SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
Health, Inc. (NASDAQ:MGLN), a leader in complex care and special
population management, today announced that it has completed its
acquisition of Armed Forces Services Corporation (AFSC), a company with
extensive experience providing and managing behavioral health and
specialty services to various agencies of the federal government,
including all five branches of the U.S. Armed Forces.
"Coupling Magellan's clinical expertise with AFSC's extensive network
within the military and other federal agencies, this acquisition will
enable us to expand our behavioral health, wellness and integrated care
offerings and services in this important area," said Sam K. Srivastava,
chief executive officer of Magellan Healthcare. "This acquisition also
allows us to expand our work in suicide prevention and programs that
assist in post-traumatic stress disorder to help members of the military
and federal workers live healthier lives."
AFSC holds approximately 60 contracts with the federal government, and
has 1,800 employees and subcontractors, with operations in all 50
states, three territories and eight countries. AFSC manages and provides
a variety of behavioral health services including life coaching,
counseling, training, rehabilitation, transition assistance, recruitment
and retention, and family programs.
Magellan will update its 2016 guidance to include the impact of the
acquisition on its next earnings call on July 29, 2016.
About Magellan Health: Headquartered in Scottsdale, Ariz., Magellan
Health, Inc. 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
develops innovative solutions that combine advanced analytics, agile
technology and clinical excellence to drive better decision making,
positively impact health outcomes and optimize the cost of care for the
members we serve — all within a customer-first culture. 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.
This release contains forward-looking statements within the meaning of
the Securities Exchange Act of 1934 and the Securities Act of 1933, as
amended, which involve a number of risks and uncertainties. All
statements, other than statements of historical information provided
herein, may be deemed to be forward-looking statements including,
without limitation, statements regarding the expansion of behavioral
health, suicide prevention, wellness and integrated care offerings and
services , the future business and growth of AFSC and Magellan
Healthcare's business generally. These statements are based on
management's analysis, judgment, belief and expectation only as of the
date hereof, and are subject to uncertainty and changes in
circumstances. Without limiting the foregoing, the words "believes,"
"anticipates," "plans," "expects," "may," "should," "could," "estimate,"
"intend" and other similar expressions are intended to identify
forward-looking statements. Actual results could differ materially due
to, among other things, the possible election of certain of the
company's customers to manage the health care services of their members
directly; changes in rates paid to and/or by the company by customers
and/or providers; higher utilization of health care services by the
company's risk members; delays, higher costs or inability to implement
new business or other company initiatives; the impact of changes in the
contracting model for Medicaid contracts; termination or non-renewal of
customer contracts; the impact of new or amended laws or regulations;
governmental inquiries; litigation; competition; operational issues;
healthcare reform; and general business conditions. Additional factors
that could cause actual results to differ materially from those
reflected in the forward-looking statements include, but are not limited
to, the risks discussed in the "Risk Factors" section included within
the company's Annual Report on Form 10-K for the year ended December 31,
2015, filed with the Securities and Exchange Commission on February 29,
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Magellan Health, Inc.
Shapiro Silver, 877-645-6464
Source: Magellan Health, Inc.
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