- Health insurer Molina Healthcare ( NYSE: MOH ) confirmed on Monday that the California Department of Health Care Services plans to award the company contracts to offer commercial managed care plans in five counties in the state.
- Accordingly, MOH subsidiary Molina Healthcare of California is in line to win contracts as part of the state’s Medicaid program Medi-Cal in Los Angeles, Riverside, San Bernardino, Sacramento, and San Diego Counties. The contracts are expected to take effect on Jan. 01, 2024, MOH said in a regulatory filing.
- Molina ( MOH ) shares spiked, and rival Centene ( CNC ) fell on Friday after Well Fargo downgraded the latter, noting that “the crown jewel of the CA Medicaid program (Los Angeles County)” is set to transition from CNC to MOH.”
- On Friday, CNC criticized the loss of its contracts in Los Angeles, Sacramento, and Kern counties.
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Molina announces Medicaid contract win in five California counties