Here are eight updates about the St. Louis-based payer Becker’s has reported since Jan. 9.
- Centene expects to lose millions of members in the redeterminations process and is focused on shifting members no longer eligible for Medicaid coverage to its marketplace offerings, executives said on a Feb. 7 investor call.
- The payer posted a net loss of $213 million in the last three months of 2022 despite reporting 15 percent growth in total revenue year over year, according to its fourth quarter earnings report.
- Centene agreed to pay Indiana more than $66 million to settle allegations it overbilled the state’s Medicaid program for pharmaceutical services. Indiana is at least the 13th state Centene has paid to settle overbilling allegations.
- Centene completed its divestiture of Magellan Specialty Health to healthcare administration company Evolent Health, receiving $660 million in closing costs. The payer will receive $150 million in cash and Evolent common stock in 2024 if certain performance metrics are achieved.
- HHS and CMS have spoken to Illinois officials to discuss “serious issues” raised in a November report about Centene’s foster care contract performance. The scope of the federal inquiry is not clear but was confirmed by Illinois officials and a CMS spokesperson, according to the Chicago Sun-Times.
- Former Centene President and COO Brent Layton was appointed to Sharecare’s board of directors and audit committee.
- Centene is the second largest insurance company in the world by net premiums, according to AM Best’s ranking of global insurers. The payer advanced two spots from last year.
- Centene and Springfield, Mo.-based CoxHealth will goout of network Feb. 16 after the two sides were unable to reach a new contract agreement. Centene subsidiary Home State Health administers Missouri’s specialty health plan for current and former foster children and individuals receiving adoption assistance payments.
