Saturday, November 2, 2024

Trending Topics

HomeTechnologyCentene Reports $738 Million Profit As Medicaid And Medicare Plans Grow

Centene Reports $738 Million Profit As Medicaid And Medicare Plans Grow

spot_img

Healthcare Centene Reports $738 Million Profit And Picks Cigna’s Express Scripts As PBM Bruce Japsen Senior Contributor Opinions expressed by Forbes Contributors are their own. I write about healthcare business and policy Following New! Follow this author to stay notified about their latest stories. Got it! Oct 25, 2022, 07:59am EDT | New! Click on the conversation bubble to join the conversation Got it! Share to Facebook Share to Twitter Share to Linkedin Centene Tuesday Oct.

25, 2022 reported $738 million in quarterly profits and raised its guidance for . . .

[+] the rest of the year thanks to strong enrollment and revenue from the government-subsidized health plans it sells. In this photo, The building housing Centene Corporation headquarters is seen Thursday, July 2, 2015, in Clayton, Mo. (AP Photo/Jeff Roberson) ASSOCIATED PRESS Centene Tuesday reported $738 million in quarterly profits, announced Cigna’s Express Scripts PBM will handle its pharmacy benefits in 2024 and raised its guidance for the rest of the year.

Centene, which disclosed that it has awarded its pharmacy benefit management contract to Cigna’s Express Scripts PBM beginning in 2024, raised the lower end of its guidance by five cents to $5. 65 a share and maintained the upper end at $5. 75 per share.

Centene described the move as the “4th guidance raise in 2022 totaling a cumulative $0. 30, or 5. 5%.

” Centene’s net profits rose to $738 million, or $1. 27 per share, in the third quarter ended Sept. 30 compared to $584 million, or 99 cents per share in the year ago period, the company announced Tuesday.

Meanwhile, Centene’s third quarter revenues increased 11% to $35. 9 billion from $32. 4 billion in the year-ago quarter thanks to to growth of sales and membership in its Medicaid and Medicare plans.

Centene, which sells an array of government subsidized health insurance including Obamacare, said total managed care membership increased to 26. 8 million compared to 25. 6 million in the year-ago period.

Total enrollment in Medicaid, Centene’s biggest chunk of business, is now at 15. 7 million compared to nearly 14. 8 million a year ago.

MORE FOR YOU Livestream Shopping Stays Hot As Whatnot Valuation More Than Doubles To $3. 7 Billion Nobody’s Underdog? The Green Bay Packers Are Double Digit ‘Dogs To The Buffalo Bills Daily Dozen | Forbes: Adidas Drops Kanye; Inside Rishi Sunak’s Fortune; Dark Web Detectives “Our strong third quarter and year-to-date results provide Centene with positive momentum as we move towards 2023,” said Sarah London, Centene’s chief executive officer, who Tuesday announced that the company would once again raise the company’s full-year adjusted earnings per share outlook for the rest of the year. “Selecting our future PBM partner represents a major Value Creation Plan milestone and positions us to capture significant value for our members, partners, and stakeholders in 2024 and beyond.

” Follow me on Twitter or LinkedIn . Check out my website or some of my other work here . Bruce Japsen Editorial Standards Print Reprints & Permissions.


From: forbes
URL: https://www.forbes.com/sites/brucejapsen/2022/10/25/centene-reports-738-million-profit-as-medicaid-and-medicare-plans-grow/

DTN
DTN
Dubai Tech News is the leading source of information for people working in the technology industry. We provide daily news coverage, keeping you abreast of the latest trends and developments in this exciting and rapidly growing sector.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Must Read

Related News