In the first three months of the 2012 fiscal year, for-profit managed care provider Centene recorded a profit of almost $24 million, a slight increase from the $23.7 million in profit in the first quarter of last year.
Total revenue spiked 40.8 percent, from $1.22 billion to $1.71 billion. Centene's revenue shot up mostly due to the large increase in membership — currently, there are 2.15 million Centene enrollees, which is a jump of 38 percent from the first quarter of last year. More than 1.63 million of those members are enrolled in Medicaid.
However, Centene took a hit earlier this month when Ohio announced it would not renew its Medicaid managed care contract. In the three months ended March 31, 2012, Centene had 161,000 enrollees in Ohio, which is roughly 7.5 percent of its business.
Total revenue spiked 40.8 percent, from $1.22 billion to $1.71 billion. Centene's revenue shot up mostly due to the large increase in membership — currently, there are 2.15 million Centene enrollees, which is a jump of 38 percent from the first quarter of last year. More than 1.63 million of those members are enrolled in Medicaid.
However, Centene took a hit earlier this month when Ohio announced it would not renew its Medicaid managed care contract. In the three months ended March 31, 2012, Centene had 161,000 enrollees in Ohio, which is roughly 7.5 percent of its business.
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