Molina Healthcare

Last updated

Molina Healthcare, Inc.
Company type Public
Industry Healthcare
Founded1980;44 years ago (1980) in Long Beach, California, U.S.
FounderDr. C. David Molina [1]
Headquarters Long Beach, California, U.S.
Area served
United States
Key people
Joseph M. Zubretsky (president & CEO)
Mark Keim (CFO) [2]
Products Health plans
Services
RevenueIncrease2.svg US$31.97 billion (2022)
Increase2.svgUS$1.17 billion (2022)
Increase2.svgUS$792 million (2022)
Total assets Increase2.svgUS$12.31 billion (2022)
Total equity Increase2.svgUS$2.96 billion (2022)
Number of employees
c. 15,000 (2022)
Website molinahealthcare.com
Footnotes /references
[3]

Molina Healthcare, Inc. is a managed care company headquartered in Long Beach, California, United States. The company provides health insurance to individuals through government programs such as Medicaid and Medicare.

Contents

History

Molina Healthcare was founded in 1980 by C. David Molina, an emergency room physician in Long Beach, California. [4] He had seen an influx of patients using the emergency room for common illnesses such as a sore throat or the flu because they were being turned away by doctors who would not accept Medi-Cal. Molina established his first primary care clinic with the goal of treating the lowest-income patients, regardless of their ability to pay.

In September 2020, Molina Healthcare entered into an arrangement to purchase approximately all the assets of the Affinity Health Plan for about $380 million. [5]

Leadership

For twenty years, the company was run by Dr. Molina's son, J. Mario Molina, MD, a physician. He was the president and CEO of the company. John Molina, Mario's younger brother, was the CFO of Molina Healthcare. [6] The two took over Molina's operations after their father died in 1996 and continued to expand the company. In May 2017 J. Mario and John were removed from their positions by the Board of Directors, who cited poor financial performance as the reason for the change in leadership. In October 2017 the company announced Joseph M. Zubretsky, the former CFO of Aetna, as Molina Healthcare's president and CEO. [7]

Clinics

The first Molina Medical clinic was opened in Wilmington, California in 1980. The company formerly operated clinics in Washington, New Mexico, Florida and Utah. [8] [9] The clinics were opened to provide health care to low-income families and individuals. In August 2017 Molina Healthcare announced it would close several clinics in Michigan, Florida, New Mexico, Wisconsin, and Utah. [10]

Becoming HMO

Molina Healthcare has focused on government-paid healthcare programs such as SCHIP and Medicaid since it became a health maintenance organization in 1985. From 1985 to 1997, the company was only in California.

Expansion of health plans

Going public

Molina Healthcare filed with the Securities and Exchange Commission for an initial stock offering in December 2002 and went public in July 2003 with a stock offering of $102 million. The shares were priced at $17.50, and Molina raised approximately $124 million in the initial public offering. [34] In its stock market debut, Molina sold 6.6 million shares at $20.30, making the company the third-best first day gainer of 2003. [35] Molina Healthcare was the first company from Inc. Magazine 's "Inner City 100" list to go public. [36]

Entering the Medicare market

Molina Healthcare entered the Medicare market in 2006. The company currently offers Medicare health plan options in: Arizona, California, Florida, Idaho, Illinois, Kentucky, Massachusetts, Michigan, Nevada, New Mexico, New York, Ohio, South Carolina, Texas, Utah, Virginia, Washington and Wisconsin. [37] [27]

Entering MMIS market

Molina Healthcare acquired Unisys' health information management business in December 2010 to create Molina Medicaid Solutions (MMS). [38] MMS has Medicaid Management Information Systems (MMIS) contracts with Idaho, Louisiana, Maine, New Jersey, West Virginia and the U.S. Virgin Islands. In Autumn 2018, Molina Healthcare, Inc. sold its Medicaid management information systems business, Molina Medicaid Solutions (MMS), to DXC Technology. MMS was a wholly owned subsidiary of Molina Healthcare at the time of sale. [39] [40] [41]

Entering health insurance marketplace

In 2014, Molina Healthcare began offering Marketplace plans in nine states where it offered Medicaid health plans through State Facilitated Marketplaces and Federally Facilitated Marketplace. [42] On November 16, 2016 the Seattle Times reported that about 11 million people currently get their coverage through the exchange. [43] In August 2017 Molina announced it would stop offering plans on the health insurance [44] marketplaces in Utah, Wisconsin, and Maine in 2018. [26]

Dual eligible demonstration projects

Molina was selected to participate in dual eligible demonstration projects in California, [45] Ohio, [46] Illinois, [47] Michigan, [48] South Carolina [49] and Texas [49] to serve patients who are eligible for both Medicare and Medicaid.

Philanthropy

In May 2022, MolinaCares presented a $100,000 grant to support Compass Health's Broadway Campus Redevelopment Project. The grant will aid funding of construction of a 72,000 square-foot, state-of-the-art facility that will expand community-based behavioural health care services and its workforce in northwest Washington. [50]

Awards and recognition

Molina Healthcare was awarded the 2011 Alfred P. Sloan Award for Business Excellence in Workplace Flexibility. The award ranked Molina Healthcare in the top 20 percent of employers nationally in terms of its programs, policies and culture for creating an effective and flexible workplace. [51] In 2006, Molina Healthcare was named among the 100 best corporate citizens by Business Ethics magazine. [52] In 2005, Time magazine recognized Dr. J. Mario Molina, then CEO of Molina Healthcare, as one of the 25 most influential Hispanics in America. [53]

The company ranked 155th on the 2021 Fortune 500 list of the largest United States corporations by revenue. [54] The company ranked 126th on the 2023 Fortune 500 list of the largest United States corporations by revenue. [55]

Other awards and recognition

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References

  1. ↑ Oliver, Myrna (13 December 1996). "Dr. C. David Molina; Founded HMO for Medi-Cal Recipients". Los Angeles Times. Retrieved 1 December 2016.
  2. ↑ https://investors.molinahealthcare.com/corporate-governance/management
  3. ↑ "Annual Report 2022". U.S. Securities and Exchange Commission. 13 February 2023.
  4. ↑ In Good Company , Hispanic Magazine.
  5. ↑ "Molina Healthcare to Buy Affinity Health Plan for $380 Million". yahoo finance. 30 September 2020. Retrieved 16 October 2020.
  6. ↑ How I Made It: J. Mario Molina and John Molina , Los Angeles Times.
  7. ↑ Herman, Bob (5 August 2017). "Insurer wins $52 million in ACA payment lawsuit". Axios . Retrieved 5 August 2017.
  8. ↑ Molina Healthcare to open primary care clinic in Albuquerque - Albuquerque Business First. Bizjournals.com (2012-06-20). Retrieved 2013-07-29.
  9. ↑ Molina Healthcare opens first Florida clinic in West Palm Beach - South Florida Business Journal. Bizjournals.com. Retrieved on 2013-07-29.
  10. ↑ "Molina to close Midwest Health Center in primary care pullback". August 2017.
  11. ↑ http://www.alacrastore.com/mergers-acquisitions/Molina_Healthcare_Inc-2518417 , Alacrastore.
  12. ↑ "Molina Health Care in New Mexico" . Retrieved 19 July 2023.
  13. ↑ "Texas Molina Healthcare of Texas, Inc. Insurance Company Medicare Advantage Plans with Part D". U.S. News. Retrieved 6 November 2023.
  14. ↑ "Bloomberg Politics - Bloomberg". Bloomberg.com. Retrieved 10 May 2023.
  15. ↑ https://www.reuters.com/article/2008/08/06/idUS100708+06-Aug-2008+BW20080806 [ dead link ], Reuters.
  16. ↑ "Molina eyes state's exchanges". www.jsonline.com. Retrieved 10 May 2023.
  17. ↑ Molina Healthcare Selected to Participate in the Illinois Integrated Care Delivery System for Dual Eligibles - Yahoo! Finance. Finance.yahoo.com (2012-11-15). Retrieved on 2013-07-29.
  18. ↑ "MOH Enters State of South Carolina".
  19. ↑ Molina Healthcare to Assume Lovelace Medicaid Contract in New Mexico - MarketWatch. Marketwatch.com (2013-07-03). Retrieved on 2015-11-04.
  20. ↑ "First Coast Advantage Medicaid members to become Molina members". www.bizjournals.com. Retrieved 10 May 2023.
  21. ↑ "Molina acquisition expands Medicaid business in Chicago market". Healthcare Dive. Retrieved 10 May 2023.
  22. 1 2 Research, Zacks Investment. "Zacks Investment Research: Stock Research, Analysis, & Recommendations". Zacks Investment Research. Retrieved 10 May 2023.
  23. ↑ "Molina Healthcare Adds Online Access To Behavioral Health". OPEN MINDS. Retrieved 10 May 2023.
  24. ↑ http://world.einnews.com/article/285371270/rLgrJ5LF2niO-Kc9 Archived 2016-01-29 at the Wayback Machine HealthPlus finalizes sale of its Medicaid, MIChild business to Molina Healthcare - EIN News]. world.einnews.com (2015-09-09). Retrieved on 2015-11-04.
  25. ↑ "M & A Navigator - Latest News". www.manavigator.com. Retrieved 10 May 2023.
  26. 1 2 Mathews, Anna Wilde (2 August 2017). "Molina Healthcare Will Leave Health Exchanges in Utah, Wisconsin". Wall Street Journal.
  27. 1 2 Cole, Thom. "Molina's Medicaid contract challenge denied". Santa Fe New Mexican. Retrieved 28 February 2019.
  28. ↑ "Molina Healthcare loses Texas Medicaid contract". www.beckershospitalreview.com. Retrieved 7 October 2020.
  29. ↑ "Molina Healthcare Announces the Closing of its Acquisition of Passport's Medicaid Plan Assets | Molina Healthcare Inc". investors.molinahealthcare.com. Retrieved 2 December 2021.
  30. ↑ "Molina Healthcare Announces the Closing of its Acquisition of Magellan Complete Care | Molina Healthcare Inc". investors.molinahealthcare.com. Retrieved 2 December 2021.
  31. ↑ "Molina Healthcare Announces the Closing of its Acquisition of Affinity Health Plan". www.businesswire.com. 25 October 2021. Retrieved 2 December 2021.
  32. ↑ "Molina buys up Cigna's Medicaid business in Texas for $60M". healthcarefinancenews.com.com. Retrieved 28 January 2022.
  33. ↑ "Iowa selects Molina Healthcare to be its third Medicaid managed care organization". Iowa Public Radio. 1 September 2022. Retrieved 10 May 2023.
  34. ↑ http://www.mwe.com/index.cfm/fuseaction/media.prdetail/object_id/dbf194bf-b5fa-43bd-971e-5b6c79f4eec2.cfm Archived 2010-11-26 at the Wayback Machine , McDermott
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  36. ↑ "IPO an Inner City 100 FirstMolina Healthcare becomes the first Inc. Inner City 100 company to go public" . Retrieved 10 May 2023.
  37. ↑ "Home". molinahealthcare.com.
  38. ↑ "AlliedHealthPrograms.com | Health Information Management Careers". alliedhealthprograms.com. Retrieved 31 July 2023.
  39. ↑ "Molina Healthcare Reaches Agreement with DXC Technology to Sell Medicaid Management Information Systems Business". www.businesswire.com. 27 June 2018.
  40. ↑ "DXC (DXC) Down 1.9% Since Last Earnings Report: Can It Rebound?". Nasdaq. 6 December 2018. Retrieved 17 March 2019.
  41. ↑ "DXC Technology - Company profile". Fortune . Archived from the original on 27 December 2019. Retrieved 17 March 2019.
  42. ↑ "Despite risks, Molina gambles on Obamacare rewards". CNBC . 26 September 2013.
  43. ↑ "Obamacare enrollment surges after the election; no spike in Washington state". 16 November 2016.
  44. ↑ "Can You Get Health Insurance Without Social Security Number?". 28 May 2023. Retrieved 9 March 2024.
  45. ↑ "California gets Federal Nod for the Largest Dual Eligible Plan". Fox Business . Retrieved 24 April 2013.[ dead link ]
  46. ↑ Molina Healthcare to participate in Ohio's integrated care system for dual eligibles Archived 2013-06-29 at archive.today . MedCity News (2012-08-27). Retrieved on 2013-07-29.
  47. ↑ "press-release". www.illinois.gov.
  48. ↑ "State's $8B test to coordinate care". 6 September 2014.
  49. 1 2 "Future of dual-eligible demonstrations questioned due to low enrollment". 21 April 2015.
  50. ↑ "MolinaCares Presents $100,000 Grant to Compass Health Broadway Campus Redevelopment Campaign". Business Wire. 10 May 2022. Retrieved 11 May 2022.
  51. ↑ "The Grunion". Press Telegram. Retrieved 10 May 2023.
  52. ↑ "Health Insurance Companies" . Retrieved 10 May 2023.
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  55. ↑ "The 42 healthcare companies on this year's Fortune 500". Advisory Board. Retrieved 13 June 2023.
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  57. ↑ "Best Places to Work: Molina Healthcare of New Mexico". Albuquerque Business First. 12 December 2014. Retrieved 12 February 2023. (subscription required)
  58. ↑ "President Obama Announces New Partnership with the Private Sector to Strengthen America's Small Businesses; Renews the Federal Government's QuickPay Initiative". whitehouse.gov. 11 July 2014.
  59. ↑ "The least stressful companies to work for in America". Business Insider .
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