Molina's first-quarter COVID-19 costs reached highest peak since pandemic's start, CEO says
Dive Brief: Molina Healthcare in the first quarter recorded its highest COVID-19 costs since the start of the pandemic, CEO Joe Zubretsky said Thursday. However, those costs were almost entirely offset by members cutting back on healthcare visits, a common trend throughout the pandemic, he said on a call with investors. After costs peaked in January, they quickly declined in the subsequent months. "When I say [COVID-19 costs] subsided during the quarter, it did so dramatically," Zubretsky added. Dive Insight: The omicron variant fueled a surge in cases and hospitalizations at the start of the year, exacerbating challenges for providers. Still, payers like Molina are raising financial expectations for the year as they record an increase in members, revenue and profit in the first quarter. On the Thursday morning call, executives also provided details on patient utilization aside of COVID-19. Many i...