Molina Healthcare saw its net income increase in the third quarter of fiscal year 2015, as the insurer benefited from premium revenue growth.
Here are five things to know about Molina's financial results for the third quarter.
1. Molina reported total revenue of $3.6 billion for the third quarter of FY 2015, up 45 percent from the same period of 2014.
2. The company's premium revenue increased about 46 percent in the third quarter compared with the same period of last year. Molina attributed the premium revenue growth to a number of factors, including increased Medicaid expansion and growth in the company's Illinois health plan.
3. Molina reported its medical care ratio — medical care costs as a percent of premium revenue — decreased to 89.3 percent in the third quarter of FY 2015, down from 90.6 percent in the third quarter of last year.
4. The company ended the third quarter with net income of nearly $46.3 million, up from $16.1 million in the same period of the year prior.
5. Molina CEO J. Mario Molina, MD, was proud of the company's third-quarter results. "Momentum in our business continues to grow as we execute on our priorities of revenue growth, profit improvement and business diversification," he said.
More articles on payer issues:
Anthem Q3 profit hampered by drop in ACA exchange membership
Which payers do physicians trust most?
Utah shuts down nonprofit insurance co-op