The Ohio Department of Job and Family Services awarded Medicaid managed care contracts to Aetna, UnitedHealth Group, CareSource, Paramount Advantage and Meridian Health Plan. Molina Healthcare, Centene, Amerigroup and WellCare Health Plans, the incumbent Medicaid plans in Ohio, all lost out on the contracts.
Ohio will change the way it covers Medicaid recipients, as there will now be three service regions instead of eight, according to the report.
Stocks dropped heavily at Molina and Centene following the news, as both for-profit health insurers relied on Ohio’s Medicaid business. Some analysts said Molina will suffer the most, as roughly 20 percent of its revenue came from Ohio. Molina officials plan to file a formal protest with the state.
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