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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) released its Q3 2020 financial results, reporting total revenues of $29.1 billion, a 53% increase from the previous year. Diluted EPS stood at $0.97, adjusted EPS at $1.26, boosted by a $398 million ACA risk corridor settlement. Managed care membership rose 65% YoY to 25.2 million. Operating cash flow was $(952) million, primarily due to health insurer fees. The company also issued $2.2 billion in senior notes to refinance existing debt and anticipates continued growth in various markets, with an adjusted EPS guidance of $4.90 to $5.06 for 2020.
Health Net Federal Services, a subsidiary of Centene Corporation (NYSE: CNC), has achieved URAC Health Network Accreditation, reinforcing its commitment to quality care and improved outcomes. This accreditation, effective from July 1, 2020, to July 1, 2023, marks a continuous achievement since 2005. URAC's rigorous standards ensure high-quality service for the military community, supporting nearly 2.9 million beneficiaries through the TRICARE program. This status highlights Health Net's dedication to providing reliable and cost-effective healthcare solutions.
Centene Corporation (NYSE: CNC) announced an expansion of its Medicare Advantage offerings for 2021, increasing its services to 1,249 counties across 33 states, a 30% rise from 2020. The company introduces 122 new plan designs, including Medicare plans in Vermont and Rhode Island. Centene aims to provide affordable, high-quality options to nearly 1 million Medicare members during the ongoing challenges of COVID-19. Centene emphasizes its commitment to enhancing member health and well-being with new benefits and solutions.
Centene Corporation (NYSE: CNC) has priced its public offering of $2.2 billion in 3.00% senior notes due 2030. The offering is expected to close around October 7, 2020. The net proceeds will primarily be used to redeem existing senior notes, including 4.75% notes due 2022 and 5.25% notes due 2025, along with related costs. The senior notes will be unsecured and rank equally with the company’s existing senior debt, but will not be guaranteed by any subsidiaries.
Centene Corporation (NYSE: CNC) has launched a public offering for $2.2 billion in senior notes due 2030. The funds will be used to redeem its outstanding 4.75% Senior Notes due 2022 and 5.25% Senior Notes due 2025, including those from its subsidiary, WellCare Health Plans, Inc. The company plans to temporarily utilize net proceeds for general corporate purposes until the redemptions are completed. The offering is managed by major financial institutions including BofA Securities and J.P. Morgan.
Centene Corporation (NYSE: CNC) plans to release its 2020 third-quarter financial results on October 27, 2020, at 6 a.m. Eastern Time. Following the release, a conference call will be held at 8:30 a.m. Eastern Time, hosted by CEO Michael F. Neidorff and CFO Jeffrey A. Schwaneke. Investors can join the call by dialing the provided numbers or via a live audio webcast on the company's website. A replay will be available for up to one year after the call. Centene focuses on providing integrated healthcare services to under-insured populations and has a strong commitment to local healthcare solutions.
Centene Corporation (NYSE: CNC) collaborates with Samsung Electronics America to enhance telehealth access for rural and underserved communities. The program involves distributing 13,000 Galaxy A10e smartphones, including 90 days of free service, to around 200 federally qualified health centers (FQHCs) and community organizations. This initiative aims to address the increased demand for virtual healthcare due to COVID-19, where a CDC survey indicated that 44.4% of individuals delayed care. Centene's CEO emphasizes the importance of telehealth in improving healthcare access during these times.
Centene Corporation (NYSE: CNC) plans to significantly expand its Ambetter health insurance products in the 2021 Health Insurance Marketplace. The expansion targets nearly 400 new counties across 13 existing states and introduces Ambetter in two new states: New Mexico and Michigan, increasing its presence to 22 states. Serving around 2.2 million exchange members in 2020, Centene emphasizes offering affordable healthcare options amidst the COVID-19 pandemic while seeking regulatory approvals for the upcoming expansion.
Centene Corporation (NYSE: CNC) announced its participation in the Morgan Stanley Virtual 18th Annual Global Healthcare Conference from September 14-18, 2020. The event will feature a virtual presentation on September 14 at 10:30 a.m. EDT, accessible through a live audio webcast. A replay will be available on Centene's website shortly after the event in the Investors section. Centene, a Fortune 50 company, focuses on providing integrated healthcare services to underserved populations, including Medicaid and Medicare members.
Centene Corporation (NYSE: CNC) has announced three key executive leadership appointments to enhance its growth strategy. Jonathan Dinesman is appointed Executive Vice President of Government Relations, while Shannon Bagley and H. Robert Sanders are named Executive Vice Presidents of Human Resources. Dinesman has been with Centene since 2008, and Bagley and Sanders have extensive experience with the company since 2003. These appointments come as Centene aims to bolster its position as a leading healthcare enterprise committed to serving under-insured and uninsured individuals.
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