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Centene Corporation’s CNC Health Insurance Marketplace product Ambetter recently announced the utilization of enhanced technologies to streamline the enrollment process and offer benefits of personalized health coverage plans for not only its members but also for those in search of a suitable health insurance plan.
Notably, Ambetter can be availed on the Health Insurance Marketplace, the open enrollment period of which is open till Dec 15 of this year. In the course of this open enrollment period, Ambetter is presenting three major technology services, the first of which is its online enrollment platform.
The Ambetter’s online enrolment platform provides a comprehensive experience, where customers can compare health care coverage and choose one accordingly. Customers can also check their eligibilty for financial subsidies. It also ensures a hassle-free and personalized experience for consumers, whereby their personal information will be protected.
Secondly, members and new enrollees of Ambetter will have access to Amber following their enrollment in the healthcare program. Notably, Amber is integrated with an Artificial Intelligence (AI) platform that acts as a virtual assistant by helping members on premium payments and solving queries related to covered services and other health plan benefits. The credibility of this virtual assistant is evident from the fact that over 60% of the people have chosen Amber after getting to know about it and reported high level of satisfaction.
The third technology service offered is the Ambetter Guide, which is equipped with data science. It basically serves the purpose of correctly matching members per their needs with the diverse range of high-quality and available healthcare providers. This, in turn, ensures that members get the much-needed care. Ambetter Guide also promotes telehealth services.
Shares of this Zacks Rank #4 (Sell) health care provider have gained 25.9% in a year in line with industry.
Centene Poised to Benefit From Health Insurance Marketplace Plans
The company remains well-poised to benefit from offering cost-effective and comprehensive plans in the Health Insurance Marketplace. Its Marketplace product, Ambetter, intends to benefit lower-income individuals and families, who may not be eligible for Medicaid or other government coverage.
Case in point, this year, Centene has been the largest provider of Health Insurance Marketplace plans in the United States, where it has catered to needs of around 2.2 million exchange members.
At a time when Americans have been grappling with COVID-19 pandemic induced financial and health woes, cost-effective healthcare plans seem to be in high demand. The scenario has led Centene to reveal its expansion plans in the Health Insurance Marketplace for the next year in September. It aims to expand the Ambetter product across nearly 400 new counties in 13 states, where the company currently operates. Also, the plans are in sync with the company’s endeavor to penetrate into two new states, thereby taking Centene’s Marketplace offerings to a total of 22 states.
The strong foothold on the Health Insurance Marketplace, which the company has established through its Marketplace product — Ambetter, has also been one of the primary factors aiding Centene’s growth prospects. After witnessing a 10-year CAGR of 32.6% in its revenues, the momentum continued with 48.5% top-line growth in the first nine months of 2020 as well. Notably, apart from the Fidelis Care buyout and introduction of new programs across many states, growth in the Health Insurance Marketplace business has also contributed to the Centene’s top line.
Stocks to Consider
Some better-ranked stocks in the medical space include Quidel Corporation QDEL, Abeona Therapeutics Inc. ABEO and Molina Healthcare, Inc. MOH. While Quidel sports a Zacks Rank #1 (Strong Buy), Abeona Therapeutics and Molina carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Quidel, Abeona Therapeutics and Molina have a trailing four-quarter earnings surprise of 30.74%, 19.12% and 14.80%, on average, respectively.
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