began operating under a new agreement with the Minnesota Department of Corrections to provide managed healthcare services to offenders in the state's correctional facilities. |
• | In February 2014, our Mississippi subsidiary, Magnolia Health Plan, was awarded a statewide managed care contract to continue serving members enrolled in the Mississippi Coordinated Access Network (MississippiCAN) program, as one of two contractors. Under the new contract, Magnolia will continue providing outpatient, behavioral health, pharmacy, vision and dental services, and will also begin providing non-emergency transportation as of July 1, 2014. |
December 31, | |||||
2013 | 2012 | ||||
Arizona | 7,100 | 23,500 | |||
California | 97,200 | — | |||
Florida | 222,000 | 214,000 | |||
Georgia | 318,700 | 313,700 | |||
Illinois | 22,300 | 18,000 | |||
Indiana | 195,500 | 204,000 | |||
Kansas | 139,900 | — | |||
Louisiana | 152,300 | 165,600 | |||
Massachusetts | 22,600 | 21,500 | |||
Mississippi | 78,300 | 77,200 | |||
Missouri | 59,200 | 59,600 | |||
New Hampshire | 33,600 | — | |||
Ohio | 173,200 | 157,800 | |||
South Carolina | 91,900 | 90,100 | |||
Tennessee | 20,700 | — | |||
Texas | 935,100 | 949,900 | |||
Washington | 82,100 | 57,200 | |||
Wisconsin | 71,500 | 72,400 | |||
Total | 2,723,200 | 2,424,500 |
December 31, | |||||
2013 | 2012 | ||||
Medicaid | 2,054,700 | 1,877,100 | |||
CHIP & Foster Care | 275,100 | 235,200 | |||
ABD & Medicare | 305,300 | 274,600 | |||
Hybrid Programs | 19,000 | 29,100 | |||
LTC | 37,800 | 8,500 | |||
Correctional Services | 31,300 | — | |||
Total | 2,723,200 | 2,424,500 |
December 31, | ||||
2013 | 2012 | |||
ABD | 71,700 | 62,600 | ||
LTC | 28,800 | 7,700 | ||
Medicare | 6,500 | 5,100 | ||
Total | 107,000 | 75,400 |
• | For the fourth quarter of 2013, Premium and Service Revenues increased 31% to $2.9 billion from $2.2 billion in the fourth quarter of 2012. The increase was primarily driven as a result of the addition of the Kansas, California and New Hampshire contracts, increased premium rates in Texas, expansions in Mississippi, Ohio and Florida, the acquisition of AcariaHealth and the commencement of the correctional health care contracts in Massachusetts and Tennessee. |
• | Consolidated HBR of 88.1% for the fourth quarter of 2013 represents a decrease from 90.7% in the comparable period in 2012 and an increase from 87.8% in the third quarter of 2013. The HBR improvement compared to 2012 reflects the rate increase in Texas and ongoing medical management initiatives. The increase from the prior quarter is due to normal seasonality. |
• | The following table compares the results for new business and existing business for the quarters ended December 31: |
2013 | 2012 | ||||
Premium and Service Revenue | |||||
New business | 17 | % | 31 | % | |
Existing business | 83 | % | 69 | % | |
HBR | |||||
New business | 95.4 | % | 95.3 | % | |
Existing business | 86.6 | % | 88.7 | % |
• | Consolidated G&A expense ratio for the fourth quarter of 2013 was 8.9%, compared to 8.4% in the prior year. The year over year increase reflects an increase in performance based compensation expense in 2013 and higher start-up costs, partially offset by the benefits of leveraging of expenses over higher revenue in 2013 and our efforts to control costs. |
• | Earnings from operations were $85.1 million in the fourth quarter of 2013 compared to $25.9 million in the fourth quarter of 2012. Net earnings attributable to Centene Corporation were $53.2 million in the fourth quarter of 2013, compared to $9.1 million in the fourth quarter of 2012. |
• | Diluted EPS of $0.84 in the fourth quarter of 2013, compared to $0.35 in 2012. |
• | Premium and service revenues increased 37.0% in the year ended December 31, 2013 over the corresponding period in 2012 as a result of the Texas, Mississippi, Louisiana and Florida expansions, pharmacy carve-ins in Texas and Louisiana, the additions of the Kansas, Missouri, Washington, California and New Hampshire contracts, commencement of the correctional service contracts in Massachusetts and Tennessee, rate increases in several of our markets and the acquisition of AcariaHealth. |
• | The consolidated HBR for the year ended December 31, 2013, of 88.6% was a decrease of 100 basis points over the comparable period in 2012. The 2013 HBR reflects performance improvement in Texas and our individual insurance business from 2012. |
• | The consolidated G&A expense ratio for the years ended December 31, 2013 and 2012 was 8.8%. The G&A expense ratio reflects an increase in performance based compensation expense in 2013 as well as AcariaHealth transaction costs, offset by the benefits of leveraging of expenses over higher revenue in 2013 and our efforts to control costs. |
• | Diluted net earnings per share for 2013 of $2.87 including AcariaHealth transaction costs of $0.08 per diluted share, compared to $1.65 in 2012. |
Days in claims payable, September 30, 2013 | 40.6 | ||
Timing of claim payments | 1.1 | ||
ACA provider parity payments in process | 0.7 | ||
Days in claims payable, December 31, 2013 | 42.4 | ||
Full Year 2014 | |||||||||
Low | High | ||||||||
Premium and Service Revenues (in millions) | $ | 13,800 | $ | 14,300 | |||||
Diluted EPS | $ | 3.50 | $ | 3.80 | |||||
Consolidated Health Benefits Ratio | 88.7 | % | 89.2 | % | |||||
General & Administrative expense ratio | 8.5 | % | 9.0 | % | |||||
Effective Tax Rate | 50.0 | % | 51.0 | % | |||||
Diluted Shares Outstanding (in thousands) | 59,700 | 60,200 | |||||||
December 31, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents of continuing operations | $ | 974,304 | $ | 745,933 | |||
Cash and cash equivalents of discontinued operations | 63,769 | 98,019 | |||||
Total cash and cash equivalents | 1,038,073 | 843,952 | |||||
Premium and related receivables | 428,570 | 251,473 | |||||
Short term investments | 102,126 | 138,101 | |||||
Other current assets | 217,661 | 93,322 | |||||
Other current assets of discontinued operations | 13,743 | 78,977 | |||||
Total current assets | 1,800,173 | 1,405,825 | |||||
Long term investments | 791,900 | 554,770 | |||||
Restricted deposits | 46,946 | 34,286 | |||||
Property, software and equipment, net | 395,407 | 375,893 | |||||
Goodwill | 348,432 | 256,288 | |||||
Intangible assets, net | 48,780 | 20,268 | |||||
Other long term assets | 59,357 | 64,278 | |||||
Long term assets of discontinued operations | 38,305 | 62,297 | |||||
Total assets | $ | 3,529,300 | $ | 2,773,905 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 1,111,709 | $ | 815,161 | |||
Accounts payable and accrued expenses | 375,862 | 219,066 | |||||
Unearned revenue | 38,191 | 34,597 | |||||
Current portion of long-term debt | 3,065 | 3,373 | |||||
Current liabilities of discontinued operations | 30,294 | 157,116 | |||||
Total current liabilities | 1,559,121 | 1,229,313 | |||||
Long term debt | 665,697 | 535,481 | |||||
Other long term liabilities | 60,015 | 54,987 | |||||
Long term liabilities of discontinued operations | 1,028 | 357 | |||||
Total liabilities | 2,285,861 | 1,820,138 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock, $.001 par value; authorized 100,000,000 shares; 58,673,215 issued and 55,319,239 outstanding at December 31, 2013, and 55,339,160 issued and 52,329,248 outstanding at December 31, 2012 | 59 | 55 | |||||
Additional paid-in capital | 594,326 | 450,856 | |||||
Accumulated other comprehensive income: | |||||||
Unrealized (loss) gain on investments, net of tax | (2,620 | ) | 5,189 | ||||
Retained earnings | 731,919 | 566,820 | |||||
Treasury stock, at cost (3,353,976 and 3,009,912 shares, respectively) | (89,643 | ) | (69,864 | ) | |||
Total Centene stockholders’ equity | 1,234,041 | 953,056 | |||||
Noncontrolling interest | 9,398 | 711 | |||||
Total stockholders’ equity | 1,243,439 | 953,767 | |||||
Total liabilities and stockholders’ equity | $ | 3,529,300 | $ | 2,773,905 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues: | |||||||||||||||
Premium | $ | 2,737,942 | $ | 2,148,189 | $ | 10,153,460 | $ | 7,568,889 | |||||||
Service | 121,290 | 28,680 | 372,580 | 112,742 | |||||||||||
Premium and service revenues | 2,859,232 | 2,176,869 | 10,526,040 | 7,681,631 | |||||||||||
Premium tax | 72,508 | 95,181 | 337,289 | 428,665 | |||||||||||
Total revenues | 2,931,740 | 2,272,050 | 10,863,329 | 8,110,296 | |||||||||||
Expenses: | |||||||||||||||
Medical costs | 2,412,195 | 1,948,304 | 8,994,641 | 6,781,081 | |||||||||||
Cost of services | 108,080 | 20,808 | 326,924 | 87,705 | |||||||||||
General and administrative expenses | 255,355 | 182,519 | 931,137 | 677,157 | |||||||||||
Premium tax expense | 71,022 | 94,482 | 333,210 | 428,354 | |||||||||||
Impairment loss | — | — | — | 28,033 | |||||||||||
Total operating expenses | 2,846,652 | 2,246,113 | 10,585,912 | 8,002,330 | |||||||||||
Earnings from operations | 85,088 | 25,937 | 277,417 | 107,966 | |||||||||||
Other income (expense): | |||||||||||||||
Investment and other income | 5,358 | 3,172 | 18,457 | 35,285 | |||||||||||
Interest expense | (6,696 | ) | (6,067 | ) | (26,957 | ) | (20,460 | ) | |||||||
Earnings from continuing operations, before income tax expense | 83,750 | 23,042 | 268,917 | 122,791 | |||||||||||
Income tax expense | 34,143 | 8,785 | 107,080 | 47,412 | |||||||||||
Earnings from continuing operations, net of income tax expense | 49,607 | 14,257 | 161,837 | 75,379 | |||||||||||
Discontinued operations, net of income tax expense (benefit) of $3,254, $(3,046), $2,284, and $(47,741), respectively | 5,275 | (9,618 | ) | 3,881 | (86,674 | ) | |||||||||
Net earnings | 54,882 | 4,639 | 165,718 | (11,295 | ) | ||||||||||
Noncontrolling interest | 1,642 | (4,422 | ) | 619 | (13,154 | ) | |||||||||
Net earnings attributable to Centene Corporation | $ | 53,240 | $ | 9,061 | $ | 165,099 | $ | 1,859 | |||||||
Amounts attributable to Centene Corporation common shareholders: | |||||||||||||||
Earnings from continuing operations, net of income tax expense | $ | 47,965 | $ | 18,679 | $ | 161,218 | $ | 88,533 | |||||||
Discontinued operations, net of income tax expense (benefit) | 5,275 | (9,618 | ) | 3,881 | (86,674 | ) | |||||||||
Net earnings | $ | 53,240 | $ | 9,061 | $ | 165,099 | $ | 1,859 | |||||||
Net earnings (loss) per common share attributable to Centene Corporation: | |||||||||||||||
Basic: | |||||||||||||||
Continuing operations | $ | 0.87 | $ | 0.36 | $ | 2.98 | $ | 1.72 | |||||||
Discontinued operations | 0.10 | (0.19 | ) | 0.07 | (1.68 | ) | |||||||||
Basic earnings per common share | $ | 0.97 | $ | 0.17 | $ | 3.05 | $ | 0.04 | |||||||
Diluted: | |||||||||||||||
Continuing operations | $ | 0.84 | $ | 0.35 | $ | 2.87 | $ | 1.65 | |||||||
Discontinued operations | 0.09 | (0.18 | ) | 0.07 | (1.62 | ) | |||||||||
Diluted earnings per common share | $ | 0.93 | $ | 0.17 | $ | 2.94 | $ | 0.03 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 54,906,274 | 51,817,066 | 54,126,545 | 51,509,366 | |||||||||||
Diluted | 57,078,257 | 54,055,209 | 56,247,173 | 53,714,375 |
Year Ended December 31, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net earnings (loss) | $ | 165,718 | $ | (11,295 | ) | ||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||
Depreciation and amortization | 67,420 | 65,866 | |||||
Stock compensation expense | 36,656 | 25,332 | |||||
Impairment loss | — | 28,033 | |||||
Gain on sale of investment in convertible note | — | (17,880 | ) | ||||
Deferred income taxes | (2,293 | ) | (14,438 | ) | |||
Changes in assets and liabilities | |||||||
Premium and related receivables | (142,977 | ) | (116,558 | ) | |||
Other current assets | (79,588 | ) | (36,818 | ) | |||
Other assets | (736 | ) | 2,825 | ||||
Medical claims liabilities | 171,569 | 359,792 | |||||
Unearned revenue | 2,724 | 24,707 | |||||
Accounts payable and accrued expenses | 151,712 | (21,474 | ) | ||||
Other operating activities | 12,321 | (9,401 | ) | ||||
Net cash provided by operating activities | 382,526 | 278,691 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (67,835 | ) | (82,144 | ) | |||
Purchases of investments | (790,653 | ) | (695,687 | ) | |||
Sales and maturities of investments | 579,161 | 589,921 | |||||
Investments in acquisitions, net of cash acquired | (62,773 | ) | — | ||||
Net cash used in investing activities | (342,100 | ) | (187,910 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 8,983 | 15,912 | |||||
Proceeds from borrowings | 180,000 | 400,500 | |||||
Proceeds from stock offering | 15,225 | — | |||||
Payment of long term debt | (41,593 | ) | (218,234 | ) | |||
Excess tax benefits from stock compensation | 6,380 | 10,996 | |||||
Common stock repurchases | (19,779 | ) | (12,741 | ) | |||
Contribution from noncontrolling interest | 8,068 | 1,092 | |||||
Purchase of noncontrolling interest | — | (14,429 | ) | ||||
Debt issue costs | (3,589 | ) | (3,623 | ) | |||
Net cash provided by financing activities | 153,695 | 179,473 | |||||
Net increase in cash and cash equivalents | 194,121 | 270,254 | |||||
Cash and cash equivalents, beginning of period | 843,952 | 573,698 | |||||
Cash and cash equivalents, end of period | $ | 1,038,073 | $ | 843,952 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 30,009 | $ | 21,605 | |||
Income taxes paid | $ | 84,681 | $ | 42,877 | |||
Equity issued in connection with acquisition | $ | 75,425 | $ | — |
Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | |||||||||||||||
AT-RISK MEMBERSHIP | |||||||||||||||||||
Managed Care: | |||||||||||||||||||
Arizona | 7,100 | 23,700 | 23,200 | 23,300 | 23,500 | ||||||||||||||
California | 97,200 | — | — | — | — | ||||||||||||||
Florida | 222,000 | 217,800 | 216,200 | 214,600 | 214,000 | ||||||||||||||
Georgia | 318,700 | 314,100 | 316,600 | 314,000 | 313,700 | ||||||||||||||
Illinois | 22,300 | 22,800 | 18,000 | 18,000 | 18,000 | ||||||||||||||
Indiana | 195,500 | 198,400 | 200,000 | 202,400 | 204,000 | ||||||||||||||
Kansas | 139,900 | 137,700 | 137,500 | 133,700 | — | ||||||||||||||
Louisiana | 152,300 | 152,600 | 153,700 | 162,900 | 165,600 | ||||||||||||||
Massachusetts | 22,600 | 23,200 | 15,200 | 17,300 | 21,500 | ||||||||||||||
Mississippi | 78,300 | 76,900 | 77,300 | 77,000 | 77,200 | ||||||||||||||
Missouri | 59,200 | 58,200 | 58,800 | 57,900 | 59,600 | ||||||||||||||
New Hampshire | 33,600 | — | — | — | — | ||||||||||||||
Ohio | 173,200 | 170,900 | 156,700 | 157,700 | 157,800 | ||||||||||||||
South Carolina | 91,900 | 89,400 | 88,800 | 90,100 | 90,100 | ||||||||||||||
Tennessee | 20,700 | 20,400 | — | — | — | ||||||||||||||
Texas | 935,100 | 957,300 | 960,400 | 948,400 | 949,900 | ||||||||||||||
Washington | 82,100 | 77,100 | 67,600 | 63,500 | 57,200 | ||||||||||||||
Wisconsin | 71,500 | 72,000 | 73,400 | 72,600 | 72,400 | ||||||||||||||
TOTAL | 2,723,200 | 2,612,500 | 2,563,400 | 2,553,400 | 2,424,500 | ||||||||||||||
Medicaid | 2,054,700 | 1,953,300 | 1,953,600 | 1,951,300 | 1,877,100 | ||||||||||||||
CHIP & Foster Care | 275,100 | 274,900 | 273,200 | 265,400 | 235,200 | ||||||||||||||
ABD & Medicare | 305,300 | 302,000 | 289,800 | 288,400 | 274,600 | ||||||||||||||
Hybrid Programs | 19,000 | 19,600 | 22,400 | 24,600 | 29,100 | ||||||||||||||
Long-term Care | 37,800 | 31,600 | 24,400 | 23,700 | 8,500 | ||||||||||||||
Correctional Services | 31,300 | 31,100 | — | — | — | ||||||||||||||
TOTAL | 2,723,200 | 2,612,500 | 2,563,400 | 2,553,400 | 2,424,500 | ||||||||||||||
Specialty Services(a): | |||||||||||||||||||
Cenpatico Behavioral Health | |||||||||||||||||||
Arizona | 156,600 | 160,700 | 157,100 | 156,200 | 157,900 | ||||||||||||||
Kansas | — | — | — | — | 49,800 | ||||||||||||||
TOTAL | 156,600 | 160,700 | 157,100 | 156,200 | 207,700 | ||||||||||||||
(a) Includes external membership only. | |||||||||||||||||||
REVENUE PER MEMBER PER MONTH(b) | $ | 335 | $ | 328 | $ | 306 | $ | 304 | $ | 291 | |||||||||
CLAIMS(b) | |||||||||||||||||||
Period-end inventory | 622,200 | 698,900 | 703,400 | 940,200 | 619,200 | ||||||||||||||
Average inventory | 511,700 | 505,800 | 510,000 | 555,800 | 515,600 | ||||||||||||||
Period-end inventory per member | 0.23 | 0.27 | 0.27 | 0.37 | 0.26 | ||||||||||||||
(b) Revenue per member and claims information are presented for the Managed Care at-risk members. | |||||||||||||||||||
NUMBER OF EMPLOYEES | 8,800 | 8,200 | 7,900 | 7,100 | 6,800 |
Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (c) | 42.4 | 40.6 | 41.5 | 39.7 | 38.5 | ||||||||||||||
(c) Days in Claims Payable is a calculation of Medical Claims Liabilities at the end of the period divided by average claims expense per calendar day for such period. | |||||||||||||||||||
CASH AND INVESTMENTS (in millions) | |||||||||||||||||||
Regulated | $ | 1,870.6 | $ | 1,612.9 | $ | 1,502.9 | $ | 1,494.0 | $ | 1,435.8 | |||||||||
Unregulated | 44.7 | 37.6 | 33.8 | 45.5 | 37.3 | ||||||||||||||
TOTAL | $ | 1,915.3 | $ | 1,650.5 | $ | 1,536.7 | $ | 1,539.5 | $ | 1,473.1 | |||||||||
DEBT TO CAPITALIZATION | 35.0 | % | 30.5 | % | 32.9 | % | 35.2 | % | 36.1 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT(d) | 32.4 | % | 27.4 | % | 29.8 | % | 31.9 | % | 32.7 | % | |||||||||
Debt to Capitalization is calculated as follows: total debt divided by (total debt + total equity). | |||||||||||||||||||
(d) The non-recourse debt represents the Company's mortgage note payable ($72.8 million at December 31, 2013). |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Health Benefits Ratios: | |||||||||||
Medicaid and CHIP | 86.5 | % | 91.5 | % | 87.5 | % | 88.8 | % | |||
ABD and Medicare | 90.4 | 89.3 | 90.4 | 90.7 | |||||||
Specialty Services | 87.7 | 91.3 | 85.4 | 92.0 | |||||||
Total | 88.1 | 90.7 | 88.6 | 89.6 | |||||||
Total General & Administrative Expense Ratio | 8.9 | % | 8.4 | % | 8.8 | % | 8.8 | % |
Balance, December 31, 2012 | $ | 815,161 | ||
Incurred related to: | ||||
Current period | 9,072,867 | |||
Prior period | (78,226 | ) | ||
Total incurred | 8,994,641 | |||
Paid related to: | ||||
Current period | 7,975,367 | |||
Prior period | 722,726 | |||
Total paid | 8,698,093 | |||
Balance, December 31, 2013 | $ | 1,111,709 |
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