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 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.
Ambetter from Health Net announces plans for accessible health insurance coverage in nine California counties during the open enrollment period from Nov. 1, 2022, to Jan. 31, 2023. Affordable plans offer essential health benefits, including preventive services, maternity care, and mental health support. Members can utilize online enrollment tools and earn rewards through the My Health Pays® program for healthy activities. Health Net, serving over 3 million members since 1977, aims to provide affordable care options tailored to various lifestyles.
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.
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