Amid the lingering effects of the Medicaid unwinding, insurance companies are posting bleak Q3 earnings reports—except, that is, for Centene Corporation, the nation’s largest Medicaid provider. The company’s Q3 performance beat previous expectations with $1.62 earnings per share (EPS), CFO Drew Asher said in an October 25 earnings call. This is above the $1.41 average that Wall Street analysts had estimated, Bloomberg reported. Other Medicaid providers have been hit hard after the unwinding removed millions of members from the rolls. But Centene weathered the crisis, buffered by its other plans. Even as it saw Medicaid enrollment shrink from more than 15 million in September 2023 to around 13 million in September 2024 in the 30 states it operates in, Centene’s Medicare Part D enrollment grew by more than 2 million and commercial marketplace enrollment grew by more than 1 million, according to an October 25 press release. “The team’s diversified portfolio continues to allow us to navigate unprecedented landscape challenges,” CEO Sarah London said during the earnings call. Keep reading here.—CC |