Magellan Health

Magellan Health Inc.
Public
Traded as NASDAQ: MGLN
S&P 600 Component
Industry Managed health care
Founded 1969[1]
Headquarters Scottsdale, Arizona, United States
Revenue Increase US$3.760 Billion (FY 2014) [1]
Decrease US$74.231 Million (FY 2014) [1]
Total assets Increase US$2.094 Billion (FY 2014) [1]
Website www.magellanhealth.com

Magellan Health Inc. (formerly Magellan Health Services Inc.), is an American for-profit managed health care company, focused on behavioral healthcare. It ranked 652 on the Fortune 1000 in 2014.[2]

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.[3]

After recovering from bankruptcy, it moved its headquarters to Atlanta in 1994.[4] 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.[5] In 1999 the company moved to Green Spring's old headquarters in Columbia, Maryland.[6] In 2004, the company headquarters moved to Connecticut. In 2014, the company moved its headquarters from Connecticut to Scottsdale, Arizona.[7]

Acquisitions

In 1997 Magellan acquired Merit Behavioral Care Corporation, a company which provided mental health and substance abuse services, for $460 million in cash.[8]

References

  1. 1 2 3 4 "Form 10-K: Magellan Health, Inc.". Securities and Exchange Commission. Retrieved 24 May 2015.
  2. ↑ "Magellan Health Services". Fortune. Retrieved 24 May 2015.
  3. ↑ "Charter Medical Corp. files bankruptcy plan". Ocala Star-Banner. 4 Jun 1992. Retrieved 24 May 2015.
  4. ↑ "Headquarters will move to Atlanta". The Atlanta Journal and Constitution. 29 June 1994.
  5. ↑ "Charter to expand into managed care". The Atlanta Journal and Constitution. 20 October 1995.
  6. ↑ Miller, Andy (22 May 1999). "Magellan will move offices to Maryland". The Atlanta Journal and Constitution. pp. 1H.
  7. ↑ Magellan Health To Move Headquarters From Avon To Arizona
  8. ↑ "Magellan Health Services and Merit Behavioral Care Corp. announce merger agreement" (Press release). PR Newswire. 27 Oct 1997.


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