Molina Healthcare Completes Acquisition of Providence Human Services and Providence Community Services
November 02 2015 - 7:20AM
Business Wire
Molina Healthcare, Inc. (NYSE: MOH) announced today that it
has completed the acquisition of Providence Human Services, LLC
(PHS) and Providence Community Services, LLC (PCS), formerly part
of The Providence Service Corporation (NASDAQ: PRSC),
expanding Molina’s capabilities in behavioral and mental health
services. The two entities, which will operate as a wholly owned
subsidiary of Molina Healthcare under the brand name PathwaysSM,
represent one of the largest national providers of accessible,
outcome-based behavioral and mental health services with 6,800
employees and operations in 23 states and the District of
Columbia.
“We are excited to welcome our PHS and PCS colleagues to Molina.
The acquisition expands our ability to more closely integrate our
members’ physical and behavioral health benefits and manage care in
a more effective manner, while directly influencing outcomes for
the better,” said J. Mario Molina, M.D., president and chief
executive officer of Molina Healthcare. “Molina and Pathways share
a common strategic vision and philosophy, making them well aligned
to focus on delivering quality health care services to people
receiving government assistance.”
PathwaysSM is headquartered in Fredericksburg, Virginia, with
additional offices throughout the country. More information about
PathwaysSM is available at pathwayshealth.com.
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 serves approximately 3.5
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.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains
“forward-looking statements” regarding the transaction between The
Providence Service Corporation and Molina Healthcare, 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 ability of Providence Human
Services and Providence Community Services (together, the “Acquired
Companies”) to maintain relationships with customers and employees
following the closing of this transaction; the integration of the
operations and employees of the Acquired Companies’ businesses into
Molina Healthcare’s business; the retention and renewal of the
Acquired Companies’ business contracts; synergies from the proposed
transaction; and the Acquired Companies’ future financial condition
and operating results. Additional information regarding the risk
factors to which Molina Healthcare is subject is provided in
greater detail in its respective 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 the Molina Healthcare 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 its 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 its expectations that
occur after the date of this release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151102005822/en/
Molina Healthcare, Inc.Investor RelationsJuan José Orellana,
562-435-3666orPublic RelationsSunny Yu, 562-477-1608
Molina Healthcare (NYSE:MOH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Molina Healthcare (NYSE:MOH)
Historical Stock Chart
From Apr 2023 to Apr 2024