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.
Health Net has released a report titled Innovating Within Medi-Cal, outlining strategies to improve healthcare access and reduce disparities for vulnerable Californians. The report emphasizes leveraging data to identify at-risk populations and implementing simple solutions to enhance patient engagement. Health Net has invested over $100 million since 2017 in community initiatives. Key recommendations include investing in data infrastructure and designing interventions that minimize complexity, aiming to close health outcome gaps.
The Behavioral Health Center of Excellence (BHCOE) has teamed up with Centene Corporation (NYSE:CNC) to enhance Applied Behavioral Analysis (ABA) treatment delivery, targeting improved access for individuals with autism and related developmental disabilities. This partnership leverages BHCOE's expertise in quality measurement with Centene's commitment to integrated healthcare services. With a reported 18% rise in autism diagnoses among children from 2016 to 2018, this collaboration aims to establish national healthcare quality standards for behavioral health and improve ABA services within a value-based care framework.
Centene Corporation (NYSE: CNC) announced that its Missouri subsidiary, Home State Health, has secured the MO HealthNet Managed Care General Plan and Specialty Plan. This contract allows Home State to serve various Medicaid programs, including 40,000 foster children. The plan aims to provide trauma-informed healthcare services for children in custody. This one-year contract also includes options for four renewals. Currently, Home State Health supports over 300,000 Medicaid enrollees and partners with 25,000 healthcare providers in Missouri.
Investor consortium led by Nautic Partners, The Vistria Group, and General Atlantic has reached a definitive agreement to acquire PANTHERx Rare from Centene Corporation (NYSE: CNC). This strategic move aims to accelerate PANTHERx's growth as a specialty pharmacy for rare and orphan diseases. With a focus on meeting the unique needs of patients, the consortium anticipates leveraging expertise to drive innovation. The transaction awaits clearance under the Hart-Scott Rodino Act and other customary conditions. PANTHERx is recognized for its achievements in the specialty pharmacy sector.
Centene Corporation (NYSE: CNC) announced the sale of two pharmacy businesses, Magellan Rx and PANTHERx, to Prime Therapeutics and a consortium respectively, generating approximately $2.8 billion in proceeds. This move aligns with Centene's strategy to exit the Pharmacy Benefit Management space, enhancing value creation. Magellan Rx, acquired in January 2022, is known for specialty drug management, while PANTHERx, acquired in December 2020, excels in rare pharmacy. The transactions are expected to be neutral to slightly accretive to Centene’s Adjusted Earnings Per Share post-closing.
Centene Corporation (NYSE: CNC) will present at the Bank of America 2022 Healthcare Conference in Las Vegas from May 9-13, 2022. The company's presentation is scheduled for May 10 at 8:40 a.m. PT, with a live audio webcast available at this link. A replay will be accessible on Centene's website under the Investors section afterwards. Centene is a leading healthcare enterprise focused on providing integrated, cost-effective services, particularly for under-insured and uninsured individuals.
Centene Corporation (NYSE: CNC) reported Q1 2022 results showing a diluted EPS of $1.44 and an adjusted diluted EPS of $1.83, with total revenues of $37.2 billion, up 24% year-over-year. Membership rose by 1.9 million to 26.2 million. The health benefits ratio stood at 87.3%, a slight increase from last year. Additionally, the company raised its 2022 revenue and EPS guidance, projecting adjusted EPS between $5.40 to $5.55.
CEO Sarah London emphasized ongoing operational excellence as key to sustainable growth.
On April 21, 2022, Meridian of Michigan highlighted the rising issue of cyberbullying among the youth, emphasizing its negative impacts on mental health. A Pew Research study indicates that 59% of U.S. teens have experienced online harassment. Meridian's Chief Medical Officer, Dr. Kay Judge, notes the challenges this presents for parents and the community. To combat this, Meridian encourages youth participation in the Centene Institute Youth Impact Award for Cyberbullying Prevention, with a submission deadline of May 20, 2022. The initiative aims to promote awareness and prevention strategies.
Centene Corporation's Board of Directors has accepted the resignation of Leslie V. Norwalk as a Board member. The Board expresses appreciation for her service. The company has been enhancing its corporate governance since November 2021 by appointing five new Board members, refreshing committee chairs, separating the CEO and Chairman roles, and appointing a new lead independent director. The Board supports CEO Sarah London and her leadership team in executing the company's value creation strategy.
Meridian Michigan has appointed Dr. Kay Judge as its new Chief Medical Officer, effective April 10, 2022. Dr. Judge brings over 20 years of experience from health systems in Michigan and California, including her role as Regional Medical Director at Health Net, a Centene subsidiary. She is recognized for her work in reducing healthcare disparities and implementing technology to enhance health outcomes. Dr. Judge aims to uphold Meridian's reputation for high-quality managed care. Meridian is a subsidiary of Centene Corp. (NYSE: CNC), serving Medicaid and Medicare-Medicaid populations in Michigan.
FAQ
What is the current stock price of Centene Corporation (CNC)?
What is the market cap of Centene Corporation (CNC)?
What services does Centene Corporation provide?
Who are Centene Corporation’s primary service recipients?
What recent financial achievements has Centene Corporation reported?
How is Centene addressing social issues such as homelessness?
What partnerships has Centene recently formed to improve healthcare accessibility?
How does Centene Corporation support state-sponsored healthcare programs?
What is the significance of Centene’s MHS Serves program?
How many medical members does Centene serve?
What are some of the specialty services provided by Centene?
How does Centene ensure a local approach in its services?
