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WellCare Health Arm MeridianRx Unveils Mobile Application

Zacks Equity Research

WellCare Health Plans, Inc. WCG owned MeridianRx has launched a unique pharmacy member portal and free mobile application, namely Atlas Compass. With this app, Pharmacy Benefit Manager (PBM) members will be able to access their own pharmacy health information with convenience.

The design of Atlas Compass allows members to gain a vital insight into their prescription drug plan and an access to manage their own healthcare data. A few key features of this app include “Drug Search” and “Cost Estimator” with which members can find affordable alternatives and detailed safety information on drugs.

Notably, the "Prescription History" feature allows members to take a look at all prescriptions from the past couple of years, breaking down member prescription drug expenditure.

With this launch, MeridianRx aims to help ease patients’ frustration due to lack of transparency and high costs of drugs. The new application aids them to regulate their own medications at personal space, while being busy or even at the pharmacy.

Other smart features include prescription refill reminders that notify the members when their prescriptions need to be filled up along with pharmacy search function and member plan data with a digital ID card.

The app is now available as an online portal as well as a mobile app. It can be used on all smartphones and tablets that are running on Android or iOS.

Acquiring pharmacy benefit manager MeridianRx was one of WellCare Health's planned strategies to emerge as the topmost Medicaid provider. Last September, it purchased Meridian Health Plan of Michigan, Inc., Meridian Health Plan of Illinois, Inc. and MeridianRx for a total value of $2.5 billion. MeridianRx has a pharmacy network serving around 1.6 million members.

WellCare Health has grown substantially through acquisitions and partnerships since 2013. Buyouts of Care1st Arizona and Advicare significantly contributed to the company's Medicaid business and helped diversify its Medicaid portfolio. In 2017, it completed the transactions of Universal American Corp and Arizona Medicaid assets of Phoenix Health Plan. Again in 2018, the company closed its significant consolidation of Aetna Inc.'s entire standalone Medicare Part D prescription drug plan membership. All these takeovers poise the company well for growth.

Shares of this Zacks Rank #2 (Buy) company have rallied nearly 26.2% in a year’s time, outperforming its industry’s growth of 15.3%.


Other Stocks to Consider

Investors interested in the medical sector can also take a look at some other top-ranked stocks like UnitedHealth Group Incorporated UNH, Centene Corporation CNC and Molina Healthcare, Inc MOH, each currently carrying a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

UnitedHealth operates as a diversified health care company in the United States. In the last four quarters, the company delivered average beat of 3.39%.

Centene operates as a diversified and multi-national healthcare enterprise in the United States. It came up with average earnings surprise of 4.99% in the trailing four quarters.

Molina offers Medicaid-related solutions to meet the health care needs of low-income families and individuals.In the past four quarters, the company came up with a whopping average beat of 109.4%.

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