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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.
BetterInvesting Magazine has named Amazon (NASDAQ: AMZN) as its "Stock to Study" and Centene (NYSE: CNC) as its "Undervalued Stock" for the September 2021 issue, aiming to inform and educate investors. This selection is part of BetterInvesting's commitment to empower individuals towards financial independence. The organization has been providing investment education for nearly 70 years. More details on Amazon and Centene's investment potential can be found through BetterInvesting's online tools.
The Centers for Medicare & Medicaid Services (CMS) announced that U.S. Medical Management (USMM) and its affiliate, Visiting Physicians Association (VPA), achieved significant improvements in patient care and cost savings for homebound elderly patients. In the sixth year of the Independence at Home (IAH) Demonstration, VPA practices were responsible for around 60% of the program's participants, leading to $16.6 million in savings. Over six years, they saved more than $86 million while enhancing quality measures. Nine out of eleven VPA practices qualified for shared savings incentive payments.
Centene Corporation (NYSE: CNC) will release its 2021 second quarter financial results on July 27, 2021, at 6 a.m. ET, followed by a conference call at 8:30 a.m. ET. CEO Michael F. Neidorff and CFO Drew Asher will present the results. Investors can participate by calling 1-877-883-0383 or via audio webcast on Centene's website. A replay of the call will be available for 12 months on the company's investor relations page.
Centene Corporation (NYSE: CNC) has priced its public offering of $1.8 billion in 2.450% senior notes due 2028, expected to close around July 1, 2021. Proceeds will partially fund the acquisition of Magellan Health and cover related expenses. If the acquisition does not close, proceeds will be used for debt repayment and general corporate purposes. The notes are senior unsecured obligations and will not be guaranteed by subsidiaries. J.P. Morgan, Barclays, BofA Securities, Truist Securities, and Wells Fargo Securities are joint book-running managers for this offering.
Centene Corporation (NYSE: CNC) has announced a public offering of $1.8 billion in senior notes due 2028. The proceeds will primarily finance Centene's acquisition of Magellan Health Inc. and cover related fees. Importantly, the offering's closing is not contingent on the acquisition's completion. If the acquisition does not proceed, funds will be allocated for debt repayment and general corporate purposes. J.P. Morgan, Barclays, BofA Securities, Truist Securities, and Wells Fargo Securities are managing the offering. Potential investors should review the prospectus for more details.
Centene Corporation (NYSE: CNC) has inaugurated its new East Coast headquarters in Charlotte, a project that began construction in August 2020. The first phase will feature 800,000 square feet of office space, completed in 2022, with a second phase starting in 2024, ultimately accommodating 6,000 employees. The campus will support local health plans and promote innovation. Centene plans to invest $1 billion in the Charlotte community, hiring 700 employees in the past year, and focuses on evolving into a technology-driven enterprise in healthcare.
Centene Corporation (NYSE: CNC) announced the winners of its Youth Impact Award for Vaping Prevention on June 14, 2021. Aimed at adolescents aged 14-19, the contest received over 150 entries from 30 states, encouraging youth to create Public Service Announcements on vaping dangers. Winners hailed from Ohio, Georgia, and New Jersey. This initiative aligns with Centene's commitment to enhancing health literacy amid rising youth vaping rates and the impact of COVID-19. The program underscores the importance of proactive health education in today's climate.
Centene Corporation (NYSE: CNC) has reached no-fault agreements with the Attorneys General of Ohio and Mississippi, resolving claims related to its pharmacy benefits manager subsidiary, Envolve Pharmacy Solutions. Centene will pay $88 million to Ohio and $55 million to Mississippi, while denying any liability. Following a proactive restructuring in 2019, Envolve will now function as an administrative service provider. Additionally, Centene has set aside a $1.1 billion reserve for potential future claims and settlements, reflecting the company’s commitment to transparency and healthcare quality.
Centene Corporation (NYSE: CNC) announced a new initiative to boost COVID-19 vaccinations among its health plan members and the general public. Starting this week, a nationwide call campaign will assist unvaccinated individuals in scheduling appointments. Additionally, the top 100 healthcare providers achieving increased vaccination rates will receive $5,000 grants. The company will also launch public service announcements emphasizing vaccination's importance for family health. These efforts build upon prior outreach and education initiatives to combat vaccine hesitancy.
Centene Corporation (NYSE: CNC) will host a virtual Investor Meeting on June 16, 2021. The meeting will feature Michael F. Neidorff, CEO, and Drew L. Asher, CFO, and will be streamed live on the company's website. Centene is a Fortune 50 company focused on providing integrated healthcare services to under-insured and uninsured individuals, serving nearly 1 in 15 people in the U.S. The company also has a presence in international markets and emphasizes long-term growth and community support.
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