News Release Details
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Magellan acquires a majority interest in Bayless, a leading integrated behavioral and primary care provider in
Arizona - Transaction advances Magellan’s collaborative care strategy and provides a scalable virtual platform to enter new markets and expand access to members in need
Founded in 1982, the Bayless integrated care model offers physical, emotional, behavioral, and addiction healthcare services supported by 330 employees, including 175 providers, across eight locations in central
In addition, Bayless is designated as a
“We are excited to welcome
"Our Bayless model works because we treat each individual with a 'whole person' approach,” said
“We look forward to working with Justin who remains CEO of Bayless and will lead the initiative to scale the Bayless model across new geographies,” said Fasola. “This includes the development of clinical and operational best practices supported by a technology platform that integrates clinical capabilities and could serve the needs of preferred partners.”
Under the terms of the purchase agreement, within 36 months of this closing date, Magellan and Bayless’s owners have certain call rights and put rights, respectively, with respect to the transfer to Magellan of the remaining equity in Bayless. Magellan expects the transaction to be neutral to slightly positive to 2021 net income and will provide other details about the financial impact of its provider strategy when it reports fourth quarter 2020 earnings. Bayless will operate within Magellan’s Healthcare segment.
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About
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. 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. These statements include, but are not limited to, express or implied forward-looking statements relating to 2021 net income; growth opportunities and initiatives; long term opportunities and strategy. 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 the effectiveness of business continuity plans during, and the risks associated with, the COVID-19 pandemic; termination or non-renewal of customer contracts; changes in rates paid to and/or by the Company by customers and/or providers; our ability to develop and maintain satisfactory relationships with providers; higher utilization of healthcare services by the Company’s members; risks and uncertainties associated with the pharmacy benefits management industry; costs to maintain or upgrade our information technology and other business systems and the effectiveness and security of such systems; cyberattacks, other privacy/data security incidents, and/or our failure to comply with related regulations; delays, higher costs or inability to implement new business or other Company initiatives; the impact of changes in the contracting model for Medicaid contracts; impairment of our goodwill and intangible assets; the impact of new or amended laws or regulations; costs and other liabilities associated with litigation, government investigations, audits or reviews; 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 most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended
(MGLN-GEN)
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