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May 04, 2020 at 05:35 AM
Executives from Molina Healthcare Inc. said Friday that their company has heard of about 950 enrollees being hospitalized with COVID-19 through April 27.
Many of the affected members were in Michigan. Others were in California and Washington state.
Typical hospital stays ranged from five days to a month, and costs ranged from $10,000 per episode to $100,000 per episode.
Resources
- Links to Molina earnings documents are available here.
- An earlier article about Molina’s earnings is available here.
Joseph Zubretsky, Molina’s chief executive officer, declined to talk about average costs, or median costs.
“With 1,000 cases, you don’t have any statistical credibility,” Zubretsky said.
Zubretsky said Molina started seeing patients with claims for all kinds of respiratory problems early in the first quarter, especially in Washington state and in California.
“This was before COVID was a phenomenon,” Zubretsky said.
Now, he said, Molina believes that flurry of claims was a result of COVID-19 being in Washington and California before anyone thought it was there.
Molina is a Long Beach, California-based managed care company that focuses mainly on running Medicaid plans and other government plans. It also sells individual major medical coverage through the Affordable Care Act public exchange system.
Zubretsky and other Molina executives talked about the COVID-19 cases with securities analysts, during a conference call the company held to go over earnings for the first quarter.
Earnings
Molina is reporting $178 million in net income for the first quarter on $4.3 billion in revenue, compared with $198 million in net income on $4 billion in revenue for the first quarter of 2019.
Enrollment
Molina company ended the year providing or administering health coverage for 3.4 million people, or about as many people as it was covering a year earlier.
