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Centene's Unit, Canopy Health Extend Ties to Improve Care

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Centene Corporation’s CNC wholly owned unit Health Net recently extended its partnership with Canopy Health. With this tie-up, CalPERS-eligible members residing in San Mateo, Santa Clara and Santa Cruz Counties will gain access to Health Net’s SmartCare HMO product. This new plan will be effective Jan 1, 2020.

People opting for this plan can avail the services of around 5,000 Bay Area primary care physicians and specialty providers via Canopy Health. CalPERS members can enroll in the Health Net SmartCare HMO plan during open enrollment as well as throughout the year with an eligible life event.

Centene’s Health Net subsidiary constantly strives to improve the health outcomes of communities. The company aims to serve residents in San Mateo, Santa Clara and Santa Cruz Counties by providing extensive healthcare options to CalPERS members enrolled in the SmartCare HMO plan. This move is in line with the company’s commitment to provide enhanced services to its CalPERS members. The SmartCare HMO plans enable members to gain access to a network of provider groups and hospitals.

In 2017, Health Net partnered with Canopy Health to offer its members in the San Francisco Bay Area a gateway to doctors and hospital network.

Notably, Canopy Health currently consists of five physician groups, namely, John Muir Health Physician Network, Meritage Medical Network, Hill Physicians Medical Group Santa Clara County IPA (SCCIPA) and Dignity Health Medical Network, Santa Cruz. It also includes 19 medical centers across nine Bay Area counties.

HealthNet has been putting in efforts to provide its members, which presently stands at more than 3million Californians, with feasible health plans.The company  also caters to behavioral health solutions, drug abuse deterrence plans, managed healthcare services for prescription drugs and employee-aid projects.

Apart from alliances, Centene’s mergers and acquisitions strategy is mainly targeted at expanding the its markets and increasing its membership. In the second quarter of 2019, the company completed the buyout of QCA Health Plan, Inc. and also made a substantial investment in RxAdvance. Last July, the company also struck a joint venture with Ascension to establish a Medicare Advantage plan, which will be operational in the markets across multiple geographies beginning 2020.

Shares of this Zacks Rank #2 (Buy) company have lost 36.9% in a year's time, wider than its industry's decline of 16.1%.

Other Key Picks

Investors interested in the medical sector can also take a look at some other top-ranked stocks like UnitedHealth Group Incorporated UNH, Anthem Inc. ANTM and Molina Healthcare, Inc. MOH.

UnitedHealth Group works as a diversified health care company. In the trailing four quarters, it came up with average beat of 3.4%. The company currently carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Anthem works as a health benefits company in the United States. In the last four quarters, the company delivered average beat of 4.57%. The stock is a Zacks #2 Ranked player.

Molina Healthcare provides managed health care services under the Medicaid and Medicare programs as well as via the state insurance marketplaces. The company currently sports a Zacks Rank #1 and managed to pull off average four-quarter positive surprise of 66.9%.

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