Molina Healthcare

Amid anxiety over rising costs from the federal healthcare law, California received better-than-expected insurance rates for a new state-run marketplace, but many consumers still won't be spared from sharply higher premiums. Three years after President Obama's landmark law was passed, the state unveiled the first details Thursday on what many Californians can expect to pay for coverage from 13 health plans offering policies in the state's exchange, in which as many as 5 million people will shop for coverage next year.

Two rundown 1920s-era buildings in Long Beach will be converted to a medical office complex as the city's historic downtown notches another addition to its budding revival along North Pine Avenue. The $60-million development will provide offices for Molina Healthcare Inc., a Long Beach medical services provider expected to grow in the next few years by serving more clients through the federal Affordable Care Act, also known as Obamacare. Anchoring the development that will cover a city block is the former headquarters of the Long Beach Press-Telegram.

Investors in Molina Healthcare Inc. took a wild ride this week. Shares of the Long Beach-based health insurer plunged 31% Thursday after it withdrew its full-year profit forecast because of sharply higher costs in its Texas business. Shares rallied Friday nearly 30% after Molina announced that its appeal in Ohio was successful and the state will renew the company's lucrative Medicaid contract there, which analysts say accounts for more than 20% of the company's annual earnings.

Healthcare stocks swung wildly as investors scrambled to figure out how the Supreme Court's ruling on President Obama's healthcare law would affect companies throughout the medical industry. Shares of hospitals and Medicaid providers rose on investor assumptions that the companies would gain customers — many of them able to pay their bills now that the court upheld the so-called individual mandate. Hospital chain Tenet Healthcare Corp. rose 5.4%, while Medicaid provider Molina Healthcare Inc. jumped 8.6%.

Healthcare companies are tripping over themselves to profit from a flood of government contracts for treating the poor and disabled, and a family-run company in Long Beach with nearly $5 billion in revenue is trying to stay ahead of the pack. Amid the growing competition,Molina Healthcare Inc.is facing new hurdles. It has lost two key state contracts in Ohio and Missouri and its shares have tumbled 23% in recent weeks. J. Mario Molina, the company's 53-year-old chief executive, said that these are temporary setbacks and that the company remains in expansion mode.

Molina Healthcare Inc., based in Long Beach, announced Tuesday that it has agreed to buy Unisys Corp.'s health information management unit for $135 million in cash. The unit of Unisys, which is an information technology services company, designs, develops and implements medical record systems outsourced by state governments to run their Medicaid systems, said J. Mario Molina, Molina Healthcare's chief executive. "Every state has a Medicaid system, and Medicaid contracts are big contracts and they don't come up to often," Molina said.

Molina Healthcare Inc., a managed-care organization that serves Medicaid patients, reported lower fourth-quarter earnings as increased hospital costs continued to weigh on results, offsetting higher premium revenue. The Long Beach-based company said net income fell to $10.7 million, or 38 cents a share, from $16.3 million, or 58 cents, a year earlier. Results included expenses of 8 cents a share related to provider disputes and a benefit of 10 cents a share related to reduced liability claims.

Molina Healthcare Inc. said Monday that it had agreed to buy a New Mexico managed-care company for $69 million as part of an effort to expand its Medicaid market. The Long Beach health maintenance organization, which specializes in serving the poor and people on Medicaid, said the acquisition of Health Care Horizons of Albuquerque should begin boosting earnings as soon as it closes in the third quarter of this year.

Two rundown 1920s-era buildings in Long Beach will be converted to a medical office complex as the city's historic downtown notches another addition to its budding revival along North Pine Avenue. The $60-million development will provide offices for Molina Healthcare Inc., a Long Beach medical services provider expected to grow in the next few years by serving more clients through the federal Affordable Care Act, also known as Obamacare. Anchoring the development that will cover a city block is the former headquarters of the Long Beach Press-Telegram.

The gig: J. Mario Molina and John Molina, who are brothers, run Molina Healthcare Inc., a health maintenance organization provider that operates 19 clinics in 10 states. The company, based in Long Beach, has 2,900 employees and more than 1.4 million customers, most of whom receive Medicaid, Medi-Cal and other government healthcare assistance. Last year the company took in $3.7 billion, of which $31 million was profit. Founding father: In 1980, emergency-room physician C. David Molina started Molina Healthcare after noticing an influx of patients in the ER who had been turned away from doctors who wouldn't accept Medi-Cal.

Investors in Molina Healthcare Inc. took a wild ride this week. Shares of the Long Beach-based health insurer plunged 31% Thursday after it withdrew its full-year profit forecast because of sharply higher costs in its Texas business. Shares rallied Friday nearly 30% after Molina announced that its appeal in Ohio was successful and the state will renew the company's lucrative Medicaid contract there, which analysts say accounts for more than 20% of the company's annual earnings.

Healthcare companies are tripping over themselves to profit from a flood of government contracts for treating the poor and disabled, and a family-run company in Long Beach with nearly $5 billion in revenue is trying to stay ahead of the pack. Amid the growing competition,Molina Healthcare Inc.is facing new hurdles. It has lost two key state contracts in Ohio and Missouri and its shares have tumbled 23% in recent weeks. J. Mario Molina, the company's 53-year-old chief executive, said that these are temporary setbacks and that the company remains in expansion mode.

Shares of Molina Healthcare Inc. fell after the managed healthcare provider, controlled by a family and its trusts, filed for a stock sale. Molina declined $3.40, or 11%, to $28.31, the biggest single-day drop since Dec. 1, 2008. The Long Beach company is selling 4 million shares through underwriters, and together with the Molina Siblings Trust may sell an additional 600,000, according to a filing Wednesday. The filing didn't specify the price at which shares in the offering would be sold.

The gig: J. Mario Molina and John Molina, who are brothers, run Molina Healthcare Inc., a health maintenance organization provider that operates 19 clinics in 10 states. The company, based in Long Beach, has 2,900 employees and more than 1.4 million customers, most of whom receive Medicaid, Medi-Cal and other government healthcare assistance. Last year the company took in $3.7 billion, of which $31 million was profit. Founding father: In 1980, emergency-room physician C. David Molina started Molina Healthcare after noticing an influx of patients in the ER who had been turned away from doctors who wouldn't accept Medi-Cal.

Molina Healthcare Inc., based in Long Beach, announced Tuesday that it has agreed to buy Unisys Corp.'s health information management unit for $135 million in cash. The unit of Unisys, which is an information technology services company, designs, develops and implements medical record systems outsourced by state governments to run their Medicaid systems, said J. Mario Molina, Molina Healthcare's chief executive. "Every state has a Medicaid system, and Medicaid contracts are big contracts and they don't come up to often," Molina said.

Molina Healthcare Inc. said its profit shrank in the fourth quarter on higher medical costs, though the health insurer's performance still met Wall Street estimates. For the period ended Dec. 31 the Long Beach company reported net income of $15.5 million, or 58 cents a share, compared with $17.9 million, or 63 cents, a year earlier. Revenue climbed to $812.5 million from $678.6 million on increased membership and higher premium payments. However, those gains were offset by higher expenses, which rose to $785 million from $648 million, driven by rising medical costs.

Molina Healthcare Inc. said its profit shrank in the fourth quarter on higher medical costs, though the health insurer's performance still met Wall Street estimates. For the period ended Dec. 31 the Long Beach company reported net income of $15.5 million, or 58 cents a share, compared with $17.9 million, or 63 cents, a year earlier. Revenue climbed to $812.5 million from $678.6 million on increased membership and higher premium payments. However, those gains were offset by higher expenses, which rose to $785 million from $648 million, driven by rising medical costs.

Molina Healthcare Inc., a health insurer that specializes in Medicaid plans, reported a 38% rise in quarterly profit as premium revenue surged, but cut its 2008 earnings outlook partly because of declining interest rates and higher taxes. First-quarter net income was $13.2 million, or 46 cents a share, compared with $9.6 million, or 34 cents, a year earlier. Revenue rose 31% to $737 million. Analysts were expecting the Long Beach company to earn 45 cents a share on revenue of $708.

Molina Healthcare Inc., a managed-care organization that serves Medicaid patients, reported lower fourth-quarter earnings as increased hospital costs continued to weigh on results, offsetting higher premium revenue. The Long Beach-based company said net income fell to $10.7 million, or 38 cents a share, from $16.3 million, or 58 cents, a year earlier. Results included expenses of 8 cents a share related to provider disputes and a benefit of 10 cents a share related to reduced liability claims.