San Francisco and Portland, Ore. — Delta Dental of California and Moda today announced the completion of a $152.4 million investment by Delta Dental of California for a 49.5% stake in Moda, a holding company with health-related lines of business. The California Department of Managed Health Care (DMHC) and Oregon’s Department of Consumer and Business Services (DCBS) have approved the investment. The strategic partnership was initially proposed in August 2018.
“We are pleased to announce the completion of Delta Dental of California’s investment in Moda,” said Mike Castro, president and chief executive officer of Delta Dental of California. “This strategic partnership will enable both organizations to share their complementary expertise and help further Delta Dental of California’s mission of advancing dental health and access to care through exceptional dental benefits, service, technology and professional support. We look forward to building on our relationship with the Moda team as both companies continue providing broader health care solutions to more people and communities.”
“Delta Dental of California has been a trusted partner for more than 60 years and shares our commitment to excellence and innovation,” said Robert Gootee, President and Chief Executive Officer of Moda. “By combining resources and strategies, we can expand our capacity to serve existing and new markets. This strategic investment enhances each company’s ability to succeed in the evolving healthcare market while continuing our respective traditions of community engagement.”
Founded in 1955, Oregon-based Moda is a company committed to building healthier communities. In addition to its more than 1 million dental lives, Moda has 330,000 members in its medical plans and more than 1 million members in its stand-alone pharmacy segment. The Moda family of enterprises includes Moda Health, Delta Dental Plan of Oregon/Alaska, ODS Community Dental, Eastern Oregon Coordinated Care Organization, Ardon Health, BenefitHelp Solutions, Astra Practice Partners, Dental Commerce Corporation, Healthy Grid, Arrow Dental, and PropacPayless Pharmacy.