Molina Healthcare to Acquire Medicaid Assets of Integral Health Plan, Inc. in the State of Florida
August 03 2015 - 9:00AM
Business Wire
Molina Healthcare, Inc. (NYSE: MOH) and Integral Health Plan,
Inc. (d/b/a Integral Quality Care) announced today that Molina
Healthcare of Florida, Inc., a wholly owned subsidiary of Molina
Healthcare Inc., has entered into a definitive agreement to acquire
certain assets of the Medicaid business of Integral Quality Care.
As a part of the transaction, Molina Healthcare of Florida will
receive the right to assume Integral’s Medicaid members in the
state of Florida, certain provider agreements, as well as other
assets related to the operation of the Medicaid business. Molina
Healthcare of Florida will fund the transaction with available cash
on hand at the parent. Subject to regulatory approvals and the
satisfaction of other closing conditions, the closing of the
transaction is expected to occur during the fourth quarter of
2015.
Integral Quality Care is a non-profit, provider-sponsored
corporation operating as a Provider Service Network (PSN) and
full-risk health plan. The Company administers health care services
to Medicaid beneficiaries in the following Florida regions:
Northwest (Pensacola/Medicaid Region 1, Tampa/Medicaid Region 6)
and Southwest (Medicaid Region 8) for more than 90,000 Medicaid
enrollees.
“We are proud to welcome the members of Integral Quality Care to
Molina, and we look forward to continuing both Integral’s and
Molina’s shared mission of providing high quality care,” said
Maritza Borrajero, president of Molina Healthcare of Florida. “The
acquisition will allow Molina to provide services in seven regions
across the state and further demonstrates our commitment to
Medicaid, the state of Florida and those in need of
government-sponsored health care.”
Jennifer A. Sweet, CEO of Integral Quality Care, added,
“Integral is pleased to have established this agreement with Molina
Healthcare of Florida, which we expect will continue the Plan’s
history of providing compassionate health benefits to our Medicaid
members and respectful partnering with the healthcare providers
that deliver care to our members.”
About Molina Healthcare of Florida, Inc.
Molina Healthcare of Florida is contracted with the Florida
Agency for Health Care Administration for both the Managed Medical
Assistance (MMA) and Long-term Care (LTC) components of the
Statewide Medicaid Managed Care (SMMC) program, serving a total of
25 counties under those combined programs. Molina Healthcare of
Florida also operates Medicare Dual-Eligible Special Needs Plans in
seven Florida counties, and offers certified Qualified Health Plans
to individuals on the Florida Health Insurance Exchange in the
non-group health insurance marketplace. Total enrollment across all
products approximates 350,000 as of June 2015.
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 our locally
operated health plans in 11 states across the nation and in the
Commonwealth of Puerto Rico, Molina currently serves approximately
3.4 million members. Dr. C. David Molina founded our company in
1980 as a provider organization serving low-income families in
Southern California. Today, we continue his mission of providing
high quality and cost-effective health care to those who need it
most. For more information about Molina Healthcare, please visit
our website at molinahealthcare.com.
About Integral Health Plan, Inc.
Founded in 2009, Integral Quality Care, Inc. is a non-profit
Medicaid health plan with a mission to deliver high quality,
accessible care to its members. As a provider sponsored network,
the Company’s sponsors include Collier Health Services, Inc. d/b/a
Healthcare Network of Southwest Florida and the Association of Area
Delivery Systems Sponsors, Inc. More information about Integral
Quality Care is available at integralqualitycare.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains
“forward-looking statements” regarding the proposed transaction
between Integral Health Plan, Inc. and Molina Healthcare of
Florida, Inc. 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, risks related to: the satisfaction or
waiver of closing conditions for the transaction, successfully
transitioning and integrating Integral Health Plan’s members into
Molina Healthcare of Florida, attrition in membership pending the
completion of and following the transition, maintaining provider
relations, accurately estimating incurred but not reported medical
costs with respect to this new population, and the possibility that
the transaction will not be completed on a timely basis or at all.
Additional information regarding the risk factors to which Molina
Healthcare is subject is provided in greater detail in its periodic
reports and filings with the Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K. These reports
can be accessed under the investor relations tab of Molina
Healthcare’s website or on the SEC’s website at sec.gov. Given
these risks and uncertainties, Molina Healthcare can give no
assurances that its 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 Molina Healthcare cautions investors not to place undue
reliance on these statements. All forward-looking statements in
this release represent Molina Healthcare’s judgment as of the date
hereof, and Molina Healthcare disclaims 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150803005447/en/
Molina Healthcare, Inc.Investor Relations:Juan José
Orellana, 562-435-3666orPublic Relations:Leigh Woodward,
562-233-4532orIntegral Quality Care, Inc.Lisa Braswell,
Communications Manager, 813-517-8399
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