When Magellan Health received word that it had been named a Fortune 500 company for the first time in our company’s history, it was cause not only for great celebration, but also reflection.
In recent years, we’ve experienced tremendous growth and momentum. Our purpose—“Leading humanity to healthy, vibrant lives”—fuels the work of our more than 10,000 associates, who are dedicated each day to making a meaningful difference in members’ health and their lives. One of our biggest growth drivers has been our ability to innovate and introduce new products that resonate and disrupt the industry across all areas of healthcare and pharmaceutical management, with the ultimate goal of delivering a consumer-centric model that improves health and health outcomes.
At Magellan, our model of care is unique in that it is both high-touch and high-tech, supported by an innovative and inclusive culture. Three keys to our success stand out.
When it comes to innovation, Magellan’s secret sauce is its culture. We continually seek people from outside the healthcare industry to challenge the status quo and help drive innovation around access to care and care quality with their unique perspectives. By providing our associates the space, flexibility and resources to experiment, we encourage creativity and offer the freedom to pursue ideas that push traditional boundaries. We put a great deal of trust in our talented colleagues instead of relying on a structure that in and of itself is defeatist for innovation.
We innovate with the member in mind. At Magellan, we’re dedicated to consumer-centric care that achieves improved outcomes by integrating healthcare across physical, behavioral and pharmaceutical services. By pioneering new strategies, we’ve been able to tackle the highest-trend components of healthcare expenditures using agile, clinically based technology and applying advanced analytics to develop next-generation solutions. This approach not only enables highly personalized services to be delivered, but also supports the best possible outcomes in the most cost-effective way for our members.
For example, roughly half of total pharmacy spend is driven by specialty drugs, with half of that specialty spend covered under medical benefits. This portion of specialty spend is typically unmanaged by pharmacy benefit managers and health plans. Magellan has differentiated itself in the specialty drug management space by pioneering innovative strategies focused on improved outcomes and value. We provide high-touch decision support tools that support specialty physicians in ordering complicated drug regimens. These tools help to ensure treatments are being administered at the most clinically appropriate site of service and are appropriately used.
We pursue atypical collaborations. Transforming healthcare requires unique collaborations to fuel new solutions that achieve disruptive change and improve health. A majority of our unique collaborations are in the digital therapeutics space. Two years ago, we partnered with Click Therapeutics to create FDA-approved therapeutic apps for treating common behavioral health conditions such as insomnia, anxiety and depression. One example is an app called ComfortAbleTM, which helps people suffering from chronic pain identify and change unhelpful thinking and behavior and learn new problem-solving techniques. At a time when our nation faces an opioid epidemic, much of which stems from difficulties in managing pain, ComfortAbleTM presents an opportunity to curb the use of pharmaceuticals in pain management.
An Eye Toward Tomorrow’s Healthcare Model
As Magellan has migrated to a culture of innovation, one of our biggest learnings is the need to innovate with a small “i.” We’ve learned over time that the best ideas aren’t always going to be big, bold-stroke, billion-dollar ideas. Ultimately, we’re innovating to help people live better, healthier and more vibrant lives. That’s a purpose all of our associates, from our senior leaders to our interns, not only embrace, but act upon.
At Magellan, all of our initiatives are centered on one objective: to provide highly personalized services that support the best possible outcomes in the most cost-effective way for our members. We will continue to innovate and introduce products that resonate, disrupt the industry and make a meaningful difference in people’s lives.