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  "documentTitle": "eHealth Inc. (EHTH)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2020-06-02 00:00:00",
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  "notes": "Includes a detailed table showing quarterly churn metrics from FY16 to 1Q20.",
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      "text": "The sheer number of seniors leaving EHTH is evidenced by the company's growing churn rate, which surpassed 50% in Q1 2019 for the first time since ASC 606 adoption.",
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      "text": "EHTH claims there are no ongoing costs to the business. As we pointed out in our initial report, this fiction is foundational to the company's optically profitable growth.",
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      "text": "The sheer number of seniors leaving EHTH is troubling. This is evidenced by the company's growing churn rate, which surpassed 50% in Q1 2019 for the first time since ASC 606 adoption.",
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      "text": "We identified approximately $75 of ongoing costs per member per year over the life of the customer relating to customer support, revenue sharing agreements, accounting and back office.",
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      "text": "two former EHTH employees informed us that the company instructs agents to make outreach calls to prevent members from switching. — EHTH Former Executives A and C",
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      "text": "eHealth Medicare Advantage Churn table showing Beginning, Approved Applications, Implied Churn, Ending, and Churn % (TTM) from FY16 to 1Q20.",
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