Magellan Health, Inc.’s ( MGLN Quick Quote MGLN - Free Report) full-service pharmacy benefits management division Magellan Rx Management has implemented a pilot program with Wellth, a digital behavioral change company.
With this program, the company seeks to improve medication adherence and the overall health of its members.
Via this pilot program, the company will work on habit formation and behavioral change in people with chronic conditions. It is not just about medication adherence but something beyond that. In a nutshell, it’s about transforming the way individuals manage their conditions.
This outcome will be achieved through the use of digital technology and AI. These tools will help members build lasting healthy habits through personalized experiences.
In order to induce members to stick to prescribed care plans, they will be given financial incentives. Members will have to do daily check-ins like taking a picture of their medication(s) – which will be immediately processed by Wellth’s AI technology for verification with pertinent insights relayed directly to the care team.
Current behavioral theories provide limited insights into behavioral changes whereas technology-enabled solutions can easily manage the inherent complexities of the real-world behavioral changes.
Devices and programs using digital technology to foster or support behavioral changes (digital interventions) are increasingly becoming ubiquitous as the same is being adopted for a wider use in patient diagnosis and treatment, self-management of chronic diseases and in primary prevention. These are in fact steadily revolutionizing the ways in which individuals can monitor and improve their health conditions plus enhance healthcare with better outcomes, cost control and enrichment of the patient experience.
Magellan Health is always inclined to serve the behavioral health needs of its members. Behavioral health issues need to be addressed at the earliest stages as these have been rising alarmingly in recent times, more so triggered by the COVID-19 pandemic. The company intends to provide the much-in-demand behavioral health services with the aid of virtual platforms. Of late, it acquired a 70% interest in Bayless Integrated Healthcare, which is a niche player in the integrated primary care and the behavioral health arena. This strategic move will provide the company with a scalable virtual platform to strengthen its presence across the emerging markets.
Magellan Health has gained 22.8% in six months’ time compared with its
industry’s growth of 1.1%. Other players in the same space, namely CVS Health Corp. ( CVS Quick Quote CVS - Free Report) and Molina Healthcare, Inc. ( MOH Quick Quote MOH - Free Report) have also rallied 13.6% and 7.5%, respectively, whereas Centene Corp. ( CNC Quick Quote CNC - Free Report) has lost 6.1%.
Magellan Health carries a Zacks Rank #3 (Hold), currently. You can see
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