That was impacted as we closed out 2022 by a true-up in risk adjustment of about $150 million with an increase in our risk payable. And then, in addition to that, our long-term investment portfolio that’s invested in treasuries and fixed income, given the rising interest rates, we had an unrealized loss of about $70 million that will now turn into a realized loss as we exit the business and pay down the remaining obligations, both claims and risk adjustment in 2023. So those — that impact at the number. So, with our $350 million credit facility that we have today, that was coming due next year regardless, we knew we had to renegotiate that. So, we’re working with our Board and our advisors to, at a minimum, replace the credit facility with full access to liquidity and put in a permanent capital structure that is more representative of the credit risk profile of the business going forward.
So, hopefully that gives you a perspective on our cash needs and the current situation we have with our credit facility that’s coming due next year.
Joshua Raskin: Okay. So, it sounds like the $200 million to $300 million is closer to zero based on where you are today with the true-up and the realized losses, and that’s probably what has to get solved for by the end of April.
Mike Mikan: Yes, that’s about right.
Joshua Raskin: Okay. All right. Thank you.
Mike Mikan: Thank you.
Operator: Thank you. Our next question comes from Jason Cassorla from Citigroup. Jason, your line is now open. Please go ahead.
Ben Rossi: Hello. Good morning, and thank you for taking my question. You have Ben Rossi on here for Jason. So, thinking about commercial contracting — in your Consumer Care segment, when thinking about the commercial contracting landscape, how have discussions gone with commercial plans regarding risk collars and contracts changing year-over-year? And then, for your guide of 275,000 to 300,000 value-based members, can you remind us of membership split between full and partial risk?
Mike Mikan: Well, let’s start with contracting. So, as you know, the majority of our business in 2022 was the partnership between our Consumer Care segment and our Bright HealthCare business. While we did have — do have external payer contracts in 2022, the majority of the business was with Bright HealthCare. And so, when we decided to exit the ACA insurance business with respect to being an insurance carrier, we very much believe that we’ve got a strong integrated platform that can perform well with other payer partners. And so, we went to the Marketplace in addition to the current group of payers that we have relationships and we expanded those with other payers to develop a relationship in an aligned way to serve, as we say, the commercial marketplace, the Medicare marketplace and Medicaid.
And so, those contract conversations have gone well. We think they’re at the beginning stages, in some cases, where, over time, we’ll develop a greater sharing of both the upside and downside. And hence, that was the impact with the limited downside and especially in year one contracts with our risk arrangements in the ACA marketplace, which we think was the prudent thing to do. That’s kind of the start of the relationship. But over time, we’re fully committed to value-driven care. And we want to move to full risk contracts across all of those product categories, because that’s where we believe you’re going to get the best performance. So, we think the contract negotiations have gone really well. And we’re building deeper relationships over time.
With respect to the 275,000 to 300,000 value-based lives, remember, about 65,000 of those are in our ACO REACH product category. And then, if you split out, there is somewhere between 10,000 and 15,000 Medicare Advantage that are full risk contracts. And the remainder of the risk, I would call, are partial or performance-based with a collar around upside and downside, but they are value-based arrangements, as I said, which will over time move to greater risk.
