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Centene Corporation reports news on its government-sponsored managed care business, including Medicaid, Medicare, individual exchange coverage and Medicare Part D plans. Company updates commonly cover quarterly results, EPS guidance, membership by line of business and health-plan subsidiary activity across state markets.
Centene news also includes initiatives from the Centene Foundation and operating companies such as Health Net, Superior HealthPlan, Home State Health, Sunshine Health, Buckeye Health Plan, Carolina Complete Health and WellCare of Kentucky. Recurring themes include affordable housing, medically tailored meals, provider accessibility, workforce development, community health, social services and programs that address drivers of health for managed care members.
Centene Corporation (NYSE: CNC) has successfully completed the divestiture of Magellan Specialty Health to Evolent Health, receiving approximately $660 million at closing. The proceeds include $400 million in cash and the rest in Evolent stock, with potential additional payments of up to $150 million in 2024 based on performance metrics. This transaction marks a key milestone in Centene's portfolio review and value creation strategy. The partnership with Evolent is expected to enhance access to integrated specialty solutions for members and providers.
Centene Corporation (NYSE: CNC) has announced it will release its 2022 fourth quarter and full year financial results on February 7, 2023, at approximately 6 a.m. ET. A conference call to discuss the results will follow at 8:30 a.m. ET. Investors can join the call by dialing 1-877-883-0383 (U.S.) or +1-412-902-6506 (international), with an Elite Entry Number of 6826970. A replay will be available for 12 months post-call. Centene is committed to providing integrated, cost-effective healthcare services to underserved populations, emphasizing long-term growth and value creation.
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Centene Corporation (NYSE: CNC) announced that its California subsidiary, Health Net, has been awarded direct contracts by the California Department of Health Care Services, allowing them to serve Medi-Cal members in 10 counties, including Los Angeles and Sacramento. The new contracts will commence on January 1, 2024. Health Net aims to improve healthcare delivery and health equity for millions of members. The company lifted its projected 2024 adjusted EPS floor to $7.15 from $7.00.
Health Net and Community Health System have renewed their partnership, ensuring Fresno County residents can access Community's three major hospitals under various plans. This agreement guarantees a comprehensive range of services for Health Net members, including those on Medicare and Medi-Cal. Community Health System, the largest in Central Valley, operates key medical facilities, expanding healthcare access for locals. Paul Pakuckas of Health Net emphasized their commitment to continuity of care. This partnership strengthens Health Net's position in the competitive healthcare market, serving approximately 3 million residents across California.
Health Net is providing urgent assistance to its members in Humboldt County following a state of emergency declared by Governor Gavin Newsom due to an earthquake. This initiative ensures members have access to essential prescription medications and healthcare services. Members can obtain emergency supplies at their original pharmacies or call Health Net for assistance. Additionally, Health Net offers telehealth services at no cost, mental health support, and guidance for healthcare providers during this crisis.
Centene Corporation (NYSE: CNC) will present at the JP Morgan 41st Annual Healthcare Conference from January 9-12, 2023, in California. The presentation is scheduled for January 9 at 7:30 a.m. Pacific Time. Investors can access a live audio webcast at this link. A replay will be available on Centene's website under the Investors section. Centene is committed to providing high-quality healthcare services, focusing on underserved populations.
Centene Corporation (CNC) has announced its financial guidance for 2023, projecting adjusted diluted EPS between $6.25 and $6.40, with revenue expectations ranging from $137.4 billion to $139.4 billion. The company aims for a 12% - 15% compound annual growth rate (CAGR) for adjusted diluted EPS in the long term. The Board has approved a $2 billion increase to its stock repurchase program. For 2022, Centene reaffirms its guidance for total revenues between $142.7 billion and $144.7 billion, with adjusted EPS of $5.65 to $5.75.
Centene Corporation (NYSE: CNC) announced significant leadership changes to propel future growth, with Ken Fasola appointed President, succeeding his role as EVP of Health Care Enterprises. Jim Murray becomes COO, enhancing operational effectiveness. Dave Thomas steps into CEO of Markets and Medicaid, while Brent Layton transitions to Senior Advisor as he approaches retirement. Alice H. Chen and Brian LeClaire join as Chief Health Officer and Chief Information Officer, respectively, strengthening the executive team. These changes aim to align talent with Centene's mission of delivering quality healthcare and increasing shareholder value.
Centene Corporation (NYSE: CNC) will host an investor day on December 16, 2022, starting at 8:30 a.m. EST. The event, featuring CEO Sarah London and the management team, includes a live question-and-answer session and will be webcast from the New York Stock Exchange. In-person attendance is by invitation only, but the meeting can be accessed via live webcast on Centene's website. Centene focuses on providing integrated healthcare services to under-insured and uninsured individuals.