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Magellan Health, Inc. (NASDAQ: MGLN) has appointed two new healthcare experts, Dr. Andrey Ostrovsky and Dr. Harold Pincus, to its Health Studio Advisory Council. These appointments aim to enhance the company's integrated health solutions as they redefine health and wellbeing for customers. Dr. Ostrovsky, former chief medical officer of the U.S. Medicaid program, brings extensive experience in healthcare innovation and policy-making. Dr. Pincus, a professor at Columbia University and director at RAND Corporation, has published over 500 scientific research pieces in health services. The Health Studio was launched in 2020.
Magellan Health, Inc. (MGLN) reported a net revenue of $1.25 billion for Q3 2021, up 7.2% from Q3 2020, with a net loss of $0.1 million compared to a loss of $17.3 million in the previous year. Adjusted net income reached $6.0 million, a significant increase from $2.1 million last year. Segment profit rose to $38.0 million, an 11.4% boost from 2020. The firm anticipates completing its merger with Centene Corporation in Q4 2021. Despite a strong performance, adjusted EPS fell 62.5% year-over-year to $0.03. Operating cash flow improved to $60.1 million year-to-date.
Magellan Health (NASDAQ: MGLN) and Gallup have launched the Magellan-Gallup Wellbeing Project, aiming to enhance mental wellness through innovative solutions and surveys. This partnership addresses a growing mental health crisis, with 70% of individuals reportedly struggling with emotional wellbeing. The project will leverage Gallup's research on five dimensions of wellbeing, focusing on prevention and early identification of stressors. Initial surveys for various segments, including employers, will commence on April 1, 2022.
Magellan Healthcare, part of Magellan Health, Inc. (NASDAQ: MGLN), announced initiatives to support emotional wellness during the upcoming holiday season affected by COVID-19. Key findings from a recent survey revealed that 49% of Americans feel the pandemic has altered their holiday celebrations, with 44% indicating holiday preparation causes stress. The company is hosting a webinar on November 17, 2021, focused on holiday emotional wellness, among other resources to assist individuals dealing with the emotional challenges of the season.
Magellan Health, Inc. (NASDAQ: MGLN) has announced the establishment of the Magellan Health Studio Advisory Council, comprising a diverse group of healthcare experts. This team will provide insights to enhance the company's health and wellbeing solutions, focusing on integrated approaches to complex healthcare issues. Alisa Bahl, the Chief Strategy and Innovation Officer, emphasized that the Council's role is crucial in addressing key healthcare challenges. The Magellan Health Studio, launched in 2020, aims to improve health outcomes through innovative solutions for employers and health plans.
Magellan Health, Inc. (NASDAQ: MGLN) announced that its specialty pharmacy division, Magellan Rx Pharmacy LLC, has received accreditation from the National Association of Boards of Pharmacy (NABP) for digital pharmacy practice. This recognition assures stakeholders of Magellan Rx's commitment to high-quality healthcare and safe online pharmacy practices. The accreditation process included a thorough review and verification of compliance with licensing and operational standards. Gaurang Gandhi, vice president of pharmacy operations, emphasized the importance of this achievement in enhancing patient care.
Magellan Health (NASDAQ: MGLN) announced a new collaborative care management solution aimed at enhancing behavioral healthcare services within physical health settings. Developed in partnership with NeuroFlow, this solution facilitates easier identification and management of low- to moderate-risk behavioral health conditions. Key features include AI integration for real-time feedback, streamlined communication, and a member app for self-care activities. The initiative addresses an estimated shortage of 250,000 mental health professionals in the U.S. by improving access to care for underserved populations.
Magellan Health (NASDAQ: MGLN) announced the launch of a free 24-hour crisis hotline for first responders and healthcare workers in Idaho amid the COVID-19 pandemic. The service, activated in response to Governor Brad Little’s call for support, enables critical care workers to access licensed mental health clinicians for assistance with pandemic-related emotional challenges. This initiative aims to provide confidential support and community resources free of charge to help workers cope with stressors during this critical time.
Magellan Health, Inc. (NASDAQ: MGLN) has expanded its Navigate Whole Health program to include the AIDS Drug Assistance Program (ADAP), aimed at enhancing care quality for individuals with HIV. The initiative involves clinical pharmacists working with providers to improve medication adherence. Early results from a pilot show a 26.7% increase in adherence to HIV treatments and a 60% increase in adherence to antidepressants. The program also supports states in meeting Health Resources & Services Administration performance measures, reflecting a commitment to addressing the complexities of HIV care.
Magellan Health, Inc. (NASDAQ: MGLN) has launched a free 24-hour crisis line to support individuals affected by Hurricane Ida. The toll-free number is 1-800-327-7451, providing confidential consultation services to help cope with the emotional aftermath of the disaster. These services aim to assist with feelings of fear and sadness and guide callers to additional community resources. Magellan emphasizes its commitment to helping the community through behavioral health counseling and other support services during such challenging times.
