...A. They're taking 85% to 90x percent of that premium dollar and giving it to a global cap provider. B. So they're globally capping at 85%. C. If they can get their SG&A down to 10%, they've got a 5% margin, right? D. And so in the 85%, the real cost of health care, the real delivery cost of health care from that global cap provider, probably 75 percent-ish, 80% maybe, on gross premiums, right? E. The problem is that the global cap provider is global capping Managed Care Company A, at 85%, Managed Company B at 85% and managed company C at 85%. F. And so if you have a long-term MLR in the low 80s of your loyal cohort, that gives you a lot of flexibility to bid aggressively and still have good margins, right? G. Because the other plans, they're at 85% or 86% is their cost and their bids. H. And if our long-term cost MLR is in the low 80s, that difference is really what we think our competitive advantage is on the MLR side....
