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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.
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.
Centene Corporation (NYSE: CNC) reported Q4 2020 results with revenues of $28.3 billion, a 50% increase year-over-year, and a net loss of $(0.02) per share, down from $0.49 in Q4 2019. Full-year revenues reached $111.1 billion, up 49%, with diluted EPS of $3.12, slightly lower than $3.14 in 2019. Managed care membership grew 67% to 25.5 million. The company announced the acquisition of Magellan Health and two statewide contracts in Oklahoma, enhancing its growth strategy amid the ongoing pandemic.
Centene Corporation (NYSE: CNC) announced its Oklahoma subsidiary, Oklahoma Complete Health, has secured statewide contracts with the Oklahoma Health Care Authority to manage the SoonerSelect and SoonerSelect Specialty Children's Plan (SCP) programs. The SoonerSelect initiative will provide healthcare to over 550,000 Medicaid recipients, with an anticipated 200,000 more beneficiaries through Medicaid expansion in July 2021. The program aims to enhance health outcomes while reducing costs, emphasizing local partnerships and value-based care.
Health Net Federal Services, a subsidiary of Centene Corporation (NYSE: CNC), launched the Buckley Prime Service Area Pilot on January 1, 2021, in the Denver area. This initiative aims to transition TRICARE's fee-for-service model to a value-based payment approach, enhancing health outcomes and satisfaction for beneficiaries. Running until December 31, 2022, the pilot offers chronic care management, personalized services, and preventive care reminders. With approximately 2.9 million beneficiaries in the TRICARE West Region, this pilot aligns with the Military Health System's objectives for improved care and budget certainty.
Centene Corporation (NYSE: CNC) has launched the Centene Institute Youth Impact Award for Vaping Prevention, a program aimed at raising awareness about vaping among youth aged 14 to 19. The initiative encourages students to create 30-60 second PSAs addressing the risks of e-cigarette use, with submissions accepted from January 19 to April 16, 2021. The program comes in response to a significant increase in youth e-cigarette use, highlighted by a 900% rise from 2011 to 2018. Winners will be announced in early summer 2021, aiming to empower young individuals to combat the vaping epidemic.
Centene Corporation (NYSE: CNC) will announce its 2020 fourth quarter and full-year financial results on February 9, 2021, at 6 a.m. EST. A conference call will follow at 8:30 a.m. EST, hosted by Chairman and CEO Michael F. Neidorff and CFO Jeffrey A. Schwaneke. Investors can participate by phone or via a live audio webcast on the company's website. A replay of the call will be available for on-demand listening for the next 12 months. Centene is a leading healthcare company focused on providing affordable services to under-insured and uninsured individuals.
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