St. Louis-based Centene does not have the network for Medicare Advantage assets large managed care companies are looking to sell, CEO Michael Neidorff told Reuters.
Earlier this month, rumors surfaced Centene and Tampa, Fla.-based WellCare would bid for Hartford, Conn.-based Aetna's Medicare Advantage assets. Aetna hoped to sell the assets to influence regulatory approval of its $37 billion deal with Louisville, Ky.-based Humana.
"If there's any one thing that Centene is recognized for is that it has not participated and will not participate in bidding and auctions. So anything that indicates that would have to be considered a rumor," Mr. Neidorff told Reuters.
Mr. Neidorff added Centene's Medicare Advantage plans cover seniors at lower socio-economic levels than Aetna's and Humana's do.
Centene's revenue soared 98 percent since last year, with the insurer reporting a second-quarter profit of $168 million. Centene's shares dipped 13.3 percent Tuesday despite the better-than-anticipated earnings report.
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