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WellCare Sees Increase In Earnings

WellCare sign denoting building
Tampa Tribune
The Florida Channel
Leon County Judge John Cooper on June 30, 2022, in a screen grab from The Florida Channel.

Tampa-based WellCare Health Plans, which manages care for about 800,000 people in Florida's Medicaid program, saw an increase in earnings during the third quarter of the year, according to a filing Wednesday with the federal Securities and Exchange Commission.

WellCare reported net income from July 1 to Sept. 30 of $36.4 million, or 82 cents per diluted share, up from $19.3 million, or 44 cents per diluted share, during the same period in 2014.

On an adjusted basis, WellCare reported net income during the third quarter of $44.6 million, or $1 per diluted share, up from $26.3 million, or 59 cents a diluted share, in 2014. WellCare focuses its business on covering people in the Medicaid and Medicare programs.

In all, it reported serving nearly 2.4 million people in Medicaid programs as of Sept. 30, with 788,000 in Florida. The Florida number was an increase of 15,000 beneficiaries from June 30 and 85,000 beneficiaries from Sept. 30, 2014, according to Wednesday's filing.