New product innovation capability will re-imagine the physical and behavioral health experience across the continuum of care
PHOENIX–(BUSINESS WIRE)–Magellan Health, Inc. (NASDAQ: MGLN) today launched Magellan Health Studio to accelerate the design, development and delivery of next generation products complemented by integrated digital solutions for health plans, healthcare systems, providers and ultimately patients.
Magellan Health Studio, located in Frisco, Texas, will focus on solving healthcare’s most vexing issues through a human-centered design approach that will bring innovation to life. Using a proprietary innovation engine, Magellan Health Studio will test new care delivery models and create products that address the behavioral health and physical needs of patients. This whole person approach will be powered by deep clinical and digital expertise, advanced analytics, top talent with Fortune 100 healthcare experience, and partnerships with leading innovators who share Magellan Health Studio’s commitment to accelerate the digital capabilities required to address complex healthcare challenges.
As the nation and the industry continue to explore the intersection of behavioral and physical health, there is an increasing need for whole person solutions that lead with behavioral health. Magellan Health will leverage its expertise and skills from both its behavioral and specialty health and pharmacy business segments. This collaborative and integrated approach will improve quality and value, address the total patient experience across the continuum of care, and as a result, reduce the total cost of care.
“The COVID-19 pandemic has made it abundantly clear that the behavioral health of individuals remains a critical societal need, presenting challenges for health plans, employers and government payors – a challenge and opportunity Magellan is well positioned to address,” said Ken Fasola, chief executive officer, Magellan Health. “Overall medical costs increase two to three times when patients receive a behavioral health diagnosis. We must address the behavioral, physical and pharmacy needs of people through an integrated approach that supports the patient through their health journey. Magellan Health Studio is our commitment to deliver innovative solutions that will transform the healthcare experience for patients and bring even greater value to our customers.”
About Magellan Health: Magellan Health, Inc., a Fortune 500 company, is a leader in managing the fastest growing, most complex areas of health, including special populations, complete pharmacy benefits and other specialty areas of healthcare. Magellan supports innovative ways of accessing better health through technology, while remaining focused on the critical personal relationships that are necessary to achieve a healthy, vibrant life. Magellan’s customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators. For more information, visit MagellanHealth.com.
Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, the risks discussed in the “Risk Factors” section included within the Company’s most recent Annual Report on Form 10-K, quarterly report on Form 10-Q, and subsequent reports on Forms 10-Q and 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
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Contacts
Media Contact: Lilly Ackley, ackleyl@magellanhealth.com, (860) 507-1923
Investor Contact: Darren Lehrich, lehrichd@magellanhealth.com, (860) 507-1814