Award Marks Centene's 30th Medicaid Managed
Care State
ST.
LOUIS, July 12, 2022 /PRNewswire/ -- Centene
Corporation (NYSE: CNC) announced today that its subsidiary
Delaware First Health has been notified of an intent to award by
the State of Delaware's Department
of Health and Social Services (DHSS), Division of Medicaid &
Medical Assistance (DMMA), to serve its statewide Medicaid Managed
Care programs.
Delaware First Health will be one of three managed care
organizations that will provide integrated services for physical
health, behavioral health, and long-term services and supports
through the new contracts for DMMA's statewide Medicaid Managed
Care programs including Diamond State Health Plan and Diamond State
Health Plan-Plus (DSHP-Plus).
"We look forward to building on our nearly 40 years of Medicaid
experience to improve health outcomes for Delaware residents and provide better value to
the state," said Sarah London, CEO
of Centene.
Centene is the largest Medicaid managed care company in the U.S.
With the award of Delaware,
Centene is entering its 30th Medicaid managed care
state, delivering hyper-local care while focusing on provider
partnerships, value-based care, and, most of all, improving health
outcomes for Medicaid recipients.
"It is a privilege to be selected by the state of Delaware to provide local healthcare services
and programs that address social determinants of health and remove
barriers to care for Medicaid members across the state," said
Brent Layton, President and Chief
Operating Officer of Centene. "We are excited to work with the
state and providers on proven models of value-based care to deliver
transformative healthcare and improve the health of Diamond State
Health enrollees across the state."
DMMA's statewide Medicaid Managed Care programs Diamond State
Health Plan and Diamond State Health Plan-Plus (DSHP-Plus) are
expected to commence on January 1,
2023.
About Centene Corporation
Centene Corporation, a
Fortune 500 company, is a leading healthcare enterprise that is
committed to helping people live healthier lives. The Company takes
a local approach – with local brands and local teams – to provide
fully integrated, high-quality, and cost-effective services to
government-sponsored and commercial healthcare programs, focusing
on under-insured and uninsured
individuals. Centene offers affordable and high-quality
products to nearly 1 in 15 individuals across the nation, including
Medicaid and Medicare members (including Medicare Prescription Drug
Plans) as well as individuals and families served by
the Health Insurance Marketplace, the TRICARE program, and
individuals in correctional facilities. The Company also serves
several international markets, and contracts with other healthcare
and commercial organizations to provide a variety of specialty
services focused on treating the whole
person. Centene focuses on long-term growth and value
creation as well as the development of its people, systems, and
capabilities so that it can better serve its members, providers,
local communities, and government partners.
Centene uses its investor relations website to publish important
information about the Company, including information that may be
deemed material to investors. Financial and other information about
Centene is routinely posted and is accessible on Centene's investor
relations website, https://investors.centene.com/.
Forward-Looking Statements
All statements, other
than statements of current or historical fact, contained in this
press release are forward-looking statements. Without limiting the
foregoing, forward-looking statements often use words such as
"believe," "anticipate," "plan," "expect," "estimate," "intend,"
"seek," "target," "goal," "may," "will," "would," "could,"
"should," "can," "continue" and other similar words or expressions
(and the negative thereof). Centene (the Company, our, or we)
intends such forward-looking statements to be covered by the
safe-harbor provisions for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995, and we are
including this statement for purposes of complying with these
safe-harbor provisions. In particular, these statements include,
without limitation, statements about our future operating or
financial performance, market opportunity, value creation strategy,
competition, expected activities in completed and future
acquisitions, including statements about the impact of our recently
completed acquisition of Magellan Health (the Magellan
Acquisition), other recent and future acquisitions and
dispositions, investments and the adequacy of our available cash
resources. These forward-looking statements reflect our current
views with respect to future events and are based on numerous
assumptions and assessments made by us in light of our experience
and perception of historical trends, current conditions, business
strategies, operating environments, future developments and other
factors we believe appropriate. By their nature, forward-looking
statements involve known and unknown risks and uncertainties and
are subject to change because they relate to events and depend on
circumstances that will occur in the future, including economic,
regulatory, competitive and other factors that may cause our or our
industry's actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. These statements
are not guarantees of future performance and are subject to risks,
uncertainties and assumptions. All forward-looking statements
included in this press release are based on information available
to us on the date hereof. Except as may be otherwise required by
law, we undertake no obligation to update or revise the
forward-looking statements included in this press release, whether
as a result of new information, future events or otherwise,
after the date hereof. You should not place undue reliance on
any forward-looking statements, as actual results may differ
materially from projections, estimates, or other forward-looking
statements due to a variety of important factors, variables and
events including, but not limited to: our ability to accurately
predict and effectively manage health benefits and other operating
expenses and reserves, including fluctuations in medical
utilization rates due to the impact of COVID-19; the risk that
the election of new directors, changes in senior management, and
inability to retain key personnel may create uncertainty or
negatively impact our ability to execute quickly and
effectively; uncertainty as to the expected financial
performance of the combined company following the recent completion
of the Magellan Acquisition; the possibility that the expected
synergies and value creation from the Magellan Acquisition or the
acquisition of WellCare Health Plans, Inc.(the WellCare
Acquisition) (or other acquired businesses) will not be realized,
or will not be realized within the respective expected time
periods; disruption from the integration of the Magellan
Acquisition or from the integration of the WellCare Acquisition,
unexpected costs, or similar risks from other acquisitions we may
announce or complete from time to time, including potential adverse
reactions or changes to business relationships with customers,
employees, suppliers or regulators, making it more difficult to
maintain business and operational relationships; a downgrade
of the credit rating of our indebtedness; competition; membership
and revenue declines or unexpected trends; changes in healthcare
practices, new technologies, and advances in medicine; increased
healthcare costs; changes in economic, political or market
conditions; changes in federal or state laws or regulations,
including changes with respect to income tax reform or government
healthcare programs as well as changes with respect to the Patient
Protection and Affordable Care Act and the Health Care and
Education Affordability Reconciliation Act (collectively referred
to as the ACA) and any regulations enacted thereunder that may
result from changing political conditions, the new administration
or judicial actions; rate cuts or other payment reductions or
delays by governmental payors and other risks and uncertainties
affecting our government businesses; our ability to adequately
price products; tax matters; disasters or major epidemics; changes
in expected contract start dates; provider, state, federal, foreign
and other contract changes and timing of regulatory approval of
contracts; the expiration, suspension, or termination of our
contracts with federal or state governments (including, but not
limited to, Medicaid, Medicare, TRICARE or other customers); the
difficulty of predicting the timing or outcome of legal or
regulatory proceedings or matters, including, but not limited to,
our ability to resolve claims and/or allegations made by states
with regard to past practices, including at Envolve Pharmacy
Solutions, Inc. (Envolve), as our pharmacy benefits manager (PBM)
subsidiary, within the reserve estimate we recorded in 2021 and on
other acceptable terms, or at all, or whether additional claims,
reviews or investigations relating to our PBM business will be
brought by states, the federal government or shareholder litigants,
or government investigations; timing and extent of benefits from
strategic value creation initiatives, including the possibility
that these initiatives will not be successful, or will not be
realized within the expected time periods; challenges to our
contract awards; cyber-attacks or other privacy or data security
incidents; the exertion of management's time and our resources, and
other expenses incurred and business changes required in connection
with complying with the undertakings in connection with any
regulatory, governmental or third party consents or approvals for
acquisitions; changes in expected closing dates, estimated purchase
price and accretion for acquisitions; restrictions and limitations
in connection with our indebtedness; our ability to maintain or
achieve improvement in the Centers for Medicare and Medicaid
Services (CMS) Star ratings and maintain or achieve improvement in
other quality scores in each case that can impact revenue and
future growth; availability of debt and equity financing, on terms
that are favorable to us; inflation; foreign currency fluctuations;
and risks and uncertainties discussed in the reports that Centene
has filed with the Securities and Exchange Commission. This list of
important factors is not intended to be exhaustive. We discuss
certain of these matters more fully, as well as certain other
factors that may affect our business operations, financial
condition and results of operations, in our filings with the
Securities and Exchange Commission (SEC), including our annual
report on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K. Due to these important factors and risks, we
cannot give assurances with respect to our future performance,
including without limitation our ability to maintain adequate
premium levels or our ability to control our future medical and
selling, general and administrative costs.
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SOURCE Centene Corporation