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Magellan Health's (MGLN) Arm Enhances Mental Health Solutions

Magellan Health, Inc.’s MGLN behavioral and specialty health unit Magellan Healthcare recently launched programs and resources to help people address health issues during the holiday season. As the COVID-19 pandemic still prevails, health management during the vacations can be difficult to handle for individuals.

The company witnesses a rise in mental health issues during celebrations like drug usage relapses, depression, etc. Given the current global emergency situation, the graph of mental health illness is likely to see a surge, which is why the company is offering a host of events to aid individuals.

However, this is not the first time that Magellan Healthcare is coming up with solutions to combat complicated behavioral health sicknesses.
Last month, the company completed a strategic investment in Kaden Health, a technology-enabled healthcare company with a proprietary telemedicine platform for virtual behavioral care. Kaden will allow the company to integrate digital features into its collaborative care model. It also tied up with Livingo through which members are able to access Livingo for behavioral health. This digital solution, which encompasses more than 15 most common health conditions, can be availed of 24X7 throughout the year.

Other Companies Taking Initiatives

Other companies in the same space, such as Centene Corporation CNC also made efforts to help people tackle their mental situations. It collaborated with Samsung Electronics America to extend telehealth offerings to patients living in rural and underserved areas.

Importantly, the coronavirus pandemic has a telling impact on health, globally. In fact, increased access to healthcare services is of utmost priority in the current scenario. Another leading health insurer Anthem Inc. ANTM witnessed a rise of usage of its Telehealth and virtual care services. Its live health online surpassed 1 million visits in early April. On its recent earnings call, management announced that growth in telemedicine is strong, especially for behavioral health services.

Among other stocks in the medical space, Teladoc Health Inc. TDOC is a niche player in the telehealth service industry with wide offerings and international reach.

Notably, although telemedicine services have been there for quite some time, the space succeeded more and managed to earn a sweet spot amid the pandemic. The telehealth market right now is booming and breeds teeming opportunities.

Addressing Mental Issues: Need of the Hour

We note that mental health issues, aggravated further by the COVID-19 pandemic, have been rising alarmingly across the United States and Canada. With unemployment levels still shooting up, the financial burden is bound to take a toll on the mental health of most people.

More and more people are seeking virtual healthcare services with stringent social-distancing measures being observed on account of the coronavirus.

The pandemic highlighted the importance of telehealth services, and Magellan Health is committed to serve this requirement.

Zacks Rank and Price Performance

Shares of this currently Zacks Rank #3 (Hold) company have gained 12.8% in a year’s time, underperforming its industry’s growth of 17.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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