Magellan (MGLN) Unveils Program to Improve Members' Mental Health
Magellan Health, Inc.’s MGLN behavioral health unit, Magellan Healthcare, recently joined forces with Finding Mastery in a bid to introduce a resilience and high-performance training and coaching solution named eMbolden program. The solution will be rolled out in the form of a pilot, and extended to Magellan’s employees and its specific clients in the months ahead.
Through the program, Magellan intends to intensify focus on members’ overall wellbeing, reshape behavioral healthcare treatment and bring about improved mental health outcomes for its customers and employees.
The recent move is in line with Magellan’s commitment of catering to the behavioral health needs of people. Finding Mastery shares the common endeavor of combining innovation with person-focused care, which makes it an apt partner for boosting the program reach to Magellan’s targeted members.
The roll out of the program also seems to be a time opportune one considering the uptick in mental health issues in the United States amid the COVID-19 pandemic. This has resulted in higher demand for enhanced behavioral health services. Per Fortune Business Insights, consequent to a 11.3% rise last year, the behavioral health market of the United States is anticipated to witness a CAGR of 3.6% over the 2021-2028 period.
Several medical advancements and growing online consultations while availing behavioral health treatment have been favoring the market. However, a few challenges including limited access to mental health providers, inadequate information of treatment options amid the general population and lack of primary care facilities continue to persist, per Vision Research Reports.
Time and again, Magellan has made efforts to address the abovementioned shortcomings. This is evident from its collaborations with well-established healthcare providers such as Invo Healthcare, Livongo Health and Neuromotion, which has strengthened Magellan’s behavioral health services portfolio and bolstered its nationwide presence. While the tie-up with Invo Healthcare in June of this year intended to upgrade the model that provides applied behavior analysis (ABA) treatment to autistic children, the one with Livongo last year offered Magellan’s customers and members access to a digital self-care solution.
The credibility of Magellan’s behavioral health capabilities has been reinforced by the fact that the healthcare provider Centene CNC, which has been one of its long-time customers, chose Magellan for constructing one of the leading U.S. behavioral health platforms. To this end, Centene inked a merger deal with Magellan in the beginning of this year and the transaction is estimated to close in the second half of 2021. The behavioral health, specialty healthcare and pharmacy management competencies of both the healthcare providers will be integrated as part of the deal. Per Centene’s management, acquisition of Magellan is anticipated to add scale across the former’s specialty care business.
Other healthcare provides offering behavioral health services across the United States include Humana Inc. HUM and Anthem, Inc. ANTM.
Zacks Rank & Price Performance
Shares of Magellan, which carries a Zacks Rank #3 (Hold), have gained 26.7% in a year compared with the industry’s rally of 27.8%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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