Centene reported practically $850 million in first quarter revenue as membership grew by 1.9 million because of a rise in enrollment in Medicaid, Medicare and Obamacare plans, the company said Tuesday.
Centene, which sells an array of presidency sponsored medical health insurance together with Obamacare, mentioned complete managed care membership elevated by 1.9 million members, or 8%, to 26.2 million, in comparison with the tip of the primary quarter of 2021.
Such progress helped Centene’s revenues bounce 24% to $37.2 billion. Web revenue was $849 million within the first quarter in comparison with a $699 million within the first quarter of 2021.
“Our robust first quarter efficiency demonstrates Centene’s means to ship on our monetary targets whereas persevering with to make progress in opposition to our worth creation initiatives,” mentioned Sarah London, Centene’s chief govt officer, who earlier this 12 months succeeded the late Michael Neidorff. The longtime Centene CEO, Neidorff had introduced his retirement earlier than he handed away earlier this month.
Below the early days of London’s management, Centene’s progress story continues with the corporate’s robust first quarter efficiency contributing to administration’s determination to boost its monetary outlook for the remainder of 2021. The medical health insurance large now expects adjusted earnings per share within the rage of $5.40 and $5.55 in comparison with an earlier projection of between $5.30 and $5.50 per share.
Medicaid membership ended the primary quarter at practically 15.3 million in comparison with practically 13.8 million within the 12 months in the past interval whereas Medicare enrollment jumped to 1.45 million in comparison with 1.13 million within the 12 months in the past interval.
Centene additionally noticed a rise of greater than 100,000 new well being plan members who enrolled in “business market” protection below the Reasonably priced Care Act often known as Obamacare. Centene is the biggest supplier of Obamacare within the U.S. with greater than 2 million enrollees as of the tip of the primary quarter in comparison with 1.9 million within the year-ago interval.