LONG BEACH, Calif.--(BUSINESS WIRE)--Jul. 9, 2018--
Molina Healthcare, Inc. (NYSE: MOH) today announced that its wholly
owned subsidiary, Molina Healthcare of Puerto Rico, Inc., has been
selected by the Puerto Rico Health Insurance Administration (ASES, by
its Spanish acronym) to be one of the organizations to administer the
Commonwealth’s new Medicaid Managed Care contract. Under the current
contract, Molina serves approximately 316,000 members in the East and
Southwest regions of Puerto Rico. Services under the new contract,
currently expected to begin on November 1, 2018, would cover the entire
island. Contracts will be executed pending the assessment and agreement
to the contract terms by Molina and ASES. The base contract runs for a
period of three years with an optional one year extension.
“Being awarded an island-wide contract in Puerto Rico represents an
exciting opportunity for Molina to serve even more Puerto Rico citizens
with improved access to high quality care,” said Joe Zubretsky,
president and chief executive officer of Molina Healthcare, Inc. “We are
honored to have the chance to be one of the health plans tasked with
playing a role in the transformation of the Island’s managed care
program in partnership with ASES.”
“Molina is thrilled to be selected to coordinate and offer integrated
managed care to Medicaid beneficiaries in all municipalities,” said
Carlos A. Carrero, president of Molina Healthcare of Puerto Rico.
“Molina has been able to achieve cost savings while improving health
outcomes through care coordination, commitment to quality, and a focus
on preventive care, and we are excited to build upon that success with
this new contract.”
The new Medicaid Managed Care model will establish a single, island-wide
region including all municipalities. This model was designed to provide
Medicaid beneficiaries with the option to select the insurer and the
network of providers of their choice while improving overall access to
care. In addition, the program will introduce a High-Cost High Needs
model and emphasize both preventive health care and education while
strengthening the oversight and audit process.
About Molina Healthcare, Inc.
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 selection of Molina Healthcare of Puerto Rico
to be one of the organizations to administer the Commonwealth’s new
Medicaid Managed Care Contract. 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 failure of the parties to finalize and
execute the new contract, a delay in the start date for the new
contract, a failure to satisfy readiness review requirements, a reversal
of the contract awards in connection with a successful protest by
another bidder, and results and performance under the new contract that
are materially less favorable than under the existing contract.
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/20180709005268/en/
Source: Molina Healthcare, Inc.
Molina Healthcare, Inc.