LONG BEACH, Calif.--(BUSINESS WIRE)--Jun. 18, 2018--
Molina Healthcare, Inc. (NYSE: MOH) today announced that its wholly
owned subsidiary, Molina Healthcare of Florida, Inc., has been awarded
Medicaid Managed Care contracts by the Florida Agency for Health Care
Administration in Regions 8 and 11 of the Florida Statewide Medicaid
Managed Care Invitation to Negotiate (ITN). The Company currently serves
approximately 105,000 Medicaid members in those regions, which include
Miami-Dade, Monroe, Sarasota, DeSoto, Charlotte, Glades, Hendry and
Collier Counties, representing approximately $550 million in annual
revenue. Services under the new contract are expected to begin on
January 1, 2019.
“With these contract awards, we will not only continue to serve Medicaid
members in Regions 8 and 11, but we are positioned to maintain and grow
our Marketplace and Medicare businesses in Florida,” said Joe Zubretsky,
president and chief executive officer of Molina Healthcare, Inc. “We
will have the geographic footprint and scale in this important managed
care market, which will now continue to be a significant contributor to
our enterprise business portfolio.”
“Molina Healthcare is proud to be able to continue our partnership with
AHCA to provide access to high quality care in Regions 8 and 11,” said
Pamela Sedmak, executive vice president of health plan operations of
Molina Healthcare, Inc. “We are grateful for the opportunity to serve
Medicaid beneficiaries in Florida, and we are committed to delivering
value for members, providers, and government partners across the state.”
In May 2018, Molina filed protests of AHCA’s Medicaid Managed Care
awards in all eleven regions of Florida. The awards of Regions 8 and 11
are the result of negotiations between Molina and AHCA, and Molina has
now withdrawn its protests in all regions. In addition to the two
regions where Molina will coordinate care for Medicaid beneficiaries in
2019, Molina will also continue to offer Medicare and Marketplace
products across Florida.
About Molina Healthcare
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health
care services under the Medicaid and Medicare programs and through the
state insurance marketplaces. Through its locally operated health plans,
Molina Healthcare served approximately 4.1 million members as of March
31, 2018. For more information about Molina Healthcare, please visit our
website at molinahealthcare.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains “forward-looking
statements” regarding the award of Medicaid Managed Care contracts to
Molina Healthcare of Florida in Regions 8 and 11 of the Florida
Statewide Medicaid Managed Care ITN. All forward-looking statements are
based on current expectations that are subject to numerous risk factors
that could cause actual results to differ materially. Such risk factors
include, without limitation, a reversal of the contract awards in
connection with a successful protest by another bidder, a delay in the
start date for the contracts, a failure to satisfy readiness review
requirements, and results and performance issues under the new contracts
that are materially less favorable than those under the existing
contracts. Additional information regarding the risk factors to which we
are subject is provided in greater detail in our periodic reports and
filings with the Securities and Exchange Commission, including our most
recent Annual Report on Form 10-K. These reports can be accessed under
the investor relations tab of our website or on the SEC’s website
at sec.gov. Given these risks and uncertainties, we cannot give
assurances that our forward-looking statements will prove to be
accurate, or that any other results or events projected or contemplated
by our forward-looking statements will in fact occur, and we caution
investors not to place undue reliance on these statements. All
forward-looking statements in this release represent our judgment as of
the date hereof, and we disclaim any obligation to update any
forward-looking statements to conform the statement to actual results or
changes in our expectations that occur after the date of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180618005325/en/
Source: Molina Healthcare, Inc.
Molina Healthcare:
Investor Relations
Ryan Kubota,
562-435-3666 ext. 119057
or
Public Relations
Laura
Murray, 562-506-9208
