Magellan Health, Inc.’s ( MGLN Quick Quote MGLN - Free Report) behavioral health unit, Magellan Healthcare, recently collaborated with NeuroFlow, a digital health company facilitating behavioral health integration across care settings, to unveil a collaborative care management solution.
The high-tech solution paves the way for primary care and specialty providers to get enhanced access to behavioral health screening and care. Thus, health plans and providers can offer improved behavioral healthcare services across physical healthcare settings and bring about better health outcomes for members by utilizing the latest solution.
Besides, the solution helps health providers in timely diagnosis and treatment of behavioral health conditions of low- to moderate-risk levels. This, in turn, will prevent incidence of serious health outcomes. Providers will also benefit from the assistance provided by the clinical team of Magellan, which will utilize the cloud-based platform of NeuroFlow. The AI-equipped platform intends to ease the entire process of caregiving by providers.
The recent move highlights Magellan’s sincere efforts to cater to the rising number of behavioral health issues among individuals. The latest solution comes at an opportune time as several Americans continue to grapple with mental health issues. The COVID-19 pandemic has aggravated the scenario further. This has resulted in higher demand for enhanced behavioral health services. Per Fortune Business Insights, the behavioral health market of the United States is anticipated to witness a CAGR of 3.6% over the 2021-2028 period.
The latest solution seems to be in sync with the ongoing trend of digitization infused across most spheres of life. The behavioral health market has been no exception to the trend. Technological developments and growing online consultations have been favoring the market.
Despite the abovementioned tailwinds, certain challenges including limited access to mental health providers and lack of adequate care facilities continue to persist. The fact has been further substantiated by the New American Economy’s report, which states that Americans will witness an expected shortage of 250,000 mental health professionals by 2025.
Magellan has been making consistent efforts to address the abovementioned shortcomings and bring about seamless behavioral treatment, thus better outcomes. The company follows an integrated approach of catering to the behavioral, physical and pharmacy needs of people. The company has been either launching clinical solutions and programs or else partnering with well-established healthcare providers such as Invo Healthcare, Livongo Health and Neuromotion to drive its endeavors. This has strengthened Magellan’s behavioral health services portfolio and bolstered its nationwide presence.
The credibility of Magellan’s behavioral health capabilities can be substantiated by the fact that the healthcare provider
Centene ( CNC Quick Quote CNC - Free Report) , which has been one of its long-time customers, selected 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. Per Centene’s management, acquisition of Magellan is anticipated to add scale across Centene’s specialty care business. Zacks Rank & Price Performance
Shares of Magellan, which carries a Zacks Rank #3 (Hold), have gained 22.9% in a year compared with the
industry’s growth of 20.7%. Image Source: Zacks Investment Research Stocks to Consider
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