WellCare Reports Profit Increase In 2016
Tampa-based WellCare Health Plans, which covers nearly 4 million people through Medicare and Medicaid programs, reported an increase in income last year, according to an earnings report released Tuesday.
Net income for all of 2016 was $242.1 million, or $5.43 per diluted share, compared to $118.6 million or $2.67 a diluted share in 2015. Adjusted net income was $266 million.
WellCare focuses on providing government-sponsored managed care services through Medicaid, Medicare Advantage and Medicare prescription drug plans.
In Florida last year it covered 780,000 people in Medicaid health plans and 94,000 people in Medicare health plans.
The company’s strong performance in 2016 has it well positioned for growth in 2017, chief executive officer Kenneth A. Burdick said in a release.
"While we are now fully focused on 2017 and beyond, we are pleased to report on an excellent 2016," Burdick said. "In 2016, the performance of all of our lines of business improved year over year. We won two Medicaid contracts and announced four acquisitions - two of which closed in 2016. Our momentum is strong as we enter 2017."
Based on revenues, WellCare is the third largest public company in the Tampa Bay area, behind Tech Data and Jabil Circuit.