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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) shows its commitment to rural healthcare on National Rural Health Day by partnering with the National Organization of State Offices of Rural Health. This initiative aims to address healthcare challenges faced in rural areas, where residents experience higher mortality rates and more preventable admissions. Centene is enhancing access through telehealth solutions, including providing smartphones to providers and facilitating broadband services. The company emphasizes its dedication to ensuring quality healthcare access for vulnerable populations, particularly during the COVID-19 pandemic.
Ambetter, a health insurance offering from Centene Corporation, promotes its My Health Pays® rewards program, helping members earn up to $500 in rewards for healthy behaviors. The program encourages activities such as wellness visits and health surveys, contributing to millions of dollars in rewards distributed. Additionally, Ambetter partners with Abenity to offer members discounts on health-related expenses. The open enrollment for the Health Insurance Marketplace ends on Dec. 15, 2020. For further details, visit Ambetter's website.
Ambetter is enhancing the enrollment process for health coverage through technology. With an online enrollment platform and the AI-powered Amber assistant, consumers can easily navigate their health plan options during open enrollment. Key features include mobile access, eligibility checks for financial subsidies, and a personalized virtual assistant to answer questions. The Ambetter Guide further assists members in finding suitable healthcare providers. The open enrollment period lasts until Dec. 15, 2020.
Centene Corporation (NYSE: CNC) has signed a definitive agreement to acquire Apixio Inc., a healthcare analytics company specializing in AI technology solutions. This transaction, subject to regulatory approval, is expected to conclude by the end of 2020. Apixio's technology analyzes unstructured patient data to enhance healthcare administration, aligning with Centene's goal to modernize healthcare services. The acquisition aims to create synergies with Centene's existing data analytics products, supporting value-based healthcare delivery.
Centene Corporation (NYSE: CNC) will attend two virtual conferences this November. The first is the Credit Suisse 29th Annual Healthcare Conference on November 10 at 8:45 a.m. EST, with a live audio webcast available here.
The second conference is the Bernstein Operational Decisions Conference on November 16 at 8:00 a.m. EST, with details accessible here. Webcast replays will be available on Centene's website.
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.
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