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Centene Corporation (NYSE: CNC), a Fortune 500 company, is a diversified, multi-national healthcare enterprise that provides a portfolio of services to government-sponsored healthcare programs. The company focuses on under-insured and uninsured individuals, offering benefits under Medicaid, including the State Children's Health Insurance Program (CHIP), aged, blind or disabled (ABD), foster care, long-term care (LTC), and other state-sponsored/hybrid programs as well as Medicare (special needs plans).
Centene operates local health plans and offers an array of health insurance solutions. It contracts with other healthcare and commercial organizations to deliver specialty services including behavioral health management, care management software, correctional healthcare services, dental benefits management, in-home health services, life and health management, managed vision, pharmacy benefits management, specialty pharmacy, and telehealth services. As of June 2023, Centene served approximately 24 million medical members, with a significant portion enrolled in Medicaid (67%), individual exchanges (14%), and Medicare Advantage (6%) plans.
Recently, Centene has been recognized for its contributions in tackling social issues. For instance, on April 8, 2024, Health Net, a Centene subsidiary, contributed $1.3 million to the Mayor's Fund for Los Angeles' We Are LA program, which aims to prevent evictions and combat homelessness. The program has served over 32,000 individuals and families, helping them avoid eviction and maintain stable housing. Moreover, Centene's financial results for the first quarter of 2024 highlighted the company's robust performance, with medical claims liabilities totaling $18.1 billion and a strategic plan for growth focused on increasing access to affordable, high-quality healthcare.
Furthermore, Centene has entered into significant partnerships to improve healthcare accessibility. For example, in Uvalde, Texas, Centene's subsidiary Superior HealthPlan invested $250,000 to allow students access to virtual healthcare through Hazel Health until the 2028–2029 school year. The company has also initiated the MHS Serves program in Indiana, a $12 million health equity initiative aimed at reducing health disparities.
Centene continues to innovate and expand its healthcare solutions, ensuring that under-insured and uninsured individuals receive comprehensive healthcare services. The company's latest strategic moves and partnerships underscore its commitment to transforming healthcare delivery and improving health outcomes for millions of Americans.
Ambetter of Illinois, a Centene product managed by Meridian Health Plan, has expanded its provider network by adding Advocate Health Care. This expansion gives Ambetter members immediate access to Advocate's 11 hospitals, 300 sites of care, 6,500 physicians, and 11,000 nurses in the Chicagoland area. Members can access various specialties including cancer care, heart & vascular care, orthopedics, and women's health. The network expansion is effective immediately for current members and those enrolling during the Open Enrollment period from November 1, 2024, through January 15, 2025.
Centene (NYSE: CNC) has been named to the 2024 Fortune 100 Best Large Workplaces for Women™ list, ranking 66th among large companies. This marks their second consecutive year on the list, recognizing their commitment to employee well-being, fair compensation, and growth opportunities for women.
Women comprise over 75% of Centene's workforce and hold a majority of people manager positions. The company's employee inclusion group, I.N.S.P.I.R.E, supports women through development sessions, mentoring, and community engagement. In 2024, I.N.S.P.I.R.E expanded to include dedicated parent groups supporting various life stages and family circumstances.
Health Net, a Medi-Cal managed care health plan and Centene (NYSE: CNC) subsidiary, has awarded $2 million in grants to 47 independent physician practices across California. The grants support the Department of Healthcare Services' Equity and Practice Transformation (EPT) Directed Payment Program. Recipient physicians report using the funds for various improvements including upgrading medical equipment, implementing electronic health records, hiring additional staff, and enhancing healthcare infrastructure. The initiative aims to improve healthcare access, reduce disparities, and enhance patient care quality across California communities.
Superior HealthPlan, a Centene (NYSE: CNC) managed care organization, has awarded $26,000 in grants to 13 Texas nonprofits and providers through its quarterly community grant program. The grants support various initiatives including food security, healthcare access, and education in low-income communities. Eight community organizations and four healthcare providers received funding for projects ranging from food pantries to medical equipment. Since 2020, Superior has distributed over $620,000 to more than 200 partners. The program will transition to an annual format in 2025, offering $10,000 grants with applications due March 31, 2025.
Centene (NYSE: CNC) reported third quarter 2024 results with adjusted diluted EPS of $1.62 and premium and service revenues of $36.9 billion, up 6% year-over-year. The company saw significant membership growth with 22% increase in Marketplace and 49% in Medicare Prescription Drug Plans. The health benefits ratio increased to 89.2% from 87.0% in Q3 2023. Centene executed $1.2 billion in share repurchases during Q3 and an additional $380 million in October. The company reaffirmed its 2024 adjusted diluted EPS guidance floor of greater than $6.80.
Health Net, a Centene company, has become the only health plan in the United States to receive the Health Equity Accreditation Plus (HEA+) certification from the National Committee for Quality Assurance (NCQA) across all lines of business, including Medicaid, Medicare, Commercial, and Exchange. This achievement makes Health Net one of only three health plans in California to ever earn this Accreditation.
The HEA+ focuses on collecting data on community social risk factors and patients' social needs to offer impactful social resources. Health Net has demonstrated excellence in three key areas:
- Establishing partnerships with community-based organizations
- Creating opportunities for patient and consumer engagement
- Improving social need referral processes and partnerships
Health Net's initiatives include awarding $2 million to California independent physician practices, addressing homelessness in Los Angeles County, offering no-cost mental telehealth services for eligible schoolchildren, and collaborating with the Black Birth Justice Coalition to reduce infant mortality rates.
Oklahoma Complete Health, a subsidiary of Centene (NYSE: CNC), has announced a $75,000 donation to the Foster Care Association of Oklahoma (FCAO) to support foster families. This investment will help grow the Foster Parent Mentoring Program, which has served 200 foster families since its creation in 2021. The program aims to support new foster families during their first 12 months.
Oklahoma Complete Health CEO Clay Franklin emphasized the importance of supporting community needs and enriching the lives of children in foster care. FCAO Executive Director Sarah Herrian highlighted the program's role in providing experienced support to new foster families. Since 2021, Oklahoma Complete Health has donated a total of $150,000 to launch and sustain this mentoring program.
Centene 's subsidiary, Meridian Health Plan of Michigan, has been selected by the Michigan Department of Health and Human Services to provide integrated Medicare and Medicaid services for dually eligible Michiganders through a Highly Integrated Dual Eligible Special Needs Plan (HIDE SNP). The plan will launch on Jan. 1, 2026, transitioning from the MI Health Link pilot program to MI Coordinated Health.
Meridian is one of nine managed care organizations chosen for this program. It currently serves over 540,000 members in Michigan, including approximately 6,000 MMP members and over 13,500 Medicare Dual Eligible Special Needs (D-SNP) members. The new HIDE SNP product will ensure continuity of care for existing members and enhance services for dual Medicare and Medicaid eligibles.
Centene (NYSE: CNC), a leading healthcare enterprise, has announced it will release its 2024 third quarter financial results on Friday, October 25, 2024, at approximately 6:00 a.m. ET. The company will host a conference call at 8:30 a.m. ET to review the results. Investors can join the call by dialing 1-877-883-0383 in the U.S. and Canada or +1-412-902-6506 from abroad, using the Elite Entry Number: 1267976. A live audio webcast will be available on Centene's website.
A webcast replay will be accessible for 12 months after the call, until October 24, 2025. Additionally, a digital audio playback will be available until November 1, 2024, by dialing specific numbers provided for U.S., Canada, and international callers.
Astrana Health, Inc. (NASDAQ: ASTH) has completed its acquisition of Collaborative Health Systems (CHS), previously a Centene (NYSE:CNC) company. This strategic move expands Astrana's provider network and value-based care capabilities across 17 states, serving over 129,000 beneficiaries. The acquisition aims to:
1. Enhance payer-agnostic care delivery across all business lines
2. Integrate complementary provider footprints in key markets
3. Leverage Astrana's Care Enablement platform to improve patient outcomes
Brandon Sim, CEO of Astrana Health, emphasized that this acquisition will strengthen the company's position in delivering high-quality, accessible healthcare. The transaction has received necessary regulatory approvals, with updated financial outlooks to be provided in Astrana's Q3 2024 earnings call.
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