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Kevin Fishbach

Managing Director and Senior Equity Research Analyst at Bank of America

Kevin Fischbeck is a Managing Director and Senior Equity Research Analyst at Bank of America Securities, specializing in the U.S. healthcare sector with coverage of leading companies such as UnitedHealth Group (UNH), HCA Healthcare (HCA), and Tenet Healthcare (THC). Recognized for his analytic acumen, he covers 46 stocks and has issued over 400 ratings, maintaining a 59% success rate and achieving an average return of 3.3% per recommendation according to TipRanks; his most successful call was a buy rating on Surgery Partners Inc. (SGRY) resulting in a +203% return. Beginning his Wall Street career in the early 2000s, Fischbeck joined Bank of America in 2009, building a strong healthcare equity research franchise after prior analyst roles at other top investment firms. He holds relevant securities licenses and FINRA registrations, underscoring his professional standing and regulatory compliance.

Kevin Fishbach's questions to HUMANA (HUM) leadership

Question · Q3 2025

Kevin Fishbach asked about the MLR or margin differential between different channels, plan-to-plan vs. new-to-plan sales, and retention vs. new membership, and whether disenrollment rates are returning to normal or better.

Answer

Jim Rechtin, President and CEO, explained that while explicit margin data wouldn't be provided, channel dynamics are analyzed based on attrition rates, acquisition costs, and engagement rates. He clarified that reduced plan-to-plan sales correlate with better retention, though specific retention data is not yet available. David Dintenfass, President of Enterprise Growth, added that complaint-to-Medicare STARS outcomes also vary by channel.

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