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Humana Reports Fourth Quarter and Full Year 2012 Financial Results; Reaffirms 2013 Financial Guidance


Attachment:

  Humana Reports Fourth Quarter and Full Year 2012 Financial Results;
  Reaffirms 2013 Financial Guidance

  * 4Q12 EPS of $1.19; FY12 EPS of $7.47, both above management’s expectations
  * FY13 EPS guidance of $7.60 to $7.80 reaffirmed
  * FY12 consolidated revenues grew 6 percent to over $39 billion
  * FY12 cash flows from operations of $1.9 billion

Business Wire

LOUISVILLE, Ky. -- February 4, 2013

Humana Inc. (NYSE: HUM) today reported diluted earnings per common share (EPS)
for the quarter ended December 31, 2012 (4Q12) of $1.19, compared to $1.20 per
share for the quarter ended December 31, 2011 (4Q11). Results for 4Q12 were
relatively unchanged versus those for 4Q11, but exceeded management’s previous
expectations.

For the year ended December 31, 2012 (FY12) the company reported $7.47 in EPS
compared to $8.46 for the year ended December 31, 2011 (FY11), which was
higher than management’s previous expectations for FY12 EPS in the range of
$7.25 to $7.35. FY12 consolidated results included $0.48 per share of benefit
from favorable prior period medical claims reserve development compared to
$0.77 per share in FY11.

The company continues to anticipate EPS for the year ending December 31, 2013
(FY13) in the range of $7.60 to $7.80 as improving operating results and
modest accretion from the Metropolitan Health Networks, Inc. (Metropolitan)
acquisition that closed in late FY12 are expected to be generally offset by
slightly higher flu-related medical costs than previously anticipated, as well
as additional interest expense associated with the company’s recent senior
notes offering.

“The progress we made building our clinical capabilities in 2012 positions us
strongly for success in 2014 and beyond,” said Bruce D. Broussard, President
and Chief Executive Officer of Humana. “For 2013, we will continue to enhance
our integrated care delivery model, which we believe represents the future of
health care delivery, as we forecast another year of growth in revenues,
earnings and Medicare membership.”

Consolidated Highlights

Revenues – 4Q12 consolidated revenues were $9.56 billion, an increase of 6
percent from $9.06 billion in 4Q11, with total premiums and services revenue
up 5 percent compared to the prior year’s quarter. The year-over-year increase
in premiums and services revenue was primarily driven by higher Retail and
Employer Group segment revenues resulting from higher average individual and
group Medicare membership, partially offset by the company’s new South Region
TRICARE contract being accounted for as self-funded versus fully-insured for
the previous contract. The new contract became effective on April 1, 2012.

FY12 consolidated revenues increased 6 percent to $39.13 billion from $36.83
billion in FY11 with total premiums and services revenue also up 6 percent
compared to the prior year period, as a result of similar segment-level
changes as those affecting the fourth quarter year-over-year change.

Benefits expense – The 4Q12 consolidated benefit ratio (benefits expense as a
percent of premiums) of 83.7 percent increased by 190 basis points from 81.8
percent for the prior year’s quarter due primarily to a 360 basis point
increase in the Retail Segment benefit ratio, as discussed more fully below.

The consolidated benefit ratio for FY12 of 83.7 percent increased by 160 basis
points from the FY11 consolidated benefit ratio of 82.1 percent also primarily
due to a 290 basis point increase in the benefit ratio for the Retail Segment.

Operating expenses – The consolidated operating cost ratio (operating costs as
a percent of total revenues less investment income) of 17.5 percent for 4Q12
declined from 17.7 percent in 4Q11 primarily due to substantial reductions in
this operating metric for the Retail and Employer Group Segments nearly offset
by the impact of the accounting for the company’s new South Region TRICARE
contract in the company’s Other Businesses.

The FY12 consolidated operating cost ratio of 15.1 percent increased 30 basis
points from 14.8 percent for FY11 primarily due to the impact of the new South
Region TRICARE contract discussed above, partially offset by lower
year-over-year operating cost ratios for the Retail and Employer Group
Segments.

Strategic transaction update – On December 21, 2012, Humana completed its
previously disclosed acquisition of Metropolitan, a Medical Services
Organization that coordinates medical care for Medicare Advantage and Medicaid
beneficiaries, primarily in Florida.

Retail Segment Highlights

Pretax results:

  * Retail Segment pretax income of $256 million in 4Q12 compares to $326
    million in 4Q11, a decline of $70 million. This decrease was primarily due
    to a higher benefit ratio, partially offset by a lower operating cost
    ratio.
  * For FY12, pretax earnings for the Retail Segment of $1.16 billion
    decreased by $425 million from FY11 pretax earnings of $1.59 billion. The
    full-year decrease reflects the same factors impacting the fourth quarter
    year-over-year comparison. FY12 Retail Segment pretax results included
    $110 million of benefit from favorable prior period medical claims reserve
    development compared to $147 million in FY11.

Enrollment:

  * Individual Medicare Advantage membership was 1,927,600 at December 31,
    2012, an increase of 287,300 members, or 18 percent from 1,640,300 at
    December 31, 2011, primarily due to a successful enrollment season
    associated with the 2012 plan year as well as age-in enrollment throughout
    the year.
  * Effective March 31, 2012, the company added approximately 62,600 members
    from the acquisition of Arcadian Management Services, Inc. (Arcadian). As
    previously announced, the company divested approximately 12,600 members
    acquired with Arcadian effective January 1, 2013 in accordance with the
    company’s previously disclosed agreement with the United States Department
    of Justice.
  * January 2013 individual Medicare Advantage membership approximated
    2,011,000, up approximately 83,400 from December 31, 2012, reflecting net
    membership additions in line with the company’s expectations for the
    recently completed 2013 Annual Election Period (AEP) for Medicare
    beneficiaries and the Arcadian-related membership divestitures discussed
    above.
  * Membership in the company’s individual stand-alone Prescription Drug Plans
    (PDPs) was 2,985,600 at December 31, 2012, up 445,200, or 18 percent
    compared to 2,540,400 at December 31, 2011. These increases resulted
    primarily from higher gross sales primarily during the 2012 enrollment
    season, particularly for the company’s innovative Humana-Walmart plan
    offering, supplemented by dual-eligible and age-in enrollments throughout
    the year.
  * January 2013 individual stand-alone PDP membership grew to approximately
    3,113,000, an increase of approximately 127,400 from December 31, 2012, in
    line with the company’s expectations for net additions during the AEP.
  * HumanaOne® medical membership increased to 444,000 at December 31, 2012,
    an increase of 10,400, or 2 percent, from 433,600 at December 31, 2011.
  * Membership in individual specialty products^(a) of 948,700 at December 31,
    2012 increased 21 percent from 782,500 at December 31, 2011, driven
    primarily by increased membership in dental offerings.

Premiums and services revenue:

  * 4Q12 premiums and services revenue for the Retail Segment was $6.11
    billion, an increase of 15 percent from $5.31 billion in 4Q11. The
    increase was primarily the result of 19 percent higher average individual
    Medicare Advantage membership year over year.

Benefits expense:

  * The 4Q12 benefit ratio for the Retail Segment was 82.6 percent, an
    increase of 360 basis points from 79.0 percent in 4Q11. The year-over-year
    increase was primarily due to a higher Medicare Advantage benefit ratio
    associated with new members and increased outpatient utilization for both
    new and existing members.

Operating costs:

  * The Retail Segment’s operating cost ratio of 13.1 percent in 4Q12
    decreased 160 basis points from 14.7 percent in 4Q11. The decrease was
    primarily the result of cost efficiencies resulting from higher average
    membership together with the company’s continued focus on operating cost
    efficiencies.

Employer Group Segment Highlights

Pretax results:

  * Employer Group Segment pretax loss of $25 million in 4Q12 compares to a
    pretax loss of $51 million in 4Q11, and reflects an improved operating
    cost ratio partially offset by a year-over-year increase in the benefit
    ratio for this segment.
  * For FY12, pretax earnings for the Employer Group Segment of $253 million
    increased by $11 million versus FY11 pretax earnings of $242 million with
    the same factors impacting fourth quarter results also driving the
    year-over-year increase.

Enrollment:

  * Group Medicare Advantage membership was 398,500 at December 31, 2012, an
    increase of 80,300 members, or 25 percent, from 318,200 at December 31,
    2011 primarily due to the addition of a large retiree account during FY12.
  * Group fully-insured commercial medical membership increased to 1,211,800
    at December 31, 2012, an increase of 31,600, or 3 percent, from 1,180,200
    at December 31, 2011. This increase primarily reflected small group
    business membership gains partially offset by lower membership in large
    group accounts. Approximately 59 percent of group fully-insured commercial
    medical membership was in small group accounts at December 31, 2012 versus
    56 percent at December 31, 2011.
  * Group administrative services only (ASO) commercial medical membership
    declined to 1,237,700 at December 31, 2012, a decrease of 54,600, or 4
    percent, from 1,292,300 at December 31, 2011. This decline reflected a
    continuation of discipline in pricing services for self-funded accounts
    amid a highly competitive environment.
  * Membership in Employer Group specialty products^(a) increased to 7,136,200
    at December 31, 2012, an increase of 603,600, or 9 percent, from 6,532,600
    at December 31, 2011. This increase primarily resulted from increased
    cross-sales of the company’s specialty products to its medical membership
    and growth in stand-alone specialty product sales.

Premiums and services revenue:

  * 4Q12 premiums and services revenue for the Employer Group Segment were
    $2.63 billion, up approximately 14 percent from $2.30 billion in 4Q11
    primarily reflecting the impacts of higher average group Medicare
    Advantage and commercial fully-insured membership.

Benefits expense:

  * 4Q12 benefit ratio for the Employer Group Segment was 87.1 percent, an
    increase of 70 basis points from 86.4 percent for 4Q11. The year-over-year
    increase in the benefit ratio primarily reflected a higher percentage of
    members in group Medicare Advantage plans (which carry a higher benefit
    ratio than commercial fully-insured group accounts).

Operating costs:

  * The Employer Group Segment’s operating cost ratio was 16.7 percent in
    4Q12, a decline of 210 basis points from 18.8 percent in 4Q11, primarily
    reflecting a higher percentage of members in group Medicare Advantage
    plans (which carry a lower operating cost ratio than commercial
    fully-insured group accounts) as well as cost savings associated with
    operating cost reduction initiatives.

Health and Well-Being Services Segment Highlights

Pretax results:

  * Health and Well-Being Services Segment pretax income of $75 million in
    4Q12 declined $10 million from $85 million in 4Q11 primarily due to
    transaction costs associated with the closings of the Metropolitan and
    MCCI Holdings, LLC (MCCI) strategic transactions announced in November
    2012.
  * For FY12, pretax earnings for the Health and Well-Being Services Segment
    of $486 million increased by $133 million from FY11 pretax earnings of
    $353 million, primarily from higher earnings in the company’s RightSource®
    mail order operations.

Revenues:

  * Revenues of $3.26 billion in 4Q12 for the Health and Well-Being Services
    Segment increased 13 percent from $2.90 billion in 4Q11. This increase was
    primarily due to growth in the company’s pharmacy solutions business.

Operating costs:

  * The Health and Well-Being Services Segment’s operating cost ratio of 96.8
    percent in 4Q12 increased by 50 basis points from 96.3 percent in 4Q11,
    primarily due to costs associated with the 4Q12 closings of the previously
    announced Metropolitan and MCCI strategic transactions.

Other Businesses Highlights

Pretax results:

  * Other Businesses incurred a pretax loss of $31 million in 4Q12 versus
    pretax income of $1 million in 4Q11, primarily due to a reserve
    strengthening for the company’s closed block of long-term-care business in
    4Q12
  * For FY12, a pretax loss for Other Businesses of $19 million compares to
    pretax income of $84 million in FY11. This year-over-year decline
    primarily reflected the combined effect of approximately $46 million in
    benefits expense related to the settlement of previously disclosed
    litigation involving Humana Military Healthcare Services, Inc., the 4Q12
    adjustments to long-term-care reserves described above and the change in
    profitability under the new South Region TRICARE contract described below.
  * On April 1, 2012, the company’s new South Region TRICARE contract became
    effective with the Department of Defense (DoD). The company’s new contract
    is structured similar to self-funded products versus a fully-insured
    structure for the company’s previous South Region TRICARE contract with
    the DoD. This change resulted in significant volatility in year-over-year
    comparisons for the company’s Other Businesses.

Balance Sheet

  * At December 31, 2012, the company had cash, cash equivalents, and
    investment securities of $11.15 billion, up approximately $320 million
    from $10.83 billion at December 31, 2011 reflecting higher balances
    associated with increased revenues for FY12 versus FY11.
  * In early December 2012, the company announced it had completed its public
    offering of $1 billion of senior notes. A substantial portion of the
    proceeds from that debt offering was used to complete the Metropolitan
    transaction, including the retirement of Metropolitan’s indebtedness and
    for related transaction fees and expenses, all in late December 2012.
  * Parent company cash and short-term investments of $346 million at December
    31, 2012 decreased $176 million from $522 million at September 30, 2012,
    primarily reflecting strategic transaction activity and cash dividends to
    stockholders during 4Q12 partially offset by the net proceeds from the
    issuance of debt. Cash and short-term investments at the parent decreased
    $148 million year over year from $494 million held at the parent at
    December 31, 2011 as increased dividends from subsidiaries and net
    proceeds from the issuance of debt during 4Q12 were more than offset by
    strategic transaction activity, share repurchases and cash dividends to
    stockholders.
  * Days in claims payable of 48.5 at December 31, 2012 decreased 3.1 days
    from 51.6 days at September 30, 2012 primarily due to a decline in
    processed and unprocessed claims on hand as well as certain provider
    capitation payment settlements during 4Q12.
  * Debt-to-total capitalization at December 31, 2012 was 22.8 percent, up 710
    basis points from 15.7 percent at September 30, 2012, and up 570 basis
    points from 17.1 percent at December 31, 2011 primarily driven by the 4Q12
    issuance of senior notes described above.

Cash Flows from Operations

Cash flows provided by operations for 4Q12 were $205 million compared to cash
flows used in operations of $1.80 billion in 4Q11. The company also evaluates
operating cash flows on a non-GAAP basis:

 
Net cash from operating activities       4Q12         4Q11
                                                     
(in millions)                            Cash Flows   Cash Flows
GAAP                                     $    205     ($1,797)
Timing of premium payment from CMS (b)        -       1,796
Non-GAAP (c)                             $    205     ($1)
                                                     

The year-over-year increase in the non-GAAP cash flows from operations is due
primarily to the effect on cash flows of changes in working capital accounts.

FY12 cash flows from operations of $1.92 billion compared to $2.08 billion for
FY11, primarily due to lower net income year over year.

Share Repurchase Program

  * During FY12, under the company’s current share repurchase authorization
    and a previously approved share repurchase authorization, the company
    executed share repurchases of approximately $460 million, or approximately
    6,252,900 of its outstanding shares, at an average price of $73.66 per
    share.
  * As of February 4, 2013, approximately $640 million of the $1 billion April
    2012 share repurchase authorization remained, with an expiration date of
    June 30, 2014.

Footnotes

(a) The company provides a full range of insured specialty products including
dental, vision and other supplemental health and financial protection
products. Members included in these products may not be unique to each product
since members have the ability to enroll in multiple products. Other
supplemental benefits include life, disability, and fixed benefit products
including cancer and critical illness policies.

(b) Generally, when the first day of a month falls on a weekend or holiday,
with the exception of January 1 (New Year’s Day), the company receives this
payment on the last business day of the previous month. Consequently, 4Q11
cash flows included two monthly Medicare payments compared to three monthly
Medicare payments during 4Q12.

(c) The Company has included certain financial measures that are not in
accordance with Generally Accepted Accounting Principles (GAAP) in its summary
of financial results within this earnings press release. The company believes
that these non-GAAP measures, when presented in conjunction with comparable
GAAP measures, are useful to both management and its investors in analyzing
the company's ongoing business and operating performance. Internally,
management uses these non-GAAP financial measures as indicators of business
performance, as well as for operational planning and decision making purposes.
Non-GAAP financial measures should be considered in addition to, but not as a
substitute for, or superior to, financial measures prepared in accordance with
GAAP.

Conference Call & Virtual Slide Presentation

Humana will host a conference call, as well as a virtual slide presentation,
at 9:00 a.m. eastern time today to discuss its financial results for the
quarter and the company’s expectations for future earnings. A live virtual
presentation (audio with slides) may be accessed via Humana’s Investor
Relations page at www.humana.com. The company suggests web participants sign
on at least 15 minutes in advance of the call. The company also suggests web
participants visit the site well in advance of the call to run a system test
and to download any free software needed to view the presentation.

All parties interested in the audio-only portion of the conference call are
invited to dial 888-625-7430. No password is required. The company suggests
participants dial in at least ten minutes in advance of the call. For those
unable to participate in the live event, the virtual presentation archive may
be accessed via the Historical Webcasts & Presentations section of the
Investor Relations page at www.humana.com.

Cautionary Statement

This news release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. When used in investor
presentations, press releases, Securities and Exchange Commission (SEC)
filings, and in oral statements made by or with the approval of one of
Humana’s executive officers, the words or phrases like “expects,”
“anticipates,” “intends,” “likely will result,” “estimates,” “projects” or
variations of such words and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are not
guarantees of future performance and are subject to risks, uncertainties, and
assumptions, including, among other things, information set forth in the “Risk
Factors” section of the company’s SEC filings, a summary of which includes but
is not limited to the following:

  * If Humana does not design and price its products properly and
    competitively, if the premiums Humana charges are insufficient to cover
    the cost of health care services delivered to its members, if the company
    is unable to implement clinical initiatives to provide a better health
    care experience for its members, lower costs and appropriately document
    the risk profile of its members, or if its estimates of benefits expense
    are inadequate, Humana’s profitability could be materially adversely
    affected. Humana estimates the costs of its benefit expense payments, and
    designs and prices its products accordingly, using actuarial methods and
    assumptions based upon, among other relevant factors, claim payment
    patterns, medical cost inflation, and historical developments such as
    claim inventory levels and claim receipt patterns. These estimates,
    however, involve extensive judgment, and have considerable inherent
    variability because they are extremely sensitive to changes in payment
    patterns and medical cost trends.
  * If Humana fails to effectively implement its operational and strategic
    initiatives, particularly its Medicare initiatives (given the
    concentration of the company’s revenues in the Medicare business), the
    company’s business may be materially adversely affected.
  * If Humana fails to properly maintain the integrity of its data, to
    strategically implement new information systems, to protect Humana’s
    proprietary rights to its systems, or to defend against cyber-security
    attacks, the company’s business may be materially adversely affected.
  * Humana’s business may be materially adversely impacted by CMS’s adoption
    of a new coding set for diagnoses.
  * Humana is involved in various legal actions and governmental and internal
    investigations, any of which, if resolved unfavorably to the company,
    could result in substantial monetary damages. Increased litigation and
    negative publicity could also increase the company’s cost of doing
    business.
  * As a government contractor, Humana is exposed to risks that may materially
    adversely affect its business or its willingness or ability to participate
    in government health care programs.
  * Recently enacted health insurance reform, including The Patient Protection
    and Affordable Care Act and The Health Care and Education Reconciliation
    Act of 2010, could have a material adverse effect on Humana’s results of
    operations, including restricting revenue, enrollment and premium growth
    in certain products and market segments, restricting the company’s ability
    to expand into new markets, increasing the company's medical and operating
    costs by, among other things, requiring a minimum benefit ratio on insured
    products (and particularly how the ratio may apply to Medicare plans,
    including aggregation, credibility thresholds, and its possible
    application to prescription drug plans), lowering the company’s Medicare
    payment rates and increasing the company’s expenses associated with a
    non-deductible federal premium tax and other assessments; financial
    position, including the company's ability to maintain the value of its
    goodwill; and cash flows. In addition, if the new non-deductible federal
    premium tax and other assessments, including a three-year commercial
    reinsurance fee, were imposed as enacted, and if Humana is unable to
    adjust its business model to address these new taxes and assessments, such
    as through the reduction of the company’s operating costs, there can be no
    assurance that the non-deductible federal premium tax and other
    assessments would not have a material adverse effect on the company’s
    results of operations, financial position, and cash flows.
  * Humana’s business activities are subject to substantial government
    regulation. New laws or regulations, or changes in existing laws or
    regulations or their manner of application could increase the company’s
    cost of doing business and may adversely affect the company’s business,
    profitability and cash flows.
  * Any failure to manage operating costs could hamper Humana’s profitability.
  * Any failure by Humana to manage acquisitions and other significant
    transactions successfully may have a material adverse effect on its
    results of operations, financial position, and cash flows.
  * If Humana fails to develop and maintain satisfactory relationships with
    the providers of care to its members, the company’s business may be
    adversely affected.
  * Humana’s pharmacy business is highly competitive and subjects it to
    regulations in addition to those the company faces with its core health
    benefits businesses.
  * Changes in the prescription drug industry pricing benchmarks may adversely
    affect Humana’s financial performance.
  * If Humana does not continue to earn and retain purchase discounts and
    volume rebates from pharmaceutical manufacturers at current levels,
    Humana’s gross margins may decline.
  * Humana’s ability to obtain funds from its subsidiaries is restricted by
    state insurance regulations.
  * Downgrades in Humana’s debt ratings, should they occur, may adversely
    affect its business, results of operations, and financial condition.
  * Changes in economic conditions could adversely affect Humana’s business
    and results of operations.
  * The securities and credit markets may experience volatility and
    disruption, which may adversely affect Humana’s business.
  * Given the current economic climate, Humana’s stock and the stock of other
    companies in the insurance industry may be increasingly subject to stock
    price and trading volume volatility.

In making forward-looking statements, Humana is not undertaking to address or
update them in future filings or communications regarding its business or
results. In light of these risks, uncertainties, and assumptions, the
forward-looking events discussed herein may or may not occur. There also may
be other risks that the company is unable to predict at this time. Any of
these risks and uncertainties may cause actual results to differ materially
from the results discussed in the forward-looking statements.

Humana advises investors to read the following documents as filed by the
company with the SEC for further discussion both of the risks it faces and its
historical performance:

  * Form 10-K for the year ended December 31, 2011;
  * Form 10-Qs for the quarters ended March 31, 2012, June 30, 2012 and
    September 30, 2012 (as amended by the Form 10-Q/A filed on December 4,
    2012);
  * Form 8-Ks filed during 2012 and 2013.

About Humana

Humana Inc., headquartered in Louisville, Kentucky, is a leading health care
company that offers a wide range of insurance products and health and wellness
services that incorporate an integrated approach to lifelong well-being. By
leveraging the strengths of its core businesses, Humana believes it can better
explore opportunities for existing and emerging adjacencies in health care
that can further enhance wellness opportunities for the millions of people
across the nation with whom the company has relationships.

More information regarding Humana is available to investors via the Investor
Relations page of the company’s web site at www.humana.com, including copies
of:

  * Annual reports to stockholders;
  * Securities and Exchange Commission filings;
  * Most recent investor conference presentations;
  * Quarterly earnings news releases;
  * Replays of most recent earnings release conference calls;
  * Calendar of events (including upcoming earnings conference call dates and
    times, as well as planned interaction with research analysts and
    institutional investors);
  * Corporate Governance information

 
 
 
Humana Inc. – Earnings Guidance Points as of February 4, 2013

                                                        
(in accordance with         For the year ending        Comments
Generally Accepted          December 31, 2013
Accounting Principles)                                  
Diluted earnings per
common share (EPS)
                                                       FY13 includes
Full Year                   $7.60 to $7.80             approximately $0.30 per
                                                       share in
                                                       investment spending
First Quarter               $1.75 to $1.85              
Revenues
                            $41.0 billion to $41.5     Includes expected
Consolidated                billion                    investment income in
                                                       the range
                                                       of $365 million to $385
                                                       million for 2013
Retail Segment              $26.25 billion to          Segment-level revenues
                            $26.75 billion             include intersegment
Employer Group Segment      $11.0 billion to $11.5     amounts that eliminate
                            billion                    in consolidation
Health and Well-Being
Services
Segment                     $15.0 billion to $15.5
                            billion
Other Businesses            $1.8 billion to $2.1        
                            billion
Ending medical
membership versus prior
year end
Retail Segment              Up 100,000 to 120,000      Includes the January 1,
                                                       2013 disposition of
                                                       12,600 Medicare
Medicare Advantage                                     Advantage members
                                                       acquired in
                                                       the March 2012 Arcadian
                                                       transaction in
                                                       accordance with the
                                                       company’s previously
                                                       disclosed agreement
                                                       with the United States
                                                       Department of Justice.
                                                        
Medicare stand-alone        Up 135,000 to 175,000
PDPs
HumanaOne                   Down approximately
                            50,000
Medicare Supplement         Up 15,000 to 25,000
Employer Group Segment
Medicare Advantage          Up approximately
                            20,000
Commercial                  Flat to up 5,000
Fully-Insured
Commercial ASO              Down 25,000 to 45,000       
Benefit ratios                                         Benefits expense as a
                                                       percent of premiums
Retail Segment              84.5% to 85.0%
Employer Group Segment      85.0% to 86.0%              
                                                       Operating costs as a
Operating cost ratios                                  percent of total
                                                       revenues
                                                       excluding investment
                                                       income
Consolidated                15.0% to 15.5%
Health and Well-Being        
Services
Segment                     95.5% to 96.0%              
Consolidated                                           Certain D&A is included
depreciation and                                       in benefits expense on
amortization
Income statement            $330 million to $350       the income statement
                            million                    but shown as a non-cash
Cash flows statement        $415 million to $435       item on the cash flows
                            million                    statement
Consolidated interest       $140 million to $145        
expense                     million
                                                       Segment-level pretax
Detailed pretax results                                results and margins
                                                       include
                                                       the impact of net
                                                       investment income
Retail Segment              $1.29 billion to $1.33
                            billion;
                            approximately 5%
                            pretax margin
Employer Group Segment      $105 million to $155
                            million;
                            1.0% to 1.2% pretax
                            margin
Health and Well-Being
Services
Segment                     $500 million to $550
                            million;
                            3.0% to 3.5% pretax         
                            margin
Effective Tax Rate          Approximately 37%           
Diluted shares              Approximately 161.5        Projections exclude the
                            million                    impact of future share
                                                       repurchases
Cash flows from             $1.8 billion to $2.0        
operations                  billion
Capital expenditures        $425 million to $450        
                            million

 
 
 
 
 
Humana Inc.
Statistical Schedules
And
Supplementary Information
4Q12 Earnings Release
 
 
 
S-1

 
   
   
   
  Humana Inc.
  Statistical Schedules and Supplementary Information
  4Q12 Earnings Release
             
  Contents
               
  Page        Description
               
  S-3-4       Consolidated Statements of Income
  S-5-6       Quarterly Segment Financial Information
  S-7-8       FY Segment Financial Information
  S-9         Consolidated Balance Sheets
  S-10-11     Consolidated Statements of Cash Flows
  S-12        Key Income Statement Ratios and Segment Operating Results
  S-13-14     Health and Well-Being Services Segment Metrics
  S-15        Membership Detail
  S-16-17     Premiums and Services Revenue Detail
  S-18        Medicare Summary
  S-19        Investments
  S-20-22     Benefits Payable Detail and Statistics
  S-23        Footnotes
               
               
               
S-2

                                                                   
                                                                     
                                                                     
                                                                     
Humana Inc.
Consolidated Statements
of Income
In millions, except per
common share results
                            
                           Three Months Ended
                           December 31,
                                                        Dollar      Percentage
                           2012           2011          Change      Change
Revenues:
     Premiums              $  8,980       $  8,638      $ 342       4.0     %
     Services                 475            325          150       46.2    %
     Investment income        102            93           9         9.7     %
            Total             9,557          9,056        501       5.5     %
            revenues
Operating expenses:
     Benefits                 7,516          7,062        454       6.4     %
     Operating costs          1,655          1,585        70        4.4     %
     Depreciation and         77             69           8         11.6    %
     amortization
            Total
            operating         9,248          8,716        532       6.1     %
            expenses
Income from operations        309            340          (31   )   -9.1    %
Interest expense              27             27           0         0.0     %
Income before income          282            313          (31   )   -9.9    %
taxes
Provision for income          90             114          (24   )   -21.1   %
taxes
Net income                 $  192         $  199        $ (7    )   -3.5    %
                                                                     
Basic earnings per         $  1.21        $  1.22       $ (0.01 )   -0.8    %
common share
Diluted earnings per       $  1.19        $  1.20       $ (0.01 )   -0.8    %
common share
                                                                     
Shares used in computing
basic earnings per            158,764        163,238
common share (000's)
Shares used in computing
diluted earnings per          160,682        165,632
common share (000's)
                                                                     
                                                                     
                                                                     
S-3

                                                                   
                                                                     
                                                                     
                                                                     
Humana Inc.
Consolidated Statements of
Income
In millions, except per
common share results
                                 
                                Twelve Months Ended
                                December 31,
                                                         Dollar     Percentage
                                2012         2011        Change     Change
Revenues:
      Premiums                  $ 37,009     $ 35,106    $ 1,903    5.4%
      Services                  1,726        1,360       366        26.9%
      Investment income         391          366         25         6.8%
           Total revenues       39,126       36,832      2,294      6.2%
Operating expenses:
      Benefits                  30,985       28,823      2,162      7.5%
      Operating costs           5,830        5,395       435        8.1%
      Depreciation and          295          270         25         9.3%
      amortization
           Total operating      37,110       34,488      2,622      7.6%
           expenses
Income from operations          2,016        2,344       (328)      -14.0%
Interest expense                105          109         (4)        -3.7%
Income before income taxes      1,911        2,235       (324)      -14.5%
Provision for income taxes      689          816         (127)      -15.6%
Net income                      $ 1,222      $ 1,419     $ (197)    -13.9%
                                                                     
Basic earnings per common       $ 7.56       $ 8.58      $ (1.02)   -11.9%
share
Diluted earnings per common     $ 7.47       $ 8.46      $ (0.99)   -11.7%
share
                                                                     
Shares used in computing
basic earnings per common       161,484      165,413
share (000's)
Shares used in computing
diluted earnings per common     163,457      167,827
share (000's)
                                                                     
                                                                     
                                                                     
S-4

                                                                                         
                                                                                            
                                                                                            
                                                                                            
Humana Inc.
4Q12 Segment
Financial
Information
In millions
                                            Health and
                              Employer      Well-Being    Other         Eliminations/
                Retail        Group         Services      Businesses    Corporate       Consolidated
                                                                                            
Revenues -
external
customers
Premiums:
Medicare          $ 5,184       $ 1,005       $ -           $ -            $ -             $ 6,189
Advantage
Medicare
stand-alone         620           2             -             63             -               685    
PDP
Total               5,804         1,007         -             63             -               6,874  
Medicare
Fully-insured       255           1,251         -             -              -               1,506
Specialty           46            277           -             -              -               323
Military            -             -             -             11             -               11
services
Medicaid and        -             -             -             266            -               266    
other (A)
Total               6,105         2,535         -             340            -               8,980  
premiums
Services
revenue:
Provider            -             -             271           -              -               271
ASO and other       7             92            -             100            -               199
(B)
Pharmacy            -             -             5             -              -               5      
Total
services            7             92            276           100            -               475    
revenue
Total
revenues -          6,112         2,627         276           440            -               9,455  
external
customers
                                                                                            
Intersegment
revenues
Services            -             4             2,423         -              (2,427 )        -
Products            -             -             565           -              (565   )        -      
Total
intersegment        -             4             2,988         -              (2,992 )        -      
revenues
Investment          21            11            -             15             55              102    
income
Total               6,133         2,642         3,264         455            (2,937 )        9,557  
revenues
                                                                                            
Operating
expenses:
Benefits            5,042         2,208         -             354            (88    )        7,516
Operating           800           439           3,161         128            (2,873 )        1,655
costs
Depreciation
and                 35            20            28            4              (10    )        77     
amortization
Total
operating           5,877         2,667         3,189         486            (2,971 )        9,248  
expenses
Income (loss)
from                256           (25   )       75            (31   )        34              309
operations
Interest            -             -             -             -              27              27     
expense
Income (loss)
before income     $ 256         $ (25   )     $ 75          $ (31   )      $ 7             $ 282    
taxes
                                                                                            
Benefit ratio       82.6  %       87.1  %                     104.1 %                        83.7  %
Operating
cost ratio          13.1  %       16.7  %       96.8  %       29.1  %                        17.5  %
(C)
                                                                                            
                                                                                            
                                                                                            
S-5

                                                                                         
                                                                                            
                                                                                            
                                                                                            
Humana Inc.
4Q11 Segment
Financial
Information
In millions
                                            Health and
                              Employer      Well-Being    Other         Eliminations/
                Retail        Group         Services      Businesses    Corporate       Consolidated
                                                                                            
Revenues -
external
customers
Premiums:
Medicare          $ 4,454       $ 789         $ -           $ -            $ -             $ 5,243
Advantage
Medicare
stand-alone         580           2             -             57             -               639    
PDP
Total               5,034         791           -             57             -               5,882  
Medicare
Fully-insured       233           1,181         -             -              -               1,414
Specialty           35            237           -             -              -               272
Military            -             -             -             814            -               814
services
Medicaid and        -             -             -             256            -               256    
other (A)
Total               5,302         2,209         -             1,127          -               8,638  
premiums
Services
revenue:
Provider            -             -             222           -              -               222
ASO and other       4             87            -             9              -               100
(B)
Pharmacy            -             -             3             -              -               3      
Total
services            4             87            225           9              -               325    
revenue
Total
revenues -          5,306         2,296         225           1,136          -               8,963  
external
customers
                                                                                            
Intersegment
revenues
Services            -             4             2,185         -              (2,189 )        -
Products            -             -             490           -              (490   )        -      
Total
intersegment        -             4             2,675         -              (2,679 )        -      
revenues
Investment          19            12            -             14             48              93     
income
Total               5,325         2,312         2,900         1,150          (2,631 )        9,056  
revenues
                                                                                            
Operating
expenses:
Benefits            4,190         1,909         -             1,036          (73    )        7,062
Operating           779           433           2,794         110            (2,531 )        1,585
costs
Depreciation
and                 30            21            21            3              (6     )        69     
amortization
Total
operating           4,999         2,363         2,815         1,149          (2,610 )        8,716  
expenses
Income (loss)
from                326           (51   )       85            1              (21    )        340
operations
Interest            -             -             -             -              27              27     
expense
Income (loss)
before income     $ 326         $ (51   )     $ 85          $ 1            $ (48    )      $ 313    
taxes
                                                                                            
Benefit ratio       79.0  %       86.4  %                     91.9  %                        81.8  %
Operating
cost ratio          14.7  %       18.8  %       96.3  %       9.7   %                        17.7  %
(C)
                                                                                            
                                                                                            
                                               
S-6

                                                                                            
                                                                                              
                                                                                              
                                                                                              
Humana Inc.
FY 12 Segment
Financial
Information
In millions
                                              Health and
                               Employer       Well-Being     Other         Eliminations/
                Retail         Group          Services       Businesses    Corporate       Consolidated
                                                                                              
Revenues -
external
customers
Premiums:
Medicare          $ 20,788       $ 4,064        $ -            $ -           $ -             $ 24,852
Advantage
Medicare
stand-alone         2,587          8              -              266           -               2,861   
PDP
Total               23,375         4,072          -              266           -               27,713  
Medicare
Fully-insured       1,004          4,996          -              -             -               6,000
Specialty           171            1,070          -              -             -               1,241
Military            -              -              -              1,017         -               1,017
services
Medicaid and        -              -              -              1,038         -               1,038   
other (A)
Total               24,550         10,138         -              2,321         -               37,009  
premiums
Services
revenue:
Provider            -              -              1,020          -             -               1,020
ASO and other       24             358            -              308           -               690
(B)
Pharmacy            -              -              16             -             -               16      
Total
services            24             358            1,036          308           -               1,726   
revenue
Total
revenues -          24,574         10,496         1,036          2,629         -               38,735  
external
customers
                                                                                              
Intersegment
revenues
Services            2              15             9,610          -             (9,627  )       -
Products            -              -              2,342          -             (2,342  )       -       
Total
intersegment        2              15             11,952         -             (11,969 )       -       
revenues
Investment          79             42             -              58            212             391     
income
Total               24,655         10,553         12,988         2,687         (11,757 )       39,126  
revenues
                                                                                              
Operating
expenses:
Benefits            20,651         8,524          -              2,198         (388    )       30,985
Operating           2,711          1,696          12,407         492           (11,476 )       5,830
costs
Depreciation
and                 131            80             95             16            (27     )       295     
amortization
Total
operating           23,493         10,300         12,502         2,706         (11,891 )       37,110  
expenses
Income (loss)
from                1,162          253            486            (19   )       134             2,016
operations
Interest            -              -              -              -             105             105     
expense
Income (loss)
before income     $ 1,162        $ 253          $ 486          $ (19   )     $ 29            $ 1,911   
taxes
                                                                                              
Benefit ratio       84.1   %       84.1   %                      94.7  %                       83.7   %
Operating
cost ratio          11.0   %       16.1   %       95.5   %       18.7  %                       15.1   %
(C)
                                                                                              
                                                                                              
                                                                                              
S-7

                                                                                           
                                                                                             
                                                                                             
                                                                                             
Humana Inc.
FY 11 Segment
Financial
Information
In millions
                                             Health and
                               Employer      Well-Being     Other         Eliminations/
                Retail         Group         Services       Businesses    Corporate       Consolidated
                                                                                             
Revenues -
external
customers
Premiums:
Medicare          $ 18,100       $ 3,152       $ -            $ -           $ -             $ 21,252
Advantage
Medicare
stand-alone         2,317          8             -              253           -               2,578   
PDP
Total               20,417         3,160         -              253           -               23,830  
Medicare
Fully-insured       861            4,782         -              -             -               5,643
Specialty           124            935           -              -             -               1,059
Military            -              -             -              3,616         -               3,616
services
Medicaid and        -              -             -              958           -               958     
other (A)
Total               21,402         8,877         -              4,827         -               35,106  
premiums
Services
revenue:
Provider            -              -             892            -             -               892
ASO and other       16             356           -              85            -               457
(B)
Pharmacy            -              -             11             -             -               11      
Total
services            16             356           903            85            -               1,360   
revenue
Total
revenues -          21,418         9,233         903            4,912         -               36,466  
external
customers
                                                                                             
Intersegment
revenues
Services            -              14            8,510          -             (8,524  )       -
Products            -              -             1,820          -             (1,820  )       -       
Total
intersegment        -              14            10,330         -             (10,344 )       -       
revenues
Investment          76             48            -              54            188             366     
income
Total               21,494         9,295         11,233         4,966         (10,156 )       36,832  
revenues
                                                                                             
Operating
expenses:
Benefits            17,383         7,318         -              4,411         (289    )       28,823
Operating           2,405          1,650         10,798         461           (9,919  )       5,395
costs
Depreciation
and                 119            85            82             10            (26     )       270     
amortization
Total
operating           19,907         9,053         10,880         4,882         (10,234 )       34,488  
expenses
Income from         1,587          242           353            84            78              2,344
operations
Interest            -              -             -              -             109             109     
expense
Income (loss)
before income     $ 1,587        $ 242         $ 353          $ 84          $ (31     )     $ 2,235   
taxes
                                                                                             
Benefit ratio       81.2   %       82.4  %                      91.4  %                       82.1   %
Operating
cost ratio          11.2   %       17.8  %       96.1   %       9.4   %                       14.8   %
(C)
                                                                                             
                                                                                             
                                                                                             
S-8

                                                                      
                                                                        
                                                                        
                                                                        
Humana Inc.
Consolidated Balance Sheets
Dollars in millions, except                                   
share amounts
                               December 31,   December 31,   YOY Change
                               2012           2011           Dollar    Percent
Assets
Current assets:
  Cash and cash equivalents    $  1,306       $  1,377
  Investment securities           8,001          7,743
  Receivables, net                733            1,034
  Other                           1,670          1,027    
  Total current assets            11,710         11,181      $ 529     4.7   %
                                                                        
Property and equipment, net       1,098          912
Long-term investment              1,846          1,710
securities
Goodwill                          3,640          2,740
Other                             1,685          1,165    
Total assets                      19,979         17,708      $ 2,271   12.8  %
                                                                        
Liabilities and
Stockholders' Equity
Current liabilities:
  Benefits payable                3,779          3,754
  Trade accounts payable and      2,042          1,783
  accrued expenses
  Book overdraft                  324            306
  Unearned revenues               230            213      
  Total current liabilities       6,375          6,056       $ 319     5.3   %
                                                                        
Long-term debt                    2,611          1,659
Future policy benefits            1,858          1,663
payable
Other long-term liabilities       288            267      
  Total liabilities               11,132         9,645       $ 1,487   15.4  %
                                                                        
Commitments and
contingencies
Stockholders' equity:
  Preferred stock, $1 par;
  10,000,000 shares               -              -
  authorized, none issued
  Common stock, $0.16 2/3
  par; 300,000,000 shares
  authorized; 194,470,820         32             32
  issued at December 31,
  2012
  Capital in excess of par        2,101          1,938
  value
  Retained earnings               7,881          6,825
  Accumulated other               386            303
  comprehensive income
  Treasury stock, at cost,
  36,138,955 shares at            (1,553  )      (1,035  )
  December 31, 2012
  Total stockholders' equity      8,847          8,063       $ 784     9.7   %
Total liabilities and          $  19,979      $  17,708      $ 2,271   12.8  %
stockholders' equity
                                                                        
Debt-to-total capitalization      22.8    %      17.1    %
ratio
                                                                        
                                                                        
                                                                        
S-9

                                                                   
                                                                     
                                                                     
                                                                     
Humana Inc.
Consolidated
Statements of Cash
Flows
Dollars in millions    
                      Three Months Ended December 31,
                                                        Dollar      Percentage
                      2012              2011            Change      Change
Cash flows from
operating
activities
  Net income          $   192           $  199
  Adjustments to
  reconcile net
  income to net
  cash

  provided by (used
  in) operating
  activities:
  Depreciation and        100              78
  amortization
  Net realized            (13     )        (4      )
  capital gains
  Stock-based             14               14
  compensation
  (Benefit from)
  provision for           (74     )        10
  deferred income
  taxes
  Changes in
  operating assets
  and liabilities
  excluding the
  effects of
  acquisitions:
  Receivables             (84     )        2
  Other assets            (17     )        22
  Benefits payable        (172    )        (143    )
  Other liabilities       179              (198    )
  Unearned revenues       52               (1,794  )
  Other                   28               17       
Net cash provided
by (used in)              205              (1,797  )    $ 2,002     111.4   %
operating
activities
                                                                     
Cash flows from
investing
activities
  Acquisitions, net       (947    )        (212    )
  of cash acquired
  Purchases of
  property and            (106    )        (120    )
  equipment
  Purchases of
  investment              (1,055  )        (1,011  )
  securities
  Proceeds from
  maturities of           386              494
  investment
  securities
  Proceeds from
  sales of                510              634      
  investment
  securities
Net cash used in
investing                 (1,212  )        (215    )      ($997 )   -463.7  %
activities
                                                                     
Cash flows from
financing
activities
  Receipts
  (withdrawals)           (50     )        (603    )
  from contract
  deposits, net
  Proceeds from
  issuance of             990              -
  senior notes, net
  Change in book          47               7
  overdraft
  Common stock            (5      )        -
  repurchases
  Excess tax
  benefit from            1                3
  stock-based
  compensation
  Dividends paid          (41     )        (41     )
  Proceeds from
  stock option            8                4        
  exercises and
  other
Net cash provided
by (used in)              950              (630    )    $ 1,580     250.8   %
financing
activities
                                                                     
Decrease in cash
and cash                  (57     )        (2,642  )
equivalents
Cash and cash
equivalents at            1,363            4,019    
beginning of period
                                                                     
Cash and cash
equivalents at end    $   1,306         $  1,377    
of period
                                                                     
                                                                     
                                                                     
S-10

                                                                   
                                                                     
                                                                     
                                                                     
Humana Inc.
Consolidated
Statements of Cash
Flows
Dollars in millions     
                       Twelve Months Ended December
                       31,
                                                        Dollar      Percentage
                       2012             2011            Change      Change
Cash flows from
operating activities
  Net income           $  1,222         $  1,419
  Adjustments to
  reconcile net
  income to net cash

  provided by
  operating
  activities:
  Depreciation and        338              303
  amortization
  Net realized            (33     )        (11     )
  capital gains
  Stock-based             82               67
  compensation
  (Benefit from)
  provision for           (80     )        22
  deferred income
  taxes
  Changes in
  operating assets
  and liabilities
  excluding the
  effects of
  acquisitions:
  Receivables             352              (75     )
  Other assets            (253    )        (183    )
  Benefits payable        (41     )        256
  Other liabilities       300              194
  Unearned revenues       (43     )        26
  Other                   79               61       
Net cash provided by      1,923            2,079          ($156 )   -7.5    %
operating activities
                                                                     
Cash flows from
investing activities
  Acquisitions, net       (1,235  )        (226    )
  of cash acquired
  Purchases of
  property and            (410    )        (336    )
  equipment
  Purchases of
  investment              (3,221  )        (3,678  )
  securities
  Proceeds from
  maturities of           1,497            1,623
  investment
  securities
  Proceeds from
  sales of                1,404            1,259    
  investment
  securities
Net cash used in          (1,965  )        (1,358  )      ($607 )   -44.7   %
investing activities
                                                                     
Cash flows from
financing activities
  Receipts
  (withdrawals) from      (397    )        (378    )
  contract deposits,
  net
  Repayment of            (36     )        -
  long-term debt
  Proceeds from
  issuance of senior      990              -
  notes, net
  Change in book          18               (103    )
  overdraft
  Common stock            (518    )        (541    )
  repurchases
  Excess tax benefit
  from stock-based        22               15
  compensation
  Dividends paid          (165    )        (82     )
  Proceeds from
  stock option            57               72       
  exercises and
  other
Net cash provided by
(used) in financing       (29     )        (1,017  )    $ 988       97.1    %
activities
                                                                     
Decrease in cash and      (71     )        (296    )
cash equivalents
Cash and cash
equivalents at            1,377            1,673    
beginning of period
                                                                     
Cash and cash
equivalents at end     $  1,306         $  1,377    
of period
                                                                     
                                                                     
                                                                     
S-11

 
 
 
 
Humana Inc.
Key Income Statement Ratios and                                                                       
Segment Operating Results
Dollars in                  
millions
                                                                   
                 Three Months Ended                               Twelve Months Ended
                 December 31,                                     December 31,
                                                                                                        
                                                     Percentage                                        Percentage
                 2012        2011       Difference   Change       2012        2011        Difference   Change
Benefit ratio
  Retail           82.6  %     79.0 %      3.6   %                  84.1  %     81.2  %      2.9   %
  Employer         87.1  %     86.4 %      0.7   %                  84.1  %     82.4  %      1.7   %
  Group
  Other            104.1 %     91.9 %      12.2  %                  94.7  %     91.4  %      3.3   %
  Businesses
  Consolidated     83.7  %     81.8 %      1.9   %                  83.7  %     82.1  %      1.6   %
                                                                                                        
Operating cost
ratio (C)
  Retail           13.1  %     14.7 %      -1.6  %                  11.0  %     11.2  %      -0.2  %
  Employer         16.7  %     18.8 %      -2.1  %                  16.1  %     17.8  %      -1.7  %
  Group
  Health and
  Well-Being       96.8  %     96.3 %      0.5   %                  95.5  %     96.1  %      -0.6  %
  Services
  Other            29.1  %     9.7  %      19.4  %                  18.7  %     9.4   %      9.3   %
  Businesses
  Consolidated     17.5  %     17.7 %      -0.2  %                  15.1  %     14.8  %      0.3   %
                                                                                                        
Detail of
pretax income
(loss)
  Retail         $ 256       $ 326         ($70  )   -21.5    %   $ 1,162     $ 1,587        ($425 )   -26.8   %
  Employer         ($25  )     ($51 )   $  26        51.0     %   $ 253       $ 242       $  11        4.5     %
  Group
  Health and
  Well-Being     $ 75        $ 85          ($10  )   -11.8    %   $ 486       $ 353       $  133       37.7    %
  Services
  Other            ($31  )   $ 1           ($32  )   -3200.0  %     ($19  )   $ 84           ($103 )   -122.6  %
  Businesses
  Consolidated   $ 282       $ 313         ($31  )   -9.9     %   $ 1,911     $ 2,235        ($324 )   -14.5   %
                                                                                                        
                                                                                                        
                                                                                                        
  S-12

*Story too large*
                                                                      
                                                                        
                                                                        
                                                                        
Humana Inc.
Health and Well-Being
Services Segment Metrics
        
                                 
                                Year Ended December 31,
                                                                        
                                2012           2011       Difference
Primary Care Providers:
       Risk
              Owned / JV        2,500          900        1,600        177.8 %
              Contracted        2,900          2,900      -            0.0   %
       Path-to-Risk             18,200         12,000     6,200        51.7  %
       Other                    84,900         76,400     8,500        11.1  %
              Total             108,500        92,200     16,300       17.7  %
                                                                        
Care Management Clinicians:

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