Integrated pharmacy organization balances quality care with effective
AVON, Conn.--(BUSINESS WIRE)--
Magellan Health Services (NASDAQ: MGLN) today announced its reorganized
and rebranded pharmacy organization, Magellan Rx Management. Magellan Rx
Management is the company's integrated pharmacy business incorporating
the pharmacy benefits manager (PBM) formerly known as Partners Rx,
specialty pharmacy spend manager ICORE Healthcare, and Magellan Medicaid
Administration, experts in Medicaid drug benefits management. Magellan
Rx Management is led by CEO Robert W. Field, who was previously the
president and CEO of Partners Rx.
"In just a few short months, we've made great progress integrating our
commercial, Medicaid and specialty pharmacy operations into one
organization. This will allow us to leverage our collective scale and
expertise in managing total drug spend, while ensuring a clear focus on
the specific needs of each of our individual customers," said Field.
"While integration is always a challenge, all three teams stepped up to
begin 2014 as one organization. We've added several pharmacy executives
with extensive expertise in network and manufacturer rebate negotiations
and drug purchasing, and we've expanded and reorganized our sales force
and account management personnel into teams to focus on employer,
managed care, specialty and government markets.
"We approach the market with a unique vision of care that better manages
costs with a customer-first culture and innovative tools to provide
insightful solutions. Combining our industry-leading pharmacy benefits
management with specialty, medical and more than 40 years of Medicaid
experience results in effective cost management without sacrificing the
quality of care for beneficiaries," Field added.
"Because of our foundation working with the highest-cost and
most-complex aspects of health care, we are well positioned to
understand and address our clients' and members' greatest needs and
challenges," said Barry M. Smith, CEO of Magellan Health Services. "We
expect Magellan Rx Management to show strong growth, as we continue to
focus on the employer, managed care, specialty and government markets."
Magellan Rx Management offers a full-service platform, including
customized formularies, claims processing, specialty pharmacy
management, targeted clinical solutions and mail service. With more than
900 pharmacists, clinical case managers and customer service
representatives, Magellan Rx Management is focused on the needs of its
customers and members, and is able to provide 24/7 service. Magellan Rx
Management, a primary growth engine for Magellan Health Services, serves
state and commercial clients with approximately $15 billion in drug
spend. Magellan has stated that its goal is to grow its total pharmacy
revenues to at least $2.5 billion over the next four years.
About Magellan Health Services: Headquartered in Avon, Conn., Magellan
Health Services Inc. is a leading specialty health care management
organization with expertise in managing behavioral health, radiology,
and pharmacy benefits programs, as well as integrated health care
programs for special populations. Magellan delivers innovative solutions
to improve quality outcomes and optimize the cost of care for those we
serve. As of September 30, 2013, Magellan's customers include health
plans, employers and government agencies, serving approximately 33.9
million members in our behavioral health business, 17.5 million members
in our radiology benefits management segment, and approximately 9.2
million members in our medical pharmacy management product. In addition,
the pharmacy solutions segment served 39 health plans and employers, 25
states and the District of Columbia, and several pharmaceutical
manufacturers. For more information, visit www.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 future growth of Magellan Rx
Management. 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; health care 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, 2012, filed with the
Securities and Exchange Commission on February 28, 2013, and the
company's subsequent Quarterly Reports on Form 10-Q filed during 2013.
Readers are cautioned not to place undue reliance on these
forward-looking statements. The company undertakes no obligation to
publicly revise these forward-looking statements to reflect events or
circumstances that arise after the date of this release.
Magellan Health Services Inc.
Flanagan Johnson, 860-507-1923
Renie Shapiro, 877-645-6464
Source: Magellan Health Services Inc.
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