Magellan Health

Last updated
Magellan Health Inc.
Company type Subsidiary
Nasdaq: MGLN
Industry Managed health care
Founded1969 [1]
Headquarters Phoenix, Arizona, United States
Key people
Chief Executive Officer Derrick A. Duke
RevenueIncrease2.svg US$ 4.6 billion (FY 2020) [2]
Decrease2.svg US$ 4.0 million (FY 2020) [2]
Total assets Increase2.svg US$ 1.14 billion (FY 2020) [2]
Number of employees
9,092 [3]  (2021)
Parent Centene Corporation
Website www.magellanhealth.com

Magellan Health Inc. (formerly Magellan Health Services Inc.), is an American for-profit managed health care company and subsidiary of Centene that's focused on 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. It ranked 390 on the Fortune 500 in 2021. [4]

History

The company began as the psychiatric hospital chain Charter Medical, headquartered in Macon, Georgia. In 1992, the company filed for Chapter 11 bankruptcy, stemming from debt incurred as a result of the 1988 management-led takeover. [5]

After recovering from bankruptcy, it moved its headquarters to Atlanta in 1994. [6] Acquiring a major stake in Green Spring Health Services Inc., a managed care company based in Columbia, Maryland, the company re-structured into a new holding company, changing its name to Magellan Health Services. [7] In 1997, Magellan entered the behavioral health managed care business by acquiring Human Affairs International and Merit Behavioral Care. [8] In 1999 the company moved to Green Spring's old headquarters in Columbia, Maryland. [9] In 2004, the company headquarters moved to Connecticut. In 2014, the company moved its headquarters from Connecticut to Arizona. [10]

Magellan sold its managed care division to Molina Healthcare in 2018. [11] On January 4, 2021, it was announced Centene Corporation would acquire the company for $2.2 billion. [12] On January 4, 2022, the acquisition was completed. [13]

Centene divested Magellan Rx in 2022 to Prime Therapeutics. [14] Centene announced the sale of Magellan Specialty Health to Evolvent Health in 2022. [15]

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References

  1. ↑ "Form 10-K: Magellan Health, Inc". Securities and Exchange Commission. Retrieved 24 May 2015.
  2. 1 2 3 Magellan Health Reports 2020 Financial Results
  3. ↑ "Magellan Health". Fortune. Retrieved 2018-12-31.
  4. ↑ "Magellan Health". Fortune. Retrieved 24 May 2015.
  5. ↑ "Charter Medical Corp. files bankruptcy plan". Ocala Star-Banner. 4 Jun 1992. Retrieved 24 May 2015.
  6. ↑ "Headquarters will move to Atlanta". The Atlanta Journal and Constitution. 29 June 1994.
  7. ↑ "Charter to expand into managed care". The Atlanta Journal and Constitution. 20 October 1995.
  8. ↑ https://www.wsj.com/articles/SB877967441178548000 [ bare URL ]
  9. ↑ Miller, Andy (22 May 1999). "Magellan will move offices to Maryland". The Atlanta Journal and Constitution. pp. 1H.
  10. ↑ Sturdevant, Matthew (29 April 2014). "Magellan Health To Move Headquarters From Avon To Arizona". courant.com.
  11. ↑ https://www.fiercehealthcare.com/payer/molina-to-buy-magellan-complete-care-820m-deal [ bare URL ]
  12. ↑ "Centene acquires Phoenix-based Magellan Health" . Retrieved 2021-01-04.
  13. ↑ "Centene Completes Acquisition of Magellan Health, Establishing a Leading Behavioral Health Platform at a Critical Time". PR Newswire . 2022-01-04. Retrieved 2022-01-04.
  14. ↑ "Centene divesting two pharmacy businesses for combined $2.8 billion". Healthcare Finance. 6 May 2022. Retrieved 9 May 2022.
  15. ↑ Raths, David (2022-11-22). "Centene Selling Magellan Specialty Health to Evolent Health". Healthcare Innovation. Retrieved 2024-06-05.
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