CEO Joseph M. Zubretsky made $15.2 million last year while the insurer's median employee brought home $65,652.
In 2018, the Long Beach, California-based insurer's top executive netted a total compensation package of $15,219,770, 232-times as much as the median employee, according to a filing with the Securities and Exchange Commission Monday afternoon.
Molina Healthcare employees received a total compensation of $65,652, though the company noted that it significantly reduced its workforce throughout 2018. The calculations for median pay account for all Molina employees excluding Zubretsky on December 1, 2018.
Zubretsky's base salary of $1.3 million for 2019 will remain unchanged compared to 2018, along with the salaries of the four other top Molina executives who each individually make $600,000 annually.
In January, Molina's compensation committee established short-term cash bonus opportunity levels for Zubretsky and the four other executives, maintaining the same levels that it has used in 2018.
Both Pamela Sedmak, executive vice president of health plan operations, and Mark Keim, executive vice president of strategic planning and corporate development, also received base salary increases of $50,000 on September 1, 2018.
Molina experienced a turnaround year in 2018, rebounding from significant losses that resulted from a major reorganization effort in 2017.
The company finished 2018 with a total revenue of nearly $19 billion, a net income of $707 million after posting a loss of $512 million in 2017, and repaid more than $750 million in outstanding debt.
Even Moody's complimented its final earnings report from 2018, noting that the insurer is primed for "positive results to continue" into 2019.
The insurer has also discussed plans to reenter the ACA markets in North Carolina, Wisconsin, and Utah as part of its forward-looking business strategy.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.
Photo credit: Photo credit: KIEV, UKRAINE - Dec 18, 2018: Molina Healthcare company logo seen displayed on smartphone - Image / Editorial credit: IgorGolovniov / Shutterstock.com