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Magellan Health, Inc. (NASDAQ: MGLN) has appointed Dr. Alisa Bahl as chief of strategy and innovation and Dr. Sean Gregory as senior vice president of analytics and insight. Both leaders bring extensive healthcare experience and will focus on integrating behavioral and physical health. Dr. Bahl aims to enhance strategies across business segments, while Dr. Gregory will utilize insights for product development. The appointments are part of Magellan's commitment to improving health and wellbeing solutions for complex healthcare needs.
Magellan Health, Inc. (NASDAQ: MGLN) has launched Mightier, a biofeedback video game designed to teach emotional regulation to children aged 6 to 14. Developed by Boston Children’s Hospital and Harvard Medical School, Mightier has demonstrated significant improvements in behavioral issues among children with autism spectrum disorder (ASD). During a pilot program, 80% of participants reported symptom improvement. The offering aligns with Magellan's digital transformation strategy, providing innovative care solutions that support mental health and family wellbeing.
Magellan Health (NASDAQ: MGLN) has launched advanced suicide prevention resources during Suicide Prevention Awareness Month. The initiative involves high-touch and high-tech approaches to tackle the public health crisis of suicide. Key aspects include collaboration with Psych Hub for education, a Clinical Excellence Suicide Prevention Model, and proactive identification of individuals at risk through predictive modeling and digital solutions. Magellan aims to reduce stigma and enhance community engagement, supporting a holistic approach to mental health care.
Magellan Health, Inc. (NASDAQ: MGLN) has launched the eMbolden program, a resilience and high-performance training initiative developed in collaboration with Finding Mastery. This program aims to enhance the wellbeing and productivity of employees by focusing on mental readiness principles. The pilot will be conducted with Magellan's employees and select clients. Over the past five years, Magellan Federal has trained over 16,000 Master Resilience Trainers, delivering performance training to 2.7 million individuals in the Army. This strategic collaboration aims to broaden the impact of their expertise.
Magellan Health reported second-quarter 2021 financial results with net revenue of $1.22 billion, up 11.0% year-over-year, but net income dropped to a $6.5 million loss, a 113.7% decline. Adjusted net income was $3.0 million, significantly lower than $21.3 million in the prior year. Segment profit fell 43.3% to $32.3 million, driven by increased corporate investments and returning utilization patterns. The company anticipates completing its merger with Centene Corporation in the second half of 2021, aiming for operational transformation and enhanced growth.
Magellan Rx Management, part of Magellan Health (NASDAQ: MGLN), announced results from a collaboration with mPulse Mobile to combat social isolation during COVID-19. Nearly 1,800 members participated in a six-week program focused on wellness and connection. The initiative utilized behavioral health expertise and technology, achieving over 34,000 messages sent and a 90% satisfaction score. Participants, aged 18 to 90, reported improved mindfulness and engagement, particularly among those with higher social determinants of health.
Magellan Rx Management, a division of Magellan Health (NASDAQ: MGLN), has partnered with Heuro, LLC to enhance behavioral health support via the Heuro Health app. This collaboration aims to improve communication between members and providers, utilizing telehealth services and analytics to promote wellness-focused behaviors. The platform consolidates health records, insurance details, and wellness management tools, ultimately aiming to lower healthcare costs. Early results indicate higher member engagement compared to industry standards, highlighting the program's effectiveness in guiding members towards healthier living.
Magellan Healthcare announced a pilot program in partnership with Invo Healthcare to establish standards of care for children with autism spectrum disorder (ASD) receiving applied behavior analysis (ABA) treatment. The initiative aims to enhance care delivery and outcomes, addressing the challenges of individualized treatment plans and high costs, estimated at $40,000 to $60,000 annually per child. Utilizing a value-based care model, the program will improve communication and monitoring, benefiting both families and providers while driving better clinical results.
Magellan Rx Management announced over $40 million in annualized savings for five health plan customers using its oncology biosimilar medical benefit drug management solution. This approach promotes the use of less costly oncology therapeutic biosimilars when appropriate. The program, implemented by customers before January 1, 2020, is expected to yield increasing savings as adoption grows and the shift to biosimilars accelerates. Magellan Rx aims to provide effective cost management for cancer treatments without compromising the quality of care.
Magellan Rx Management, a division of Magellan Health, Inc. (NASDAQ: MGLN), released its annual Medical Pharmacy Trend Report, which highlights rising costs associated with provider-administered medical benefit drugs. The report indicates that total medical benefit costs and per-member-per-month (PMPM) trends have nearly doubled since its inception. Key findings reveal significant changes in drug trends, including the emergence of biosimilars and a projected 32% decrease in oncology support spend over the next five years. These trends pose challenges but also present opportunities for managed care organizations.
