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Q3 CC Q&A

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stanu78   Thursday, 11/05/09 11:51:15 AM
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Q3 CC Q&A

Q: where the membership increase in Q3 come from
A: special needs plan (dual eligible), also through Humana sales effort. but hard to say whether it will continue to increase the rest of the year, as usually during this time, membershp actually dropped.

Q: tax lower than previous quarter, why?
A: some tax free interest income in investment

Q: patient center medical home concept. what is the long term payback? will lower the medical cost in the future?
A: this concept driven by large employer (e.g. IBM) to return the primary care practice to be the principal care for the patient, and to improve/bring technology to the primary care. there is incremental cost to put this model (investing in EMR, hope to get reimbursed by govt but bottom line if we don't think this will improve the quality of care in the long term, we won't do it).

Q: weighted average OS for Q309?
A: diluted 45.5M Q309. 53M for Q308. 87,000 more shares bought recently (in Q3)

Q: patient center model. will it bring medicare patient in too?
A: we believe the senior/medicare patient is key population but the patient care will serveice broader range of people which will bring stability (diversified?). could bring much larger population (govt sector healthcare), includig the non medicare population.

Q: what % of total doctors are in your practices (vs contracts). do you find it hard to find new doctors?
A: about 26-27% of the doctors are in our own practices. we're not interested to buy practice just for the practice and install new doctors (many has agreed to stay for some time to give us time to transition). it's definitely a challenge to attract doctors, and the patient care model help in our recruitment effort.

Q: patient mix in your own doctor, will you also get revenue from the fee for service
A: yes, we do

Q: 2010 outlook. reduction in benefit in medicare advantage. in open enrollment process, do you actually see the benefit reduction?
A: yes. and the plan is available to public as oct (15?). most of 2010 benefit is decreased. should also impact/ofset the reduced in premium

my additional comment on CC and q3 result and 2010 plan:

1. Overall good result, but more importantly they are continue to set for the long run (not looking for quick gain but setting for the continuity of the business, and I like that). Having said that they will continue to try to improve shareholder value and their business by looking at acquisition opportunity (if there is an opportunity)

2. They are updating their old (paper based) system to a computerized documentation system which should help efficiency in the long run (needs money to invest for this system but it will be good for the long term)

Great job Mike Earley on leading MDF (and setting MDF for long term success as it will navigate through the big changes in the regulation, benefit/premium cuts, post-HMO sale, and diversifying the business with the patient center care model)!

Disclosure: I own MDF shares.


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