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Unisys to offload Health Information Management business to Molina Healthcare |
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Unisys Corporation has said that it has inked an agreement to sell off its health information management (HIM) business to Molina Healthcare, Inc. for approximately $135 million in cash. Molina Healthcare said it is funding the acquisition through its credit facility. The Unisys HIM business provides system solutions and business process outsourcing services to state governments for administering their Medicaid and other state health care entitlement programs. The business currently has contracts with the states of Louisiana, New Jersey, West Virginia, Idaho and Maine. It also provides drug rebate administration services for the Florida Medicaid program. Unisys said the transaction is expected to close in the first half of 2010, subject to customary regulatory approvals and closing conditions, including receipt of customer consents. It said the business represents approximately $110 million in annual revenue. Molina Healthcare said the approximately 900 employees of the HIM business will become employees of Molina Healthcare upon closing of the transaction, and following the closing Unisys would provide certain transitional and technology support services to Molina Healthcare for up to one year. J Mario Molina, M.D., president and chief executive officer of Molina Healthcare said the HIM business would complement his company's Medicaid health plan business and would advance its strategic plan by expanding services and product offerings beyond managed care. He said that with the acquisition of the HIM business, “Molina Healthcare will have, within a single company, the tools our state partners need to run their Medicaid programs, ranging from full-risk managed care health plans to fee-based information technology solutions.” |
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