Layoff Details
- Reason
- Centene Corporation initiated layoffs impacting approximately 2,000 employees, representing 3% of its workforce, as a strategic measure to reduce costs and refocus on its core health benefits business. This decision was driven by significant headwinds, including challenges from Medicaid redeterminations, which led to a loss of approximately 900,000 Medicaid members, and declining Medicare Advantage star ratings, with the percentage of members in four-star or higher plans dropping from 48% to 3% in 2022. The company also faced increased competition in government-subsidized health insurance markets and had been divesting non-core assets, such as its AI platform Apixio and its UK unit, to streamline operations and enhance profitability.
Sources (1)
Company Info
- Industry
- Healthcare Plans
- Headquarters
- Saint Louis, MO, United States
- Total Employees
- 60,500
- Stock
- CNC
- Market Cap
- $17.88B
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