Centene posted $1.06 billion in net income in the second quarter of 2022, and leaders said the effects of Medicaid redeterminations are within their expectations.
Here are eight updates about Centene Becker's has covered since July 17.
- Centene is the 60th largest company in the world by revenue, according to Fortune's "Global 500" list.
- Centene subsidiary Meridian of Illinois named Cristal Gary as plan president and CEO.
- Centene could end 2023 with no four-star rated Medicare Advantage contracts, CEO Sarah London told investors. The company has been working to improve its Medicare Advantage star ratings. The percentage of Centene members with four-star or higher plans dropped from 48 percent to 3 percent in 2022.
- Early data from Medicaid redeterminations is in line with Centene's expectations for membership losses, according to executives. As of June 30, Medicaid membership was 16,059,600, down 262,700 from the end of the first quarter.
- Centene recorded $1.06 billion in net income in the second quarter of 2023 after recording a $172 million loss during the same period last year, according to the company's earnings report.
- Centene subsidiary Superior HealthPlan was awarded a new six-year contract to administer Texas' Medicaid coverage for the aged, blind and disabled population. Superior HealthPlan has held contracts to administer the program since 2007.
- Centene's average Medicaid prior authorization denial rate in Medicaid managed care was 12.2 percent in 2019, according to an audit from HHS' Office of Inspector General.
- Centene is rebranding Bayless Integrated Healthcare, a Phoenix-based subsidiary that provides primary care and behavioral health services, to Denova Collaborative Health.