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Molina Healthcare

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Molina Healthcare, Inc.
Company typePublic company
IndustryHealthcare
Founded1980; 44 years ago (1980) in Long Beach, California, U.S.
FounderDr. C. David Molina[1]
HeadquartersLong Beach, California, U.S.
Area served
United States
Key people
Joseph M. Zubretsky
(President & CEO)
Thomas Tran (CFO)
ProductsHealth plans
Services
RevenueIncrease US$19.423 billion (2020)[2]
Increase US$1.078 billion (2020)[2]
Decrease US$673 million (2020)[2]
Total assetsIncrease US$9.532 billion (2020)[2]
Total equityIncrease US$2.096 billion (2020)[2]
Number of employees
14,000 (2021)[2]
Websitemolinahealthcare.com

Molina Healthcare 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.

History

Molina Healthcare was founded in 1980 by C. David Molina, an emergency room physician in Long Beach, California.[3] 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.[4]

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.[5] The two took over the 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.[6]

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.[7][8] 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.[9]

Becoming an HMO

Molina Healthcare has focused on government-paid health care 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

  • 1997: Molina Healthcare acquires HealthReach Family Health Care and enters the states of Utah and Michigan.[10]
  • 2000: Molina Healthcare enters the state of Washington.
  • 2004: Molina Healthcare enters the state of New Mexico.[11]
  • 2005: Molina Healthcare becomes a health plan in Ohio.
  • 2006: Molina Healthcare enters the state of Texas.[12]
  • 2007: Molina Healthcare enters Missouri.[13]
  • 2008: Molina Healthcare enters Florida.[14]
  • 2010: Molina Healthcare enters Wisconsin.[15]
  • 2012: Molina Healthcare enters Illinois.[16]
  • 2013: Molina Healthcare enters South Carolina by acquiring assets from Community Health Solutions.[17]
  • 2013: Molina Healthcare acquires New Mexico Lovelace Medicaid contract.[18]
  • 2014: Molina Healthcare acquires Florida Medicaid assets from First Coast Advantage.[19]
  • 2015: Molina Healthcare enters Chicago market, acquiring MyCare Chicago's Medicaid assets.[20]
  • 2015: Molina Healthcare enters Puerto Rico.
  • 2015: Molina Healthcare of Washington is the first health care company in the state to cover "Virtual Urgent Care" services.
  • 2015: Molina Healthcare acquires Medicaid assets of Integral Health Plan, Inc. in Florida.[21]
  • 2015: Molina Healthcare acquires Providence Human Services and Community Services, now known as Pathways by Molina.[21]
  • 2015: Molina Healthcare adds online access to behavioral health.[22]
  • 2015: Molina Healthcare acquires HealthPlus MIChild and Medicaid programs of Michigan.[23]
  • 2015: Molina Healthcare acquires assets of Loyola Physician Partners' Medicaid Program of Illinois.[24]
  • 2017: Molina Healthcare exits the individual Marketplace in Utah and Wisconsin.[25]
  • 2018: Molina Healthcare loses Medicaid contract with the state of New Mexico.[26]
  • 2019: Molina Healthcare loses Medicaid contract with the state of Texas.[27]
  • 2020: Molina Healthcare acquires Passport Health Plan in Kentucky.[28]
  • 2021: Molina Healthcare acquires Magellan Complete Care line of business from Magellan Health, Inc.[29]
  • 2021: Molina Healthcare acquires Affinity Health Plan in New York.[30]
  • 2021: Molina Healthcare acquires Cigna's Medicaid contracts in Texas[31]

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.[32] 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.[33] Molina Healthcare was the first company from Inc. Magazine's "Inner City 100" list to go public.[34]

Entering the Medicare market

Molina Healthcare entered the Medicare market in 2006. The company currently offers Medicare health plan options in: California, Florida, Idaho, Illinois, Michigan, Ohio, South Carolina, Texas, Utah, Virginia, Washington and Wisconsin.[35][26]

Entering MMIS market

Molina Healthcare acquired Unisys’ health information management business in December 2010 to create Molina Medicaid Solutions (MMS).[36] 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.[37][38][39]

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.[40] On November 16, 2016 the Seattle Times reported that about 11 million people currently get their coverage through the exchange.[41] In August 2017 Molina announced it would stop offering plans on the health insurance marketplaces in Utah, Wisconsin, and Maine in 2018.[25]

Dual eligible demonstration projects

Molina was selected to participate in dual eligible demonstration projects in California,[42] Ohio,[43] Illinois,[44] Michigan,[45] South Carolina[46] and Texas[46] to serve patients who are eligible for both Medicare and Medicaid.

Philanthropy

In May 2022, MolincaCares presented a $100,000 grant to support Compass Health’s Boradway Caompus Redevelopment Project. The grant will aid to fund construction of a 72,000 square-foot, state-of-the-are facility that will expand community-based behavioural health care services and its workforce in northwest Washington.[47]

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.[48] In 2006, Molina Healthcare was named among the 100 best corporate citizens by Business Ethics magazine.[49] In 2005, Time magazine recognized Dr. J. Mario Molina, then CEO of Molina Healthcare, as one of the 25 most influential Hispanics in America.[50]

The company ranked 155th on the 2021 Fortune 500 list of the largest United States corporations by revenue.[51]

Other awards and recognition

  • 2012: Molina Healthcare of Ohio received Corporate Caring Award from Columbus Business First
  • 2012: Molina Healthcare of Ohio awarded Best Places to Work Award from Columbus Business First
  • 2013: Molina Healthcare of Ohio awarded Ohio Association of Health Plans Pinnacle Award
  • 2013: Molina Healthcare of Ohio awarded Padrino Award from the Ohio Hispanic Coalition
  • 2014: Milwaukee Journal Sentinel Recognizes Molina Healthcare of Wisconsin with a Top Workplace Award 2014[52]
  • 2014: Molina Healthcare of New Mexico voted Best Places to Work by Albuquerque Business First[53]
  • 2014: Molina Healthcare of Utah voted among Top Workplaces by the Salt Lake Tribune
  • 2014: Molina Healthcare of Ohio received Medical Mutual Pillar Award for Community Service
  • 2014: Molina Healthcare of Wisconsin became Partner to CDC National Diabetes Prevention Program Partner
  • 2014: Molina Healthcare, Inc. was one of 26 companies to participate in President Obama’s SupplierPay 2014[54]
  • 2015: Molina Healthcare of Texas ranked #3 Medicaid health plan in Texas by NCQA
  • 2015: Molina Healthcare of California ranked #1 Medicaid health plan in California by NCQA
  • 2015: Molina Healthcare of Utah ranked #1 Medicaid health plan in Utah by NCQA
  • 2015: Molina Healthcare of Washington ranked #1 Medicaid Health Plan in Washington by NCQA
  • 2015: Molina Healthcare of Ohio ranked #2 Medicaid health plan in Ohio by NCQA
  • 2015: Molina Healthcare of New Mexico ranked #1 Medicaid health plan in New Mexico by NCQA
  • 2015: Molina Healthcare of Wisconsin voted Top Workplaces by the Milwaukee Journal Sentinel
  • 2015: Molina Healthcare, Inc. voted Top Ten Least Stressful Companies to Work for In America 2015[55]
  • 2015: Molina Healthcare, Inc. ranked 301 in top Fortune 500 2015[56]
  • 2015: Molina Healthcare of New Mexico awarded the New Mexico Performance Excellence Pinon Recognition
  • 2016: Molina Healthcare, Inc. ranked 201 in top Fortune 500 2016[57]
  • 2017: Molina Healthcare, Inc. ranked 156 in Fortune 500 2017 [57]

References

  1. ^ Oliver, Myrna. "Dr. C. David Molina; Founded HMO for Medi-Cal Recipients". Los Angeles Times. Retrieved 1 December 2016.
  2. ^ a b c d e f "Annual Report 2020". molinahealthcare.com. Retrieved 28 January 2022.
  3. ^ In Good Company [1], Hispanic Magazine.
  4. ^ "Molina Healthcare to Buy Affinity Health Plan for $380 Million". yahoo finance. 30 September 2020. Retrieved 16 October 2020.
  5. ^ How I Made It: J. Mario Molina and John Molina [2], Los Angeles Times.
  6. ^ Herman, Bob (2017-08-05). "Insurer wins $52 million in ACA payment lawsuit". Axios. Retrieved 2017-08-05.
  7. ^ Molina Healthcare to open primary care clinic in Albuquerque - Albuquerque Business First. Bizjournals.com (2012-06-20). Retrieved on 2013-07-29.
  8. ^ Molina Healthcare opens first Florida clinic in West Palm Beach - South Florida Business Journal. Bizjournals.com. Retrieved on 2013-07-29.
  9. ^ "Molina to close Midwest Health Center in primary care pullback". August 2017.
  10. ^ http://www.alacrastore.com/mergers-acquisitions/Molina_Healthcare_Inc-2518417 , Alacrastore.
  11. ^ https://www.ehealthinsurance.com/health-insurance-companies/molina-health-care-new-mexico , EHealthInsurance.
  12. ^ http://health.usnews.com/medicare/molina-healthcare-of-texas-inc-medicare-plans-in-texas , US News.
  13. ^ https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aUfbzSUKHxFY , Bloomberg.
  14. ^ https://www.reuters.com/article/2008/08/06/idUS100708+06-Aug-2008+BW20080806 [dead link‍], Reuters.
  15. ^ http://www.jsonline.com/business/molina09jsonline-b9971179z1-218942151.html , Journal Sentinel.
  16. ^ 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.
  17. ^ "MOH Enters State of South Carolina".
  18. ^ Molina Healthcare to Assume Lovelace Medicaid Contract in New Mexico - MarketWatch. Marketwatch.com (2013-07-03). Retrieved on 2015-11-04.
  19. ^ http://www.bizjournals.com/jacksonville/news/2014/12/01/first-coast-advantage-medicaid-members-to-become.html First Coast Advantage Medicaid members to become Molina members - Jacksonville Business Journal. bizjournals.com/jacksonville (2014-12-01). Retrieved on 2015-11-04.
  20. ^ Molina acquisition expands Medicaid business in Chicago market - Healthcare Dive. healthcaredive.com (2015-07-23). Retrieved on 2015-11-04.
  21. ^ a b Molina Healthcare to Buy Subsidiaries of Providence Service - Zacks. zacks.com (2015-09-04). Retrieved on 2015-11-04.
  22. ^ Molina Healthcare Adds Online Access To Behavioral Health - OpenMinds. openminds.com (2015-08-03). Retrieved on 2015-11-04.
  23. ^ 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.
  24. ^ Molina Healthcare to Buy Loyola Physician Partners Medicaid Programme in Cook County, Illinois - MA Navigator. manavigator.com (2015-10-12). Retrieved on 2015-11-04.
  25. ^ a b Mathews, Anna Wilde (2 August 2017). "Molina Healthcare Will Leave Health Exchanges in Utah, Wisconsin". Wall Street Journal.
  26. ^ a b tcole@sfnewmexican.com, Thom Cole |. "Molina's Medicaid contract challenge denied". Santa Fe New Mexican. Retrieved 2019-02-28.
  27. ^ "Molina Healthcare loses Texas Medicaid contract". www.beckershospitalreview.com. Retrieved 2020-10-07.
  28. ^ "Molina Healthcare Announces the Closing of its Acquisition of Passport's Medicaid Plan Assets | Molina Healthcare Inc". investors.molinahealthcare.com. Retrieved 2021-12-02.
  29. ^ "Molina Healthcare Announces the Closing of its Acquisition of Magellan Complete Care | Molina Healthcare Inc". investors.molinahealthcare.com. Retrieved 2021-12-02.
  30. ^ "Molina Healthcare Announces the Closing of its Acquisition of Affinity Health Plan". www.businesswire.com. 2021-10-25. Retrieved 2021-12-02.
  31. ^ "Molina buys up Cigna's Medicaid business in Texas for $60M". healthcarefinancenews.com.com. Retrieved 28 January 2022.
  32. ^ 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
  33. ^ http://www.thestreet.com/story/10097667/1/molina-healthcare-opens-with-a-pop.html , The Street
  34. ^ http://www.inc.com/magazine/20031001/ipo.html , Inc. Magazine
  35. ^ http://www.molinahealthcare.com
  36. ^ http://www.themcic.com/industry/Molina-Acquires-Unisys-Health-Information-Management-Business.htm , Managed Care Information Center
  37. ^ businesswire.com
  38. ^ "DXC (DXC) Down 1.9% Since Last Earnings Report: Can It Rebound?". Nasdaq. 2018-12-06. Retrieved 2019-03-17.
  39. ^ "DXC Technology - Company profile". Fortune. Retrieved 2019-03-17.
  40. ^ "Despite risks, Molina gambles on Obamacare rewards". CNBC. 26 September 2013.
  41. ^ "Obamacare enrollment surges after the election; no spike in Washington state". 16 November 2016.
  42. ^ Fox Business http://www.foxbusiness.com/news/2013/03/27/california-gets-federal-nod-for-largest-dual-eligible-plan/. Retrieved April 24, 2013. {{cite web}}: Missing or empty |title= (help) [dead link‍]
  43. ^ 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.
  44. ^ "Press-release".
  45. ^ "State's $8B test to coordinate care". 6 September 2014.
  46. ^ a b "Future of dual-eligible demonstrations questioned due to low enrollment". 21 April 2015.
  47. ^ "MolinaCares Presents $100,000 Grant to Compass Health Broadway Campus Redevelopment Campaign". Business Wire. 10 May 2022. Retrieved 11 May 2022.{{cite web}}: CS1 maint: url-status (link)
  48. ^ http://gazettes.com/news/business/business_beat/business-beat-the-bicycle-stand-forever-ashbury-merchant-mentor-days/article_2a101e3e-414f-11e1-b1e3-0019bb2963f4.html Downtown Gazette
  49. ^ https://www.ehealthinsurance.com/health-insurance-companies/molina-health-care-texas Business Ethics Magazine
  50. ^ http://content.time.com/time/specials/packages/article/0,28804,2008201_2008200_2008224,00.html Time Magazine
  51. ^ "Fortune 500 List -2021". Fortune Magazine. Fortune Media IP Limited. Retrieved 30 January 2022.
  52. ^ "Milwaukee Journal Sentinel Top Workplaces 2014 - Molina Healthcare". www.topworkplaces.com. Archived from the original on 2014-08-13.
  53. ^ http://www.bizjournals.com/albuquerque/print-edition/2014/12/12/best-places-to-work-molina-healthcare-of-new.html [bare URL]
  54. ^ www.whitehouse.gov
  55. ^ "The least stressful companies to work for in America". Business Insider.
  56. ^ "Molina Healthcare (MOH) Stock Price, Financials and News | Fortune 500". Archived from the original on 2015-07-13.
  57. ^ a b "Molina Healthcare (MOH) Stock Price, Financials and News | Fortune 500". Archived from the original on 2016-06-16.
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