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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) 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.
Health Net Federal Services, a subsidiary of Centene Corporation (CNC), announced its recent URAC accreditations in Health Utilization Management, Case Management, and Disease Management. This achievement underscores their commitment to quality care and improved patient outcomes. Health Net has maintained URAC's Health Utilization Management and Case Management accreditations since 2005, and Disease Management since 2011. These accreditations are valid through Dec. 1, 2023, for Health Utilization Management and Case Management, and through Oct. 1, 2023, for Disease Management.
Centene Corporation (CNC) and Magellan Health (MGLN) have announced a definitive merger agreement where Centene will acquire Magellan for $95 per share, totaling $2.2 billion. This strategic acquisition aims to enhance Centene's whole health capabilities and establish a leading behavioral health platform, expanding its reach to 41 million members and adding 5.5 million government-sponsored plan members. The transaction is expected to create shareholder value through improved services and synergies, with projected net cost synergies of $50 million by the second year.
Centene Corporation (NYSE: CNC) will present at the 39th Annual J.P. Morgan Healthcare Conference from January 11-14, 2021, in a virtual format. The presentation will take place on January 11 at 9:10 a.m. EST. Interested parties can access a live audio webcast via this link. A replay of the webcast will be available on Centene's website under the Investors section. Centene is committed to providing high-quality healthcare services to underserved populations.
Centene Corporation (NYSE: CNC) has announced the completion of its acquisition of PANTHERx, a leading specialty pharmacy focused on orphan drugs and rare diseases. This strategic move enhances Centene's pharmacy portfolio and emphasizes its commitment to delivering quality care for patients with complex health needs. PANTHERx will continue to operate independently under Centene's Envolve Pharmacy Solutions, which provides integrated services to millions in the U.S. The acquisition aims to strengthen Centene's position in the healthcare market while broadening access to essential medications.
Centene Corporation (NYSE: CNC) announced its financial guidance for 2021, projecting total revenues between $114.1 billion and $116.1 billion. Diluted EPS is expected to range from $3.82 to $4.06, and adjusted diluted EPS is forecasted at $5.00 to $5.30. The health benefits ratio is anticipated to be between 86.6% and 87.2%, with SG&A expense ratios of 8.8% to 9.3%. The 2020 revenue guidance remains confirmed at $109.8 billion to $111.4 billion, while diluted EPS guidance is updated to $3.08 to $3.18.
Centene Corporation (NYSE: CNC) announced a definitive agreement to acquire PANTHERx, a leading specialty pharmacy focused on orphan drugs and rare diseases. The acquisition, subject to regulatory approval, is expected to close by the end of 2020. PANTHERx enhances Centene's pharmacy portfolio by providing specialized compliance, logistics, and analytics solutions for patients with rare diseases. The partnership aims to improve care delivery and access to medications for complex conditions, furthering Centene's commitment to underserved populations.
QualChoice Health Insurance appointed Chris O'Dwyer as the new Director of Sales, effective Nov. 23, 2020. With a 28-year career in health insurance, O'Dwyer brings extensive experience from both brokerage and carrier sides, most recently at CIGNA. His deep knowledge and community connections are expected to enhance QualChoice's customer support and market presence in Arkansas. O'Dwyer's commitment to helping businesses find the best insurance options aligns with the company's mission.
Centene Corporation (NYSE: CNC) has successfully completed its acquisition of Apixio, a healthcare analytics firm specializing in AI technology solutions. This strategic move aims to enhance Centene's healthcare administration and foster innovation. Apixio will operate independently within Centene's Health Care Enterprises group, focusing on delivering value to clients while benefiting from Centene's scale. Centene, a Fortune 50 company, serves numerous healthcare programs, emphasizing quality, cost-effectiveness, and long-term growth.
Centene Corporation (NYSE: CNC) has appointed Brent Layton as Executive Vice President, Markets, Products, International, and Chief Business Development Officer, effective January 1, 2021. Layton, a 20-year veteran at Centene, aims to enhance strategic alignment across key markets and products. He will succeed Kenneth Burdick, who will retire on January 23, 2021 but will continue as a consultant through the year. This leadership change is expected to strengthen the company's growth trajectory and service delivery.
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