Molina acquisition expands Medicaid business in Chicago market
- Molina Healthcare will acquire certain assets of the Medicaid business of MyCare Chicago. Financial terms were not released, but according to the company, Molina will utilize available cash on hand.
- Molina will assume MyCare Chicago's Medicaid members in Cook County, Illinois and other assets related to its operation of the Medicaid business.
- If the deal clears regulatory approval, it is expected to happen in the fourth quarter of this year.
MyCare Chicago is one of 11 accountable care operations in Illinois and is owned and operated by several Chicago hospitals and health centers. It will continue to operate its provider network and coordinate care for certain enrollees through a services agreement with Molina.
"The agreement between MyCare Chicago and Molina Healthcare of Illinois provides the resources needed to invest in advanced information systems and patient-centered care coordination systems that improve population health status and lower costs," Mark Newton, chairman of the MyCare Chicago board and president of Swedish Covenant Hospital, said in a press release.
Molina Healthcare, Inc. is based in California and operates health plans in 11 states and Puerto Rico.
- Healthcare Finance News Molina Healthcare to acquire MyCare Chicago's Medicaid assets