After several quarters of disappointing financial results stemming from operating losses on its ACA business, Molina’s board in May 2017 fired its two top executives, Chief Executive Mario Molina and Chief Financial Officer John Molina. But the unsuccessful Texas bid, Windley said, occurred mostly under Zubretsky’s watch. The makeover also included the October sale of its Pathways Health and Community Support unit, a provider of home and community-based human services, to Century City-based Atar Capital for an undisclosed sum. The company declined further comment. Molina Healthcare, Inc. Investor Day 2019 May 30, 2019 WIFI: Molina Healthcare Password: #MOH2019 2019 Outsourcing Info and Layoffs. UnitedHealth Group Inc. Health business reporter Dana Bartholomew can be reached at dbartholomew@labusinessjournal.com. Its margin recovery and sustainability plan included the sale of 16 medical clinics to ousted Chief Executive J. Mario Molina, son of the company’s late founder, C. David Molina. In his report, analyst Windley noted Molina had appealed its contract loss in Florida and succeeded in “clawing back” about one-third of its lost business. Good location with plenty of parking. Loved the ability to work from home occasionally. Shares in MOH lost less than 1 percent on Feb. 14, closing at $136.08 with a market cap of $8.49 billion. Zubretsky noted that the company has a window of 10 business days to decide whether to file an appeal. The managed-care services provider for Medicare and Medicaid has undergone a financial makeover led by Chief Executive Joseph Zubretsky, who was hired in October 2017 to turn around a company beset by lower enrollments, higher costs and 1,400 employee layoffs. Follow him on Twitter @_DanaBart. See what sets us apart. Despite the drop in both net income and revenue, Molina’s per-share earnings of $2.80 beat the consensus estimate by 7 cents. History. The company notified the state employment office about the layoffs on Feb.6. The stock recovered a little, closing at $119.87 on Nov. 6. Got this --Molina Outsourcing Plans for 2019. Molina Healthcare Inc (MOH) Q4 2019 Earnings Call Transcript Supreme Court Refuses to Hear Obamacare Case, Health Insurer Stocks Breathe Sigh of Relief Molina Healthcare Inc (MOH) Q2 2019 … Rate Molina Healthcare. There is some great info from PinkSnitch about layoffs and outsourcing that is coming in 2019. ... Let others know how Molina Healthcare ranks by taking 30 seconds to give your feedback. 2019: Molina Healthcare loses Medicaid contract with the state of Texas. The Molina layoff report came two days after the company released a year-end statement reporting net income of $707 million for the 12 months ended Dec. 31 based on revenue of $18.9 billion, compared with a $512 million loss in 2017 on revenue of $19.9 billion. It serves roughly 3.4 million members in a dozen states, including California, Florida, Michigan, New Mexico, Texas and Utah. The Long Beach-based health insurer had most of its major Medicaid contract in Texas yanked on Oct. 29, losing out in a bidding process for five of the six regions it has served in the state. Pros. Layoffs: Downsizing related discussion, postings, questions and answers. Project Green Wave 1 IT QA. Both are sons of company founder David Molina, an emergency room physician who started Molina Healthcare in 1980. Molina Healthcare was founded in 1980 by C. David Molina, an emergency room physician in Long Beach, California. Zubretsky, in an Oct. 30 earnings call with analysts, confirmed that the potential revenue loss would be “in the neighborhood” of $900 million to $1 billion. That in turn could constrain the company’s cost-cutting efforts, he said. You are viewing your complimentary article.Subscribe to get unlimited access. READER POLL: How much time do you plan to take off for the holidays. The impending closure of Golden Shore is the latest development in an escalating feud between Dr. J. Mario Molina and Molina HealthCare, which was founded by Molina’s father initially as a clinic operation in 1980. Molina Healthcare’s layoffs of Long Beach-based employees are set to continue until the end of the year, documents show. Molina specializes in providing health insurance primarily to low-income families and individuals under managed-care programs, especially state-run insurance offerings that are part of the Affordable Care Act. I have been working at Molina Healthcare full-time for more than 10 years. Pretty good company to work for. Massive layoffs, the elimination of great talent and dramatic shift in culture. Molina Healthcare Inc.’s recent experience in the large Texas health care market has looked less like a two-step and more like a stumble.