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.
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.
Louisiana Healthcare Connections, a Medicaid health plan and subsidiary of Centene (NYSE: CNC), is implementing a pioneering messaging outreach program to enhance disaster response for vulnerable patients. This system aims to quickly assess healthcare system capacity and needs after disasters like hurricanes, identifying damaged medical facilities within hours instead of days.
The program enables proactive patient care by connecting them to alternate providers, ensuring uninterrupted care and medication access. It utilizes multi-channel message delivery to reach the provider network efficiently, minimizing disruptions for members recovering from storms and preventing unnecessary evacuations of medically vulnerable individuals.
This initiative builds on Louisiana Healthcare Connections' track record of assisting members during crises, as exemplified by their support of a member named Siairra during Hurricane Ida, covering her delivery and post-partum needs.
Duo Health, a value-based medical group focused on managing chronic kidney disease (CKD) and end-stage kidney disease (ESKD), has announced a strategic partnership with Arizona Complete Health, a Centene company (NYSE: CNC). The partnership aims to improve outcomes for Medicare members with CKD and ESKD through Arizona Complete Health's Medicare Advantage program, Wellcare by Allwell.
The program features an innovative risk arrangement that combines interdisciplinary staff with local providers to enhance patient engagement, improve quality, and extend care delivery into patients' homes and alternative care sites. This collaboration builds on Arizona Complete Health's existing value-based care nephrology network arrangements and demonstrates both companies' commitment to providing specialized support for individuals managing CKD and ESKD.
WellCare of North Carolina, a Medicaid health plan under Centene (NYSE: CNC), has achieved the National Committee for Quality Assurance (NCQA) Health Equity Accreditation one year ahead of the 2025 deadline. This accreditation, awarded for three years, reflects WellCare's commitment to health equity and improving care quality for its diverse membership. The NCQA Health Equity Accreditation provides a framework for healthcare organizations to enhance health equity, and WellCare aims to eliminate health disparities across North Carolina. Plan President & CEO Troy Hildreth emphasized the company's dedication to supporting the health and wellbeing of its members.
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.
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