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.
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.
Centene Corporation (NYSE: CNC) announced that its Texas subsidiary, Superior HealthPlan, has been awarded a new six-year contract to provide healthcare coverage for children and youth in foster care through the STAR Health Medicaid program. Superior has held this role since the program's inception in 2008. The contract aims to enhance healthcare access for this vulnerable population by coordinating services to meet their complex medical and non-medical needs.
Health Net has launched special assistance for its members in Siskiyou County following a state of emergency declared by Governor Gavin Newsom due to wildfires. Key services include emergency prescription supplies, telehealth access at no cost, and coping support through the MHN hotline. Members can obtain emergency medications from their pharmacies or contact Health Net for help if their pharmacy is closed. Healthcare providers can reach out for guidance on emergency prescriptions and treatment approvals. Health Net aims to ensure seamless access to healthcare services during the crisis.
Centene Corporation (NYSE: CNC) announced its participation in the Morgan Stanley 20th Annual Global Healthcare Conference in New York City from September 12th to 14th, 2022. The company will present on September 13th at 8:35 a.m. ET. A live audio webcast is available for listeners, and a replay can be accessed later on Centene's investor relations website.
Centene is a leading healthcare provider, serving millions through government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals.
Centene Corporation (NYSE: CNC) announced the appointment of Ashlee Knuckey as Chief Ethics and Compliance Officer on September 1, 2022. With nearly 13 years of experience, Knuckey has a strong background in healthcare regulations and compliance, previously serving as a partner at Locke Lord LLP. CEO Sarah London emphasized Knuckey's expertise in enhancing Centene's commitment to integrity and regulatory compliance. This strategic hire aims to improve relations with government clients and providers, ultimately benefiting member health outcomes.
Centene Corporation (NYSE: CNC) announced its Medi-Cal Managed Care contract awards from the California Department of Health Care Services. The company will continue to serve nine counties but expressed disappointment over losing contracts in Los Angeles, Sacramento, and Kern counties. Centene has provided quality healthcare for 25 years through its local brand, Health Net, and believes the exit from these counties will disrupt services for members. The company is considering appeal options to protect its members' access to healthcare.
Centene Corporation's subsidiary, Magnolia Health Plan, has secured a four-year contract with the Mississippi Division of Medicaid to continue providing services for the state's Coordinated Care Organization Program. This program includes both the Mississippi Coordinated Access Network (MSCAN) and the Children's Health Insurance Program (CHIP). Magnolia currently serves over 150,000 Medicaid enrollees and has partnerships with nearly 31,000 healthcare providers in Mississippi.
Centene Corporation (NYSE: CNC) has filed a preliminary proxy statement with the SEC for a special stockholders meeting aimed at enhancing corporate governance. Key proposals include declassifying the Board for annual director elections and allowing stockholders holding at least 10% of shares to call special meetings. The Board’s Chairman, James Dallas, plans to step down after overseeing these amendments. The special meeting is expected to occur in late Q3 or early Q4 2022. Overall, the changes are intended to benefit shareholders and improve governance practices.
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