Heath Sampson: Yes. So in that slide, what we did, and I think it was a great slide as well. That’s for our entire membership and just a little bit more just to square back to what we’ve said historically. It was – if we took out the MA business, the Medicaid-only business would be in the kind of low 20s range from a perspective. And really – so I think what has happened over these last – you can see the trend, right? I don’t see the mix changing that much going forward. Well, here, let me back up. I see the growth happening, primarily on the MCO side, just in general, that’s in line with the marketplace in general. That being said, we still have the ability to win other – it’s primarily state business that is at full risk primarily.
And we still have the opportunity to win more. So if we win more there, the percentage it stays the same. I think to your question, and then I’ll continue on that, that mix is probably the same. And that’s actually a good thing. So where we were in the past, some of it we got out of whack because we didn’t have the right win-win relationships or even the right contracts on the state side. I’m not concerned with this mix. These full-risk contracts have strong margins. They won’t go to 0, right? As utilization increases, the margin ticks down a little bit, but that’s in line with the guidance I’ve given. So they’re working as we like them. I like the mix of them, and I like these full-risk contracts with our states as well. So I would expect in the right way to model is it, it stays relatively the same going forward.
Mike Petusky: Okay. And that’s actually a good transition to my last question. So lots of concerns this earnings season around softening economy and just macro concerns all over the place. And I’m just curious you guys have looked at the last time, like there was any kind of meaningful recession, maybe ’08, ’09 sort of stands out to me. I mean, what does that do in terms of utilization, say, in transportation business? What does that do for the labor picture in Personal Care. And if you have any thoughts on remote monitoring. I mean, have you guys thought about, hey, if we have sort of rolling over the economy for two, three, four quarters in ’24, what that would mean for each of your businesses? Thanks.
Heath Sampson: Yes. For us, for the population that we serve and the people that we hire a recession from a P&L perspective is helpful, right? Because typically, when there’s a recession, more people need help and service those Medicaid roles increase. When there’s a recession, it’s tighter on labor and the ability for us to hire caregivers and drivers improve. So we usually perform better because we’re helping the country out. So it’s a tailwind as opposed to a headwind as we move into recessions.
Mike Petusky: What about just – and I could totally see that. But what about in terms of utilization of the transportation business, I would think that would go up in that sort of backdrop? Or do you guys have sort of numbers on what it looked like the last time we went through some like this?
Heath Sampson: Well, so the trip volume, so the usage of our services are in line with the types of illnesses or needs that people have. So those don’t accelerate because you’re in a recession. What would accelerate if you get more people off. So it’s not a – there won’t be a disconnect on utilization as you go into recession. The numbers of trips will go up because the members will go up.
Mike Petusky: Got it. Okay. All right. Fair enough. Hey, congrats on a really nice quarter. Thanks.
Heath Sampson: Thank you.
Operator: Thank you. At this time, I would like to turn the call back to Mr. Heath Sampson for closing remarks.
Heath Sampson: Great. Thank you for participating in our call this morning and for your interest in ModivCare. Our updated investor presentation is posted on our IR website. If you want to schedule a follow-up call, please call Kevin, our Head of Investor Relations. We look forward to speaking to many of you over the coming days, weeks, months before we report our fourth quarter results in February. Thanks again, and have a great day. Operator, this concludes our call.
Operator: Thank you. This does conclude today’s teleconference. You may disconnect your lines at this time, and thank you for your participation, and have a great day.
