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: | October 28, 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 October 28, 2014, as to financial results for the third quarter ended September 30, 2014. |
* | 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 |
Third Quarter | |||||||
2014 | 2013 | ||||||
Net earnings per diluted share | $ | 1.34 | $ | 0.88 | |||
Impact of Health Insurer Fee | 0.15 | — | |||||
Acquisition transaction costs | 0.06 | — | |||||
Benefit for tax adjustment related to prior periods | (0.33 | ) | — | ||||
Total, excluding above items | $ | 1.22 | $ | 0.88 |
• | A $0.15 per diluted share impact for the health insurer fee related to two states where we have not yet received signed agreements. |
• | Transaction costs of $0.06 per diluted share associated with acquisitions in the third quarter. |
• | An income tax benefit of $0.33 per diluted share for periods prior to the third quarter 2014. During the third quarter of 2014, the Internal Revenue Service (IRS) issued final regulations related to compensation deduction limitations applicable to certain health insurance issuers. As a result, we no longer believe the deduction limitations apply to Centene for 2013 and 2014. Accordingly, we reversed previously recorded tax expense from prior periods for this item. |
• | Quarter-end managed care membership of 3,705,300, including non-risk membership of 303,500, an increase of 1,092,800 members, or 42% year over year. |
• | Premium and service revenues of $4.2 billion, representing 53% growth year over year. |
• | Health Benefits Ratio of 89.7%, compared to 87.8% in 2013. |
• | General and Administrative expense ratio of 8.0%, compared to 9.1% in 2013. |
• | Operating cash flow of $441.8 million for the third quarter of 2014. |
• | In October 2014, our subsidiary, Louisiana Healthcare Connections, was recommended for a contract award by the Louisiana Department of Health and Hospitals to serve Bayou Health (Medicaid) beneficiaries. The new Bayou Health contract is expected to commence early in the first quarter of 2015. |
• | In August and September 2014, respectively, our Missouri subsidiary, Home State Health, and our Florida subsidiary, Sunshine Health, received accreditation from the National Committee for Quality Assurance. |
• | In September 2014, Centene was added to the S&P MidCap 400 Index and the Barron's 400 Index. |
September 30, | |||||
2014 | 2013 | ||||
Arizona | 7,000 | 23,700 | |||
Arkansas | 36,600 | — | |||
California | 144,700 | — | |||
Florida | 411,200 | 217,800 | |||
Georgia | 382,600 | 314,100 | |||
Illinois | 31,300 | 22,800 | |||
Indiana | 199,500 | 198,400 | |||
Kansas | 144,200 | 137,700 | |||
Louisiana | 150,800 | 152,600 | |||
Massachusetts | 46,600 | 23,200 | |||
Minnesota | 9,500 | — | |||
Mississippi | 99,300 | 76,900 | |||
Missouri | 64,900 | 58,200 | |||
New Hampshire | 56,600 | — | |||
Ohio | 261,000 | 170,900 | |||
South Carolina | 106,500 | 89,400 | |||
Tennessee | 21,200 | 20,400 | |||
Texas | 961,100 | 957,300 | |||
Washington | 192,500 | 77,100 | |||
Wisconsin | 74,700 | 72,000 | |||
Total at-risk membership | 3,401,800 | 2,612,500 | |||
Non-risk membership | 303,500 | — | |||
Total | 3,705,300 | 2,612,500 |
September 30, | |||||
2014 | 2013 | ||||
Medicaid | 2,578,300 | 1,953,300 | |||
CHIP & Foster Care | 247,700 | 274,900 | |||
ABD, Medicare & Duals | 383,400 | 302,000 | |||
Health Insurance Marketplace (HIM) | 76,000 | — | |||
Hybrid Programs | 19,900 | 19,600 | |||
Long Term Care (LTC) | 55,200 | 31,600 | |||
Correctional Services | 41,300 | 31,100 | |||
Total at-risk membership | 3,401,800 | 2,612,500 | |||
Non-risk membership | 303,500 | — | |||
Total | 3,705,300 | 2,612,500 |
September 30, | ||||
2014 | 2013 | |||
ABD | 119,300 | 72,000 | ||
LTC | 35,500 | 19,600 | ||
Medicare | 9,800 | 6,100 | ||
Total | 164,600 | 97,700 |
• | For the third quarter of 2014, Premium and Service Revenues increased 53% to $4.2 billion from $2.7 billion in the third quarter of 2013. The increase was primarily as a result of the expansions in Florida, Ohio, Washington and Illinois, growth in the AcariaHealth business, the addition of California and New Hampshire operations and our participation in the Health Insurance Marketplaces. |
• | Consolidated HBR for the third quarter of 2014, was 89.7%, compared to 87.8% in the same period in 2013. The HBR increase compared to 2013 is attributable to an increase in higher acuity membership. Consolidated HBR increased from 88.9% in the second quarter of 2014 due to an increase in higher acuity membership. |
• | The following table compares the results for new business and existing business for the quarters ended September 30,: |
2014 | 2013 | ||||
Premium and Service Revenue | |||||
New business | 27 | % | 14 | % | |
Existing business | 73 | % | 86 | % | |
HBR | |||||
New business | 91.4 | % | 96.5 | % | |
Existing business | 89.0 | % | 86.3 | % |
• | Consolidated G&A expense ratio for the third quarter of 2014 was 8.0%, compared to 9.1% in the prior year. The year over year decrease primarily reflects the leveraging of expenses over higher revenue in 2014. |
• | Earnings from operations were $108.0 million in the third quarter of 2014 compared to $84.0 million in the third quarter of 2013. Net earnings attributable to Centene Corporation were $81.1 million in the third quarter of 2014. This compares to $50.3 million in the third quarter of 2013. |
• | Diluted earnings per share of $1.34, or $1.22 excluding a $(0.15) impact associated with the health insurer fee, a $(0.06) impact from transaction costs and a $0.33 benefit associated with the final regulations on the deduction of compensation, compared to $0.88 in 2013. |
Days in claims payable, June 30, 2014 | 42.9 | ||
Timing of claim payments | 0.2 | ||
Days in claims payable, September 30, 2014 | 43.1 | ||
Full Year 2014 | |||||||||
Low | High | ||||||||
Premium and Service Revenues (in millions) | $ | 15,300 | $ | 15,800 | |||||
Diluted EPS | $ | 4.35 | $ | 4.50 | |||||
Consolidated Health Benefits Ratio | 88.9 | % | 89.4 | % | |||||
General & Administrative expense ratio | 8.2 | % | 8.6 | % | |||||
Effective Tax Rate | 40.0 | % | 42.0 | % | |||||
Diluted Shares Outstanding (in thousands) | 60,000 | 60,400 | |||||||
Full Year 2014 | |||||||||
Low | High | ||||||||
Prior Diluted EPS Guidance | $ | 3.70 | $ | 3.90 | |||||
Increase From Improved Performance | 0.14 | 0.09 | |||||||
3.84 | 3.99 | ||||||||
Tax Effect Related to Prior Years | 0.24 | 0.24 | |||||||
Tax Effect Related to 2014 | 0.27 | 0.27 | |||||||
Revised 2014 Diluted EPS Guidance | 4.35 | 4.50 | |||||||
• | We anticipate receiving an additional signed agreement for Texas in the fourth quarter related to the Health Insurer Fee such that the Health Insurer Fee will not have a significant impact on full year 2014 results. |
• | Included in the guidance for 2014 is approximately $0.24 per diluted share, or $14.5 million, in tax benefits resulting from the reversal of amounts recorded in prior years. For 2014, the benefit related to the final regulations on compensation deduction limitations is approximately $0.27 per diluted share. |
• | Acquisition transaction costs of $0.12 are included in the full year guidance amounts. |
September 30, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents of continuing operations | $ | 1,523,596 | $ | 974,304 | |||
Cash and cash equivalents of discontinued operations | 59,376 | 63,769 | |||||
Total cash and cash equivalents | 1,582,972 | 1,038,073 | |||||
Premium and related receivables | 685,188 | 428,570 | |||||
Short term investments | 166,993 | 102,126 | |||||
Other current assets | 319,700 | 217,661 | |||||
Other current assets of discontinued operations | 12,858 | 13,743 | |||||
Total current assets | 2,767,711 | 1,800,173 | |||||
Long term investments | 1,108,261 | 791,900 | |||||
Restricted deposits | 99,727 | 46,946 | |||||
Property, software and equipment, net | 424,229 | 395,407 | |||||
Goodwill | 753,060 | 348,432 | |||||
Intangible assets, net | 127,297 | 48,780 | |||||
Other long term assets | 140,429 | 59,357 | |||||
Long term assets of discontinued operations | 25,631 | 38,305 | |||||
Total assets | $ | 5,446,345 | $ | 3,529,300 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 1,588,798 | $ | 1,111,709 | |||
Accounts payable and accrued expenses | 926,780 | 375,862 | |||||
Unearned revenue | 94,961 | 38,191 | |||||
Current portion of long term debt | 5,131 | 3,065 | |||||
Current liabilities of discontinued operations | 18,623 | 30,294 | |||||
Total current liabilities | 2,634,293 | 1,559,121 | |||||
Long term debt | 949,720 | 665,697 | |||||
Other long term liabilities | 80,371 | 60,015 | |||||
Long term liabilities of discontinued operations | 411 | 1,028 | |||||
Total liabilities | 3,664,795 | 2,285,861 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interest | 140,499 | — | |||||
Stockholders’ equity: | |||||||
Common stock, $.001 par value; authorized 200,000,000 shares; 61,357,390 issued and 58,666,797 outstanding at September 30, 2014, and 58,673,215 issued and 55,319,239 outstanding at December 31, 2013 | 61 | 59 | |||||
Additional paid-in capital | 811,752 | 594,326 | |||||
Accumulated other comprehensive loss | (605 | ) | (2,620 | ) | |||
Retained earnings | 896,385 | 731,919 | |||||
Treasury stock, at cost (2,690,593 and 3,353,976 shares, respectively) | (74,690 | ) | (89,643 | ) | |||
Total Centene stockholders’ equity | 1,632,903 | 1,234,041 | |||||
Noncontrolling interest | 8,148 | 9,398 | |||||
Total stockholders’ equity | 1,641,051 | 1,243,439 | |||||
Total liabilities and stockholders’ equity | $ | 5,446,345 | $ | 3,529,300 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Premium | $ | 3,780,256 | $ | 2,613,567 | $ | 10,182,201 | $ | 7,415,518 | |||||||
Service | 378,833 | 112,497 | 1,070,036 | 251,290 | |||||||||||
Premium and service revenues | 4,159,089 | 2,726,064 | 11,252,237 | 7,666,808 | |||||||||||
Premium tax and health insurer fee | 192,772 | 69,504 | 583,212 | 264,781 | |||||||||||
Total revenues | 4,351,861 | 2,795,568 | 11,835,449 | 7,931,589 | |||||||||||
Expenses: | |||||||||||||||
Medical costs | 3,390,090 | 2,293,616 | 9,092,644 | 6,582,445 | |||||||||||
Cost of services | 327,232 | 100,479 | 935,404 | 218,844 | |||||||||||
General and administrative expenses | 333,878 | 249,028 | 950,432 | 675,783 | |||||||||||
Premium tax expense | 160,744 | 68,453 | 491,691 | 262,188 | |||||||||||
Health insurer fee expense | 31,985 | — | 94,640 | — | |||||||||||
Total operating expenses | 4,243,929 | 2,711,576 | 11,564,811 | 7,739,260 | |||||||||||
Earnings from operations | 107,932 | 83,992 | 270,638 | 192,329 | |||||||||||
Other income (expense): | |||||||||||||||
Investment and other income | 5,676 | 4,757 | 17,652 | 13,099 | |||||||||||
Interest expense | (9,282 | ) | (6,603 | ) | (24,909 | ) | (20,261 | ) | |||||||
Earnings from continuing operations, before income tax expense | 104,326 | 82,146 | 263,381 | 185,167 | |||||||||||
Income tax expense | 26,696 | 32,280 | 106,125 | 72,937 | |||||||||||
Earnings from continuing operations, net of income tax expense | 77,630 | 49,866 | 157,256 | 112,230 | |||||||||||
Discontinued operations, net of income tax expense (benefit) of $(142), $(620), $1,311, and $(970), respectively | 1,521 | (952 | ) | 2,368 | (1,394 | ) | |||||||||
Net earnings | 79,151 | 48,914 | 159,624 | 110,836 | |||||||||||
Noncontrolling interest | (3,469 | ) | (459 | ) | (4,842 | ) | (1,023 | ) | |||||||
Net earnings attributable to Centene Corporation | $ | 82,620 | $ | 49,373 | $ | 164,466 | $ | 111,859 | |||||||
Amounts attributable to Centene Corporation common shareholders: | |||||||||||||||
Earnings from continuing operations, net of income tax expense | $ | 81,099 | $ | 50,325 | $ | 162,098 | $ | 113,253 | |||||||
Discontinued operations, net of income tax expense (benefit) | 1,521 | (952 | ) | 2,368 | (1,394 | ) | |||||||||
Net earnings | $ | 82,620 | $ | 49,373 | $ | 164,466 | $ | 111,859 | |||||||
Net earnings (loss) per common share attributable to Centene Corporation: | |||||||||||||||
Basic: | |||||||||||||||
Continuing operations | $ | 1.38 | $ | 0.92 | $ | 2.80 | $ | 2.10 | |||||||
Discontinued operations | 0.03 | (0.02 | ) | 0.04 | (0.02 | ) | |||||||||
Basic earnings per common share | $ | 1.41 | $ | 0.90 | $ | 2.84 | $ | 2.08 | |||||||
Diluted: | |||||||||||||||
Continuing operations | $ | 1.34 | $ | 0.88 | $ | 2.70 | $ | 2.02 | |||||||
Discontinued operations | 0.02 | (0.01 | ) | 0.04 | (0.02 | ) | |||||||||
Diluted earnings per common share | $ | 1.36 | $ | 0.87 | $ | 2.74 | $ | 2.00 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 58,613,484 | 54,679,660 | 57,956,152 | 53,863,779 | |||||||||||
Diluted | 60,681,875 | 56,933,056 | 59,936,699 | 55,956,421 |
Nine Months Ended September 30, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 159,624 | $ | 110,836 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||
Depreciation and amortization | 65,008 | 50,220 | |||||
Stock compensation expense | 34,613 | 27,252 | |||||
Deferred income taxes | (64,931 | ) | 1,626 | ||||
Changes in assets and liabilities | |||||||
Premium and related receivables | (243,032 | ) | (58,587 | ) | |||
Other current assets | (24,678 | ) | (19,133 | ) | |||
Other assets | (51,625 | ) | (65,397 | ) | |||
Medical claims liabilities | 476,414 | 103,895 | |||||
Unearned revenue | 54,000 | 7,976 | |||||
Accounts payable and accrued expenses | 427,128 | 48,840 | |||||
Other operating activities | 21,213 | 4,142 | |||||
Net cash provided by operating activities | 853,734 | 211,670 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (68,528 | ) | (46,383 | ) | |||
Purchases of investments | (738,474 | ) | (666,016 | ) | |||
Sales and maturities of investments | 319,711 | 451,034 | |||||
Investments in acquisitions, net of cash acquired | (94,154 | ) | (62,773 | ) | |||
Net cash used in investing activities | (581,445 | ) | (324,138 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 5,472 | 7,674 | |||||
Proceeds from borrowings | 1,385,000 | 30,000 | |||||
Payment of long-term debt | (1,117,576 | ) | (40,842 | ) | |||
Proceeds from stock offering | — | 15,225 | |||||
Excess tax benefits from stock compensation | 6,903 | 1,140 | |||||
Common stock repurchases | (5,632 | ) | (5,677 | ) | |||
Contribution from noncontrolling interest | 5,407 | 5,864 | |||||
Debt issue costs | (6,475 | ) | (3,587 | ) | |||
Net cash provided by financing activities | 273,099 | 9,797 | |||||
Effect of exchange rate changes on cash and cash equivalents | (489 | ) | — | ||||
Net increase (decrease) in cash and cash equivalents | 544,899 | (102,671 | ) | ||||
Cash and cash equivalents, beginning of period | 1,038,073 | 843,952 | |||||
Cash and cash equivalents, end of period | $ | 1,582,972 | $ | 741,281 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 17,902 | $ | 16,738 | |||
Health insurer fee paid | 126,187 | — | |||||
Income taxes paid | 167,283 | 40,921 | |||||
Equity issued in connection with acquisition | 190,412 | 75,425 |
Q3 | Q2 | Q1 | Q4 | Q3 | |||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | |||||||||||||||
AT-RISK MEMBERSHIP | |||||||||||||||||||
Managed Care: | |||||||||||||||||||
Arizona | 7,000 | 7,000 | 7,100 | 7,100 | 23,700 | ||||||||||||||
Arkansas | 36,600 | 31,100 | 16,400 | — | — | ||||||||||||||
California | 144,700 | 131,100 | 118,100 | 97,200 | — | ||||||||||||||
Florida | 411,200 | 313,800 | 230,300 | 222,000 | 217,800 | ||||||||||||||
Georgia | 382,600 | 373,000 | 331,400 | 318,700 | 314,100 | ||||||||||||||
Illinois | 31,300 | 29,500 | 22,400 | 22,300 | 22,800 | ||||||||||||||
Indiana | 199,500 | 200,500 | 198,700 | 195,500 | 198,400 | ||||||||||||||
Kansas | 144,200 | 146,100 | 145,000 | 139,900 | 137,700 | ||||||||||||||
Louisiana | 150,800 | 148,600 | 149,800 | 152,300 | 152,600 | ||||||||||||||
Massachusetts | 46,600 | 47,200 | 50,800 | 22,600 | 23,200 | ||||||||||||||
Minnesota | 9,500 | 9,400 | 9,400 | — | — | ||||||||||||||
Mississippi | 99,300 | 97,400 | 85,400 | 78,300 | 76,900 | ||||||||||||||
Missouri | 64,900 | 58,700 | 58,100 | 59,200 | 58,200 | ||||||||||||||
New Hampshire | 56,600 | 39,500 | 37,100 | 33,600 | — | ||||||||||||||
Ohio | 261,000 | 225,900 | 181,800 | 173,200 | 170,900 | ||||||||||||||
South Carolina | 106,500 | 101,800 | 96,300 | 91,900 | 89,400 | ||||||||||||||
Tennessee | 21,200 | 21,300 | 21,100 | 20,700 | 20,400 | ||||||||||||||
Texas | 961,100 | 921,500 | 904,000 | 935,100 | 957,300 | ||||||||||||||
Washington | 192,500 | 193,800 | 151,700 | 82,100 | 77,100 | ||||||||||||||
Wisconsin | 74,700 | 67,300 | 70,800 | 71,500 | 72,000 | ||||||||||||||
Total at-risk membership | 3,401,800 | 3,164,500 | 2,885,700 | 2,723,200 | 2,612,500 | ||||||||||||||
Non-risk membership | 303,500 | — | — | — | — | ||||||||||||||
TOTAL | 3,705,300 | 3,164,500 | 2,885,700 | 2,723,200 | 2,612,500 | ||||||||||||||
Medicaid | 2,578,300 | 2,385,500 | 2,169,100 | 2,054,700 | 1,953,300 | ||||||||||||||
CHIP & Foster Care | 247,700 | 261,800 | 269,200 | 275,100 | 274,900 | ||||||||||||||
ABD, Medicare & Duals | 383,400 | 329,700 | 300,500 | 305,300 | 302,000 | ||||||||||||||
HIM | 76,000 | 75,700 | 39,700 | — | — | ||||||||||||||
Hybrid Programs | 19,900 | 17,000 | 14,400 | 19,000 | 19,600 | ||||||||||||||
LTC | 55,200 | 53,500 | 51,800 | 37,800 | 31,600 | ||||||||||||||
Correctional Services | 41,300 | 41,300 | 41,000 | 31,300 | 31,100 | ||||||||||||||
Total at-risk membership | 3,401,800 | 3,164,500 | 2,885,700 | 2,723,200 | 2,612,500 | ||||||||||||||
Non-risk membership | 303,500 | — | — | — | — | ||||||||||||||
TOTAL | 3,705,300 | 3,164,500 | 2,885,700 | 2,723,200 | 2,612,500 | ||||||||||||||
Specialty Services(a): | |||||||||||||||||||
Cenpatico Behavioral Health Arizona | 195,500 | 182,200 | 162,700 | 156,600 | 160,700 | ||||||||||||||
(a) Includes external membership only. | |||||||||||||||||||
REVENUE PER MEMBER PER MONTH(b) | $ | 370 | $ | 359 | $ | 355 | $ | 335 | $ | 328 | |||||||||
CLAIMS(b) | |||||||||||||||||||
Period-end inventory | 970,200 | 745,400 | 808,500 | 622,200 | 698,900 | ||||||||||||||
Average inventory | 637,100 | 584,000 | 555,400 | 511,700 | 505,800 | ||||||||||||||
Period-end inventory per member | 0.29 | 0.24 | 0.28 | 0.23 | 0.27 | ||||||||||||||
(b) Revenue per member and claims information are presented for the Managed Care at-risk members. | |||||||||||||||||||
NUMBER OF EMPLOYEES | 12,900 | 12,300 | 11,200 | 8,800 | 8,200 |
Q3 | Q2 | Q1 | Q4 | Q3 | |||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (c) | 43.1 | 42.9 | 42.6 | 42.4 | 40.6 | ||||||||||||||
(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, INVESTMENTS AND RESTRICTED DEPOSITS (in millions) | |||||||||||||||||||
Regulated | $ | 2,828.3 | $ | 2,352.3 | $ | 2,166.4 | $ | 1,870.6 | $ | 1,612.9 | |||||||||
Unregulated | 70.3 | $ | 50.3 | 49.3 | 44.7 | 37.6 | |||||||||||||
TOTAL | $ | 2,898.6 | $ | 2,402.6 | $ | 2,215.7 | $ | 1,915.3 | $ | 1,650.5 | |||||||||
DEBT TO CAPITALIZATION | 36.8 | % | 37.5 | % | 36.5 | % | 35.0 | % | 30.5 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT(d) | 35.0 | % | 35.5 | % | 34.4 | % | 32.4 | % | 27.4 | % | |||||||||
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 ($70.7 million at September 30, 2014). |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||
Health Benefits Ratios: | |||||||||||
Medicaid, CHIP, Foster Care & HIM | 86.5 | % | 84.8 | % | 86.1 | % | 87.9 | % | |||
ABD, LTC & Medicare | 93.9 | 92.1 | 94.0 | 90.5 | |||||||
Specialty Services | 86.8 | 86.8 | 84.9 | 84.4 | |||||||
Total | 89.7 | 87.8 | 89.3 | 88.8 | |||||||
Total General & Administrative Expense Ratio | 8.0 | % | 9.1 | % | 8.4 | % | 8.8 | % |
Balance, September 30, 2013 | $ | 1,013,246 | ||
Incurred related to: | ||||
Current period | 11,652,971 | |||
Prior period | (148,132 | ) | ||
Total incurred | 11,504,839 | |||
Paid related to: | ||||
Current period | 10,087,868 | |||
Prior period | 841,419 | |||
Total paid | 10,929,287 | |||
Balance, September 30, 2014 | $ | 1,588,798 |
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