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's Medi-Cal President, Martha Santana-Chin, has been named 'Insurance Executive of the Year' by the Los Angeles Business Journal for her leadership during the pandemic. Under her oversight, Health Net implemented telemedicine for 2 million members within seven weeks of lockdown, awarded $13.4 million in grants to expand telemedicine, and initiated a Mobile RV Vaccination Initiative, administering over 9,000 vaccines. The company emphasizes health equity and has been a primary Medi-Cal partner for over 40 years, serving approximately 3 million members.
Centene Corporation's subsidiary, SilverSummit Healthplan, has secured a contract from the Nevada Department of Health to continue providing managed care services for the Medicaid program in Clark and Washoe Counties. This contract, pending regulatory approval, will take effect on January 1, 2022, and aims to enhance care management and member engagement for over 760,000 beneficiaries. The company emphasizes its commitment to quality healthcare and partnership with local providers.
Centene Corporation (NYSE: CNC) announced that its Ohio subsidiary, Buckeye Health Plan, has secured a Medicaid contract from the Ohio Department of Medicaid, effective early 2022. This contract aims to continue delivering quality healthcare and coordinated services to members. Buckeye Health Plan, recognized as Ohio's fastest-growing Medicaid provider in 2020, serves over 420,000 members. The contract emphasizes innovative initiatives to meet members' needs and reaffirms the company's commitment to enhancing health outcomes for residents in Ohio.
Centene Corporation (NYSE: CNC) announced the appointment of Rich Fisher as Senior Vice President and Medicare CEO, effective August 16, 2021. Fisher previously served as Medicare's Chief Financial Officer and has been with Centene for over 15 years, contributing to profitability and growth in the Medicare sector. His new role will focus on the company's Medicare strategy and operations, reporting to Brent Layton, Executive Vice President and President of U.S. Health Plans. Centene emphasizes promoting internal talent to strengthen its leadership as it addresses 2021 priorities.
Centene Corporation (NYSE: CNC) has announced measures to enhance COVID-19 protection for employees and members. Effective immediately, employees must provide proof of vaccination, or they will face regular testing and mask mandates. The phased return to in-person work is postponed to October 18, 2021. New hires from October 1, 2021, will also be required to be vaccinated. Centene is increasing its efforts to boost vaccination rates, particularly within vulnerable populations, through various outreach initiatives, including partnerships and educational campaigns.
Centene Corporation's subsidiary, Carolina Complete Health, is set to enhance integrated healthcare services in North Carolina through partnerships with Partners Health Management and Trillium Health Resources. These collaborations will address the needs of individuals with significant behavioral health conditions as part of the state's upcoming Behavioral Health I/DD Tailored Plans, starting July 1, 2022. Centene, which serves over 13 million Medicaid members nationwide, aims to deliver high-quality, coordinated care locally.
Centene Corporation (NYSE: CNC) announced that its North Carolina subsidiary, WellCare of North Carolina, will coordinate physical health services for Local Management Entities/Managed Care Organizations (LME/MCOs) under the state's Behavioral Health and Intellectual/Developmental Disability Tailored Plans, starting July 1, 2022. The partnership aims to provide integrated care for individuals with serious behavioral health conditions. Centene is a leading Medicaid managed care organization, serving over 13 million members across 29 states.
Centene Corporation (NYSE: CNC) has priced its public offering of $1.8 billion in senior notes, consisting of $500 million in additional 2.450% notes due 2028 and $1.3 billion in new 2.625% notes due 2031. The offering is expected to close around August 12, 2021. Proceeds will be utilized to redeem all 5.375% senior notes due 2026, among other corporate purposes. The notes will be senior unsecured obligations and equal in payment rights to existing senior debt. The offering is conducted under an effective SEC registration.
Centene Corporation (NYSE: CNC) announced a public offering of $1.8 billion in senior notes, which includes an add-on to its existing 2.450% senior notes due 2028 and new senior notes due 2031. The proceeds will be used to redeem all outstanding 5.375% senior notes due 2026 and related costs. The offering is conducted under an effective shelf registration statement with the SEC, and leading financial institutions are acting as joint book-running managers. No obligations are created for redemption notices at this stage.
Centene Corporation (NYSE: CNC) reported its Q2 2021 financial results, revealing a diluted loss per share of $(0.92) and adjusted diluted EPS of $1.25. Total revenues for the quarter reached $31.025 billion, marking a 12% increase year-over-year. The health benefits ratio was 88.3%, a rise from 82.1% compared to Q2 2020, with SG&A expenses decreasing to 7.9%. Notably, Centene set aside a $1.25 billion legal settlement reserve. As of June 30, 2021, managed care membership stood at 25.4 million, reflecting a growth of 3% year-over-year.
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?
