Molina Healthcare to Waive Costs Related to COVID-19 Treatment
Molina Healthcare, Inc. MOH decided to remove certain ‘out-of-pocket’ expenses required for treatment of its clients, who are intensely affected by the coronavirus outbreak. This initiative will provide coverage to those members who come under the company’s Medicare, Medicaid and Marketplace businesses.
The COVID-19 pandemic has severely hit the entire globe and the United States is no exception. With more than 1.2 million people being infected across the globe till date, the situation seems to worsen with each passing day. Considering the current situation, most of the health care providers in the United States are ramping up efforts to contain the coronavirus spread.
Following the news of coronavirus outbreak in the United States, Molina Healthcare had firstly removed specific ‘out-of-pocket’ costs required for COVID-19 testing in March.
Two weeks before, the company had launched a digital tool, Coronavirus Chatbot. This platform is equipped to assist the company’s members in self-assessment of their vulnerability toward threat posed by the pandemic.
Notably, Molina Healthcare seems to gain traction from its alliance with another healthcare provider in the United States during this pandemic period. Backed by its partnership with Teladoc, Inc. TDOC, the company readily extended virtual care services to its Medicare, Medicaid and Marketplace members. Also, it arranged for supply of new prescriptions or refills at the doorsteps of their members free of cost.
In addition to the aforementioned initiatives, Molina Heathcare has undertaken efforts to enhance its telehealth services. Along with containing the virus spread, such policies facilitate easy communication between clients sitting at home and their healthcare providers.
Moreover, shares of this Zacks Rank #3 (Hold) company have gained 18.8% in the past six months compared with the industry’s rise of 2.2%. We believe that the company’s solid fundamentals are likely to retain its existing momentum in the long run. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Two of its industry peers, Anthem, Inc.ANTM and Cigna Corporation CI have also decided to eliminate additional costs related to the COVID-19 treatment process. Considering the current situation, we expect other leading healthcare providers in the United States to adopt similar steps.
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