Molina Healthcare Acquires Affinity Health Plan
Affinity is Molina Healthcare’s third strategic acquisition in less than 2 years
Molina Healthcare has announced it is acquiring Affinity Health Plan for $380 million. Founded in 1987 and headquartered in Bronx, New York, Affinity has almost 300,000 Medicaid members in the State of New York residing in New York City plus Westchester, Nassau, Orange, Suffolk, and Rockland counties. Affinity’s annual premiums are about $1.3 billion. Affinity operates as a non-profit organization.
Molina is fortifying its position in the New York marketplace with the Affinity Health Plan buyout
The Affinity Health acquisition complements a pair of other deals Molina has executed in the last two years. Earlier in 2020, it purchased Magellan Complete Care for $820 million (150,000 members, some of which are enrolled in the New York Senior Whole Health plan) and in 2019 it acquired portions of YourCare Health Plan, Inc. (a non-profit division of New York-based Monroe Plan for Medical Care) which added 46,000 Medicaid members in seven New York counties to Molina’s business.
Molina’s acquisitions widen its national footprint
Founded in 1980 and based in Long Beach, California, Molina Healthcare (NASDAQ: MOH) generates over $16 billion annually. They are a well-respected and growing mid-sized managed care organization (MCO) primarily focused on government-subsidized health plans including Medicaid coverage for low-income members and Medicare benefits for seniors and other qualified individuals.
Molina Healthcare’s primary competitors include:
- Aetna (NYSE: CVS)
- Centene Corporation (NYSE: CNC)
- Cigna (NYSE: CI)
- Humana (NYSE: HUM)
- UnitedHealth Group (NYSE: UNH)
- Various Blue Cross Blue Shield (BCBS)and other state or regionally-based plans
Molina Healthcare is ranked at #168 in the Fortune 500 and its plans cover almost 4 million lives.
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