Centene commits to ACA exchanges for 2018, basks in 69% revenue growth
Centene served about 1.2 million exchange members, an increase of 500,000 members from the previous year.
Centene headquarters- St. Louis
Centene Corporation plans to remain in the Affordable Care Act exchange market in 2018, despite the uncertainty of the federal cost-sharing reduction payments to insurers.
As of March 31, Centene served about 1.2 million exchange members, an increase of 500,000 members from the previous year. About 80 percent of members covered under exchange plans in 2016 renewed their coverage, the insurer said.
"We see nothing at this point to prevent us from proceeding from our 2018 marketplace participation," Centene CEO Michael Neidorff reportedly said.
[Also: Centene profit bolstered by Health Net acquisition]
Insurers, healthcare organizations and state insurance commissioners are urging President Trump and Congress to continue the cost-sharing reduction payments that allow insurers to help low-income consumers subsidize the cost of their deductibles and out-of-pocket expenses.
Centene Corporation reported $197 million in net earnings for the first quarter of 2017, compared to $96 million during the first three months of 2016.
Total revenues for the first quarter were $11.7 billion, a 69 percent increase compared to the first quarter of 2016.
Centene covers over 9 million Medicaid consumers.
Managed care membership of 12.1 million represents an increase of 605,000 members, or 5 percent over 2016.
Twitter: @SusanJMorse
