Molina Healthcare, Inc. Engages in the provision of health care services. It operates through health plans and other segments. The health plans segment includes health plans in 11 states and the Commonwealth of Puerto Rico and includes the direct distribution business. The other section includes historical results for the MMIS and Behavioral Health subsidiaries. The company was founded in 1980 by C. David Molina and is headquartered in Long Beach, CA.
Molina Healthcare Leadership
For twenty years, the company was owned by Dr. Molina’s son, J.J. Mario Molina, MD, a physician. He was the President and CEO of the company. Mario’s younger brother, John Molina, was the CFO of Molina Healthcare. After his father’s death in 1996, the two took over Molina’s operations and the company continued to expand. 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 replaced Aetna’s former CFO Joseph M. Zubrtsky announced.
Molina Healthcare History
Molina Healthcare was founded in 1980 by C. David Molina, an emergency room physician in Long Beach, California. He had seen an influx of patients using the emergency room for common ailments like a sore throat or the flu because they were being turned down by doctors who would not accept medicals. Molina established his first primary care clinic intending to treat the lowest-income patients, regardless of their ability to pay. $380 million.
Clinic
The first Molina Medical Clinic was opened in 1980 in Wilmington, California. The company formerly operated clinics in Washington, New Mexico, Florida, and Utah. Clinics were opened to provide health care to low-income families and individuals. In August 2017 Molina Healthcare announced that it would be closing several clinics in Michigan, Florida, New Mexico, Wisconsin, and Utah.
Since becoming an HMO, Molina Healthcare has focused on government-paid health care programs such as SCHIP and Medicaid as it became a health maintenance organization in 1985. From 1985 to 1997, the company was based only in California.
Publically
Molina Healthcare filed for an initial stock offering in December 2002 with the Securities and Exchange Commission and went public in July 2003 with a stock offering of $102 million. Shares were priced at $17.50 and Molina raised approximately $124 million in an initial public offering. In his debut on the stock market, Molina sold 6.6 million shares at $20.30, making the company the highest-grossing company for the third day in 2003. Molina Healthcare Inc. It was the first company to go public from the magazine’s “Inner City 100” list.
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.
MMIS market entry
Molina Healthcare acquired Unisys’ health information management business in December 2010 to form Molina Medicaid Solutions (MMS). MMS has Medicaid Management Information System (MMIS) contracts with Idaho, Louisiana, Maine, New Jersey, West Virginia, and the US 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 the sale.
Entering the health insurance market
In 2014, Molina Healthcare began offering Marketplace plans in nine states, where it offered Medicaid health plans through the State Facility Marketplace and the Federal Facility Marketplace. On November 16, 2016, the Seattle Times reported that approximately 11 million people currently receive their coverage through the exchange. In August 2017 Molina announced that it would stop offering plans on the health insurance markets in Utah, Wisconsin, and Maine in 2018.
Business challenge
Slow access to clinical data can significantly impact healthcare organizations’ ability to meet assessment and audit deadlines, potentially exposing them to millions in lost revenue and penalties.
Who owns Molina?
According to financial filings, J. Mario Molina owns 2.86% of the company, while John Molina owns 2.33% of the shares. The cotrustees of the two Molina family trusts are listed as owners of an additional 17.4% of the company.
Is Molina Medicaid?
Medicaid from Molina provides expert care from quality doctors, with added benefits and dedicated customer service. Everyone deserves to feel their best. At Molina Healthcare, our Medicaid health plan makes good health easy.
Is Molina Healthcare Medi Cal?
Molina Healthcare is a health plan for those who have Medicare. Molina Healthcare works with the State of California to help you get the health care you need.
Who is the CEO of Molina Healthcare?
Joseph M. Zubretsky
Who founded Molina Healthcare?
C. David Molina
Where is Molina Healthcare headquarters?
Long Beach, California, United States
