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.
Centene Corporation (NYSE: CNC) announced significant leadership changes to propel future growth, with Ken Fasola appointed President, succeeding his role as EVP of Health Care Enterprises. Jim Murray becomes COO, enhancing operational effectiveness. Dave Thomas steps into CEO of Markets and Medicaid, while Brent Layton transitions to Senior Advisor as he approaches retirement. Alice H. Chen and Brian LeClaire join as Chief Health Officer and Chief Information Officer, respectively, strengthening the executive team. These changes aim to align talent with Centene's mission of delivering quality healthcare and increasing shareholder value.
Centene Corporation (NYSE: CNC) will host an investor day on December 16, 2022, starting at 8:30 a.m. EST. The event, featuring CEO Sarah London and the management team, includes a live question-and-answer session and will be webcast from the New York Stock Exchange. In-person attendance is by invitation only, but the meeting can be accessed via live webcast on Centene's website. Centene focuses on providing integrated healthcare services to under-insured and uninsured individuals.
Centene Corporation (CNC) has completed the divestiture of Magellan Rx to Prime Therapeutics, aligning with its value creation plan. This move allows Centene to concentrate on its core operations and strategic priorities. Centene had initially acquired Magellan Rx in January 2022 as part of the broader acquisition of Magellan Health. The company continues to emphasize its commitment to delivering high-quality healthcare services, particularly to under-insured and uninsured individuals, while focusing on long-term growth and value creation for its shareholders.
Centene Corporation (NYSE: CNC) announced an investment of $7.9 million in a new community center in Uvalde, Texas. This initiative, in partnership with Community Health Development, Inc., aims to enhance access to primary care, behavioral health, and youth resources. A groundbreaking ceremony took place on Dec. 2, 2022. The center is designed to support the community's long-term recovery following the Robb Elementary School tragedy and is expected to be completed by late 2024. Centene emphasizes the importance of local relationships in delivering effective healthcare services.
Health Net is responding to the declared state of emergency in Alpine, El Dorado, Inyo, Los Angeles, and Placer counties due to wildfires and flash flooding. The company is providing special assistance to ensure members can access essential prescription medications and healthcare services. During this emergency, members can obtain emergency prescription supplies from their pharmacy or contact Health Net for assistance. Health Net also offers telehealth services and mental health support through MHN. They are committed to ensuring continued healthcare access during this crisis.
Centene Corporation (NYSE: CNC) has signed an agreement to sell Magellan Specialty Health to Evolent Health, expecting over $750 million in total proceeds. The deal includes $600 million at closing, with $400 million in cash and the remaining in Evolent stock. An additional $150 million may be earned based on performance metrics in 2024. This transaction aims to create a strategic partnership, enhancing Centene’s portfolio of specialty solutions. The sale is anticipated to close in the first half of 2023, pending regulatory approvals.
Evolent Health announced its agreement to acquire NIA, a specialty benefit management organization owned by Centene, for $650 million. The acquisition, set to close in mid-2023, is expected to add $85 million in adjusted EBITDA by 2024 and enhance Evolent’s value-based specialty care leadership. The deal diversifies Evolent's revenue base and increases cross-selling opportunities from $16 billion to $50 billion. The NIA acquisition will maintain Evolent's strong balance sheet and is projected to immediately improve cash flow and adjusted EBITDA margins.
Centene Corporation (NYSE: CNC) announced the successful completion of its divestiture of the Spanish and Central European Businesses to Vivalto Santé on November 17, 2022. This strategic move is part of Centene's value creation plan, allowing a sharper focus on its core business operations. CEO Sarah London highlighted the transaction as a key milestone. Centene continues to provide integrated healthcare services, primarily targeting under-insured and uninsured populations in the U.S. and international markets.
Centene Corporation (NYSE: CNC) has appointed Monte Ford to its Board of Directors effective November 12, 2022. Ford brings over 20 years of board experience and extensive expertise in consumer technology, having served on the boards of JetBlue Airways and Iron Mountain. CEO Sarah London emphasized that Ford's leadership will enhance Centene's commitment to better health outcomes for its 26 million members. Ford expressed enthusiasm for joining Centene during a transformative period in healthcare, leveraging technology to drive innovation.
Centene Corporation (NYSE: CNC) will present at the Credit Suisse 31st Annual Healthcare Conference from November 7-11, 2022, at the Terreana Resort in California. The company is scheduled to present on November 8 at 9:10 a.m. PT. A live audio webcast will be available at this link. A replay of the presentation can be accessed on Centene's website under the Investors section. Centene, a Fortune 500 company, provides integrated healthcare services focusing on under-insured and uninsured individuals.
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