Elevance Health took in $1.6 billion in net income for the third quarter and raised its earnings outlook for the rest of the year, according to the company's earnings report published Oct. 19.
"Broad based momentum across Elevance Health continued in the third quarter, driven by the focused execution of our strategy and the dedication of our over 100,000 associates," President and CEO Gail Boudreaux said. "We are united in our purpose to improve the health of humanity, and I am proud of the work our associates are doing to support their colleagues and communities so tragically impacted by the recent hurricanes in Florida and Puerto Rico. It's in times such as these that our culture shines through."
Operating revenue was $39.6 billion in the third quarter, an increase of $4.1 billion, or 11.5 percent year over year. Total operating revenue this year is nearly $116 billion. The increase was driven by Medicaid growth, the purchases of Integra Managed Care and Paramount Advantage, growth in Medicare Advantage and commercial membership, and an increase in premiums.
Total expenses in the third quarter were $37.8 billion, an 11.7 percent increase from $33.8 billion in the third quarter of 2021.
Net income was $1.6 billion in the third quarter, a 7.4 percent increase from $1.5 billion in the third quarter of 2021. Total net income in 2022 is $5.06 billion.
As of Sept. 30, total membership was 47.3 million, an increase of 2.2 million people or 4.9 percent year over year. Total commercial and specialty membership was 31.4 million, and government was nearly 15.9 million. There are 11.3 million Medicaid members and 1.97 million Medicare Advantage beneficiaries.
Days in claims payable was 47.7 days as of Sept. 30, an increase of 0.9 days year over year.
The full-year adjusted net income was raised and is expected to be greater than $28.95 per share.