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Mightier has released results from a pilot program showing their video game platform significantly improves emotional regulation in children with autism. Conducted in collaboration with Magellan Healthcare, 81% of children using Mightier in conjunction with ABA therapy exhibited behavioral improvement, compared to 55% with ABA alone— a notable 45% increase. The program, involving just one hour of play weekly over three months, also led to reduced aggressive behavior and decreased stress for parents. With ongoing NIMH-funded research, Mightier aims to support children with various mental health disorders.
Magellan Health (NASDAQ: MGLN) reported Q1 2021 results, highlighting a 3.5% increase in net revenue to $1.16 billion and a net income of $28.5 million, a significant turnaround from a loss in Q1 2020. Segment profit surged 80.6% to $75.1 million, while adjusted net income reached $35.5 million, up 490.1%. The company also announced its merger with Centene, expected to close in H2 2021 at $95 per share. Cash flow used in operations was $77.9 million, influenced by working capital changes and tax payments.
Magellan Rx Management and Trapelo Health announced a collaboration aimed at enhancing value-based care in precision oncology. This partnership combines Magellan's oncology management expertise with Trapelo's precision-medicine platform, facilitating efficient test order management and treatment decision support. By streamlining prior authorizations and improving communication, the collaboration aims to ensure timely and accurate cancer care, benefitting both patients and payers. The integration will support Magellan's medical pharmacy program designed for comprehensive oncology solutions and cost savings.
Amalgamated Employee Benefits Administrators has unveiled AEBRx, a new Pharmacy Benefit Administration service, aimed at assisting plan sponsors in managing high-cost specialty drugs. Partnering with Magellan Rx Management, AEBRx focuses on delivering significant cost savings through its integrated programs, which have been shown to achieve an average of 40% savings on specialty drug costs while limiting stop loss liability. The platform features user-friendly tools accessible via mobile and desktop, enhancing member engagement and healthcare information access.
Magellan Healthcare, a part of Magellan Health, Inc. (NASDAQ: MGLN), announced initiatives for Autism Awareness Month in April. Approximately 1 in 54 U.S. children are diagnosed with autism spectrum disorder (ASD). The company highlights its Magellan Autism Connections® program, which supports caregivers in navigating complex autism care. Upcoming virtual events include webinars on ASD care and value-based care benefits. Magellan focuses on raising awareness, providing resources, and ensuring holistic care management to enhance health, wellness, and reduce costs.
Magellan Health (NASDAQ: MGLN) announced that its subsidiary, Magellan Federal, has secured a renewed contract for the Military and Family Life Counseling (MFLC) program. This contract, awarded by the General Services Administration, has a total estimated value of approximately $2 billion, covering a base period and four optional extensions. Magellan Federal will deploy over 1,200 counselors across military bases in the U.S., Europe, and Africa, providing non-medical counseling services to enhance service members' readiness and quality of life.
Magellan Health (MGLN) reported Q4 and FY 2020 results, highlighting a 0.3% increase in net revenue to $4.58 billion, while net income fell 67.9% to $4 million. The segment profit dropped 22.5% to $144 million. The company incurred a $34.1 million special charge due to real estate reductions. A significant $378.3 million income from discontinued operations was noted, driven by a $348.1 million gain from the sale of the MCC Business. A merger agreement with Centene for $95 per share was also announced, expected to finalize in H2 2021.
Magellan Health, Inc. (NASDAQ: MGLN) announced its pharmacy benefit management division, Magellan Rx Management (MRx), received a 5-Star rating from CMS for its Statin Use in Persons with Diabetes (SUPD) program. This achievement is attributed to significant improvements in care for diabetic patients through a comprehensive clinical initiative launched with Health Partners Plans. By 2019, 91% of diabetic members were on statin therapy, signifying a solid performance as CMS increases Star Ratings thresholds annually. The program aims to enhance care quality while minimizing complications and costs.
Magellan Rx Management, a pharmacy benefits division of Magellan Health (NASDAQ: MGLN), has launched a pilot program aimed at enhancing its digital health services by collaborating with Wellth, a digital behavioral change platform. The initiative is designed to improve medication adherence and health outcomes for chronic conditions such as diabetes and depression. Participants will receive daily financial incentives for verifying their adherence to care plans via Wellth's AI technology, promoting lasting behavior change and health equity.
Magellan Healthcare, a division of Magellan Health (NASDAQ: MGLN), has released a new clinical monograph titled Understanding and Meeting the Needs of Children and Adolescents at High Risk: Foundations of a Model. This publication integrates the latest research on treatment for problematic behaviors and mental health challenges among youth. Emphasizing a holistic approach, the model aims to involve families in decision-making while addressing individual needs. Key topics covered include youth suicide, childhood trauma, and family-driven care components. For more details, visit MagellanHealthcare.com.
