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Molina Healthcare

Molina Healthcare (NYSEMOH) 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. Molina Healthcare has been on the Fortune 500 list since 2012.

Molina Healthcare Inc.
Traded as NYSEMOH
S&P 400 Component
Industry Healthcare
Founded 1980; 38 years ago (1980) in Long Beach, California, United States
Founder Dr. C. David Molina (deceased)[1]
Headquarters Long Beach, California, United States
Area served
Key people
Joseph M. Zubretsky
(President & CEO)
Products Health plans
Services
Revenue Increase US$19.883 billion (2017)[2]
Decrease US$-555 million (2017)[2]
Decrease US$-512 million (2017)[2]
Total assets Increase US$8.471 billion (2017)[2]
Total equity Decrease US$1.337 billion (2017)[2]
Number of employees
~20,000 (December 2017)[2]
Website molinahealthcare.com

Contents

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.

Leadership

For many 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.[4] 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.[5]

Joseph Zubretsky, the CEO of Molina Healthcare, was set to take home $20.9 million over a year in 2017-2018, 450 times the pay of Molina’s median worker.[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]
  • 2017: Molina Healthcare exits New Mexico, Texas, and Utah.[26]

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.[27] 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.[28] Molina Healthcare was the first company from Inc. Magazine's "Inner City 100" list to go public.[29]

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, New Mexico, Ohio, South Carolina, Texas, Utah, Virginia, Washington and Wisconsin.[30]

Entering MMIS market

Molina Healthcare acquired Unisys’ health information management business in December 2010 to create Molina Medicaid Solutions (MMS).[31] MMS has Medicaid Management Information Systems (MMIS) contracts with Idaho, Louisiana, Maine, New Jersey, West Virginia and the U.S. Virgin Islands.

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.[32] On November 16, 2016 the Seattle Times reported that about 11 million people currently get their coverage through the exchange.[33] In August 2017 Molina announced it would stop offering plans on the health insurance marketplaces in Utah and Wisconsin in 2018.[25]

Dual eligible demonstration projects

Molina was selected to participate in dual eligible demonstration projects in California,[34] Ohio,[35] Illinois,[36] Michigan,[37] South Carolina[38] and Texas[38] 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 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.[39] In 2006, Molina Healthcare was named among the 100 best corporate citizens by Business Ethics magazine.[40] Time magazine recognized Dr. J. Mario Molina, CEO of Molina Healthcare, as one of the 25 most influential Hispanics in America.[41]

Other awards and recognitions

  • 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[42]
  • 2014: Molina Healthcare of New Mexico voted Best Places to Work by Albuquerque Business First[43]
  • 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[44]
  • 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[45]
  • 2015: Molina Healthcare, Inc. ranked 301 in top Fortune 500 2015[46]
  • 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[47]
  • 2017: Molina Healthcare, Inc. ranked 156 in Fortune 500 2017 [47]

External links

References

  1. ^ Oliver, Myrna. "Dr. C. David Molina; Founded HMO for Medi-Cal Recipients". Los Angeles Times. Los Angeles Times. Retrieved 1 December 2016. 
  2. ^ a b c d e f "Molina Healthcare Inc. 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. February 2018. 
  3. ^ In Good Company [1], Hispanic Magazine.
  4. ^ How I Made It: J. Mario Molina and John Molina [2], Los Angeles Times.
  5. ^ Herman, Bob (2017-08-05). "Insurer wins $52 million in ACA payment lawsuit". Axios. Retrieved 2017-08-05. 
  6. ^ Roosevelt, Margo (April 13, 2018) "How much does your CEO make compared with you? Now, that ratio is public." Orange County Register. (Retrieved April 16, 2017.)
  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. ^ http://www.crainsdetroit.com/article/20170801/news/635346/molina-to-close-midwest-health-center-in-primary-care-pullback
  10. ^ [3], Alacrastore.
  11. ^ [4], EHealthInsurance.
  12. ^ [5], US News.
  13. ^ [6], Bloomberg.
  14. ^ [7], Reuters.
  15. ^ [8], 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. ^ https://finance.yahoo.com/news/moh-enters-state-south-carolina-182003163.html
  18. ^ Molina Healthcare to Assume Lovelace Medicaid Contract in New Mexico - MarketWatch. Marketwatch.com (2013-07-03). Retrieved on 2015-11-04.
  19. ^ [9] First Coast Advantage Medicaid members to become Molina members - Jacksonville Business Journal. bizjournals.com/jacksonville (2014-12-01). Retrieved on 2015-11-04.
  20. ^ [10] Molina acquisition expands Medicaid business in Chicago market - Healthcare Dive]. healthcaredive.com (2015-07-23). Retrieved on 2015-11-04.
  21. ^ a b [11] Molina Healthcare to Buy Subsidiaries of Providence Service - Zacks]. zacks.com (2015-09-04). Retrieved on 2015-11-04.
  22. ^ [12] Molina Healthcare Adds Online Access To Behavioral Health - OpenMinds]. openminds.com (2015-08-03). Retrieved on 2015-11-04.
  23. ^ [13] 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. ^ [14] 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 https://www.wsj.com/articles/molina-healthcare-will-leave-health-exchanges-in-utah-wisconsin-1501711687
  26. ^ Writer, Marie C. Baca | Journal Staff. "Medicaid contract loss affects 225,000". www.abqjournal.com. Retrieved 2018-01-12. 
  27. ^ [15], McDermott
  28. ^ [16], The Street
  29. ^ [17], Inc. Magazine
  30. ^ http://www.molinahealthcare.com
  31. ^ [18], Managed Care Information Center
  32. ^ https://www.cnbc.com/id/101062927
  33. ^ http://www.seattletimes.com/nation-world/obamacare-enrollment-surges-after-the-election/
  34. ^ http://www.foxbusiness.com/news/2013/03/27/california-gets-federal-nod-for-largest-dual-eligible-plan/. Retrieved April 24, 2013.  Missing or empty |title= (help)[dead link]
  35. ^ Molina Healthcare to participate in Ohio’s integrated care system for dual eligibles. MedCity News (2012-08-27). Retrieved on 2013-07-29.
  36. ^ http://www3.illinois.gov/PressReleases/ShowPressRelease.cfm?SubjectID=2&RecNum=10692
  37. ^ http://www.crainsdetroit.com/article/20140907/NEWS/309079979/goal-of-states-8b-test-to-coordinate-medicare-medicaid-care
  38. ^ a b http://www.modernhealthcare.com/article/20150421/NEWS/150429978
  39. ^ [19] Downtown Gazette
  40. ^ [20] Business Ethics Magazine
  41. ^ [21] Time Magazine
  42. ^ http://www.topworkplaces.com/frontend.php/regional-list/company/jsonline/molina-health-care
  43. ^ http://www.bizjournals.com/albuquerque/print-edition/2014/12/12/best-places-to-work-molina-healthcare-of-new.html
  44. ^ https://www.whitehouse.gov/the-press-office/2014/07/11/president-obama-announces-new-partnership-private-sector-strengthen-amer
  45. ^ http://www.businessinsider.com/least-stressful-companies-to-work-for-in-america-2015-5
  46. ^ http://fortune.com/fortune500/molina-healthcare-301/
  47. ^ a b http://fortune.com/fortune500/molina-healthcare-201/