Centene Corporation

Centene Corporation
Public
Traded as NYSE: CNC
S&P 500 Component
Industry Healthcare
Founded 1984
Founder Elizabeth “Betty” Brinn
Headquarters St. Louis, MO, U.S.
Key people
Services Managed care
Revenue Increase US$48.382 billion (2017)[1]
Decrease US$1.199 billion (2017)[1]
Increase US$828 million (2017)[1]
Total assets Increase US$21.855 billion (2017)[1]
Total equity Increase US$6.850 billion (2017)[1]
Number of employees
 ~33,700 (December 2017)[1]
Website www.centene.com

Centene Corporation is a large publicly-traded company and a multi-line healthcare enterprise that serves as a major intermediary for both government-sponsored and privately insured health care programs. The main lines of Centene include Medicare, Medicaid, The Health Insurance Marketplace System, (via the ACA), Tricare, as well as traditional commercial insurance.[2][3] It is the second-largest publicly-traded corporation based in the state of Missouri.

Centene also contracts with other healthcare and commercial organizations to provide specialty services, including behavioral health care services, case management software, correctional insurance, in-home health services, life and health management, vision, pharmacy benefits management, and telehealth services.[4][5]

History

Founded as a single health plan by Elizabeth “Betty” Brinn in Milwaukee, Wisconsin in 1984, Centene has established itself as a national leader in healthcare services.[6] Chairman, President and CEO Michael F. Neidorff joined the company in 1996.[7][8]

Over the past 33 years, Centene has grown to become a $40 billion member of the Fortune 500 trading on the New York Stock Exchange. With over 31,000 employees across the country, Centene operates health plans that serve 12.3 million members in 29 states and 2 international markets and offers health insurance to other healthcare and commercial organizations.[7][9]

July 2, 2015, Centene announced it would acquire Health Net. At announcement, it was estimated Health Net shareholders would own 29% of the combined company. The merger was finalized in March 2016 and Health Net shareholders received 0.622 shares of Centene common stock and $28.25 in cash for each share at closing, making the total transaction value about $6 billion, including assumption of debt. After its acquisition of Health Net, Centene now provides healthcare to over 11 million people.[7][10][11]

Centene currently ranks #66 on the Fortune 500 & #244 on the Fortune Global 500 List."[12][13] On September 12, 2017, it was announced that Centene Corp. would acquire the nonprofit insurer Fidelis Care for US $3.75 billion.[14]

Specialty companies

  • AcariaHealth
  • Ambetter
  • Casenet
  • Celtic Insurance Company
  • Cenpatico
  • Centene UK
  • Centurion
  • Dental Health & Wellness
  • Envolve PeopleCare (including Nurtur, LiveHealthier, NurseWise and Cenpatico)
  • Foundation Care
  • Health Net
  • LifeShare
  • NovaSys Health
  • OptiCare Managed Vision
  • Ribera Salud
  • Fidelis Care
  • Trillium Health Care
  • U.S Medical Management (USMM)
  • Formerly: US Script (Presently Envolve Pharmacy Solutions)

Western Sky Community Care [15]

Programs and services

Centene's health plans provide education and outreach programs.[16][7]

Controversies

In a Fox News article dated July 9, 2014, Superior HealthPlan of Texas was alleged to have denied coverage of an infant's surgery for brain cancer at Texas Children's Hospital where it was alleged to have previously paid claims for the infant. Part of the source of the controversy lay in reports that that facility had a notably higher survival rate for such operations. Superior HealthPlan initially claimed that it did not cover Texas Children's Hospital and that it has directed the family to a different facility. Superior HealthPlan said it was "confident" the family would find capable in-network providers.

However, three days later, on July 12, 2014, Fox News reported that Superior HealthPlan had reversed its decision and had consented to cover the needed surgery at Texas Children's Hospital. In that follow-up article, it was reported that the surgery was successful.[17]

See also

References

  1. 1 2 3 4 5 6 "Centene Corporation 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. February 2018.
  2. ↑ "About Us - Centene". Centene.com.
  3. ↑ "Centene Sponsors National Council Of La Raza Conference". Prnewswire.com.
  4. ↑ "Corporation - Home". Archived from the original on 2014-06-26.
  5. ↑
  6. ↑ Live, Centene.com -. "Diversity & Inclusion - Centene". Centene. Retrieved 2018-06-22.
  7. 1 2 3 4 "Corporation - Home". Centene.com.
  8. ↑ "Michael F. Neidorff: Executive Profile & Biography - Businessweek". Investing.businessweek.com.
  9. ↑ Doyle, Jim. "Centene was top performer in 2013 among St. Louis area public companies". Stltoday.com.
  10. ↑
  11. ↑ "Centene completes Health Net deal after protracted review". Modernhealthcare.com.
  12. ↑ "Centene - Fortune 500". Fortune. Retrieved 2017-09-15.
  13. ↑ "Centene - Fortune 100 Fastest Growing Companies". Fortune. Retrieved 2017-09-15.
  14. ↑ Mathews, Anna Wilde; Armental, Maria (September 12, 2017). "Centene Agrees to Buy Fidelis Care in $3.75 Billion Deal". Wall Street Journal. New York City, United States. Retrieved September 13, 2017.
  15. ↑ "Corporation - Home". Archived from the original on 2014-08-10.
  16. ↑ "- Centene Corporation Reports 2014 Second Quarter Results & Raises Guidance". Prnewswire.com.
  17. ↑ Corbin, Cristina (12 July 2014). "Texas baby improves after brain surgery allowed by insurer's change of heart". Foxnews.com.
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