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
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