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Analyst
Joanna Gajuk
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters; questions recorded in 3).
- Questions
- 16on tracked calls
- Challenge rate
- 25%4 of 16 questions
- Companies
- 6questioned at least once
- Reporting periods
- 3with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 16 of 16 questions from 6 companies
UHSUniversal Health Services6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2026 Q1
On the HIX volume decline, can you talk more about payer mix in the quarter?
Show response
Filton confirmed payer mix shifts were minor: HIX down, Medicaid slightly down, uninsured slightly up, Medicare slightly up. No dramatic changes in overall payer composition.
Any update on Florida and California?
Show response
Filton said Florida DPP ($50M+) still expected approved with high provider confidence; potential benefit could be measurably higher than $50M estimate. California remains much less certain and may need significant CMS modifications. Neither in current guidance.
Calendar 2025 Q1
are states behave differently when it comes to their budgeting process when it comes to rates for psych?
Show response
Filton said states are not yet changing behavior on psych rates despite legislative uncertainty; all parties operating on current information and will adapt when changes materialize.
have you noticed any change in managed care contracting terms? And maybe any change from plans in terms of just how aggressive they are
Show response
Filton described payer relationships as always difficult but said Q1 results show no meaningful impact from more aggressive behavior. Internal revenue cycle improvements helping.
Calendar 2024 Q4
what do you assume for acute revenue growth, volumes versus pricing?
Show response
Filton provided clear 2025 acute assumptions: 5-6% revenue growth split evenly between 2.5-3% admission growth and 2.5-3% pricing.
Can you quantify how much was prior period that you recorded in 2024?
Show response
Filton quantified prior-period DPP items at $15-20M per quarter, approximately $60-80M for the full year, which is the main driver of the 2025 decline.
DVADaVita3 questions · 1 reporting period · 1 of 3 challenging
Calendar 2024 Q4
So you said flat at the midpoint. Is there a range associated with your OI range?
Show response
Management acknowledged volume variability but declined to quantify a specific range, citing the miss on 2024 forecasts as reason for hesitancy.
the free cash flow guidance implies that free cash flow could be down year over year. Is it because 2024 was that much better or anything to call out?
Show response
CFO attributed potential YoY FCF variance primarily to working capital swings, noting nothing specific to call out beyond normal year-end timing.
why there is such a wide range? And also, you know, what scenario is it a zero versus a sixty?
Show response
CEO explained the three key variables (mix, volume, adherence) driving the wide range and noted limited visibility since prescriptions may cover 90 days.
ELVElevance Health2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2025 Q1
I understand that July rate update will be important here with any indications there, and also when will you know those July rate updates
Show response
Felicia confirmed January and April renewals in line with expectations. July renewals (~1/3 of membership) discussions just commenced, too early to quantify.
Calendar 2024 Q4
I noticed that you no longer seem to be targeting to get to your margin, 6.5%, 7% by 2027. So is that the way to read it
Show response
Mark clarified long-term margin targets are unchanged but Carelon's faster growth shifts near-term margin dynamics as newer deals reach mature margins. More details at Investor Day.
HCAHCA Healthcare2 questions · 2 reporting periods · 2 of 2 challenging
Calendar 2025 Q1
maybe first on just clarifying the comment around your DPP benefits. You said it increased year over year by $80 million. Can you confirm whether there was anything unusual
Show response
Mike updated full-year DPP range to $50M better to $200M decline (improved from prior flat to $250M headwind). Tennessee still not approved, nothing recorded in Q1. Arizona and Nevada recently approved by CMS.
Calendar 2024 Q4
I want to ask about professional fees. You've been talking about this for quite some time, but most recently, you highlighted the higher-than-expected professional fees to continue into 2025
Show response
Mike sized the line item, acknowledged ongoing pressure especially in radiology, but noted ER and hospital medicine segments have moved through challenges. Does not expect radiology to be material in 2025.
HUMHumana2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q1
What drove outperformance in that segment earnings? You said something in the release along the lines of there's some timing
Show response
Celeste broke down CenterWell beat: PCO patient growth and pharmacy specialty mix. Favorable drug mix could be durable.
Calendar 2024 Q4
Can you give us either a numerical or qualitative, I guess, commentary about specifically the trend outlook for 2025 and how does it compare to what you had experienced in 2024
Show response
James described normalized trend expectation for 2025 vs elevated 2024 but kept commentary qualitative. On rates, declined to comment beyond noting the preliminary notice forward-looking component probably underestimates.
UNHUnitedHealth Group Incorporated1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
can you talk about the margins in your Medicare Advantage business
Show response
Noel said MA margin targets unchanged. No significant pricing catch-up needed, allowing focus on stability for consumers. Consistent long-term planning approach.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| UHS Universal Health Services | 6 | 0%none of 6 questions |
| DVA DaVita | 3 | 33%1 of 3 questions |
| ELV Elevance Health | 2 | —Rate withheld: fewer than 3 questions |
| HCA HCA Healthcare | 2 | —Rate withheld: fewer than 3 questions |
| HUM Humana | 2 | —Rate withheld: fewer than 3 questions |
| UNH UnitedHealth Group Incorporated | 1 | —Rate withheld: fewer than 3 questions |
- UHSUniversal Health Services · 6 questions0%none of 6 questions
- DVADaVita · 3 questions33%1 of 3 questions
- ELVElevance Health · 2 questions—rate withheld: under 3 questions
- HCAHCA Healthcare · 2 questions—rate withheld: under 3 questions
- HUMHumana · 2 questions—rate withheld: under 3 questions
- UNHUnitedHealth Group Incorporated · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 9 | 33%3 of 9 questions | 6 |
| 2025 Q1 | 5 | 20%1 of 5 questions | 4 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
- 2024 Q49 questions · challenge rate 33% (3 of 9 questions) · 6 companies
- 2025 Q15 questions · challenge rate 20% (1 of 5 questions) · 4 companies
- 2025 Q2No questions recorded
- 2025 Q3No questions recorded
- 2025 Q4No questions recorded
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Regulation Policy7
- Revenue Growth6
- Pricing4
- Cost Pressure3
- Margin3
- Demand2
- Guidance Reliability2
- Competitive Dynamics1
- Capital Allocation1
- Labor Market1