CENTENE SUBSIDIARY IOWA TOTAL CARE AWARDED STATEWIDE MEDICAID CONTRACT

Rhea-AI Summary

Centene 's Iowa subsidiary, Iowa Total Care, has been awarded a four-year contract by the Iowa Department of Health and Human Services to continue providing Medicaid managed care services under the Iowa Health Link program. The contract, set to begin on July 1, 2025, with a possible two-year extension, covers Iowa Medicaid, the Iowa Health and Wellness Plan, and Healthy and Well Kids in Iowa (Hawki).

Iowa Total Care will continue serving over 218,600 members across 99 counties, offering coordinated physical, behavioral, and long-term care. The new contract includes an expansion of home and community-based services. Iowa Total Care is one of three managed care organizations selected for this program.

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ST. LOUIS, Sept. 4, 2024 /PRNewswire/ -- Centene Corporation (NYSE: CNC), a leading healthcare enterprise committed to helping people live healthier lives, announced today that its Iowa-based subsidiary, Iowa Total Care, has been selected by the Iowa Department of Health and Human Services (HHS) to continue providing Medicaid managed care services under the Iowa Health Link program. The Iowa Health Link program administers Iowa Medicaid, the Iowa Health and Wellness Plan and Healthy and Well Kids in Iowa (Hawki), to eligible adults, children and pregnant women statewide. The four-year contract is expected to begin July 1, 2025, with a possible two-year extension.

"Since 2019, Iowa Total Care has provided Iowans with local and personalized care," said Centene Chief Executive Officer (CEO), Sarah M. London. "We look forward to expanding our partnership with HHS as Iowa Total Care puts the health of Iowans at the center of all it does – investing in programs and partnerships that reduce barriers to care and improve health and well-being."

Iowa Total Care will continue to provide coordinated physical, behavioral and long-term care to more than 218,600 Iowa Medicaid, Iowa Health and Wellness Plan and Hawki members across 99 counties. Under the new contract, Iowa Total Care will expand the breadth of its home and community-based services while continuing to provide its adult, child and long-term support and services members with integrated care. Iowa Total Care is one of three managed care organizations to provide services.

"Our local approach and the innovative solutions we have delivered over the last five years to support the health of communities statewide have uniquely positioned us to expand our services to help even more Iowans," said Iowa Total Care Plan President and CEO, Mitch Wasden. "We are honored to continue our commitment to, and work collaboratively with, the State and our community partners to support the health and well-being of our members."

About Centene Corporation 
Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. The Company takes a local approach – with local brands and local teams – to provide fully integrated, high-quality and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace and the TRICARE program.

Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Centene is routinely posted and is accessible on Centene's investor relations website, http://investors.centene.com/.  

About Iowa Total Care
Iowa Total Care provides Medicaid healthcare coverage to eligible individuals in Iowa. Established in 2019, Iowa Total Care exists to improve the health of its members through focused, compassionate and coordinated care. Iowa Total Care is a Centene company. For more information, visit www.iowatotalcare.com.  

Forward-Looking Statements
All statements, other than statements of current or historical fact, contained in this press release are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue" and other similar words or expressions (and the negative thereof). Centene Corporation and its subsidiaries (Centene, the Company, our or we) intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with these safe-harbor provisions. In particular, these statements include, without limitation, statements about expected contract start dates and terms, our future operating or financial performance, market opportunity, competition, expected activities in connection with completed and future acquisitions and dispositions, our investments and the adequacy of our available cash resources. These forward-looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments and other factors we believe appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change because they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions. All forward-looking statements included in this press release are based on information available to us on the date hereof. Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events, or otherwise, after the date hereof. You should not place undue reliance on any forward-looking statements, as actual results may differ materially from projections, estimates, or other forward-looking statements due to a variety of important factors, variables and events including, but not limited to: our ability to design and price products that are competitive and/or actuarially sound including but not limited to any impacts resulting from Medicaid redeterminations; our ability to maintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvement in other quality scores in each case that can impact revenue and future growth; our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates; competition, including for providers, broker distribution networks, contract reprocurements and organic growth; our ability to adequately anticipate demand and provide for operational resources to maintain service level requirements; our ability to manage our information systems effectively; disruption, unexpected costs, or similar risks from business transactions, including acquisitions, divestitures, and changes in our relationships with third parties; impairments to real estate, investments, goodwill, and intangible assets; changes in senior management, loss of one or more key personnel or an inability to attract, hire, integrate and retain skilled personnel; membership and revenue declines or unexpected trends; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; changes in healthcare practices, new technologies, and advances in medicine; our ability to effectively and ethically use artificial intelligence and machine learning in compliance with applicable laws; increased healthcare costs; inflation and interest rates; the effect of social, economic, and political conditions and geopolitical events, including as a result of changes in U.S. presidential administrations or Congress; changes in market conditions; changes in federal or state laws or regulations, including changes with respect to income tax reform or government healthcare programs as well as changes with respect to the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act (collectively referred to as the ACA) and any regulations enacted thereunder; uncertainty concerning government shutdowns, debt ceilings or funding; tax matters; disasters, climate-related incidents, acts of war or aggression or major epidemics; changes in expected contract start dates and terms; changes in provider, broker, vendor, state, federal, and other contracts and delays in the timing of regulatory approval of contracts, including due to protests; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare or other customers); the difficulty of predicting the timing or outcome of legal or regulatory audits, investigations, proceedings or matters, including, but not limited to, our ability to resolve claims and/or allegations made by states with regard to past practices on acceptable terms, or at all, or whether additional claims, reviews or investigations will be brought by states, the federal government or shareholder litigants, or government investigations; challenges to our contract awards; cyber-attacks or other data security incidents or our failure to comply with applicable privacy, data or security laws and regulations; the exertion of management's time and our resources, and other expenses incurred and business changes required in connection with complying with the terms of our contracts and the undertakings in connection with any regulatory, governmental, or third party consents or approvals for acquisitions or dispositions; any changes in expected closing dates, estimated purchase price, or accretion for acquisitions or dispositions; losses in our investment portfolio; restrictions and limitations in connection with our indebtedness; a downgrade of our corporate family rating, issuer rating or credit rating of our indebtedness; the availability of debt and equity financing on terms that are favorable to us and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission (SEC). This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition, and results of operations, in our filings with the SEC, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs.

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SOURCE Centene Corporation

FAQ

What contract did Centene's subsidiary Iowa Total Care win in Iowa?

Iowa Total Care, a Centene subsidiary, won a four-year Medicaid managed care contract from the Iowa Department of Health and Human Services to provide services under the Iowa Health Link program.

When does the new Medicaid contract for Iowa Total Care (CNC) start?

The new Medicaid contract for Iowa Total Care (CNC) is expected to begin on July 1, 2025.

How many members does Iowa Total Care (CNC) serve in Iowa?

Iowa Total Care (CNC) serves more than 218,600 members across 99 counties in Iowa.

What programs are included in the Iowa Health Link program that Iowa Total Care (CNC) will manage?

Iowa Total Care (CNC) will manage Iowa Medicaid, the Iowa Health and Wellness Plan, and Healthy and Well Kids in Iowa (Hawki) under the Iowa Health Link program.

How long has Iowa Total Care (CNC) been providing services in Iowa?

Iowa Total Care (CNC) has been providing services in Iowa since 2019, as mentioned by Centene CEO Sarah M. London in the press release.