MagnaCare, (www.magnacare.com) a health plan services company with national reach, today announces plans to build on its stable customer base and dominant position in the fiercely competitive NY/NJ/CT region to expand into the broader health care services market. Pointing to innovative differentiators fueling continued growth and expanded market share, MagnaCare cites its ability to provide exemplary customer service and offer deep discounts to Taft-Hartley funds, self-insured companies, commercial insurers for health, workers’ compensation, or no fault, Third Party Administrators (TPAs), and government entities.
“With 20 years of vigorous organic growth, MagnaCare serves a diverse customer base and maintains long-standing relationships, with our top 20 customers averaging nearly 10+ years,” says Joseph Berardo, Jr., president and CEO of MagnaCare. “We’ve demonstrated high retention rates – averaging 95 percent historically, positive pricing trends, and historical investments in infrastructure support. This stellar market position is reflected in a solid financial profile with overall compound annual growth rate (CAGR) of over 12 percent.”
Integral to this robust market position is market receptivity for the MagnaCare EvaluaideSM product, a sophisticated program that offers the best in predictive modeling combined with individualized coaching and outreach.
“We empower our clients with state-of-the-art health analysis technology that confidentially assesses the health risks of every member and their dependents,” adds Berardo. “When risks are identified, EvaluaideSM coordinates unlimited one-on-one guidance to the individuals that need it the most. These analytics enable clients to identify gaps in care, and then implement coaching, wellness and health improvement initiatives at the individual level. This type of product is typically not available from our competitors.”
Additionally, MagnaCareRx, the company’s Pharmacy Benefit Manager (PBM), effectively addresses the pharmaceutical spend with a transparent business model that meets the fiscal needs of employers and payers.
“At a time when few health plans are growing, MagnaCare presents unique, highly sophisticated offerings that have enabled us to capture significant market share in the northeast – a platform that allows for powerful national expansion,” adds Berardo. “We offer a compelling value proposition that is based upon delivering value to customers, payers, and providers.”
He explains that the scope of the MagnaCare provider network and its proprietary medical delivery system are analogous to competitive offerings, although others – including group health plans – cannot match the Company’s economic model or exemplary client service that is supported by an accessible, local management team.
Berardo adds, “MagnaCare is an attractive model, evidenced in the last three years by the 5.5 percent CAGR of our provider network, as well as a 7.3 percent CAGR for our large and growing membership base. We are clearly outdistancing the competition with low-cost service, a local, dedicated approach to customer service, a tradition of value and flexibility in administering complex or simple health products. Looking ahead, we also anticipate rapid expansion.”
The MagnaCare leadership team has identified numerous opportunities that could immediately enhance its product offerings, and have laid the groundwork for both geographic and product expansion. Plans are underway for continued development and implementation of new program offerings as the Company explores additional opportunities for accelerating growth.
With the prospects of national health care reform on the horizon, Berardo states, “While our competitors are anxious about the impact of health care reforms, we are in a unique position to have meaningful impact on the market. Our customers will continue to benefit from our cost effective, high quality provider network and best-in-class administrative efficiencies, as well as our industry-leading connectivity and systems. We are tracking ongoing growth in our core network access and plan administration businesses, with plans to expand complementary offerings in dental, vision, mental health and as a business process outsource provider (BPO) to other payers and TPAs.”
MagnaCare is a health plan services company that touches millions of lives nationwide. For over 20 years, MagnaCare has provided solutions to Taft-Hartley funds, self insured companies, commercial insurers such as health, workers compensation, or no fault, TPA’s, and government entities. Whether it’s access to a broad provider network, predictive modeling analyses, member outreach programs or an integrated solution that includes full plan management services including claims adjudication, eligibility management, client/customer service, MagnaCare understands its customers’ needs and develops cost effective, comprehensive solutions. Visit magnacare.com; facebook.com/magnacare; http://twitter.com/magnacare.
Alyson Kuritz, 201-641-1911, ext. 51