Tampa-based WellCare Health Plans exceeded expectations on Wall Street for the second quarter, the Associated Press reports.
Revenues for the company, which administers Medicaid and Medicare plans on contract with the federal and state governments, soared to $2.3 billion, up from $1.8 billion for the same period last year. Earnings were reported to be $46.9 million.
Some Wall Street analysts say the public company is in an ideal position to gain a slew of new customers as Florida’s Medicaid program requires all beneficiaries to enroll in managed care over the next two years. WellCare officials confirmed that they are in negotiations with the state Agency for Health Care Administration.