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: | July 28, 2015 | 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 July 28, 2015, as to financial results for the second quarter ended June 30, 2015. |
* | 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, Jr. | |
Senior Vice President, Finance & Investor Relations | |
(212) 759-0382 | |
Media Inquiries | |
Marcela Manjarrez Williams | |
Senior Vice President and Chief Communications Officer | |
(314) 445-0790 |
Premium and Service Revenues (in millions) | $ | 5,184 | ||
Consolidated Health Benefits Ratio | 89.1 | % | ||
General & Administrative expense ratio | 8.5 | % | ||
Diluted earnings per share (EPS) | $ | 0.72 | ||
Total cash flow from operations (in millions) | $ | 350 |
• | June 30, 2015 managed care membership of 4.6 million, an increase of 1.3 million members, or 38% compared to the second quarter of 2014. |
• | Premium and service revenues for the second quarter of $5.2 billion, representing 39% growth compared to the second quarter of 2014. |
• | Health Benefits Ratio of 89.1% for the second quarter of 2015, compared to 88.9% in the second quarter of 2014 and 89.8% in the first quarter of 2015. |
• | General and Administrative expense ratio of 8.5% for the second quarter of 2015, compared to 8.6% in the second quarter of 2014 and 8.5% in the first quarter of 2015. |
• | Operating cash flow of $350 million for the second quarter of 2015. |
• | Diluted EPS for the second quarter of 2015 of $0.72, including $0.01 of diluted EPS associated with Health Net, Inc. (Health Net) merger related expenses, compared to $0.39 in 2014. |
• | In July 2015, Centene announced that the Company and two direct, newly formed subsidiaries of the Company had entered into a definitive merger agreement with Health Net under which Centene will acquire all of the issued and outstanding shares of Health Net. The transaction is valued at approximately $6.8 billion (based on the Centene closing stock price on July 1, 2015), including the assumption of debt. The transaction is expected to close in early 2016 and is subject to approval by Centene and Health Net shareholders and other customary closing conditions. |
• | In July 2015, Centurion began operating under a new contract with the Mississippi Department of Corrections to provide comprehensive correctional healthcare services. |
• | In July 2015, Centene's Mississippi subsidiary, Magnolia Health, began operating under a two-year CHIP contract with the State of Mississippi. |
• | In June 2015, the Company received regulatory approval of its previously announced acquisition of Agate Resources, Inc. The transaction is expected to close in the third quarter of 2015. |
• | In May 2015, the Company completed the acquisition of Fidelis SecureCare of Michigan, Inc. (Fidelis). Fidelis began operating under a new contract with the Michigan Department of Community Health and the Centers for Medicare and Medicaid Services to provide integrated healthcare services to members who are dually eligible for Medicare and Medicaid in Macomb and Wayne counties in May 2015. Passive enrollment began in July 2015. |
• | In May 2015, Centene's Florida subsidiary, Sunshine Health, was tentatively recommended for a statewide contract award by the Florida Healthy Kids Corporation to manage healthcare services for children ages five through 18 in all 11 regions of Florida. The two-year contract award is expected to commence in the fourth quarter of 2015. |
• | In the fourth quarter of 2015, Centene's Louisiana subsidiary, Louisiana Healthcare Connections, expects to begin operating under an expanded contract to include behavioral health benefits, and Magnolia Health anticipates operating under an expanded contract to include the inpatient benefit for Medicaid and ABD members. |
• | In June 2015, the Company was awarded the Corporate Anti-Bullying Hero Award at Auburn University's Anti-Bullying Summit. |
• | In June 2015, FORTUNE magazine announced Centene's position of #186 in its annual ranking of America's largest companies by revenue. |
• | In May 2015, at the Case In Point Platinum Awards, Centene and its subsidiaries were honored with awards in five categories: Women/Children Case Management, Disease Management/Population Health, Integrated Case Management and Embedded Case Management, Managed Care Case Management, and Nurse Call Center. Centene was also recognized for four titles in its member educational book series at the Hermes Creative Awards. |
June 30, | |||||
2015 | 2014 | ||||
Arizona | 210,900 | 189,200 | |||
Arkansas | 45,400 | 31,100 | |||
California | 178,700 | 131,100 | |||
Florida | 470,300 | 313,800 | |||
Georgia | 405,000 | 373,000 | |||
Illinois | 209,100 | 29,500 | |||
Indiana | 250,400 | 200,500 | |||
Kansas | 143,000 | 146,100 | |||
Louisiana | 358,900 | 148,600 | |||
Massachusetts | 61,500 | 47,200 | |||
Michigan | 2,700 | — | |||
Minnesota | 10,900 | 9,400 | |||
Mississippi | 250,600 | 97,400 | |||
Missouri | 82,600 | 58,700 | |||
New Hampshire | 70,800 | 39,500 | |||
Ohio | 287,100 | 225,900 | |||
South Carolina | 112,600 | 101,800 | |||
Tennessee | 21,400 | 21,300 | |||
Texas | 969,700 | 921,500 | |||
Vermont | 2,800 | — | |||
Washington | 214,100 | 193,800 | |||
Wisconsin | 78,600 | 67,300 | |||
Total at-risk membership | 4,437,100 | 3,346,700 | |||
Non-risk membership | 176,600 | — | |||
Total | 4,613,700 | 3,346,700 |
June 30, | |||||
2015 | 2014 | ||||
Medicaid | 3,300,600 | 2,385,500 | |||
CHIP & Foster Care | 230,500 | 261,800 | |||
ABD, Medicare & Duals | 414,300 | 329,700 | |||
Long Term Care (LTC) | 72,800 | 53,500 | |||
Health Insurance Marketplaces | 167,400 | 75,700 | |||
Hybrid Programs 1 | — | 17,000 | |||
Behavioral Health | 203,900 | 182,200 | |||
Correctional Healthcare Services | 47,600 | 41,300 | |||
Total at-risk membership | 4,437,100 | 3,346,700 | |||
Non-risk membership | 176,600 | — | |||
Total | 4,613,700 | 3,346,700 | |||
1 In February 2015, hybrid programs were converted to Medicaid expansion contracts. |
June 30, | |||||
2015 | 2014 | ||||
ABD | 106,100 | 89,300 | |||
LTC | 53,100 | 41,800 | |||
Medicare | 8,500 | 6,800 | |||
Medicaid / Medicare Duals | 19,700 | 1,400 | |||
Total | 187,400 | 139,300 |
Three Months Ended | |||||||||||
June 30, 2015 | June 30, 2014 | March 31, 2015 | |||||||||
(in millions) | |||||||||||
Total Revenues | $ | 5,506 | $ | 4,024 | $ | 5,131 | |||||
Premium Tax and Health Insurer Fee Revenues | (322 | ) | (283 | ) | (370 | ) | |||||
Premium and Service Revenues | $ | 5,184 | $ | 3,741 | $ | 4,761 |
• | For the second quarter of 2015, Premium and Service Revenues increased 39% to $5.2 billion from $3.7 billion in the second quarter of 2014. The increase was primarily a result of the impact from expansions or new programs in many of our states, particularly Florida, Illinois, Louisiana, Mississippi, Ohio and Texas. |
• | Premium Tax and Health Insurer Fee Revenues were $322 million in the second quarter of 2015, compared to $283 million in the comparable period in 2014 and $370 million in the first quarter of 2015. The decrease of $48 million from the first quarter of 2015 was due to a lower amount of hospital assessments received in the second quarter of 2015. |
• | Consolidated HBR of 89.1% for the second quarter of 2015 represents an increase from 88.9% in the comparable period in 2014 and a decrease from 89.8% in the first quarter of 2015. The year over year HBR increase is primarily attributable to a higher HBR associated with new programs in two of our states. The sequential decrease is due to normal seasonality. |
• | The following table compares the results for new business and existing business for the quarters ended June 30: |
2015 | 2014 | ||||
Premium and Service Revenue | |||||
New business | 22 | % | 26 | % | |
Existing business | 78 | % | 74 | % | |
HBR | |||||
New business | 91.3 | % | 91.8 | % | |
Existing business | 88.5 | % | 87.9 | % |
◦ | The new business HBR decreased compared to last year as a result of a higher portion of new business associated with Medicaid, which operates at a lower HBR. |
◦ | The existing business HBR increased compared to last year as a result of higher acuity business, including Florida LTC, being classified as existing business in the current year. |
• | Consolidated G&A expense ratio for the second quarter of 2015 was 8.5%, compared to 8.6% in the prior year. The year over year decrease in the G&A ratio reflects the leveraging of expenses over higher revenues in 2015. |
• | Diluted earnings per share of $0.72 in the second quarter of 2015, compared to $0.39 in 2014. Diluted earnings per share in 2014 was impacted by $0.08 of net cost associated with the health insurer fee. |
Full Year 2015 | |||||||||
Low | High | ||||||||
Premium and Service Revenues (in millions) | $ | 20,800 | $ | 21,200 | |||||
Diluted EPS | $ | 2.74 | $ | 2.82 | |||||
Consolidated Health Benefits Ratio | 89.1 | % | 89.5 | % | |||||
General & Administrative expense ratio | 8.0 | % | 8.4 | % | |||||
Effective Tax Rate | 48.0 | % | 50.0 | % | |||||
Diluted Shares Outstanding (in millions) | 123.0 | 124.0 | |||||||
June 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,967 | $ | 1,610 | |||
Premium and related receivables | 1,248 | 912 | |||||
Short term investments | 140 | 177 | |||||
Other current assets | 483 | 335 | |||||
Total current assets | 3,838 | 3,034 | |||||
Long term investments | 1,541 | 1,280 | |||||
Restricted deposits | 101 | 100 | |||||
Property, software and equipment, net | 462 | 445 | |||||
Goodwill | 811 | 754 | |||||
Intangible assets, net | 148 | 120 | |||||
Other long term assets | 121 | 91 | |||||
Total assets | $ | 7,022 | $ | 5,824 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 2,092 | $ | 1,723 | |||
Accounts payable and accrued expenses | 1,004 | 768 | |||||
Return of premium payable | 289 | 236 | |||||
Unearned revenue | 68 | 168 | |||||
Current portion of long term debt | 5 | 5 | |||||
Total current liabilities | 3,458 | 2,900 | |||||
Long term debt | 1,139 | 874 | |||||
Other long term liabilities | 330 | 159 | |||||
Total liabilities | 4,927 | 3,933 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | 155 | 148 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value; authorized 10,000,000 shares; no shares issued or outstanding at June 30, 2015 and December 31, 2014 | — | — | |||||
Common stock, $.001 par value; authorized 200,000,000 shares; 124,812,343 issued and 119,087,944 outstanding at June 30, 2015, and 124,274,864 issued and 118,433,416 outstanding at December 31, 2014 | — | — | |||||
Additional paid-in capital | 891 | 840 | |||||
Accumulated other comprehensive loss | (4 | ) | (1 | ) | |||
Retained earnings | 1,154 | 1,003 | |||||
Treasury stock, at cost (5,724,399 and 5,841,448 shares, respectively) | (101 | ) | (98 | ) | |||
Total Centene stockholders’ equity | 1,940 | 1,744 | |||||
Noncontrolling interest | — | (1 | ) | ||||
Total stockholders’ equity | 1,940 | 1,743 | |||||
Total liabilities and stockholders’ equity | $ | 7,022 | $ | 5,824 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Premium | $ | 4,692 | $ | 3,331 | $ | 8,991 | $ | 6,402 | |||||||
Service | 492 | 410 | 954 | 691 | |||||||||||
Premium and service revenues | 5,184 | 3,741 | 9,945 | 7,093 | |||||||||||
Premium tax and health insurer fee | 322 | 283 | 692 | 391 | |||||||||||
Total revenues | 5,506 | 4,024 | 10,637 | 7,484 | |||||||||||
Expenses: | |||||||||||||||
Medical costs | 4,181 | 2,960 | 8,042 | 5,703 | |||||||||||
Cost of services | 419 | 366 | 821 | 608 | |||||||||||
General and administrative expenses | 442 | 321 | 845 | 616 | |||||||||||
Premium tax expense | 239 | 253 | 520 | 331 | |||||||||||
Health insurer fee expense | 52 | 31 | 107 | 63 | |||||||||||
Total operating expenses | 5,333 | 3,931 | 10,335 | 7,321 | |||||||||||
Earnings from operations | 173 | 93 | 302 | 163 | |||||||||||
Other income (expense): | |||||||||||||||
Investment and other income | 10 | 7 | 19 | 12 | |||||||||||
Interest expense | (11 | ) | (9 | ) | (21 | ) | (16 | ) | |||||||
Earnings from continuing operations, before income tax expense | 172 | 91 | 300 | 159 | |||||||||||
Income tax expense | 84 | 45 | 147 | 79 | |||||||||||
Earnings from continuing operations, net of income tax expense | 88 | 46 | 153 | 80 | |||||||||||
Discontinued operations, net of income tax expense (benefit) of $0, $1, $(1), and $1, respectively | — | 2 | (1 | ) | 1 | ||||||||||
Net earnings | 88 | 48 | 152 | 81 | |||||||||||
(Earnings) loss attributable to noncontrolling interests | — | 1 | (1 | ) | 1 | ||||||||||
Net earnings attributable to Centene Corporation | $ | 88 | $ | 49 | $ | 151 | $ | 82 | |||||||
Amounts attributable to Centene Corporation common shareholders: | |||||||||||||||
Earnings from continuing operations, net of income tax expense | $ | 88 | $ | 47 | $ | 152 | $ | 81 | |||||||
Discontinued operations, net of income tax expense (benefit) | — | 2 | (1 | ) | 1 | ||||||||||
Net earnings | $ | 88 | $ | 49 | $ | 151 | $ | 82 | |||||||
Net earnings (loss) per common share attributable to Centene Corporation: | |||||||||||||||
Basic: | |||||||||||||||
Continuing operations | $ | 0.74 | $ | 0.41 | $ | 1.28 | $ | 0.70 | |||||||
Discontinued operations | — | 0.01 | (0.01 | ) | 0.01 | ||||||||||
Basic earnings per common share | $ | 0.74 | $ | 0.42 | $ | 1.27 | $ | 0.71 | |||||||
Diluted: | |||||||||||||||
Continuing operations | $ | 0.72 | $ | 0.39 | $ | 1.24 | $ | 0.68 | |||||||
Discontinued operations | — | 0.02 | (0.01 | ) | 0.01 | ||||||||||
Diluted earnings per common share | $ | 0.72 | $ | 0.41 | $ | 1.23 | $ | 0.69 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 119,003,569 | 115,517,366 | 118,894,269 | 115,244,078 | |||||||||||
Diluted | 122,965,011 | 119,434,516 | 122,785,459 | 119,094,840 |
Six Months Ended June 30, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 152 | $ | 81 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||
Depreciation and amortization | 53 | 42 | |||||
Stock compensation expense | 33 | 23 | |||||
Deferred income taxes | (13 | ) | (11 | ) | |||
Gain on settlement of contingent consideration | (10 | ) | — | ||||
Changes in assets and liabilities | |||||||
Premium and related receivables | (341 | ) | (161 | ) | |||
Other current assets | (28 | ) | 29 | ||||
Other assets | (30 | ) | (29 | ) | |||
Medical claims liabilities | 366 | 284 | |||||
Unearned revenue | (102 | ) | (18 | ) | |||
Accounts payable and accrued expenses | 166 | 160 | |||||
Other long term liabilities | 144 | 10 | |||||
Other operating activities | 5 | 2 | |||||
Net cash provided by operating activities | 395 | 412 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (58 | ) | (42 | ) | |||
Purchases of investments | (513 | ) | (475 | ) | |||
Sales and maturities of investments | 276 | 221 | |||||
Proceeds from asset sale | 7 | — | |||||
Investments in acquisitions, net of cash acquired | (11 | ) | (94 | ) | |||
Net cash used in investing activities | (299 | ) | (390 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 3 | 4 | |||||
Proceeds from borrowings | 750 | 1,145 | |||||
Payment of long term debt | (479 | ) | (945 | ) | |||
Excess tax benefits from stock compensation | 6 | 1 | |||||
Common stock repurchases | (7 | ) | (5 | ) | |||
Contribution from noncontrolling interest | — | 5 | |||||
Debt issue costs | (4 | ) | (6 | ) | |||
Payment of contingent consideration obligation | (8 | ) | — | ||||
Net cash provided by financing activities | 261 | 199 | |||||
Net increase in cash and cash equivalents | 357 | 221 | |||||
Cash and cash equivalents, beginning of period | 1,610 | 1,038 | |||||
Cash and cash equivalents, end of period | $ | 1,967 | $ | 1,259 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 27 | $ | 16 | |||
Income taxes paid | $ | 145 | $ | 110 | |||
Equity issued in connection with acquisitions | $ | 13 | $ | 132 |
Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | |||||||||||||||
MANAGED CARE MEMBERSHIP | |||||||||||||||||||
Arizona | 210,900 | 202,200 | 204,000 | 202,500 | 189,200 | ||||||||||||||
Arkansas | 45,400 | 43,200 | 38,400 | 36,600 | 31,100 | ||||||||||||||
California | 178,700 | 171,200 | 163,900 | 144,700 | 131,100 | ||||||||||||||
Florida | 470,300 | 463,100 | 425,700 | 411,200 | 313,800 | ||||||||||||||
Georgia | 405,000 | 405,600 | 389,100 | 382,600 | 373,000 | ||||||||||||||
Illinois | 209,100 | 184,800 | 87,800 | 31,300 | 29,500 | ||||||||||||||
Indiana | 250,400 | 227,700 | 197,700 | 199,500 | 200,500 | ||||||||||||||
Kansas | 143,000 | 143,700 | 143,300 | 144,200 | 146,100 | ||||||||||||||
Louisiana | 358,900 | 359,500 | 152,900 | 150,800 | 148,600 | ||||||||||||||
Massachusetts | 61,500 | 64,500 | 48,400 | 46,600 | 47,200 | ||||||||||||||
Michigan | 2,700 | — | — | — | — | ||||||||||||||
Minnesota | 10,900 | 9,500 | 9,500 | 9,500 | 9,400 | ||||||||||||||
Mississippi | 250,600 | 141,900 | 108,700 | 99,300 | 97,400 | ||||||||||||||
Missouri | 82,600 | 75,600 | 71,000 | 64,900 | 58,700 | ||||||||||||||
New Hampshire | 70,800 | 67,500 | 62,700 | 56,600 | 39,500 | ||||||||||||||
Ohio | 287,100 | 296,000 | 280,100 | 261,000 | 225,900 | ||||||||||||||
South Carolina | 112,600 | 106,000 | 109,700 | 106,500 | 101,800 | ||||||||||||||
Tennessee | 21,400 | 20,800 | 21,000 | 21,200 | 21,300 | ||||||||||||||
Texas | 969,700 | 974,900 | 971,000 | 961,100 | 921,500 | ||||||||||||||
Vermont | 2,800 | 1,600 | — | — | — | ||||||||||||||
Washington | 214,100 | 207,100 | 194,400 | 192,500 | 193,800 | ||||||||||||||
Wisconsin | 78,600 | 82,100 | 83,200 | 74,700 | 67,300 | ||||||||||||||
Total at-risk membership | 4,437,100 | 4,248,500 | 3,762,500 | 3,597,300 | 3,346,700 | ||||||||||||||
Non-risk membership | 176,600 | 153,200 | 298,400 | 303,500 | — | ||||||||||||||
TOTAL | 4,613,700 | 4,401,700 | 4,060,900 | 3,900,800 | 3,346,700 | ||||||||||||||
Medicaid | 3,300,600 | 3,133,900 | 2,754,900 | 2,578,300 | 2,385,500 | ||||||||||||||
CHIP & Foster Care | 230,500 | 233,600 | 222,700 | 247,700 | 261,800 | ||||||||||||||
ABD, Medicare & Duals | 414,300 | 410,400 | 392,700 | 383,400 | 329,700 | ||||||||||||||
LTC | 72,800 | 71,200 | 60,800 | 55,200 | 53,500 | ||||||||||||||
Health Insurance Marketplaces | 167,400 | 161,700 | 74,500 | 76,000 | 75,700 | ||||||||||||||
Hybrid Programs | — | — | 18,900 | 19,900 | 17,000 | ||||||||||||||
Behavorial Health | 203,900 | 195,100 | 197,000 | 195,500 | 182,200 | ||||||||||||||
Correctional Healthcare Services | 47,600 | 42,600 | 41,000 | 41,300 | 41,300 | ||||||||||||||
Total at-risk membership | 4,437,100 | 4,248,500 | 3,762,500 | 3,597,300 | 3,346,700 | ||||||||||||||
Non-risk membership | 176,600 | 153,200 | 298,400 | 303,500 | — | ||||||||||||||
TOTAL | 4,613,700 | 4,401,700 | 4,060,900 | 3,900,800 | 3,346,700 | ||||||||||||||
REVENUE PER MEMBER PER MONTH(a) | $ | 356 | $ | 349 | $ | 360 | $ | 354 | $ | 344 | |||||||||
CLAIMS(a) | |||||||||||||||||||
Period-end inventory | 1,501,600 | 1,217,000 | 1,086,600 | 1,021,200 | 771,900 | ||||||||||||||
Average inventory | 946,500 | 841,000 | 806,000 | 660,200 | 603,700 | ||||||||||||||
Period-end inventory per member | 0.34 | 0.29 | 0.29 | 0.28 | 0.23 | ||||||||||||||
(a) Revenue per member and claims information are presented for the Managed Care at-risk members. | |||||||||||||||||||
NUMBER OF EMPLOYEES | 15,800 | 14,800 | 13,400 | 12,900 | 12,300 |
Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (b) | 45.5 | 45.5 | 44.2 | 43.1 | 42.9 | ||||||||||||||
(b) 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 | $ | 3,667 | $ | 3,345 | $ | 3,082 | $ | 2,829 | $ | 2,353 | |||||||||
Unregulated | 82 | 97 | 85 | 70 | 50 | ||||||||||||||
TOTAL | $ | 3,749 | $ | 3,442 | $ | 3,167 | $ | 2,899 | $ | 2,403 | |||||||||
DEBT TO CAPITALIZATION | 37.1 | % | 38.0 | % | 33.5 | % | 36.4 | % | 35.3 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT(c) | 35.7 | % | 36.6 | % | 31.7 | % | 34.6 | % | 33.4 | % | |||||||||
(c) The non-recourse debt represents the Company's mortgage note payable ($69 million at June 30, 2015). | |||||||||||||||||||
Debt to Capitalization is calculated as follows: total debt divided by (total debt + total equity). |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Health Benefits Ratios: | |||||||||||
Medicaid, CHIP, Foster Care & Health Insurance Marketplaces | 85.6 | % | 84.7 | % | 86.5 | % | 85.8 | % | |||
ABD, LTC & Medicare | 93.7 | 94.9 | 93.4 | 94.0 | |||||||
Specialty Services | 86.9 | 80.4 | 86.0 | 84.0 | |||||||
Total | 89.1 | 88.9 | 89.4 | 89.1 | |||||||
Total General & Administrative Expense Ratio | 8.5 | % | 8.6 | % | 8.5 | % | 8.7 | % |
Balance, June 30, 2014 | $ | 1,394 | ||
Incurred related to: | ||||
Current period | 15,216 | |||
Prior period | (199 | ) | ||
Total incurred | 15,017 | |||
Paid related to: | ||||
Current period | 13,193 | |||
Prior period | 1,126 | |||
Total paid | 14,319 | |||
Balance, June 30, 2015 | $ | 2,092 |
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