NeueHealth Inc (NEUE) 2023 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Bright Health Group First Quarter 2023 Earnings Call. My name is Kelly, and I'll be coordinating your call today. I will now hand you over to Stephen Hagan, Investor Relations Director, to begin.

女士們，先生們，歡迎來到 Bright Health Group 2023 年第一季度財報電話會議。我叫凱利，今天我會協調你的來電。我現在將把你交給投資者關係總監斯蒂芬哈根開始。

Good morning, and welcome to Bright Health Group's First Quarter 2023 Earnings Conference Call. As a reminder, this call is being recorded. Leading the call today are Bright Health Group's President and CEO, Mike Mikan; and CFO and Chief Administrative Officer, Cathy Smith. Before we begin, we want to remind you that this call may contain forward-looking statements under U.S. federal securities laws.

早上好，歡迎來到 Bright Health Group 2023 年第一季度收益電話會議。提醒一下，此通話正在錄音中。今天主持電話會議的是 Bright Health Group 的總裁兼首席執行官 Mike Mikan；首席財務官兼首席行政官 Cathy Smith。在我們開始之前，我們想提醒您，根據美國聯邦證券法，本次電話會議可能包含前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties can be found in the reports that we file with the Securities and Exchange Commission, including the risk factors in our current and periodic reports filed with the SEC.

這些陳述受風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與歷史經驗或當前預期存在重大差異。在我們向證券交易委員會提交的報告中可以找到一些風險和不確定性的描述，包括我們向美國證券交易委員會提交的當前和定期報告中的風險因素。

Except as required by law, we undertake no obligations to revise or update any forward-looking statements or information. This call will also reference non-GAAP amounts and measures. A reconciliation of the non-GAAP to GAAP measures is available in the company's first quarter press release available on the company's Investor Relations page at investors.brighthealthgroup.com.

除法律要求外，我們不承擔修改或更新任何前瞻性陳述或信息的義務。此電話會議還將參考非 GAAP 金額和措施。非 GAAP 與 GAAP 措施的對賬可在公司第一季度新聞稿中查閱，該新聞稿可在公司投資者關係頁面 investors.brighthealthgroup.com 上查閱。

Information presented on this call is contained in the earnings release we issued this morning and in our Form 8-K dated May 9, 2023, which may be accessed from the Investor Relations page of the company's website.

本次電話會議中提供的信息包含在我們今天上午發布的收益報告和日期為 2023 年 5 月 9 日的 8-K 表格中，可從公司網站的投資者關係頁面訪問。

We announced on April 28 that we are exploring strategic alternatives for our Medicare Advantage business. While our Board of Directors evaluate the options for this business, we are not going to be conducting a Q&A session on this call. With that, I will now turn the conference over to Bright Health Group's Chief Executive Officer, Mike Mikan.

我們在 4 月 28 日宣布，我們正在為我們的 Medicare Advantage 業務探索戰略選擇。在我們的董事會評估這項業務的選項時，我們不會就此電話進行問答環節。有了這個，我現在將會議轉交給 Bright Health Group 的首席執行官 Mike Mikan。

Thank you, Stephen, and good morning, everyone. I'd like to begin by noting that this will be Cathy Smith's last earnings call with Bright Health. Cathy has been a great partner to me and the rest of the leadership team over the past few years, and I wanted to thank her for her commitment and service to Bright Health. I would also like to formally acknowledge Jay Matushak, who will be stepping into the CFO role later this week. Jay brings a wealth of both financial and industry knowledge to Bright Health as we continue on our journey of transition.

謝謝你，斯蒂芬，大家早上好。首先，我想指出這將是 Cathy Smith 與 Bright Health 的最後一次財報電話會議。在過去的幾年裡，Cathy 一直是我和領導團隊其他成員的好夥伴，我要感謝她對 Bright Health 的承諾和服務。我還要正式感謝 Jay Matushak，他將於本週晚些時候接任首席財務官一職。隨著我們繼續轉型，Jay 為 Bright Health 帶來了豐富的金融和行業知識。

I'll start this morning with some brief comments on our announcement regarding the Medicare Advantage business. I will then discuss the strong start to the year for our business before turning the call over to Cathy to go over our first quarter results. As Stephen noted, we announced on April 28 that we are exploring strategic alternatives for our California Medicare Advantage business with a focus on a potential sale.

今天早上，我將對我們關於 Medicare Advantage 業務的公告發表一些簡短的評論。然後，我將討論我們業務今年的強勁開局，然後再將電話轉給 Cathy 回顧我們的第一季度業績。正如 Stephen 指出的那樣，我們在 4 月 28 日宣布，我們正在為我們的加州 Medicare Advantage 業務探索戰略替代方案，重點是潛在的銷售。

Our Board of Directors is conducting this evaluation following inbound interest. Our California Medicare Advantage business, which consists of Brand New Day and Central Health Plan, is well positioned in serving aging and underserved consumers. Following a successful annual enrollment period and solid in-year membership growth, the Medicare Advantage business remains on track for our membership and revenue targets for the year, which Cathy will discuss further.

我們的董事會正在根據入境興趣進行這項評估。我們的 California Medicare Advantage 業務由 Brand New Day 和 Central Health Plan 組成，在服務老齡化和服務不足的消費者方面處於有利地位。在成功的年度註冊期和穩定的年內會員增長之後，Medicare Advantage 業務仍有望實現我們今年的會員和收入目標，Cathy 將進一步討論這一點。

While there are no assurances at this time of the eventual outcome of the evaluation of strategic alternatives, a potential sale of the business would substantially bolster the company's financial standing and position our Consumer Care Delivery business well for future growth in the attractive value-based care delivery market.

雖然目前無法保證戰略選擇評估的最終結果，但潛在的業務出售將大大增強公司的財務狀況，並使我們的消費者護理交付業務在有吸引力的基於價值的護理領域的未來增長中處於有利地位送貨市場。

In our April 28 announcement, we also provided an update that in partnership with our banks, we have extended the minimum liquidity waiver for our credit facility through June 30, adding additional flexibility as we evaluate the strategic alternatives for the Medicare Advantage business and work through the timing of capital needs and statutory capital releases from the wind down of our ACA marketplace insurance business.

在我們 4 月 28 日的公告中，我們還提供了一項更新，即我們與銀行合作，將信貸額度的最低流動性豁免延長至 6 月 30 日，在我們評估 Medicare Advantage 業務的戰略選擇並通過我們的 ACA 市場保險業務結束後的資本需求和法定資本釋放時間。

While our Board evaluates the options for our Medicare Advantage business, the Bright Health team remains focused on advancing our value-based care model to drive our business forward. Our value-driven care delivery business, the Consumer Care segment continues its strong momentum in serving a growing number of consumers through value-based care partnerships with payers.

在我們的董事會評估我們的 Medicare Advantage 業務的選擇時，Bright Health 團隊仍然專注於推進我們基於價值的護理模式以推動我們的業務向前發展。我們以價值為導向的護理服務業務，即消費者護理部門，通過與付款人建立基於價值的護理合作夥伴關係，繼續保持強勁勢頭，為越來越多的消費者提供服務。

Consumer Care had a strong start to the year, generating positive operating income in the first quarter. We ended the quarter serving 373,000 consumers through value-based contracts and have raised our forecast for end of the year value-based consumers, including our REACH ACO, to a range of 335,000 to 355,000 consumers, up 57,500 consumers at the midpoint from our prior forecast.

消費者護理業務今年開局強勁，第一季度產生了正的營業收入。本季度結束時，我們通過基於價值的合同為 373,000 名消費者提供服務，並將我們對年底基於價值的消費者（包括我們的 REACH ACO）的預測提高到 335,000 至 355,000 名消費者，比我們之前的中點增加了 57,500 名消費者預報。

We continue to see robust demand for value-based care arrangements, and our unique offering in the ACA marketplace segment has attracted multiple payer partners. We've driven strong retention of former Bright HealthCare marketplace members through these relationships, resulting in solid growth in the total number of patients in our clinics from 2022 to 2023.

我們繼續看到對基於價值的護理安排的強勁需求，我們在 ACA 市場領域的獨特產品吸引了多個付款合作夥伴。我們通過這些關係推動了前 Bright HealthCare 市場成員的強勁保留，導致我們診所的患者總數從 2022 年到 2023 年穩步增長。

Our business is well diversified across payer, partners and geographies. Our REACH ACO business started the year as planned, and we continue to expect approximately 65,000 consumers in this business at year-end. We have meaningfully expanded our primary care physician base and the number of federally qualified health centers we are partnering with this year, growing each by over 50%.

我們的業務在付款人、合作夥伴和地區之間非常多元化。我們的 REACH ACO 業務按計劃於今年開始，我們繼續預計到年底該業務的消費者約為 65,000 人。我們有意義地擴大了我們的初級保健醫生基礎和我們今年合作的聯邦合格健康中心的數量，每個都增長了 50% 以上。

Profitability in the REACH ACO business continues to meet our expectations. Our Consumer Care segment reported positive GAAP operating income in the first quarter, and we continue to expect adjusted EBITDA profitability for the segment for the full year. We're being prudent in the level of risk we are taking in the Consumer Care segment and are focused on achieving adjusted EBITDA profitability for the year, while setting ourselves up for greater risk sharing and fully capitated models in future years.

REACH ACO 業務的盈利能力繼續滿足我們的預期。我們的消費者護理部門在第一季度報告了正的 GAAP 營業收入，我們繼續預計該部門全年調整後的 EBITDA 盈利能力。我們對我們在消費者護理領域所承擔的風險水平持謹慎態度，並專注於實現今年調整後的 EBITDA 盈利能力，同時為未來幾年更大的風險分擔和完全資本化的模式做好準備。

Our Consumer Care business is well positioned for long-term profitable growth. I want to provide one example of the growth opportunities in our Consumer Care business. As we've continued to build our value-based care capabilities in the business, we have been working on ways to expand the services we are bringing to our physician group partners. On January 1, a major independent physicians association in California joined our REACH ACO.

我們的消費者護理業務已做好長期盈利增長的準備。我想舉一個例子來說明我們的消費者護理業務的增長機會。隨著我們繼續在業務中建立基於價值的護理能力，我們一直在努力擴大我們為我們的醫生團體合作夥伴提供的服務。 1 月 1 日，加利福尼亞州的一個主要獨立醫師協會加入了我們的 REACH ACO。

In the first quarter, we expanded our relationship to support this IPA in partnering with a major national payer to enter a value-based care arrangement, largely focused on the Medicaid population. For our Consumer Care business, we benefit through fee-based payments and some incremental upside sharing based on value creation. We also expect to support our IPA partner as they move other payer relationships through value-based care arrangements, resulting in additional lives supported through this physician enablement arrangement during the year.

在第一季度，我們擴大了我們的關係，以支持該 IPA 與一家主要的國家付款人合作，進入一項基於價值的護理安排，主要關注醫療補助人群。對於我們的消費者護理業務，我們受益於收費支付和一些基於價值創造的增量收益分享。我們還希望支持我們的 IPA 合作夥伴，因為他們通過基於價值的護理安排來轉移其他付款人關係，從而在這一年中通過這種醫生支持安排來支持更多的生命。

We see this IPA relationship is a great example of the opportunities for growth in the Consumer Care segment. We have been developing long-term relationships with provider organizations through our REACH ACO business, and we will continue to support them as they look to expand into additional risk-bearing relationships across payers and lines of business.

我們認為這種 IPA 關係是消費者護理領域增長機會的一個很好的例子。我們一直在通過我們的 REACH ACO 業務與供應商組織建立長期關係，我們將繼續支持他們，因為他們希望擴展到跨付款人和業務線的額外風險承擔關係。

In our discontinued operations, we are making meaningful progress on the wind down of our ACA marketplace insurance business, quickly processing claims and reaching final settlements with providers. We continue to get closer to a certain liability for the discontinued business and have increased our estimate by 1% to 3% compared to our year-end forecast, primarily due to increased provider settlement activity.

在我們停產的業務中，我們在結束 ACA 市場保險業務方面取得了有意義的進展，快速處理索賠並與供應商達成最終和解。我們繼續接近終止業務的一定負債，並且與我們的年底預測相比，我們的估計增加了 1% 至 3%，這主要是由於供應商結算活動增加。

The most recent risk adjustment report was in line with the December 2022 report, supporting the risk adjustment payables reserve we booked to date. We expect our claims to be 95% complete by the end of June, and our ultimate liability is becoming more fixed and certain supporting our balance sheet position. I'll now hand it over to Cathy to provide additional details on our first quarter performance and our updated outlook.

最新的風險調整報告與 2022 年 12 月的報告一致，支持我們迄今為止計入的風險調整應付準備金。我們預計到 6 月底，我們的索賠將完成 95%，我們的最終負債將變得更加固定，並且可以確定地支持我們的資產負債表狀況。我現在將其交給 Cathy，以提供有關我們第一季度業績和最新展望的更多詳細信息。

Thank you, Mike, and good morning, everyone. I'll start by briefly discussing our balance sheet. I'll then recap our first quarter results and provide a review of our 2023 outlook. Starting with our balance sheet. As of March 31, 2023, we had over $142 million in nonregulated liquidity, nearly all of which was in cash and cash equivalents. We had approximately $2.3 billion of additional cash and short or long-term investments held by our regulated insurance subsidiaries, and our California Medicare Advantage business is funded in excess of regulatory minimums.

謝謝邁克，大家早上好。我將首先簡要討論我們的資產負債表。然後我將回顧我們第一季度的業績並回顧我們的 2023 年展望。從我們的資產負債表開始。截至 2023 年 3 月 31 日，我們擁有超過 1.42 億美元的非監管流動性，幾乎所有這些都是現金和現金等價物。我們的受監管保險子公司持有大約 23 億美元的額外現金和短期或長期投資，我們的 California Medicare Advantage 業務的資金超過監管最低限度。

Our $350 million credit facility was fully drawn as of the end of Q1 when factoring in the $46 million letters of credit committed to support our direct contracting business. As of the end of Q1, we had a waiver and amendment on the minimum liquidity covenant required by our credit facility. As Mike noted in our press release on April 28, we announced that we received an extension of the minimum liquidity covenant labor through June 30, 2023.

考慮到承諾支持我們直接承包業務的 4600 萬美元信用證，截至第一季度末，我們的 3.5 億美元信貸額度已全部提取。截至第一季度末，我們對信貸額度要求的最低流動性契約進行了豁免和修訂。正如邁克在 4 月 28 日的新聞稿中指出的那樣，我們宣布我們收到了將最低流動性契約勞工延長至 2023 年 6 月 30 日的通知。

As Mike also noted, our Board of Directors is exploring strategic alternatives for our California Medicare Advantage business with a focus on a potential sale of the business. While we cannot make any assurances around the potential outcome of the Board review, a sale of the business would allow us to meaningfully strengthen our balance sheet and would provide a solid capital base to support the long-term growth of our value-driven consumer care delivery business.

正如 Mike 還指出的那樣，我們的董事會正在為我們的 California Medicare Advantage 業務探索戰略替代方案，重點是潛在的業務出售。雖然我們無法對董事會審查的潛在結果做出任何保證，但出售該業務將使我們能夠顯著加強我們的資產負債表，並提供堅實的資本基礎來支持我們以價值為導向的消費者護理業務的長期增長送貨業務。

In the first quarter, Bright Health Group revenue from continuing operations was $756 million. The Consumer Care segment contributed $303 million and the Bright HealthCare segment contributed $453 million. In the Consumer Care segment, we had a very strong start to the year in terms of revenue growth and profitability. The segment ended the quarter with 373,000 value-based care consumers.

第一季度，光明健康集團持續經營業務收入為7.56億美元。消費者護理部門貢獻了 3.03 億美元，Bright HealthCare 部門貢獻了 4.53 億美元。在消費者護理部門，我們在收入增長和盈利能力方面開局非常強勁。該部門在本季度結束時擁有 373,000 名基於價值的護理消費者。

This includes over 68,000 consumers in our REACH ACO and more than 300,000 consumers in our clinics through our relationships with commercial payers. As Mike mentioned, this reflects strong performance by the team in recapturing former Bright HealthCare insurance consumers through value-based external payer relationships, demonstrating the strength of our value-driven care delivery offering.

這包括我們 REACH ACO 的 68,000 多名消費者和通過我們與商業付款人的關係在我們診所的 300,000 多名消費者。正如 Mike 所提到的，這反映了團隊在通過基於價值的外部付款人關係重新奪回前 Bright HealthCare 保險消費者方面的強勁表現，展示了我們以價值為導向的護理交付產品的實力。

It also reflects strong year-over-year growth in our REACH ACO. Consumer Care revenue was modestly ahead of our expectations with the upside in value-based consumers driving the outperformance. The revenue strength was partially offset by higher medical expenses, including modest unfavorable prior year DCE expenses. Overall, Consumer Care generated positive operating income in Q1, slightly ahead of our forecast for the quarter.

它還反映出我們的 REACH ACO 同比增長強勁。消費者護理收入略高於我們的預期，基於價值的消費者的上行推動了出色的表現。收入強勁被較高的醫療費用部分抵消，包括前一年適度不利的 DCE 費用。總體而言，消費者護理業務在第一季度產生了正的營業收入，略高於我們對該季度的預期。

In our REACH ACO, a favorable preliminary benchmark level more than offset unfavorable prior period medical costs, resulting in modest gross margin profitability and approximately breakeven adjusted EBITDA performance. This is in line with our expectations for the REACH ACO business for the first quarter. The Consumer Care segment is off to a strong start for the year, with the additional value-based care consumers demonstrating the strength of our value-driven care model.

在我們的 REACH ACO 中，有利的初步基準水平足以抵消不利的前期醫療成本，導致適度的毛利率和調整後的 EBITDA 業績接近盈虧平衡。這符合我們對第一季度 REACH ACO 業務的預期。消費者護理部門今年開局強勁，額外的基於價值的護理消費者證明了我們以價值為導向的護理模式的實力。

Turning to the Bright HealthCare segment. Medicare Advantage member months were ahead of our forecast, driving some revenue upside in the quarter. Bright HealthCare's medical cost ratio in the quarter was 95%, including legacy MA market, down 170 basis points versus Q1 2022. MCR performance for California was 94.6%. However, this included $25 million in prior period medical expenses and the California MCR excluding prior period medical expenses would have been 89%.

轉向 Bright HealthCare 部分。 Medicare Advantage 會員月數超出了我們的預期，推動了本季度的一些收入增長。 Bright HealthCare 本季度的醫療成本率為 95%，包括傳統 MA 市場，較 2022 年第一季度下降 170 個基點。加州的 MCR 表現為 94.6%。然而，這包括 2500 萬美元的前期醫療費用，而排除前期醫療費用的加州 MCR 為 89%。

The adjustment for prior period medical expenses resulted in a 2022 full year medical trend of 2.5%. Utilization was stable during 2022 and flat to 2021, including a similar impact from COVID in each year. Within the quarter, California MA utilization and costs were in line with our expectations, excluding prior period medical expenses. We also expect normal seasonality to support our projection for the full year MCR to be below the Q1 MCR.

前期醫療費用調整導致 2022 年全年醫療趨勢為 2.5%。利用率在 2022 年保持穩定，到 2021 年持平，包括每年 COVID 的類似影響。本季度內，加州 MA 利用率和成本符合我們的預期，不包括前期醫療費用。我們還預計正常的季節性將支持我們對全年 MCR 低於第一季度 MCR 的預測。

While we continue to forecast adjusted EBITDA profitability for the MA business for the year, we now expect a smaller contribution from the segment due to the impact of prior period development. Additionally, as a result of the announced review of strategic alternatives for the Medicare Advantage business, we will be reporting the business as an asset held for sale in our second quarter financials.

雖然我們繼續預測今年 MA 業務的調整後 EBITDA 盈利能力，但由於前期發展的影響，我們現在預計該部門的貢獻較小。此外，由於宣布對 Medicare Advantage 業務的戰略選擇進行審查，我們將在第二季度財務報告中將該業務作為持有待售資產進行報告。

Our consolidated adjusted EBITDA for the quarter was a loss of $35 million. The loss largely reflects the pressure on the Medicare Advantage business from the prior period medical expenses that I noted earlier. We have updated our full year 2023 outlook this morning, making modest adjustments. Our consolidated and segment revenue expectations are unchanged, where we continue to expect 2023 enterprise revenue between $2.9 billion and $3.1 billion and Bright HealthCare segment revenue of at least $1.8 billion.

我們本季度的綜合調整後 EBITDA 虧損 3500 萬美元。虧損在很大程度上反映了我之前提到的前期醫療費用對 Medicare Advantage 業務的壓力。我們今天上午更新了 2023 年全年展望，並進行了適度調整。我們的合併和分部收入預期保持不變，我們繼續預計 2023 年企業收入在 29 億美元至 31 億美元之間，而 Bright HealthCare 分部收入至少為 18 億美元。

Our Consumer Care segment revenue forecast is unchanged at $1.1 billion to $1.3 billion, with the upside from the higher value-based care consumers offset by a more conservative full year REACH ACO benchmark forecast.

我們的消費者護理部門收入預測保持在 11 億美元至 13 億美元不變，更保守的全年 REACH ACO 基準預測抵消了基於更高價值的護理消費者的上行空間。

In Bright HealthCare, we expect end of year Medicare Advantage consumers served to be greater than 125,000. Due to the prior period development in the first quarter in MA, we have raised our medical cost ratio forecast by 100 basis points to a range of 87% to 89%. And as I noted earlier, we expect a smaller adjusted EBITDA contribution from the Bright HealthCare segment.

在 Bright HealthCare，我們預計年底 Medicare Advantage 服務的消費者將超過 125,000 人。由於馬薩諸塞州第一季度的前期發展，我們將醫療成本比率預測上調 100 個基點至 87% 至 89% 的範圍。正如我之前指出的那樣，我們預計 Bright HealthCare 部門的調整後 EBITDA 貢獻較小。

In Consumer Care, we now expect a total of 335,000 to 355,000 total value-based consumers at year-end, including an unchanged forecast of 65,000 from our REACH ACO and an increased forecast of 270,000 to 290,000 from our value-based relationships with other payers across marketplace, Medicare Advantage and Medicaid. We expect both operating segments of our continuing business to be profitable on an adjusted EBITDA basis, which excludes noncash charges, and we expect these segment contributions combined with a total company adjusted operating cost ratio of approximately 14% to result in enterprise adjusted EBITDA profitability for the year.

在消費者護理方面，我們現在預計到年底共有 335,000 至 355,000 名基於價值的消費者，其中包括我們的 REACH ACO 預測不變的 65,000 名以及我們與其他付款人基於價值的關係增加的預測 270,000 至 290,000 名跨市場、Medicare Advantage 和 Medicaid。我們預計我們持續業務的兩個運營部門都將在調整後的 EBITDA 基礎上盈利，其中不包括非現金費用，我們預計這些部門的貢獻加上公司調整後的總運營成本比率約為 14%，從而導致企業調整後的 EBITDA 盈利能力為那一年。

Our business overall is performing within our range of expectations for the year, and the strength in our Consumer Care business positions us well for long-term growth with opportunities across our clinics, our REACH ACO and our physician enablement capabilities. Before I go, I want to thank the Bright Health team. I have worked closely with Jay over the last several years and knows that I'm leaving Bright Health in great hands.

我們今年的整體業務表現在我們的預期範圍內，而我們消費者護理業務的實力使我們在診所、REACH ACO 和醫生支持能力方面的長期增長處於有利地位。在我走之前，我要感謝 Bright Health 團隊。在過去的幾年裡，我與 Jay 密切合作，並且知道我將把 Bright Health 交到很好的人手中。

I am proud of all we accomplished together during my time at Bright Health, and I look forward to continuing to cheer from the sidelines. Now here's Mike for some final comments.

我為我在 Bright Health 期間共同取得的成就感到自豪，我期待著繼續在場邊歡呼。現在請邁克發表一些最後的評論。

Thank you, Cathy. I want to conclude by thanking the Bright Health team for their unwavering dedication to our mission. We are pleased with the start to the year in our business with strong results in the Consumer Care segment, positioning the business well for long-term profitable growth.

謝謝你，凱茜。最後，我想感謝 Bright Health 團隊對我們使命的堅定奉獻。我們很高興今年年初我們的業務在消費者護理部門取得了強勁的業績，為業務的長期盈利增長做好了準備。

As Stephen noted, given the Board is evaluating strategic alternatives for the Medicare Advantage business, we won't be conducting a Q&A session. We will look to update you as soon as possible once the Board approve the transaction or otherwise concludes the review of strategic alternatives. Thank you for joining the call and for your interest in Bright Health.

正如 Stephen 指出的那樣，鑑於董事會正在評估 Medicare Advantage 業務的戰略選擇，我們不會進行問答環節。一旦董事會批准交易或以其他方式結束對戰略備選方案的審查，我們將盡快通知您最新消息。感謝您加入電話會議並感謝您對 Bright Health 的關注。