ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Jul. 3, 2013--
Molina Healthcare, Inc. (NYSE: MOH) today announced that its subsidiary,
Molina Healthcare of New Mexico, has entered into a definitive agreement
to assume Lovelace Community Health Plan’s contract for the New Mexico
Medicaid Salud! Program. Subject to the satisfaction of customary
closing conditions, the Company anticipates completing the transaction
on August 1, 2013.
“We are committed to providing continuity of care to our Medicaid
members,” said Ron Stern, president and CEO of Lovelace Health System.
“This partnership will provide high quality care for our Medicaid
members without disruption in service or benefits. These members will
continue to have access to Lovelace providers, medical staff, Lovelace
Retail Pharmacies and Lovelace’s network of hospitals even after
Centennial Care takes effect in 2014.”
Lovelace Community Health Plan currently participates in the New Mexico
Medicaid Salud! State Coverage Insurance program and arranges for
healthcare services for approximately 84,000 New Mexicans. Molina
Healthcare of New Mexico serves over 91,000 Medicaid members across the
state. Additionally, through an affiliated company, Molina
Healthcare operates two primary care clinics – one in Albuquerque, and
another in Santa Fe.
“We look forward to welcoming our new members and ensuring a smooth
transition,” said Patty Kehoe, president of Molina Healthcare of
New Mexico. “This agreement with Lovelace further reinforces our
commitment to the Medicaid program, and we remain focused on our health
plan’s readiness and continued partnership with the State of New Mexico
under the Centennial Care program in 2014.”
Molina Healthcare and Lovelace will be notifying Lovelace’s current
Medicaid members by letter of their transition from Lovelace to Molina
Healthcare. Upon the closing of the transaction, Lovelace’s Medicaid
members will become Molina Healthcare Medicaid members and will receive
their Medicaid managed services and benefits from Molina Healthcare.
Members will be able to continue with Molina Healthcare as the state
transitions to New Mexico’s Centennial Care program. Lovelace’s
non-Medicaid members will not be affected by this transaction.
Earlier this year, Molina Healthcare of New Mexico, which holds the
highest NCQA ranking among Medicaid plans in the state, was one of four
managed care plans awarded a contract as part of the New Mexico Human
Services Department’s (HSD) Centennial Care program. In addition to
acute care and physical health services, Molina Healthcare will also
provide behavioral health and long-term care services and support.
About Molina Healthcare
Molina Healthcare, Inc., a FORTUNE 500 company, provides quality and
cost-effective Medicaid-related solutions to meet the health care needs
of low-income families and individuals and to assist state agencies in
their administration of the Medicaid program. The Company’s licensed
health plans in California, Florida, Michigan, New Mexico, Ohio, Texas,
Utah, Washington, and Wisconsin currently serve approximately 1.8
million members, and its subsidiary, Molina Medicaid Solutions, provides
business processing and information technology administrative services
to Medicaid agencies in Idaho, Louisiana, Maine, New Jersey, and West
Virginia, and drug rebate administration services in Florida. More
information about Molina Healthcare is available at www.molinahealthcare.com.
About Lovelace
Lovelace Health System comprises a network of acute-care hospitals, a
rehabilitation hospital, the Lovelace Health Plan – offering access to a
wide range of health care providers and specialists across New Mexico –
and retail pharmacy locations in Albuquerque, Rio Rancho and Santa Fe.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This release contains “forward-looking
statements” regarding the proposed transaction between Lovelace Health
System and our New Mexico health plan. All of our forward-looking
statements are based on our 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
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 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 company
website or on the SEC’s website at www.sec.gov.
Given these risks and uncertainties, we can give no 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.
Source: Molina Healthcare, Inc.
Molina Healthcare, Inc.
Investor Relations:
Juan José
Orellana, 562-435-3666
or
Public Relations:
Leigh
Woodward, 562-528-5056
