Five things to know:
1. Point32Health recorded $43.6 million in net losses this third quarter, including $86.3 million in operational losses.
2. This puts the company $85.7 million in the hole for the year so far.
3. Both figures are a stark contrast to 2020’s third quarter numbers, which included a profit of $109.2 million for the first nine months and $53.1 in income for the quarter alone.
4. The insurer reported a current membership of 2.2 million lives. This is down about 100,000 lives from the same time in 2020.
5. “We continue to monitor the impact of the COVID-19 pandemic on the industry as there continues to be volatility across the healthcare sector,” said Umesh Kurpad, CFO of Point32Health. “Point32Health has sustained $213 million in medical costs related to COVID-19 treatment and vaccine administration in the first three quarters of this year. As we have throughout the year, Point32Health is navigating financial pressures in some of our government-sponsored programs.”
