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Molina pivots to permanent remote work, plans to cut real estate footprint by two-thirds

Molina Healthcare stated Thursday it plans to make distant work everlasting and it’ll trim its actual property footprint by two-thirds, which executives stated will yield substantial financial savings. 

Molina, a Fortune 500 firm and among the many nation’s largest insurers, is the most recent firm to resolve to go totally distant because the COVID-19 pandemic pressured places of work to shutter, sending staff to work at home and upending conventional work routines. 

“We intend to maneuver completely to a distant work atmosphere, a mannequin we have now been working underneath efficiently for almost two years,” CEO Joe Zubretsky instructed traders on a Thursday morning earnings name.     

Molina maintains its headquarters in Lengthy Seashore, California, together with places of work in New York Metropolis, in accordance with its newest annual submitting with the U.S. Securities and Alternate Fee.

The well being insurer employed about 14,000 individuals as of Dec. 31, the submitting states. Molina supplies protection to five.1 million members in 19 states.

The insurer supplied a extra detailed account of its properties in a submitting for the 2018 fiscal yr. On the time, Molina stated one in all its enterprise segments leased a complete of 66 buildings. The earlier submitting additionally stated the corporate owned the next buildings: 

  • A 186,000-square-foot workplace constructing in Troy, Michigan.
  • A 24,000-square-foot mixed-use facility in Pomona, California.
  • A 26,700-square-foot knowledge middle in Albuquerque, New Mexico.

It’s unclear whether or not Molina nonetheless owns these properties. They weren’t listed in probably the most present annual submitting, which not supplies an in depth account of actual property holdings like in prior years. 

“We personal and lease sure actual properties to assist the enterprise operations of our reportable segments,” the latest annual submitting states.

On Wednesday, Molina reported that web revenue for the second quarter elevated 34% to $248 million on larger income of $8 billion. Income development was because of membership beneficial properties in key segments like Medicaid and Medicare, along with the affect of current acquisitions.

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