Dive Brief:
- On Monday, Long Beach insurer Molina Healthcare reported its financial results for the first quarter of 2015; revenues are up significantly from last year.
- Molina reported first-quarter revenues of almost $3.2 billion, a 53% increase over last year's first-quarter revenues.
- The company also reported a net income of $28.2 million; last year's net income for the same period was $4.5 million.
Dive Insight:
Molina Healthcare provides health services to people who are covered under government programs, such as Medicaid. This year, the company reported a more than 38% increase in enrollment over last year's first-quarter numbers. At the end of the first quarter of 2014, Molina had 15,000 marketplace customers; this year, it had 266,000 customers enrolled through state-run health insurance marketplaces.
In a statement, Molina attributed its improved financial results not only to higher revenues, but also greater administrative cost efficiency and steady medical care costs.