Welcome to our dedicated page for Centene Corporation news (Ticker: CNC), a resource for investors and traders seeking the latest updates and insights on Centene Corporation stock.
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.
Superior HealthPlan, a Texas-based managed care company and subsidiary of Centene Corporation (CNC), has been recognized as a Best Place for Working Parents for the third consecutive year. This accolade highlights Superior's commitment to workplace flexibility and family-friendly policies. Key benefits include up to 14 weeks of paid parental leave, expanded remote work options for over 90% of staff, and an adoption reimbursement program. Mark Sanders, President and CEO, emphasized the importance of a supportive work environment since the pandemic. Superior has previously earned the Family-Friendly Workplace designation, underscoring its commitment to employee engagement.
Health Net, a leading partner in Medi-Cal, announced the launch of its Review to Renew campaign to assist Medi-Cal members in California as annual redetermination resumes on April 1, 2023. This campaign aims to educate approximately 13 million Medi-Cal beneficiaries about the importance of updating their eligibility information to maintain coverage. During the public health emergency, the federal government waived eligibility checks, causing many to retain coverage without verification. The initiative will utilize various communication methods, including mailers, digital ads, and community events.
In 2022, Superior HealthPlan, a subsidiary of Centene Corporation (NYSE:CNC), engaged in extensive community support across Texas, addressing healthcare challenges like COVID-19 and mental health issues. The organization's Community Investment Report highlights partnerships with over 425 organizations and participation in more than 1,100 events. Superior allocated a total of $8.8 million for various initiatives, including the New Uvalde Community Center project worth $7.9 million. Their efforts also included funding hygiene closets, sensory-friendly events, and supporting United Way chapters, reinforcing their commitment to improving community health and well-being.
Health Net Federal Services (HNFS), a subsidiary of Centene Corporation (NYSE:CNC), announced the arrival of three Military Transition Interns starting in January 2023. This initiative, in partnership with the Department of Defense SkillBridge Program and Hiring our Heroes, allows active-duty service members to gain industry experience during their transition to civilian life. The interns include Air Force Colonel Pedro Burton-Taylor, Army Major Sara Skiles, and Senior Master Sergeant Roxanne Cristobal. HNFS has been servicing nearly 2.9 million beneficiaries in the TRICARE West Region, contributing to military healthcare advancements.
Centene Corporation (NYSE: CNC) has successfully completed the divestiture of Magellan Specialty Health to Evolent Health, receiving approximately $660 million at closing. The proceeds include $400 million in cash and the rest in Evolent stock, with potential additional payments of up to $150 million in 2024 based on performance metrics. This transaction marks a key milestone in Centene's portfolio review and value creation strategy. The partnership with Evolent is expected to enhance access to integrated specialty solutions for members and providers.
Centene Corporation (NYSE: CNC) has announced it will release its 2022 fourth quarter and full year financial results on February 7, 2023, at approximately 6 a.m. ET. A conference call to discuss the results will follow at 8:30 a.m. ET. Investors can join the call by dialing 1-877-883-0383 (U.S.) or +1-412-902-6506 (international), with an Elite Entry Number of 6826970. A replay will be available for 12 months post-call. Centene is committed to providing integrated, cost-effective healthcare services to underserved populations, emphasizing long-term growth and value creation.
Centene Corporation (NYSE: CNC) announced that its California subsidiary, Health Net, has been awarded direct contracts by the California Department of Health Care Services, allowing them to serve Medi-Cal members in 10 counties, including Los Angeles and Sacramento. The new contracts will commence on January 1, 2024. Health Net aims to improve healthcare delivery and health equity for millions of members. The company lifted its projected 2024 adjusted EPS floor to $7.15 from $7.00.
Health Net and Community Health System have renewed their partnership, ensuring Fresno County residents can access Community's three major hospitals under various plans. This agreement guarantees a comprehensive range of services for Health Net members, including those on Medicare and Medi-Cal. Community Health System, the largest in Central Valley, operates key medical facilities, expanding healthcare access for locals. Paul Pakuckas of Health Net emphasized their commitment to continuity of care. This partnership strengthens Health Net's position in the competitive healthcare market, serving approximately 3 million residents across California.
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