Molina Healthcare improves earnings in quarterly results
SAN JUAN – In its financial results for the second quarter of 2018, Molina Healthcare Inc., which provides managed health care services under the Medicaid and Medicare programs and state insurance marketplaces to more than four million members, said its net income was $202 million, compared with a net loss of $230 million for the second quarter of 2017.
However, the company said a “sequential comparison of our 2018 second quarter performance with our 2018 first quarter performance is the most useful indicator” of its business progress. It reported net income increased to $202 million, from $107 million in the first quarter of 2018.
“Our second quarter results are a strong indication that the early stages of our margin recovery and sustainability plan are working,” Joe Zubretsky, president and CEO said in the earnings release. “Our focus on managed care fundamentals and a more rigorous performance management process is reflected in our improved earnings.”
In July, the company’s Puerto Rico health plan was selected to be one of the organizations to administer the island’s new Medicaid Managed Care contract, which is expected to begin Nov. 1. “As of June 30, 2018, we served approximately 326,000 Medicaid members in the East and Southwest regions of Puerto Rico,” the earnings release adds.
A replay of the audio broadcast held Wednesday on Molina Healthcare’s results can be found here, molinahealthcare.com, for 30 days.