California Company Purchases KY Medicaid Managed Care Company
Passport Health Plan, a Kentucky-based Medicaid managed care company, has agreed to be purchased by a competitor in a deal expected to preserve hundreds of jobs.
Molina Healthcare of California announced Friday that the purchase price for Passport is about $20 million and that it will fund the purchase with cash on hand. The announcement comes six weeks after Passport was shut out of a new state Medicaid contract.
Molina was one of the successful bidders for Kentucky’s multi-billion-dollar Medicaid plan that covers 1.4 million people.
Source: MG News
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