Centene Reports $599 Million Profit On Medicaid And Medicare Growth

Centene reported practically $600 million in fourth quarter income as membership grew by greater than 1 million because of an enormous improve in enrollment in its Medicare and Medicaid plans, the corporate stated Tuesday.  

Centene, which sells an array of presidency backed medical insurance together with Obamacare, stated complete “managed care membership” elevated by 1.1 million members, or 4%, in comparison with the tip of the fourth quarter of 2020.

Such development helped Centene’s revenues bounce 15% to $32.6 billion. Web revenue was $599 million within the fourth quarter in comparison with a $12 million loss within the fourth quarter of 2020.

“We ended 2021 with robust fourth quarter outcomes on the excessive finish of our beforehand supplied earnings steerage vary,” stated Centene chairman and chief government Michael Neidorff, who’s retiring later this yr. Neidorff, who has been Centene’s CEO since 1996, will tackle a brand new function as government chairman till the tip of 2022.

Within the meantime, Neidorff stated “portfolio is performing properly as we executed throughout our three main product traces.”

Medicaid membership ended the fourth quarter at 15 million in comparison with practically 13.6 million within the yr in the past interval whereas Medicare enrollment jumped to 1.25 million in comparison with 955,400 within the yr in the past interval.