Higher Costs Hurt Profit at Molina Healthcare
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Molina Healthcare Inc., a managed-care organization that serves Medicaid patients, reported lower fourth-quarter earnings as increased hospital costs continued to weigh on results, offsetting higher premium revenue.
The Long Beach-based company said net income fell to $10.7 million, or 38 cents a share, from $16.3 million, or 58 cents, a year earlier.
Results included expenses of 8 cents a share related to provider disputes and a benefit of 10 cents a share related to reduced liability claims.
Revenue rose to $423.2 million from $375.4 million.
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