Centene reported $469 million in profit in the third quarter of 2023 and is adding new executives.
Here are eight updates about the St. Louis-based company Becker's has reported since Oct. 5.
- Centene CEO Sarah London is expecting more states to expand Medicaid. On an Oct. 24 investor call, Ms. London said the company expects bipartisan support for expansion to continue, after North Carolina expanded the program with a Democratic governor and a Republican supermajority in the legislature.
- Centene's individual marketplace business has grown 75% year over year, adding 1.6 million members since the third quarter of 2022.
- Wade Rakes was named as Centene's chief growth officer. Mr. Rakes is plan president and CEO of Peach State Health Plan, Centene's Georgia subsidiary. He will continue to lead the subsidiary until a replacement is found.
- Centene reported a 36% decline in net income year over year, along with major growth in exchange enrollment, according to its third-quarter earnings. Total revenues in the third quarter were more than $38 billion, up 6.1% year over year.
- Centene saw some improvements in its Medicare Advantage star ratings for 2024, moving 87% of its membership to contracts rated at three stars or higher, up from 53% in 2023. The company fell short of its previous target of moving 20% of its membership to plans rated at four stars or higher. Centene's only contract rated four stars or higher in 2023, SelectCare of Texas, dropped to three stars in 2024, according to CMS data, leaving the payer with no bonus-eligible contracts.
- Two Centene executives, the company's chief technology and transformation officer and its chief customer experience officer, departed after less than a year in their positions.
- St. Charles Health System in Bend, Ore., will no longer be in-network with Humana and Centene subsidiaries HealthNet and WellCare Medicare Advantage plans in 2024. The health system cited "continued, unresolved concerns about patient care and administrative burden" as the reason for the break.
- Centene CEO Sarah London was ranked 40th on Fortune's list of the most powerful women in business.