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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) has appointed Katie Casso as Senior Vice President, Corporate Controller, effective April 1, 2021. This follows the retirement of Christopher Isaak on April 30, 2021. Casso has over 16 years of experience with Centene, progressing from public accounting to leadership roles within the finance department, including her recent position as Vice President, Assistant Controller. Her appointment is expected to continue supporting Centene's growth strategy, while Isaak's contributions are acknowledged as he retires.
Centene Corporation recently participated in No One Eats Alone Day, a nationwide initiative aimed at addressing childhood social isolation, exacerbated by the COVID-19 pandemic. Collaborating with local schools, Centene's health plans organized virtual assemblies, reaching over 23,500 children across 47 schools. The initiative aimed to foster social connections among students, teaching them about the effects of social isolation. In total, more than 1,400 schools engaged in this initiative, impacting over 700,000 children nationwide and emphasizing Centene's commitment to community health and inclusion.
Centene Corporation (NYSE: CNC) has announced executive leadership changes effective March 1, 2021, to enhance its growth and innovation. Brent Layton is appointed President of U.S. Health Plans, retaining his EVP title. Sarah London becomes President of Health Care Enterprises and EVP of Advanced Technology, leading the Magellan integration. Shannon Bagley is now Executive VP and Chief Administrative Officer, and Robert Sanders is the new EVP of Global Human Resources. These appointments are intended to align with Centene's focus on transforming healthcare services for its members and stakeholders.
Centene Corporation (NYSE: CNC) will participate in two virtual healthcare conferences in March 2021. The first is the Barclays Global Healthcare Conference on March 9, where it will present at 9:10 a.m. EST, accessible via a live audio webcast. The second is the Oppenheimer 31st Annual Healthcare Conference on March 16, with a presentation scheduled for 8:40 a.m. EDST, also available through a webcast. Replays of both presentations will be accessible on Centene's investor relations website.
Centene Corporation (NYSE: CNC) announced that its subsidiary, 'Ohana Health Plan, will continue to manage the Community Care Services (CCS) program in Hawaii under a new three-year contract beginning July 1, 2021. The CCS program delivers behavioral health services to around 5,000 Medicaid-eligible adults with severe mental illnesses. 'Ohana Health Plan has provided these services since 2013, reflecting its commitment to quality care. This new contract emphasizes the company's integrated healthcare approach and partnership with local organizations to improve member outcomes.
Health Net has partnered with Wesley Health Centers to conduct a study analyzing COVID-19's impact on racial minorities and underserved communities in California. The initiative includes free COVID-19 screenings to confirm current and past infections, with follow-up medical monitoring for participants. The study aims to uncover health disparities faced by communities of color, as highlighted by the CDC. Funded by Centene, the initiative reflects a commitment to improving healthcare access and outcomes for vulnerable populations, with the analysis providing evidence-based solutions to enhance public health responses.
Centene Corporation (NYSE: CNC) announced the completion of its tender offer for $2.2 billion of 4.75% Senior Notes due 2025. The tender offer expired on February 17, 2021, with $796.17 million (36.19%) of notes validly tendered. The Purchase Price for accepted notes is $1,025.85 per $1,000 principal. The company plans to use proceeds from a $2.2 billion public offering of 2.50% senior notes due 2031 to finance this purchase. Remaining 2025 Notes will be redeemed on March 12, 2021. The company’s tender agent is Global Bondholder Services Corporation.
Centene Corporation (NYSE: CNC) announced the pricing of a public offering for $2.2 billion in 2.50% senior notes due 2031, set to close around February 17, 2021. The proceeds will fund the purchase and redemption of its 4.75% senior notes due 2025 and cover associated expenses. The notes, which are senior unsecured obligations, will rank equally with existing senior debt. Notably, the offering is conducted under an effective shelf registration statement with the SEC.
Centene Corporation (NYSE: CNC) announced a cash tender offer for its 4.75% Senior Notes due 2025, seeking to acquire any outstanding notes before the February 17, 2021 expiration. The company aims to use proceeds from a concurrent $2.2 billion senior notes offering due 2031 to facilitate this tender offer. Holders of the 2025 notes can withdraw validly tendered notes before the expiration. The tender offer consideration stands at $1,025.85 per $1,000 principal amount, with additional interest payments possible. Conditions apply to both the tender offer and the redemption of remaining notes.
Centene Corporation (NYSE: CNC) has initiated an underwritten public offering of $2.2 billion in senior notes due 2031. The proceeds will fund the purchase of its 4.75% senior notes due 2025 as part of a cash tender offer, redeem any remaining notes not tendered, and cover related expenses. The offering is managed by BofA Securities and Barclays, among others, under an effective registration statement filed with the SEC. Centene aims to leverage these funds to strengthen its financial position while continuing its commitment to providing healthcare services.
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