Molina Healthcare, a managed care company based in Long Beach, Calif., benefitted from dramatic increases in enrollment and revenue in fiscal 2014, which led the company's profit to increase to $62.2 million, up from $52.9 million at the end of fiscal year 2013.
Molina's strong enrollment growth was due largely to Medicaid expansion and membership added to its Illinois and South Carolina health plans. As of Dec. 31, 2014, Molina had approximately 100,000 members in Illinois compared to just 4,000 at the end of fiscal 2013. Molina's South Carolina health plan began serving members under the state's new full-risk Medicaid managed care program Jan. 1, 2014. At the end of fiscal year 2014, the company was serving 118,000 members in South Carolina.
Molina's revenue for fiscal 2014 was $9.7 billion, up from $6.6 billion the previous fiscal year. Much of the increase in revenue is attributable to Molina's participation in Medicaid programs covering long-term services and supports.
Although Molina's overall results for fiscal 2014 fell short of the company's expectations for the year, Molina CEO J. Mario Molina, MD, said the company is entering 2015 better prepared for the challenges the company may face. He also said Molina is "making significant progress" as it "continues to shift toward becoming a chronic care company."
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