Centene Corporation - CNC STOCK NEWS

Express Scripts, part of Cigna's Evernorth, has partnered with Centene to manage pharmacy benefits for around 20 million members beginning January 2024. This strategic collaboration aims to enhance access and affordability of prescription medications and will utilize Express Scripts' extensive pharmacy network. The partnership follows a competitive bidding process and is expected to drive better health outcomes through improved detection and care.

Centene Corporation (NYSE: CNC) reported a strong third quarter for 2022, with total revenues of $35.9 billion, an 11% increase from the previous year, driven by organic Medicaid and Medicare growth. GAAP diluted EPS rose to $1.27, with adjusted EPS at $1.30. The health benefits ratio (HBR) improved to 88.3%, reflecting robust Medicare results. Centene's Value Creation Plan is progressing, highlighted by a new pharmacy benefits management contract starting in 2024. The company has raised its full-year adjusted EPS guidance to $5.65-$5.75, marking a 5.5% increase in the midpoint.

Ambetter Health, Centene Corporation's health insurance marketplace carrier, is set to expand into Alabama and over 60 counties across 12 existing states in 2023. Currently serving more than 2 million members in 27 states, Ambetter Health will cover over 1,500 counties in total. The company is enhancing healthcare accessibility with its Ambetter Health Virtual Access service, expanding to nine new states. The open enrollment period for their plans will run from Nov. 1, 2022, to Jan. 15, 2023.

Health Net is responding to the state of emergency declared by Gov. Gavin Newsom in Madera, Modoc, and Siskiyou counties due to wildfires. The company is offering special assistance to members impacted by the disaster, ensuring access to essential prescription medications and healthcare services to address trauma and stress. Members can access emergency prescription refills or telehealth services at no cost. Health Net also provides resources for mental health support through its 24/7 hotline, enhancing access to necessary care for those affected.

Health Net, a prominent health insurance provider in California, has been recognized as the top provider in the "America's Best Customer Service 2023" ranking by Newsweek for the second consecutive year. This recognition is particularly significant, given the challenges posed during the pandemic, reaffirming Health Net's commitment to member-centric service. Additionally, the company has received the Health Equity Accreditation Plus by the National Committee for Quality Assurance, reflecting its efforts to improve health equity and access to care among underserved populations through substantial investments and collaborations.

Centene Corporation (NYSE: CNC) will release its 2022 third quarter financial results on October 25, 2022, at 6 a.m. ET, followed by a conference call at 8:30 a.m. ET. Investors can join the call by dialing 1-877-883-0383 within the U.S. or +1-412-902-6506 internationally, using Elite Entry Number: 6216529. A live audio webcast will also be available on Centene's website. A replay of the call will be archived for 12 months on the same site.

Wellcare, a subsidiary of Centene Corporation (NYSE: CNC), announced its expansion in Medicare Advantage and Medicare Prescription Drug Plans for 2023, with offerings in 209 new counties and 48 newly designed plans. The company serves nearly 1.5 million members and emphasizes enhanced benefits, including a partnership with Amazon as a preferred retail pharmacy. Key highlights include $0 premiums on many plans, low copays, and comprehensive services for chronic conditions. The Annual Enrollment Period begins on October 15, 2022, and will run until December 7, 2022.

Health Net has achieved the first-ever Health Equity Accreditation Plus from the National Committee for Quality Assurance (NCQA), being one of nine organizations recognized nationally. This accreditation covers all business lines including Medi-Cal, Marketplace, Medicare, and Commercial. It reflects the company's commitment to improving health equity by addressing gaps in care and partnering with community organizations. Notably, Health Net has a history of over a decade in innovating health equity solutions in California.

Centene Corporation's subsidiary, Nebraska Total Care, has secured a five-year contract with the Nebraska Department of Health and Human Services to manage the state's Medicaid program, Heritage Health. This contract, which includes options for two one-year extensions, allows Nebraska Total Care to continue serving over 125,000 Medicaid enrollees through a network of nearly 60,000 providers. The focus is on enhancing health outcomes while minimizing costs. Centene aims to deliver innovative healthcare solutions, maintaining a strong local presence to address unique community challenges.