The Texas Health and Human Services Commission publishes statutory financial statistical reports (FSRs) for managed care organizations contracting with the state to provide benefits under Medicaid and the Children’s Health Insurance Program (CHIP). The state is on a fiscal-year cycle ending August 31, and this report uses the FSRs through the state’s third quarter 2023, or May 31 of last year. This report is a refresh of our prior analysis of the same period a year earlier, and includes sections on the following: 

• Membership and revenue
• Directed payment programs
• Expense ratios and underwriting margin
• Experience rebate