Centene
Financials
2022 Revenue: $144.6B (up 14.7%)
2022 Net Income: $1.2B (down 10.6%)
Marketshare: 10%
Summary
I really enjoyed Centene’s history page. Apparently Centene was founded in 1984 in the basement of a hospital in Milwaukee by an orphan bookkeeper named Betty Brin. Its services started out in Medicaid, and now its also the largest carrier on the Health Insurance Marketplaces and works closely with the healthcare programs of the Defense Department.
From its origins as a non-profit, Centene hired veteran health executive Michael Neidroff in 1995 and in 1997 renamed Centene Corporation and moved to St. Louis.
In 2001, it IPO’d and became publicly traded. Throughout the 2000’s, Centene added to its services through acquisition and expansion:
2003, Cenpatico- a behavioral health services company
2006, Opticare - a vision management services company
2007, Absolute Total Care
2008, Celtic Group acquired, adding commercial insurance
Centene now has 28 Million managed care members and 67,200 employees.
Compared to some other companies, Centene appears to be placing less emphasis on value-based arrangements, but does have programs that provide incentives for healthy activities like ‘regular check-ups and routine screenings’.
Sources:
https://www.macrotrends.net/stocks/charts/CNC/centene/revenue#:~:text=Centene%20revenue%20for%20the%20twelve,a%2014.74%25%20increase%20from%202021.
https://www.centene.com/who-we-are/history.html
https://www.centene.com/content/dam/centenedotcom/investor_docs/CNC-FactSheet-2023-Q1_508.pdf