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Magellan Health

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Magellan Health Inc.
Company typePublic
Nasdaq: MGLN
S&P 600 Component
IndustryManaged health care
Founded1969[1]
HeadquartersScottsdale, Arizona, United States
RevenueIncrease US$5.838 Billion (FY 2017) [2]
Decrease US$110.141 Million (FY 2017) [2]
Total assetsIncrease US$1.483 Billion (FY 2017) [2]
Number of employees
10,700[3] (2017)
Websitewww.magellanhealth.com

Magellan Health Inc. (formerly Magellan Health Services Inc.), is an American for-profit managed health care company, 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 475 on the Fortune 500 in 2018.[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 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 1999 the company moved to Green Spring's old headquarters in Columbia, Maryland.[8] In 2004, the company headquarters moved to Connecticut. In 2014, the company moved its headquarters from Connecticut to Scottsdale, Arizona.[9]

On 4 January 2021, it was announced Centene Corporation will acquire the company for $2.2 billion.[10]

Acquisitions

In 1997 Magellan acquired Merit Behavioral Care Corporation, a company which provided mental health and substance abuse services, for $460 million in cash.[11]

References

  1. ^ "Form 10-K: Magellan Health, Inc". Securities and Exchange Commission. Retrieved 24 May 2015.
  2. ^ a b c [1][dead link‍]
  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. ^ Miller, Andy (22 May 1999). "Magellan will move offices to Maryland". The Atlanta Journal and Constitution. pp. 1H.
  9. ^ STURDEVANT, MATTHEW. "Magellan Health To Move Headquarters From Avon To Arizona". courant.com.
  10. ^ "Centene acquires Phoenix-based Magellan Health". Retrieved 2021-01-04.
  11. ^ "Magellan Health Services and Merit Behavioral Care Corp. announce merger agreement" (Press release). PR Newswire. 27 Oct 1997.
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