Centene Corporation - CNC STOCK NEWS

Superior HealthPlan, a leading managed care organization in Texas and a subsidiary of Centene (NYSE: CNC), is celebrating its 25th anniversary by launching a special grant program. The company is offering a $25,000 grant to support community organizations and schools addressing local needs such as food, housing, transportation, mental health, and other basic necessities.

Key points:

• Application deadline: August 30, 2024
• Grant award announcement: November 2024
• Eligible applicants: Community organizations and schools in Texas
• Since 2020, Superior has provided nearly $500,000 in grant funding to 225 organizations

Interested organizations can apply online at SuperiorHealthPlan.com/25YearGrant. This initiative reflects Superior's commitment to investing in the health and well-being of Texas communities.

WellCare of North Carolina, a Medicaid health plan and Centene (NYSE: CNC) subsidiary, has expanded its partnership with Expressable to offer advanced speech therapy interventions across all 100 North Carolina counties. This expansion follows a successful pilot program in eastern North Carolina that provided home-based screenings and speech therapy for children, along with family education and support.

The program aims to proactively identify children and young adults, from birth to age 19, who can benefit from speech pathology services. It addresses a wide range of needs, including speech, language, and safe feeding skills. This initiative is particularly significant as the CDC reports that one in twelve children in the United States has a communication disorder, with nearly half not receiving necessary treatment and support.

Health Net, a Centene company, has announced a $1.3 million grant to the City of Redondo Beach to address homelessness. The funds will support:

• Purchase of 25 additional Pallet Shelter housing units
• Implementation of an Alternative Crisis Response (ARC) pilot program

The grant aims to provide temporary housing and comprehensive health services for the unhoused population. This initiative is part of Health Net's broader commitment to tackling homelessness in Los Angeles County, with over $39 million invested since 2023 in various programs. The effort aligns with Centene's $900 million partnership with McCormack Baron Salazar to construct affordable housing in eight states, addressing critical housing shortages for vulnerable populations.

Big Brothers Big Sisters of America (BBBSA) has appointed Jonathan Dinesman, Centene 's (NYSE: CNC) Executive Vice President of External Affairs, to its national board. Dinesman, who oversees various key departments at Centene, has been a long-standing advocate for BBBSA's partnership with the healthcare enterprise. This partnership focuses on mental health and wellness programming for underserved youth nationwide. The collaboration between BBBSA and Centene includes initiatives like Strong Youth Strong Communities events and bringing BBBSA to Uvalde, Texas after the 2022 school shooting.

Dinesman's career spans over 25 years in state and federal relations roles. At Centene, he has been instrumental in the company's local approach to healthcare, providing access to quality care for one in 15 Americans. His appointment is expected to bring valuable perspectives to advance access to mentorship for young people, aligning with BBBSA's mission to empower youth to achieve their full potential.

Health Net, a Medi-Cal managed care health plan and Centene company, is providing special assistance to members affected by the Gold Complex and Park Fires in Plumas, Butte, and Tehama counties in California. This comes in response to Gov. Gavin Newsom's declared state of emergency. The company is ensuring uninterrupted access to essential prescription medications, critical information, and healthcare services.

Key provisions include:

• Emergency prescription refills at local pharmacies
• Access to Managed Health Network (MHN) for coping support
• Free telehealth services if primary care providers are unreachable
• Assistance for healthcare providers in expediting approvals and accessing out-of-network treatments

Health Net is committed to taking additional steps if prolonged assistance is needed.

Centene (NYSE: CNC) reported strong Q2 2024 financial results, with a diluted EPS of $2.16 and an adjusted diluted EPS of $2.42, a 15% increase from $2.10 in Q2 2023. The company posted total revenues of $39.8 billion and premium and service revenues of $36.0 billion, up 3% year-over-year. Membership in the Marketplace increased by 34% compared to Q2 2023.

The Health Benefits Ratio (HBR) rose slightly to 87.6%, while the SG&A expense ratio improved to 8.0%. Cash flow from operations was $2.2 billion. Centene reaffirmed its 2024 adjusted diluted EPS guidance floor of greater than $6.80 and updated its total revenue guidance to $155-$157 billion.

Astrana Health (NASDAQ: ASTH) has announced a definitive agreement to acquire Collaborative Health Systems (CHS), a management services organization serving over 129,000 beneficiaries across 17 states and a company of Centene (NYSE:CNC). This acquisition aims to expand Astrana's payer-agnostic care delivery capabilities and empower CHS' providers. The deal combines Astrana's technology platform and care model with CHS's provider base and payer partnerships, potentially accelerating Astrana's goal of organizing providers and enhancing patient healthcare experiences.

CHS has a complementary provider footprint in key markets including Connecticut, Georgia, Maryland, New Mexico, Virginia, and Texas. Astrana plans to leverage its Care Enablement platform to improve patient outcomes. The transaction is expected to close by year-end, subject to regulatory approvals. Financial details will be updated post-closure, with more information to be discussed during Astrana's August 7 quarterly earnings presentation.

WellCare of North Carolina, a Medicaid brand and subsidiary of Centene (NYSE: CNC), has opened its sixth Welcome Room in Raleigh, North Carolina. This new facility serves as a community hub, offering assistance with health plans, benefits, and access to healthcare resources without the need for appointments.

The Raleigh Welcome Room will host two celebratory events: a Grand Ribbon Cutting Ceremony on July 19, 2024, from 11:00 a.m. to 1:00 p.m., and a Community Cookout on July 20, 2024, from 10:00 a.m. to 1:00 p.m. These events highlight WellCare's commitment to fostering a healthier and more connected community in the Raleigh area.

Health Net, a Centene company and experienced Medi-Cal managed care health plan in California, has been recognized as one of 'America's Greatest Workplaces for LGBTQ+ 2024' by Newsweek and Plant-A Insights Group. This recognition is based on a survey of over 29,000 LGBTQ+ employees and 205,000 company reviews.

Health Net's CEO, Brian Ternan, emphasized the company's commitment to diversity, equity, inclusion, and belonging. The award reflects Health Net's efforts to create a safe, supportive environment for all employees, which they believe is important for serving their 3 million members effectively.

This recognition follows Health Net's previous accolades, including being named in Newsweek's 'America's Greatest Workplaces 2023 for Diversity' ranking and being ranked number one for customer service among health insurance plans for two consecutive years.