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WellCare Gets Profit Boost In Second Quarter

WellCare sign denoting building
WellCare

Tampa-based WellCare Health Plans, a major player in Florida's Medicaid program, saw its net income jump in the year's second quarter, according to a U.S. Securities & Exchange Commission filing Wednesday.

The health insurer reported net income of $51.7 million, or $1.17 per diluted share, from April 1 to June 30, compared with a net loss of $7.5 million, or 17 cents per diluted share, during the same period in 2014.

On an adjusted basis, WellCare reported net income of $59.5 million, or $1.34 per diluted share, compared with a net loss of $3.1 million, or 7 cents per diluted share, during the period last year.

WellCare, which specializes in Medicaid and Medicare coverage in a number of states, has seen significant growth in its Florida Medicaid business during the past year.

It had 773,000 Florida Medicaid members as of June 30, up from 681,000 a year earlier, according to the filing. The number also increased from 761,000 as of March 31.

Nationally, WellCare plans include about 2.4 million Medicaid beneficiaries.