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Molina Healthcare was founded in 1980 by C. David Molina, an emergency room physician in Long Beach, California. [4] He had seen an influx of patients using the emergency room for common illnesses such as a sore throat or the flu because they were being turned away by doctors who would not accept Medi-Cal.
In 2024, Molina Healthcare announced that Zubretsky's tenure as CEO had been secured and that he would work 2027, and that Zubretsky had been "awarded a special one-time stock grant". [9] [10] In 2021, Modern Healthcare rated Zubretsky 67th in its list of the 100 Most Influential in Healthcare. [4] In 2021, Zubretsky was paid $17,812,327 as CEO ...
Selling insurance products under UnitedHealthcare, and health care services under the Optum brand, it is the world's ninth-largest company by revenue and the largest health care company by revenue. The company is ranked 8th on the 2024 Fortune Global 500. [4] UnitedHealth Group had a market capitalization of $460.3 billion as of December 20, 2024.
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Amid the hospital system's fiscal troubles, Leonard Green attempted twice to sell the company in 2015 and 2018, but failed due to the company's poor financials. Prospect then initiated a $1.31 billion dividend recapitalization , which allowed it to refinance its debt and landed Leonard Green $658.4 million in dividends and management fees.
The California Medical Assistance Program (Medi-Cal or MediCal) is the California implementation of the federal Medicaid program serving low-income individuals, including families, seniors, persons with disabilities, children in foster care, pregnant women, and childless adults with incomes below 138% of federal poverty level.
Molina did his medical internship and residency at the Johns Hopkins Hospital. [5] After that, he was a fellow for four years at the University of California , San Diego, and the San Diego Veterans Affairs Medical Center, in endocrinology and metabolism .
The hospital chain said that it began cutting costs in labor after the passage of the Affordable Care Act, turning an anticipated $5.2 billion loss to $2.7 in profits over a five-year span. The nonprofit continued cutting jobs even after the healthcare market destabilized. [63]