KeyBanc analyst Donald Hooker noted that Kentucky's Cabinet for Health and Family Services publicly indicated that new proposed Medicaid reimbursement rules may now result in a net pay increase for Medicaid plans, pointing out that Evolent Health's largest client, Passport Health Plan, manages and administers Medicaid coverage for about 315,000 members in Kentucky. Many investors were concerned that Passport might face insolvency as a result of a previous cut to Medicaid reimbursement imposed last year, said Hooker, who estimates Evolent will generate $92M of revenue from Passport in 2019, down from $110M in 2018. Hooker has an Overweight rating on Evolent Health shares.