Joseph W. White
Thank this results that to strengthening positioning thanks demonstrate you we today. reported our and success. we Juan all it for joining afternoon The business are us long-term you, José, for and of
the While we impairment still past are $X.XX work we premium us, and diluted right If results moving direction. quarter that to improvement of we per show to I we $X.XX substantial of quarter. restructuring have charges Today the in quarter. the to performance, made that provide much a reported told can underlying third loss. our share, administrative ahead losses on we more deficiency marketplace medical progress loss I of we the we but demonstrate net were for measurable pleased of operations we I taking actions last performance, in improve quarter discussed our those determined point financial we and potential outlined the costs. was Once on detail in financial you benefit Today first actions have both our aggressive, urgent that to only those When and last can nature. with the reserve our net this that amounted look have initiatives of actual adjustments those am restructuring I items, see will efforts. quarter reductions
with start Let's medical costs.
we removed our refining ratio sequential end did meaningful business, our was million reserve. our between and medical the XXXX. XX% for Illinois, To some reflecting quarter. $XX of noticeable XX%. medical after for we are benefit and the as high Medicare Rico improvement reduction work XX.X% since see premium part quarter, cost care performance ratio the Our Mexico, the medical be combined, core most of to deficiency marketplace our of now improvement a markets, that overall medical at Medicaid New now clear, remains Also our we improvements care believe benefit or of unacceptably last will effort, Puerto with in cost some But challenging and streams we restructuring
are medical in costs, and with the As general administrative direction. also expenses moving right
third general expense third if the XXXX ratio for second Our and last was basis lower XXXX enrollment, of quarter impact quarter the points adjust XX XX the quarter marketplace lower than year. of in for higher X.X% basis points than of administrative and, of in the of we
performance noticeably also quarter. this improved marketplace Our
In premium reduction addition reserve, developments. from positive in our marketplace the to other deficiency we've benefited
expected cost we the trend than at are start premium is from year. developing has that partial had the and XXXX our more increases continued relief transfer we expected providing of favorably risk to faster Specifically, medical than the rise
developments me on favorable, are their time performance. XXXX topic cost the CSRs, sharing let and of subsidies, these spend While reductions potential on XXXX indeed some and impact or
$XX recent First, I payment to cease any subsidies. To results of clear, development want federal to this the from third impact the decision include by that be payments. emphasize our do may perform quarter to earnings. how government CSR The not an a little that explain the I question will lead need to is key reconciliation pre-tax annual bit. on fourth quarter million CMS drag of CSR
paid September for has incurred subsidies have year. subsidies, at in As this XX, about owed of in government liability CMS The only $XXX constitutes related million we XX. million million already approximately the federal $XXX September us our million overpayment $XXX expenses. we remaining CSR about but $XXX received
unreimbursed alone, expect formally in by were incur we will we million fourth in the $XX the federal government. Second, another reimbursed expenses that quarter
note plans pays by practice reconciles impact reconciliation and will is there actual plans. expenses the This payments our a nine-month may date same the reconciliation if adverse quarter where offset year, of practices its in that million our payable But year. fourth impact changes CMS payable ending XX, this expense keeps September CMS fourth of at $XX an our XX calendar be September here the the believe we and the in than incurred CSR that incurred at expenses If not it in are regardless position to fourth cessation no if law in. normally from a the experience payments are our will quarter. full of necessary. is million quarter offset Please $XXX conducted and the over as court, reconciliation owed Now, willing of rights period process, the those comes reconciliation performs against that process we will health to and a for CSRs XXXX we matter pre-tax. over pursue CMS the amount more we
we do all is for can now, further from CMS. news For wait
there points. important XXXX, two in marketplace the are Regarding
subsidies by Washington the federal assumption be markets And, presence funded and of First, taken will not the all second, in XX on marketplace in pricing CSR limit our the and have exits to Wisconsin. reduction government. already our footprint Utah is XXXX we of with our based that steps
Turning a back diluted as to $X.XX million, large our $XXX non-cash third recorded in Medicaid restructuring Behavioral Molina our are subsidiaries. share, Health per for costs this I charges. These Solutions and quarter. Pathways quarter or impairments combined We results. impairment losses expense mentioned and about goodwill
our write-off We additional these also It our a charges $XX remember company diluted profitable per improve stronger, important are million costs. recorded as process steps emerging the company. This includes to the for $XXX forward million, are result more of that charges cost. or a moving We in restructuring is to capitalized and taking the software of expense share look performance. stage non-cash $X.XX about of to bold past as we in this
pleased by restructuring will the would by by million that run and we that to quarter, by the annualized to of the rate XXXX. have to annualized update I we believe in achieved quarter, you our which reduce reached lowered goal an XXXX approximately starting will those end XXXX. to that XXXX $XXX turn at expected and of Now third expect we I expenses rate million close run to be like on million efforts. end told January total $XXX full expenses already that in our $XXX $XXX effect be report of we X, Last reductions million, have we of for am the that
of up efforts. our financial that the So sums benefit anticipated
some talk will specific of our I activities. work about Now
will You our of making. to are speed and organizational the quality streamlining recall structure efficiency, we that decision improve
is and a task in us. X,XXX as this with reduction positions. Although learn of the behind effort we One this we approximately result of organization continue to force adjust largely now evolve,
Improvement We core redesigning are achieve more Payment, Quality and Utilization to processes, effective cost-efficient operating outcomes. and Management such as Provider
While accuracy this of regarding through will some improvements management. XXXX, extend effort we already in are metrics our payment inventory and seeing provider payment
building around remediating networks contracts providers. cost-effective high-quality We are and high-cost also provider
achieved. not will show already have until initiative been this meaningful successes XXXX, some While benefits
restructuring direct many We and our of closed outside California. have clinics our operations are of delivery
evaluate to continue operation. of delivery the future direct our We California status
vendors. we vendor base our Finally, partnering lowest-cost, we to are with are that most-effective the ensure reviewing
until high-cost being from the we part meaningful this is but XXXX, remediating already progress the our of with As contracts, expect not plan do results provider made.
and in They incremental nature. All require rather or culture of these in are initiatives changes process new than ideas. technology and operational
restructuring been XXXX. we do some We quarter to other in estimate plan third We not us our by path expect a are income those that success. until of by increased We the organizations benefit approximately that the in before, but $XX benefits. ultimate which seeing confidence restructuring traveled XXXX, plan our on of gives taxes see are has before full million already
new quality do not to contracts care managed health to our and to existing Of take secure actions we to ability continue contracts. precautions course, ensure members, that deliver our care retain our impede
at program to of credit topics. our at financial $XXX the modify opportunity to so our company million the Cash through have in certain claims We Moving At the four about restructuring available cost quarter were we other was on million days facility tripping incur up sequentially $XXX that our XX the days and can definitions third parent and facility. took days. September payable covenants. we to credit hand approximately without in XX, September XX,
to and continue needs as cash We upon monitor necessary. will we needs our financing deem any act
mission company, to to stronger coming November to our we welcoming transition emerge to Joe quarter, while embrace process left good look Monday, up So, there Zubretsky in focused a performance We this forward company a is be from new progress, on our much company we done, the are remain this heritage, as this proud and making our to eager will of future. the we sum and X.
thousands employees. of the As of of Joe chapter, takes he company will our superb, future and into with support dedicated forward shape determined Molina next the its
Our future SESSION prepared SECTION and now. we this indeed AND concludes is remarks can exciting. take and QUESTION questions compelling our Alex,
