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Civil Plaintiff

Centene Reaches $215 Million Settlement Over Drug Overcharges in California

Centene Corp CNC.N has reached a $215.4 million settlement with California to resolve accusations it overcharged a state program for affordable healthcare by falsely inflating its costs for providing prescription drugs to patients.

California Attorney General Rob Bonta announced the settlement on Wednesday with the managed care company, which denied liability and wrongdoing but considered the settlement “fair, reasonable, and adequate.”

State investigators said that in 2017 and 2018 Centene took advantage of its pharmacy benefit manager contracts to save two of its managed care plans, California Health & Wellness and Health Net, $2.70 per prescription drug claim.

The St. Louis-based company then failed to pass on these savings to California’s Medi-Cal program, inflating its costs, the investigators found.

Read the source article at nasdaq.com

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