Molina Healthcare Announces the Closing of its Acquisition of AgeWell New York’s Managed Long Term Care Plan

Rhea-AI Summary

Molina Healthcare has successfully completed its acquisition of AgeWell New York’s Medicaid Managed Long Term Care (MLTC) business as of October 1, 2022. This strategic acquisition enhances Molina's services and solidifies its market presence, as AgeWell's MLTC business catered to around 13,000 members by September 30, 2022. Molina Healthcare serves approximately 5.1 million members across various states, focusing on Medicaid and Medicare services.

Positive

• Acquisition of AgeWell's MLTC business expands Molina's membership base by approximately 13,000 members.
• Strengthens Molina's market position in the Medicaid Managed Care sector.

Negative

• None.

LONG BEACH, Calif.--(BUSINESS WIRE)-- Molina Healthcare, Inc. (NYSE: MOH) today announced that its acquisition of AgeWell New York’s Medicaid Managed Long Term Care (MLTC) business closed on October 1, 2022. As of September 30, 2022, AgeWell New York’s MLTC business served approximately 13,000 members.

About Molina Healthcare

Molina Healthcare, Inc., a FORTUNE 500 company (currently ranked 125), provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through its locally operated health plans, Molina Healthcare served approximately 5.1 million members as of June 30, 2022. For more information about Molina Healthcare, please visit molinahealthcare.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220930005396/en/

Investor Contact: Joseph Krocheski, Joseph.Krocheski@molinahealthcare.com, 562-951-8382

Media Contact: Caroline Zubieta, Caroline.Zubieta@molinahealthcare.com, 562-951-1588

Source: Molina Healthcare, Inc.

FAQ

What is the significance of Molina Healthcare's acquisition of AgeWell New York's MLTC business?

The acquisition is strategic, enhancing Molina's market share and service offerings in the Medicaid Managed Long Term Care sector.

How many members did AgeWell New York's MLTC business serve before the acquisition?

Before the acquisition, AgeWell New York's MLTC business served approximately 13,000 members.

When did Molina Healthcare complete the acquisition of AgeWell New York's MLTC business?

Molina Healthcare completed the acquisition on October 1, 2022.

What is the current member count for Molina Healthcare?

As of June 30, 2022, Molina Healthcare served approximately 5.1 million members.