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Molina Healthcare beats profit estimates despite higher medical costs

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Ecology Action Centre calls for immediate implementation of Coastal Protection Act | SaltWire - Molina Healthcare on Wednesday beat Wall Street estimates for third-quarter profit as a rise in memberships offset higher medical costs caused by a rebound in elective surgeries.

Molina's quarterly medical loss ratio, or the percentage of premiums paid out for medical services, was 88.7%, compared with LSEG estimates of 88.34%. The government-backed Medicare program helps cover medical costs for people over 65 years of age or those with certain disabilities. Memberships for its Medicaid plans rose 2% to 4,757,000 in the quarter from last year, while Medicare grew 11.6% to 173,000, the company said.

 

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