Cigna Cigna Week Day 4: Evernorth and Express Scripts

研报英文原文证据摘录

Cigna Cigna Week Day 4: Evernorth and Express Scripts

Health

COVID-19 was a driver in raising awareness around behavioral health as individuals

around the globe struggled with anxiety, depression, and other mental health issues

brought on or exacerbated by the pandemic. According to the National Institute of

Mental Health, over 20% of adults are living with a mental health illness. However, a

study conducted by the National Alliance on Mental Illness estimates that only ~47% of

adults with behavioral health illness receive treatment. Cigna believes that ~40% of

health costs are driven by patients with behavioral health conditions. Untreated mental

health illnesses can be a source of significant pressure for employers, with some

estimates placing the impact of absenteeism and reduced productivity due to mental

health conditions at ~$17B annually. We believe social stigmas, along with a shortage of

behavioral health professionals, limited behavioral benefits, and high out-of-pocket

costs, have been barriers to mental health treatment, although there have been

developments to mitigate these challenges in recent years. With CI estimating a 2x

increase in behavioral care demand in the past four years, increased capacity to provide

care is a key component of managing costs going forward.

Evernorth behavioral health provides a comprehensive offering, including network,

utilization management, and intensive coaching. Evernorth has ~380K behavioral

healthcare professionals who treat a variety of conditions, including depression and

anxiety, in addition to sub-specialties focused on substance abuse, autism, and eating

disorders. Within the larger pool of behavioral healthcare professionals, the company

noted that it had ~40k who were engaged in value-based care arrangements.