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.
California Health & Wellness (CHW) has awarded a $25,000 grant to Inyo Mono Advocates for Community Action (IMACA) to aid food distribution in the rural counties of Inyo, Mono, and Alpine. This grant enhances IMACA's storage capabilities, upgrading their electrical service to 200 amps and adding a backup power source, critical for avoiding food spoilage during power outages. IMACA serves approximately 450 households monthly, addressing food insecurity exacerbated by the pandemic.
California Health & Wellness (CHW) is responding to Gov. Gavin Newsom's state of emergency in multiple counties due to severe winter storms by providing assistance to affected members. This includes access to emergency prescription refills and mental health support through MHN. CHW members can utilize telehealth services via the Babylon app for non-emergency issues. The organization emphasizes its commitment to ensuring healthcare access during emergencies. CHW operates as a subsidiary of Centene Corporation (NYSE: CNC), focused on quality health coverage in rural California.
Health Net is responding to the declared state of emergency in Los Angeles, Sacramento, and San Bernardino counties by providing support to affected members due to severe winter storms. They ensure access to essential medications and healthcare services. Members can obtain emergency prescription supplies and have access to mental health support through MHN, available 24/7. Additionally, Health Net offers telehealth options via the Babylon app. They are committed to ensuring members have necessary healthcare access during these challenging times, highlighting their ongoing dedication to community health.
Centene Corporation (NYSE: CNC) has appointed Jim Murray as Chief Transformation Officer, reporting to Vice Chairman Sarah London. Murray, previously President and COO at Magellan Health, will lead the Value Creation Office and the Advanced Behavioral Health division. His extensive experience in managed care and healthcare delivery positions him well for driving transformation efforts as part of Centene's value creation plan. Centene remains committed to providing integrated, high-quality healthcare services to underserved populations while focusing on continuous improvement and innovation.
Centene Corporation (NYSE: CNC) announced its participation in the JP Morgan 40th Annual Healthcare Conference, scheduled for January 10-13, 2022. The virtual presentation will take place on January 10 at 7:30 a.m. ET. Investors can access a live audio webcast through Centene's website. The company focuses on providing integrated healthcare services to underserved populations across various programs, including Medicaid and Medicare. For more information, visit Centene's investor relations page.
Centene Corporation (NYSE: CNC) has successfully completed its acquisition of Magellan Health, enhancing its ability to provide comprehensive healthcare solutions. This strategic move aims to improve health outcomes for high-cost populations, particularly in behavioral healthcare. Centene's CEO highlighted the transaction's potential to expand access for members amid rising mental health issues in the U.S. Magellan will operate independently under Centene's umbrella, ensuring continuity in leadership. This acquisition reflects Centene's commitment to integrated health services at a critical time.
iTeos Therapeutics (NASDAQ: ITOS) will replace Magellan Health (NASDAQ: MGLN) in the S&P SmallCap 600, effective January 5, 2022. This change coincides with Centene Corp. (NYSE: CNC) acquiring Magellan Health, pending final conditions. The adjustment is significant for iTeos as inclusion in a prominent index like the S&P SmallCap 600 can potentially improve market visibility and investor interest. This strategic move highlights the dynamic shifts within the healthcare sector as companies adapt to evolving market conditions.
Centene Corporation (CNC) and Magellan Health (MGLN) have received all regulatory approvals necessary for Centene's acquisition of Magellan. The closing is expected on or about January 4, 2022. This acquisition will enable Centene to enhance its whole-health solutions, addressing both physical and mental health needs, aimed at improving health outcomes and reducing costs for high-cost populations. CEO Michael Neidorff expressed optimism about the expanded services and increased access to behavioral health care for communities in need.
Health Net is launching 180 mobile COVID-19 vaccine clinics across California to enhance health equity and increase vaccination accessibility. Collaborating with community partners like the Los Angeles Rams and the United Farm Workers Foundation, these clinics aim to serve vulnerable populations. Since April 2021, Health Net has conducted 140 clinics, administering over 12,000 vaccines. The initiative reflects Health Net's commitment to community health, backed by a $14.5 million investment to aid providers, members, and local communities during the pandemic.
California Health & Wellness has awarded a $25,000 grant to Lighthouse Counseling and Family Resource Center to address Adverse Childhood Experiences (ACEs) exacerbated by the COVID-19 pandemic. The grant aims to enhance counseling services for families facing increased stress, abuse, and educational disruptions. Lighthouse has already reached 8,500 residents and provided services to over 250 individuals. They report a 40% rise in children seeking help for suicidal ideation, with 100% of those in counseling showing improvement.
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