SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Magellan Health, Inc. (NASDAQ: MGLN) today announced that it has been named to the annual Fortune 500 list of America’s largest corporations by revenue for the first time in the company’s history. This year marks the 64th running of the list which began in 1955. Fortune announced the selection of Magellan Health, and other companies, here.
“It is such an honor for all of us at Magellan to be among this list of impressive and innovative companies that represent the very best in America,” said Barry M. Smith, chairman and chief executive officer of Magellan Health. “At Magellan, we will continue to innovate and introduce products that resonate, disrupt the industry and continue to make a difference in people’s lives.”
Magellan is a leader in managing complex population health, concentrating on all areas across healthcare and pharmaceutical management. With over 10,000 employees and a 2017 revenue of $5.8 billion, Magellan’s consumer-centric model of care achieves improved outcomes by integrating healthcare across physical, behavioral and pharmaceutical services. Magellan also manages the highest trend components of healthcare expenditures using agile, clinically based technology and applying advanced analytics in its development of next-generation solutions.
Magellan has also differentiated itself in the specialty drug management space. Today, roughly half the total pharmacy spend is driven by specialty drugs, with half of that specialty spend covered under medical benefits, which is typically unmanaged by pharmacy benefit managers or health plans. The company has pioneered innovative strategies to tackle the high-trend areas of specialty and medical pharmaceuticals and continues to offer high-touch clinical programs focused on improved outcomes and value.
“This recognition speaks to the dedication of our associates who serve our members and customers each day with a focus on leading humanity to healthy, vibrant lives,” said Smith. “We are unique in our model of care that’s both high-touch and high-tech, supported by an innovative and inclusive culture.”
According to Fortune, in 2018 companies on the 500 list represent two-thirds of the U.S. GDP with $12.8 trillion in revenues, $1.0 trillion in profits, $21.6 trillion in market value, and employ 28.2 million people worldwide.
About Magellan Health: 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 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. For more information, visit MagellanHealth.com.