But obviously in February, we’ll come out with guidance and give you a sharper point of view. But we’ve been clear that we’re aiming for mid-60s type of margins in the business. That is deliberate, and it’s also indicator that we see growth opportunities and we’re willing to invest in them.
Daniel Grosslight: Got it. Thanks for the comment.
Operator: [Operator Instructions] Okay. And it appears we have no further questions in the queue today. So this will conclude the MultiPlan Corporation – oh, my apologies, we do have – we have just had a question registered from the line of Madison Aron of JPMorgan. Madison, your line is open. Please go ahead.
Madison Aron: Hi. Thanks for taking my questions. With regards to the QPA stuff that you noted earlier that you’re working with your payers to provide them assistance, is there anything that you could quantify around what that opportunity looks like going into next year since it’s going to be incremental to what you’re doing? And then as we think about margins going into the first half, I know you’re making a number of investments to prepare for 2024, especially with BST, how should we think about the progression of margins? Do you expect it to be under some pressure in the first half due to these investments and then to ramp up more in the second half of next year? Thank you.
Dale White: I can answer the first part of the question. It’s still too early to size the opportunity going forward in 2024. The federal court in Texas just released the opinions on the two NSA related cases in August, what was called then as TMA 3 and TMA 4. And it was in TMA 3 where the court found primarily for the challengers and addressed issues around how the QPA is calculated, like prohibiting ghost [ph] rates, requiring the QPA to be calculated by specialty, and prohibiting the payers from calculating QPAs across multiple plan sponsors. So it addressed a number of open issues. We believe the administration is set to appeal the decision and update its guidance documents to accommodate these changes. In fact, the administration just on October 30, released a proposed rule to the IDR process under the NSA, and it largely focused on the efficiency and communication between the disputing parties and tried to decrease the volume of disputes that are being submitted for the IDR process.
The administration has requested comments from the industry for those proposed rules. Those comments, I think, have to be submitted by the beginning of January, and then we’ll wait for the publication of a final rule. So it’s still early in the process to declare what impact it will have in 2024. But we’ve already in the work we’ve done to date and the work we’re doing now, we’re positioning the company to respond to the growing complexity that we recognize continues to come with NSA.
Jim Head: Rishi [ph], why don’t I just address the margin question. As we go into 2024, I think there’s a couple tailwinds, which will help lift margins, and then there’s the investments we’re making in the business. And my first statement would be we’re trying to maintain this balancing act, which is maintaining our margins and putting ourselves in a position to go capture these new growth opportunities. So I don’t view that as a massive J-curve in 2024. I think it’s more of just kind of maintaining and some of the things that are positive, we’re going to get some lift as some of those one timers start dissipating and BST starts contributing a little bit more on the top-line. We’re going, obviously as volumes increase, that’s beneficial to us.
We’ve got – we do have in our mix, some of the mix in our growth is going to slow our margin expansion down and then we’ve got investments in the business. So think about a balancing act for 2024 in advance of providing any guidance. I think that’s the best message we can give you. But Q3 certainly the nader.
Madison Aron: Great. Thank you.
Operator: Thank you. And we have no further questions in the queue at this time. So this will conclude the MultiPlan Corporation third quarter 2023 earnings conference call. Thank you all for joining. You may now disconnect your lines.
