Health insurer Centene saw revenue increase in the fourth quarter of fiscal year 2018 and ended the year with improved net income, according to recent financial documents.
Five things to know:
1. Centene recorded total revenues of $16.6 billion in the fourth quarter of 2018, up 29 percent from $12.8 billion in the same period a year prior.
2. The health insurer said the year-over-year increase was due to its acquisition of Fidelis Care, growth in its ACA health insurance marketplace business, expansions and new programs in states it operates, as well as reinstatement of the health insurer fee in 2018.
3. At the same time, Centene reported a negative operating cash flow of $634 million in the fourth quarter of 2018, thanks to payment of the 2018 health insurer fee, as well as repayment of about $370 million in Medicaid expansion minimum medical loss ratio rebates in California.
4. Centene's managed care membership grew 15 percent from 2017-18 to 14 million.
5. The health insurer ended the fourth quarter with net income of $241 million, up from $230 million in the same period a year prior.