Molina Healthcare
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Molina Healthcare
Molina Healthcare
Traded as NYSEMOH
S&P 400 Component
Industry Healthcare
Founded 1980
Founder Dr. C. David Molina (deceased)[1]
Headquarters Long Beach, California, USA
Revenue IncreaseUS$ 14.18 billion (2015)[2]
IncreaseUS$ 143 million (2015)[2]
Website molinahealthcare.com

Molina Healthcare (NYSEMOH) is a managed care company headquartered in Long Beach, California, United States. In 2016, Molina Healthcare was ranked 201 in Fortune 500.[3] In 2015, the company's health plans served about 3.5 million people through government-based healthcare programs. [3]

History

Molina Healthcare was founded in 1980 by C. David Molina, an emergency room physician in Long Beach, CA.[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. Dr. C. David Molina established his first primary care clinic with the goal of treating the lowest-income patients, regardless of their ability to pay.

For many years, the company was run by Dr. Molina's son, J. Mario Molina, MD, who is 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 of 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 August of 2017 the board of directors hired Joseph M. Zubretsky the former CFO of Aetna.[11] Zubretsky's starting salary is $1.3 million dollars with a $4 million dollar signing bonus.[6]

C. David Molina's daughter Martha Bernadett, MD has also a been part of Molina Healthcare. Since receiving two Robert Wood Johnson Foundation awards in 2002, Dr. Bernadett has served as the Executive Vice President of Research and Innovation at Molina Healthcare. She founded the Molina Institute for Cultural Competency, Book Buddies and the Molina Foundation, a non-profit organization to promote access to education and health care to reduce disparities.[7]

In 2017, a federal court ruled that the US government owed Molina Healthcare $52 million under the Affordable Care Act's risk corridor program, after congressional Republicans had blocked the payments.[8]

Removal of CEO

Dr. J. Mario Molina, the outspoken chief executive of the California health insurance company founded by his father, was abruptly removed from his position at Molina Healthcare, according to an announcement by the company on Tuesday. His brother, John, was also immediately replaced as the chief financial officer.[9]

Clinic expansion

The first Molina Medical clinic was opened in Wilmington, CA in 1980. Since then, 29 clinics have opened in Northern California, Southern California, Washington, New Mexico, Florida and Utah.[10][11] Molina Medical Group (MMG) also runs state-owned clinics in Fairfax County, Virginia. The clinics were opened to provide health care to low-income families and individuals. In August of 2017 Molina Healthcare announced it would close several clinics in Michigan, Florida and Utah.[12]

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 entered the states of Utah and Michigan.[13]
  • 2000: Molina Healthcare enters the state of Washington.
  • 2004: Molina Healthcare enters the state of New Mexico.[14]
  • 2005: Molina Healthcare became a health plan in Ohio.
  • 2006: Molina Healthcare enters the state of Texas.[15]
  • 2007: Molina Healthcare enters Missouri.[16]
  • 2008: Molina Healthcare enters Florida.[17]
  • 2010: Molina Healthcare enters Wisconsin.[18]
  • 2012: Molina Healthcare enters Illinois.[19]
  • 2013: Molina Healthcare enters South Carolina by acquiring assets from Community Health Solutions.[20]
  • 2013: Molina Healthcare acquires New Mexico Lovelace Medicaid Contract.[21]
  • 2014: Molina Healthcare acquires Florida Medicaid Assets from First Coast Advantage.[22]
  • 2015: Molina Healthcare enters Chicago market acquiring MyCare Chicago's Medicaid Assets.[23]
  • 2015: Molina Healthcare enters Puerto Rico.
  • 2015: Molina Healthcare of Washington is the first health care company in WA to cover 'Virtual Urgent Care' services.
  • 2015: Molina Healthcare acquires Medicaid assets of Integral Health Plan, Inc. in Florida.[24]
  • 2015: Molina Healthcare acquires Providence Human Services and Community Services.[24]
  • 2015: Molina Healthcare adds online access to behavioral health.[25]
  • 2015: Molina Healthcare acquires HealthPlus MIChild and Medicaid programs of Michigan.[26]
  • 2015: Molina Healthcare acquires assets of Loyola Physician Partners' Medicaid Program of Illinois.[27]
  • 2017: Molina Healthcare exits the individual Marketplace Utah and Wisconsin.[28]

In 2015, Molina Healthcare entered into an agreement to acquire some assets of the Medicaid and MIChild businesses of HealthPlus of Michigan and its subsidiary - HealthPlus Partners, Inc.[] In a similar deal, Molina Healthcare of Florida, Inc., which is a wholly owned subsidiary of the company, inked a deal to acquire some assets of Preferred Medical Plan, Inc.'s Floridian Medicaid business in 2015. Additionally, they signed an agreement with MyCare Chicago to purchase some Medicaid business assets.[] In 2015, Molina Healthcare acquired Providence Human Services (PHS) and Providence Community Services in a $200 million deal to expand their coverage into the behavioral and mental health services.[] In 2015, PHS underwent a rebranding to become Pathways. As of September 30, 2015, Molina Healthcare had over 3.5 million members in its health plans.[29] The health plans are operated by the respective subsidiaries in its states, each of which is a licensed HMO.[30]

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.[31] 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.[32] As of 2013, Molina sold 296 million shares at $34.58.[33] Molina Healthcare was the first company from Inc. Magazine's Inner City 100 list to go public.[34] As of February 20, 2014, there were approximately 125 holders of record of common stock.[33]

Entering Medicare market

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

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 and West Virginia. In June 2011 the state of Louisiana selected CNSI, a Maryland-based health care technology services company, to replace Molina as the state's MMIS and fiscal agent operations. However, in March 2013, Gov. Bobby Jindal canceled that contract. A new fiscal agent had yet to be named at that time.[37] MMS also gained a contract with the U.S. Virgin Islands. Molina Medicaid Solutions will administer operations for the territory out of its West Virginia location.[38]

Entering health insurance marketplace

In 2014, Molina Healthcare offered Marketplace plans in nine states where it offered Medicaid health plans - Covered California, Washington Healthplanfinder, and New Mexico Health Insurance Exchange through State Facilitated Marketplaces; Texas, Utah, Wisconsin, Ohio and Florida through Federally Facilitated Marketplace; and Michigan through Partnership Marketplace[39] On November 16, 2016 the Seattle Times reported that about 11 million people currently get their coverage through the exchange.[40] In May of 2017 the board of directors voted to leave the health insurance market places of Utah and Wisconsin to save $230 million dollars.[41] In August of 2017, Molina Healthcare announced it was leaving the healthcare exchange markets in Utah and Wisconsin. [42]

Dual eligible demonstration projects

Molina was selected to participate in dual eligible demonstration projects in California,[43] Ohio,[44] Illinois,[45] Michigan,[46] South Carolina[47] and Texas[47] to serve patients who are eligible for both Medicare and Medicaid.

Awards and recognitions

Molina Healthcare was awarded the 2011 Alfred P. Sloan Award for Business Excellence in Workplace Flexibility. The award ranks 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] Time Magazine recognized Dr. J. Mario Molina, CEO of Molina Healthcare, as one of the 25 most influential Hispanics in America.[50]

Other awards and recognitions

  • 2012: Molina Healthcare of Ohio receives 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[51]
  • 2014: Molina Healthcare of New Mexico voted Best Places to Work by Albuquerque Business First[52]
  • 2014: Molina Healthcare of Utah voted Top Workplaces by the Salt Lake Tribune
  • 2014: Molina Healthcare of Ohio receives Medical Mutual Pillar Award for Community Service
  • 2014: Molina Healthcare of Wisconsin becomes Partner to CDC National Diabetes Prevention Program Partner
  • 2014: Molina Healthcare, Inc. is one of 26 companies to participate in President Obama's SupplierPay 2014[53]
  • 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[54]
  • 2015: Molina Healthcare, Inc. ranked 301 in top Fortune 500 2015[55]
  • 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[56]

Labor litigation

In April 2011, a lawsuit was filed against the company and its outsourcing firm Cognizant Technologies in California state court. Both companies are accused of discriminating against American workers who claim they were fired and replaced with H-1B workers. The companies are accused of violating numerous federal and state labor laws. In July, the U.S. District Court, Central District of California ruled that there were no federal claims, which the plaintiff's attorney had acknowledged in his Declaration in Support of (the plaintiff's) Motion to Remand. Molina has expressed confidence it will "win in court because specific allegations have been examined and found false."[57]

External links

Fortune 500 2012 List

  1. ^ Oliver, Myrna. "Dr. C. David Molina; Founded HMO for Medi-Cal Recipients". Los Angeles Times. Los Angeles Times. Retrieved 2016. 
  2. ^ a b "10-K Item 6. Selected Financial Data". Retrieved 2016. 
  3. ^ a b "Investor Overview | Molina Healthcare Inc". Molina Healthcare Inc. Retrieved . 
  4. ^ In Good Company [1], Hispanic Magazine.
  5. ^ How I Made It: J. Mario Molina and John Molina [2], Los Angeles Times.
  6. ^ Armental, Maria (2017-10-10). "Molina Hires Joseph Zubretsky as New CEO". Wall Street Journal. ISSN 0099-9660. Retrieved . 
  7. ^ [3], South Bay Conference for Women.
  8. ^ Herman, Bob (2017-08-05). "Insurer wins $52 million in ACA payment lawsuit". Axios. Retrieved . 
  9. ^ https://www.nytimes.com/2017/05/02/health/molina-key-provider-under-obamacare-ousts-ceo-a-trump-critic.html
  10. ^ Molina Healthcare to open primary care clinic in Albuquerque - Albuquerque Business First. Bizjournals.com (2012-06-20). Retrieved on 2013-07-29.
  11. ^ Molina Healthcare opens first Florida clinic in West Palm Beach - South Florida Business Journal. Bizjournals.com. Retrieved on 2013-07-29.
  12. ^ http://www.crainsdetroit.com/article/20170801/news/635346/molina-to-close-midwest-health-center-in-primary-care-pullback
  13. ^ [4], Alacrastore.
  14. ^ [5], EHealthInsurance.
  15. ^ [6], US News.
  16. ^ [7], Bloomberg.
  17. ^ [8], Reuters.
  18. ^ [9], Journal Sentinel.
  19. ^ 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.
  20. ^ https://finance.yahoo.com/news/moh-enters-state-south-carolina-182003163.html
  21. ^ Molina Healthcare to Assume Lovelace Medicaid Contract in New Mexico - MarketWatch. Marketwatch.com (2013-07-03). Retrieved on 2015-11-04.
  22. ^ [10] First Coast Advantage Medicaid members to become Molina members - Jacksonville Business Journal. bizjournals.com/jacksonville (2014-12-01). Retrieved on 2015-11-04.
  23. ^ [11] Molina acquisition expands Medicaid business in Chicago market - Healthcare Dive]. healthcaredive.com (2015-07-23). Retrieved on 2015-11-04.
  24. ^ a b [12] Molina Healthcare to Buy Subsidiaries of Providence Service - Zacks]. zacks.com (2015-09-04). Retrieved on 2015-11-04.
  25. ^ [13] Molina Healthcare Adds Online Access To Behavioral Health - OpenMinds]. openminds.com (2015-08-03). Retrieved on 2015-11-04.
  26. ^ [14] HealthPlus finalizes sale of its Medicaid, MIChild business to Molina Healthcare - EIN News]. world.einnews.com (2015-09-09). Retrieved on 2015-11-04.
  27. ^ [15] 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.
  28. ^ https://www.wsj.com/articles/molina-healthcare-will-leave-health-exchanges-in-utah-wisconsin-1501711687
  29. ^ http://phx.corporate-ir.net/phoenix.zhtml?c=137837&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTEwNDA2MzA0JkRTRVE9MSZTRVE9OCZTUURFU0M9U0VDVElPTl9QQUdFJmV4cD0mc3Vic2lkPTU3
  30. ^ [16], Reuters Profile: Molina Healthcare, Inc.
  31. ^ [17], McDermott
  32. ^ [18], The Street
  33. ^ a b Molina Healthcare's 10-K annual statement for the year ending Dec 31, 2013, retrieved from Media Corporate
  34. ^ [19], Inc. Magazine
  35. ^ http://www.molinahealthcare.com
  36. ^ [20], Managed Care Information Center
  37. ^ Shuler, Marsha. (2013-03-24) Jindal cancels contract | Home | The Advocate -- Baton Rouge, LA. Theadvocate.com. Retrieved on 2013-07-29.
  38. ^ http://stthomassource.com/content/news/local-news/2012/10/13/vi-partners-west-virginia-medicaid-information-system?mini=calendar/2012/10/all
  39. ^ https://www.cnbc.com/id/101062927
  40. ^ http://www.seattletimes.com/nation-world/obamacare-enrollment-surges-after-the-election/
  41. ^ https://www.wsj.com/articles/molina-healthcare-will-leave-health-exchanges-in-utah-wisconsin-1501711687
  42. ^ https://www.wsj.com/articles/molina-healthcare-will-leave-health-exchanges-in-utah-wisconsin-1501711687
  43. ^ http://www.foxbusiness.com/news/2013/03/27/california-gets-federal-nod-for-largest-dual-eligible-plan/. Retrieved 2013.  Missing or empty |title= (help)[dead link]
  44. ^ Molina Healthcare to participate in Ohio's integrated care system for dual eligibles. MedCity News (2012-08-27). Retrieved on 2013-07-29.
  45. ^ http://www3.illinois.gov/PressReleases/ShowPressRelease.cfm?SubjectID=2&RecNum=10692
  46. ^ http://www.crainsdetroit.com/article/20140907/NEWS/309079979/goal-of-states-8b-test-to-coordinate-medicare-medicaid-care
  47. ^ a b http://www.modernhealthcare.com/article/20150421/NEWS/150429978
  48. ^ [21] Downtown Gazette
  49. ^ [22] Business Ethics Magazine
  50. ^ [23] Time Magazine
  51. ^ http://www.topworkplaces.com/frontend.php/regional-list/company/jsonline/molina-health-care
  52. ^ http://www.bizjournals.com/albuquerque/print-edition/2014/12/12/best-places-to-work-molina-healthcare-of-new.html
  53. ^ https://www.whitehouse.gov/the-press-office/2014/07/11/president-obama-announces-new-partnership-private-sector-strengthen-amer
  54. ^ http://www.businessinsider.com/least-stressful-companies-to-work-for-in-america-2015-5
  55. ^ http://fortune.com/fortune500/molina-healthcare-301/
  56. ^ http://fortune.com/fortune500/molina-healthcare-201/
  57. ^ Fired IT workers file lawsuit claiming H-1B workers replaced them. Computerworld (2011-07-12). Retrieved on 2013-07-29.

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