Welcome to our dedicated page for Centene Corporation news (Ticker: CNC), a resource for investors and traders seeking the latest updates and insights on Centene Corporation stock.
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.
Fidelis Care, a Centene subsidiary, has announced its support for the expansion of New York State's Essential Plan. This initiative, effective July 10, 2024, will provide affordable health insurance to over 100,000 additional New Yorkers who do not qualify for Medicaid Managed Care. The expanded eligibility includes individuals with income up to 250% of the Federal Poverty Line ($37,650 annually for an individual). Fidelis Care representatives will host hundreds of informational events and be available at community offices and StreetSide RV locations to assist with enrollment. The plan offers a $0 monthly premium, no deductible, low out-of-pocket costs, and comprehensive benefits, including dental and vision coverage.
In response to the state of emergency declared by Gov. Gavin Newsom in Butte County due to the Thompson Fire, Health Net, a managed care health plan under Centene (CNC), is offering special services to affected members.
Health Net is ensuring uninterrupted access to essential medications and healthcare services. Members can access Managed Health Network (MHN) for mental health support, including 24/7 consultations and referrals. Telehealth services are available at no cost during the emergency. Healthcare providers can contact Health Net for emergency prescription refill guidelines and expedited approval processes. Additional measures may be implemented based on the duration of the emergency.
Centene (NYSE: CNC) will release its 2024 second quarter financial results on Friday, July 26, 2024, at 6:00 a.m. ET. A conference call to discuss the results will follow at 8:30 a.m. ET. The call can be accessed by dialing 1-877-883-0383 (U.S./Canada) or +1-412-902-6506 (international), using Elite Entry Number 4980577. A live audio webcast will also be available on Centene's website under the Investors section.
A replay of the webcast will be accessible shortly after the call and will remain available until July 25, 2025. Additionally, a digital audio playback will be available until August 2, 2024, by dialing 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada), or +1-412-317-0088 (international), using access code 7407521.
Sunflower Health Plan and Centene Foundation have announced a $200,000 grant to GoodLife Innovations to improve behavioral health support for Kansans with intellectual and developmental disabilities. This grant aims to expand the reach and capacity of behavior experts through preventive training, supporting home and community-based services (HCBS) providers, and targeted case managers (TCMs) in Kansas. Initiatives include training on healthy behavioral practices, systems reviews, and individualized behavior plans. GoodLife's services are expected to reduce provider costs, improve care worker satisfaction, and enhance stability and outcomes for clients.
Health Net, a subsidiary of Centene , is providing special assistance to members in Los Angeles County affected by winter storms, following Gov. Gavin Newsom's state of emergency declaration. Members can obtain emergency medication supplies and access telehealth services at no cost during the emergency period. Additionally, Health Net offers mental health support through Managed Health Network's 24/7 hotline. Healthcare providers are also supported with expedited approvals and out-of-network treatment options where necessary. Health Net aims to ensure uninterrupted access to essential healthcare services during this period.
The Pro Football Hall of Fame, in partnership with Coordinated Care and the Seattle Seahawks, hosted the 'Strong Youth Strong Communities' (SYSC) summit at Lumen Field on June 7, 2024. Attended by 400 youths from the Seattle area, the event focused on mental wellbeing and resilience, addressing challenges such as crime, drug exposure, and social isolation. Hall of Famers Darrell Green, Aeneas Williams, and Walter Jones led the summit, sharing personal stories and success strategies. Coordinated Care, a Centene (NYSE: CNC) company, highlighted their commitment to improving youth mental health. Coordinated Care serves over 300,000 Medicaid members in Washington, with a focus on children and youth. Local partners also supported the event, emphasizing the importance of mental health resources for students.
On May 29, 2024, WellCare of North Carolina and the Centene Foundation announced a $1.95 million investment in The Umbrella Center in Charlotte, North Carolina. The investment, spanning three years, will support the development of a comprehensive family justice center that offers services to victims of domestic violence, sexual assault, elder abuse, human trafficking, and child abuse. The center is set to open in the summer of 2026 at 4822 Albemarle Road. The collaboration involves Mecklenburg County, the City of Charlotte, Pat's Place Child Advocacy Center, and Safe Alliance. The project aims to provide holistic support, including legal, healthcare, and law enforcement services. Domestic violence costs Charlotte-Mecklenburg about $50 million annually, with mental health expenses reaching $6.7 million, underscoring the project's importance.
Collaborative Health Systems (CHS), a provider management organization under Centene (NYSE: CNC), announced its expansion into Virginia. This move allows Virginia providers to join Chesapeake Independent Physician Association (CIPA) and participate in value-based care programs. Established in Maryland since 2018, CIPA includes over 150 provider groups and operates Medicare Shared Savings Programs, Medicare Advantage plans, and commercial health plan programs. Participating in CIPA offers benefits like improved Medicare Fee-For-Service rates, financial incentives, and enhanced care coordination tools.
Wellcare, a part of Centene (NYSE: CNC), has partnered with The American Legion to launch the 'Be the One' initiative, aimed at preventing veteran suicides. This program seeks to raise awareness about mental health resources and reduce the stigma surrounding seeking help. Notably, U.S. veterans are 1.5 times more likely to die by suicide, with 17.5 veterans dying each day on average. The initiative includes educational materials, a mobile app, and public service announcements. Both organizations emphasize the importance of community support for veterans struggling with mental health issues.
AcariaHealth, a specialty pharmacy under Centene (NYSE: CNC), announced the relocation of its St. Louis-area pharmacy to a new facility in Chesterfield, Missouri. The nearly 40,000 square foot space, home to Foundation Care, aims to enhance care for patients with rare and chronic conditions.
The new facility supports commercial dispensing and wholesale distribution nationwide. President Jessica Ciccolella-Kahl highlighted the investment in patient care and the improved work environment for staff. The move emphasizes AcariaHealth's commitment to patient outcomes and community engagement, providing room for future growth.
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