The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Health

Capital · out

across 7 members — open each for the figure + sources

about Health

aggregate of member nodes

Aggregate of 7 member claims — each member's sourced figures are below.


the working

Basis

aggregate of member nodes

Member claims 7

This is an aggregate — its evidence is the members' own claims.

  • Kaiser Permanente outflows — care delivery consumes ~99% of revenue (only ~$1.4B operating income); the rest …
  • Unitedhealth Group outflows — medical costs (MLR ~85%+) dominate; then ~$7.9B dividends + ~$5.5B buybacks + …
  • Cvs Health outflows — medical + pharmacy cost of goods dominate; then ~$3.4B dividends, ~$0.4B M&A, …
  • Cigna outflows — medical + PBM drug costs dominate; then ~$3.6B buybacks + ~$1.6B dividends FY25
  • Elevance Health outflows — medical costs (rising MLR from Medicaid/ACA morbidity) dominate; then ~$2.6B …
  • Humana outflows — MA medical costs (elevated utilization) dominate; then ~$0.43B dividends + …
  • Hca Healthcare outflows — labor + supply operating costs, then ~$10.1B buybacks + ~$0.7B dividends + debt …

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Health.