Molina Healthcare (NYSE: MOH) 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.
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History
Molina Healthcare was founded in 1980 by C. David Molina, an emergency room physician in Long Beach, California. He has seen the influx of patients using emergency rooms for common ailments such as sore throats or flu because they are rejected by doctors who will not accept Medi-Cal. Molina established her first primary care clinic with the goal of treating patients with the lowest income, regardless of their ability to pay.
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Leadership
For twenty years, the company was run by Dr. Molina, J. Mario Molina, MD, a doctor. He is the president and CEO of the company. John Molina, Mario's younger brother, is a CFO of Molina Healthcare. Both took over Molina 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, calling poor financial performance an excuse for leadership change. In October 2017 the company announced Joseph M. Zubretsky, former CFO Aetna, as president and CEO of Molina Healthcare.
Joseph Zubretsky, CEO of Molina Healthcare, is set to bring home $ 20.9 million a year in 2017-2018, 450 times the salary of Molina's median worker.
Clinic
The first Medical Molina Clinic opened in Wilmington, California in 1980. The company previously operated clinics in Washington, New Mexico, Florida and Utah. Clinics are opened to provide health care to families and low income individuals. In August 2017 Molina Healthcare announced it would close several clinics in Michigan, Florida, New Mexico, Wisconsin, and Utah.
Become HMO
Molina Healthcare focuses on government paid health care programs such as SCHIP and Medicaid since becoming a healthcare organization in 1985. From 1985 to 1997, the company was only in California.
Health plan expansion
- 1997: Molina Healthcare obtains HealthReach Family Health Care and enters the states of Utah and Michigan.
- 2000: Molina Healthcare enters Washington state.
- 2004: Molina Healthcare enters New Mexico state.
- 2005: Molina Healthcare becomes a health plan in Ohio.
- 2006: Molina Healthcare enters the state of Texas.
- 2007: Molina Healthcare enters Missouri.
- 2008: Molina Healthcare enters Florida.
- 2010: Molina Healthcare enters Wisconsin.
- 2012: Molina Healthcare goes to Illinois.
- 2013: Molina Healthcare enters South Carolina by acquiring assets from Community Health Solutions.
- 2013: Molina Healthcare acquires New Mexico Lovelace Medicaid contract.
- 2014: Molina Healthcare acquires Florida Medicaid assets from First Coast Advantage.
- 2015: Molina Healthcare enters Chicago market, acquires Medicaid MyCare Chicago assets.
- 2015: Molina Healthcare enters Puerto Rico.
- 2015: Molina Healthcare of Washington is the first state health care company covering "Virtual Urgent Care" services.
- 2015: Molina Healthcare acquires Medicaid assets from Integral Health Plan, Inc. in Florida.
- 2015: Molina Healthcare obtains Human Services and Providence Community Services, now known as Pathways by Molina.
- 2015: Molina Healthcare adds online access to health behavior.
- 2015: Molina Healthcare earns HealthPlus MIChild and Medicaid program from Michigan.
- 2015: Molina Healthcare acquires the assets of Loyola Medical Partners Medicaid Program in Illinois.
- 2017: Molina Healthcare leaves the Individual Marketplace in Utah and Wisconsin.
Become public
Molina Healthcare filed for the Securities and Exchange Commission for its initial public offering in December 2002 and went public in July 2003 with a stock offering of $ 102 million. The stock was priced at $ 17.50, and Molina raised about $ 124 million in an initial public offering. In its stock market debut, Molina sold 6.6 million shares to $ 20.30, making it the winner of its third best third day in 2003. Molina Healthcare is the first company of Inc. Magazine ' s "Inner City 100" list to go public.
Entering 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.
Entering MMIS market
Molina Healthcare acquired the Unisys health information management business in December 2010 to create Molina Medicaid Solutions (MMS). MMS has a Medicaid Management Information System contract (MMIS) with Idaho, Louisiana, Maine, New Jersey, West Virginia, and the US Virgin Islands.
Entering the health insurance market
In 2014, Molina Healthcare starts offering Marketplace plans in nine states where it offers Medicaid health plans through the State Facilitation Market and the Federal Facilitation Market. On November 16, 2016, the Seattle Times reported that about 11 million people currently get their coverage through exchange. In August 2017 Molina announced it would stop offering plans in the health insurance market in Utah and Wisconsin by 2018.
Eligible double demonstration project
Molina was selected to participate in an eligible double demonstration project in California, Ohio, Illinois, Michigan, South Carolina and Texas to serve patients eligible for Medicare and Medicaid.
Awards and acknowledgments
Molina Healthcare was awarded the Alfred P. Sloan Award 2011 for Business Excellence in Workplace Flexibility. The award places Molina Healthcare at the top 20 per cent of the company nationally in its programs, policies and culture to create an effective and flexible workplace. In 2006, Molina Healthcare was named the 100 best corporate citizens by Business Ethics magazine. Time magazine recognizes Dr. J. Mario Molina, CEO of Molina Healthcare, as one of 25 most influential Hispanics in America.
Awards and other acknowledgments
- 2012: Molina Healthcare of Ohio receives a Corporate Caring Award from Columbus Business First
- 2012: Molina Healthcare of Ohio Awarded the Best Workplace Award from Columbus Business First
- 2013: Molina Healthcare of Ohio awarded the Chicago Pinnacle Award Health Association Award
- 2013: Molina Healthcare of Ohio awarded Padrino Award from the Ohio Hispanic Coalition
- 2014: Milwaukee Journal Sentinel Recognizes Molina Healthcare of Wisconsin with the 2014 Top Workplace Award
- 2014: Molina Healthcare New Mexico chooses the Best Place to Work by Albuquerque Business First
- 2014: Molina Healthcare of Utah chooses among the Top Workplaces by Salt Lake Tribune
- 2014: Molina Healthcare of Ohio receives Pillual Medical Pillar Award for Community Services
- 2014: Molina Healthcare of Wisconsin becomes a Partner for CDC's National Diabetes Prevention Program Partners
- 2014: Molina Healthcare, Inc. is one of 26 companies participating in President SupplierPay 2014
- 2015: Molina Healthcare of Texas ranks # 3 Medicaid health plan in Texas by NCQA
- 2015: Molina Healthcare of California ranks # 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 is 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 New Mexico ranks # 1 Medicaid health plan in New Mexico by NCQA
- 2015: Molina Healthcare of Wisconsin chooses Top Workplaces by Milwaukee Journal Sentinel
- 2015: Molina Healthcare, Inc. choose Top Ten Least Stressful Companies to Work for In America 2015
- 2015: Molina Healthcare, Inc. ranked 301 on top of Fortune 500 2015
- 2015: Molina Healthcare from New Mexico awarded the New Mexico Pinon Performance Award
- 2016: Molina Healthcare, Inc. ranked 201 on the Fortune 500 2016
- 2017: Molina Healthcare, Inc. ranked 156 in Fortune 500 2017
External links
- Molina Health
References
Source of the article : Wikipedia
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