Moda Health

Moda Health (formerly ODS Health) is a health insurance company based in Portland, Oregon. The company provides medical and dental insurance in Oregon and Alaska (and in Washington state before 2016). The Moda Center, a sports arena that is home to the Portland Trail Blazers; and Moda Tower, the tenth-tallest building in Portland; are both named after the company. Moda Health is a member of Delta Dental.

History

Originally started as part of the Oregon Dental Society (now the Oregon Dental Association), the company began as a dental insurance plan. In 1995, the Oregon Department of Justice investigated claims of anti-trust issues related to a most favored nation clause in its contracts with dentists, which led to the removal of the clause.[1] The company announced in 1996 it would move to what became the ODS Tower.[2] In July 1999, ODS moved into the new office building, and the next month sold its former headquarters for $9.6 million to the retirement trusts for Les Schwab Tires and law firm Stoel Rives.[3] ODS changed its name to Moda Health in May 2013, though it kept the ODS moniker for its dental plans in Oregon.[4] Later that year it announced a sponsorship deal with the NBA's Portland Trail Blazers, in which the former Rose Garden Arena would be renamed as the Moda Center. The company is also the shirt sponsor of National Women's Soccer League side Seattle Reign. As of 2013, the company had nearly 1,400 employees and $1.7 billion in annual revenues.[5]

In January 2016, regulators in Oregon and Alaska temporarily suspended the ability of Moda Health to sell insurance after large financial losses left it with a lack of capital.[6][7] The restrictions were lifted in February 2016 after the parent company agreed to raise additional funds.[8][9]

External links

References

  1. ↑ "Choice in the dental chair". Portland Business Journal. March 9, 1997. Retrieved 2 April 2014.
  2. ↑ Goldfield, Robert; Kathy Brock (September 22, 1996). "ODS Health to anchor Wright Runstad tower". Portland Business Journal. Retrieved 2 April 2014.
  3. ↑ "Les Schwab and Stoel Rives Retirement trusts buy ODS Plaza". Portland Business Journal. August 10, 1999. Retrieved 2 April 2014.
  4. ↑ Stevens, Suzanne (May 6, 2013). "ODS changes its name, shifts focus". Portland Business Journal. Retrieved 2 April 2014.
  5. ↑ Meyers, Sean (July 26, 2013). "Health care changes put Moda into growth mode". Portland Business Journal. Retrieved 2 April 2014.
  6. ↑ Hayes, Elizabeth (January 28, 2016). "State forces Moda Health to exit individual insurance market, requires it to raise capital". Portland Business Journal. Retrieved February 15, 2016.
  7. ↑ Manning, Jeff (January 28, 2016). "State forces tight controls on Moda, citing insurer's weakened financial condition". The Oregonian. Retrieved February 15, 2016.
  8. ↑ Sickinger, Ted (February 8, 2016). "Moda can continue to operate under agreement with regulators to inject new cash". The Oregonian. Retrieved February 15, 2016.
  9. ↑ Bohrer, Becky (February 10, 2016). "Moda Health suspension lifted; company must raise $179M". Alaska Journal of Commerce. Retrieved February 15, 2016.
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