Centene's profit grows to $568M: 4 things to know

Centene Corp. saw its revenue and profit increase in the third quarter of 2020, thanks in part to its acquisition of WellCare Health Plans.

Four things to know:

1. The insurer posted $29.1 billion in revenue for the quarter ended Sept. 30, up 53 percent year over year. Centene President and CEO Michael Neidorff attributed the increase to its WellCare deal and expansions in many states.

2. Centene saw its health benefits ratio fall to 86.4 percent in the third quarter of this year, down from 88.2 percent in the same period last year. The insurer said the decrease represents its ACA risk corridor settlement and the effects of the COVID-19 pandemic.

3. Centene's managed care membership grew to 25.2 million in the third quarter of this year, up 9.9 million members year over year. 

4. The insurer's third-quarter profit ballooned to $568 million, compared to $95 million in the same period a year prior. 

More articles on payers:
CommonSpirit, BCBS of Texas split to affect thousands
CHI St. Luke's threatens split with Molina, 2nd insurer this week
ProMedica health plan to terminate Ohio hospital's in-network status

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Featured Webinars

Featured Whitepapers