ST.
LOUIS, Aug. 10, 2022 /PRNewswire/ -- Centene
Corporation (NYSE: CNC) announced today its Mississippi subsidiary, Magnolia Health Plan
(Magnolia), has been awarded the Mississippi Division of Medicaid
(DOM) contract. Under the new contract, Magnolia will continue
serving the state's Coordinated Care Organization Program, which
will consist of the Mississippi Coordinated Access Network (MSCAN)
and the Mississippi Children's Health Insurance Program (CHIP). The
new contract term is four (4) years and includes the option for
two, 1-year renewals.
"We are honored to have the opportunity to continue serving our
state partners to help build a healthier Mississippi," said Brent Layton, Centene's President and Chief
Operating Officer. "We look forward to continuing our long-standing
partnerships with our network of local providers and community
partners, to deliver member-focused care and improve health
outcomes while strengthening communities throughout Mississippi."
Nearly 1 in 4 Mississippians' healthcare is covered through
the state's Medicaid managed care program, which provides access to
physical health, behavioral health, pharmacy, hospital, and other
services. Today, Magnolia serves more than 150,000 Medicaid
enrollees and partners with 30,850 healthcare providers
statewide.
"For more than a decade, Magnolia has been committed to
increasing access to high-quality healthcare for
Mississippians," said Aaron
Sisk, Magnolia President and
CEO. "We believe our focus on the wellness of the whole person,
along with our local presence in Mississippi, allows Magnolia to uniquely
address the health needs of our communities."
Magnolia has served the Medicaid population in partnership with
DOM since 2011. The organization also focuses on under-insured and
uninsured individuals through its federal insurance marketplace
plan, Ambetter. Additionally, Magnolia provides insurance for the
Medicare population through its Medicare Advantage plan,
WellCare.
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 connection with completed and
future acquisitions and dispositions, including statements about
the impact of our recently completed acquisition of Magellan
Health, Inc. (the Magellan Acquisition), other recent and future
acquisitions and dispositions, our 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
ongoing impact of COVID-19; the risk that the election
of new directors, changes in senior management, and any 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 the WellCare Acquisition, unexpected costs, or
similar risks from other acquisitions or dispositions 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; the risk that the
closing conditions, including applicable regulatory approvals, for
the pending dispositions of Magellan Rx and our Spanish and Central
European businesses, may be delayed or not obtained; impairments to
real estate, investments, goodwill and intangible assets; 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; the 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
or dispositions; any changes in expected closing dates, estimated
purchase price and accretion for acquisitions or dispositions;
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; the 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