WellCare

Stockholders Back Merger Of Tampa-Based Wellcare, Centene

Jun 25, 2019
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WellCare

Stockholders of Tampa-based WellCare Health Plans, Inc., and Centene Corp. approved a proposed merger between two of the largest players in Florida’s Medicaid managed-care program, the companies said Monday. 

Tampa-based WellCare Health Plans may soon merge with a St. Louis-based company to create one of the biggest insurers in the country.

But that means the loss of headquarters for one of the Tampa Bay area's top public companies.

Centene To Buy Tampa-Based WellCare For $15B

Mar 27, 2019
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WellCare

Centene is spending more than $15 billion on rival WellCare to dive deeper into government-funded health coverage in the same week that President Donald Trump's administration renewed its attack on the Affordable Care Act. 

WellCare Reports $56M Profit In Fourth Quarter

Feb 5, 2019
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WellCare

WellCare Health Plans Inc. on Tuesday reported fourth-quarter profit of $55.9 million. 

The Florida Department of Health has decided to award Tampa-based WellCare Health Plans with a statewide contract to care for children with complex medical issues.

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Tampa-based WellCare Health Plans has completed a $2.5 billion deal to buy health plans that will expand its business in the Midwest and a firm that is a pharmacy-benefit manager, WellCare said Tuesday.

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A managed-care plan owned by the North Broward and South Broward hospital districts is fighting a state decision to eliminate it from providing Medicaid services to some of Florida’s sickest children. 

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The state expects to turn over management of the care of medically fragile children to a subsidiary of WellCare Health Plans beginning in January. 

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WellCare

Tampa-based WellCare Health Plans, a major player in Florida’s Medicaid market, announced a $2.5 billion deal Tuesday that includes buying managed-care plans with hundreds of thousands of Medicaid beneficiaries in Michigan and Illinois.

The former general counsel for WellCare was sentenced to six months in federal prison for making a false statement to the Florida Medicaid Program.

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WellCare

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.

Appeals Court Upholds Convictions Of Ex-WellCare Executives

Aug 12, 2016
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In a 124-page ruling, a federal appeals court Thursday upheld the convictions of four former WellCare Health Plans executives in a case that stemmed from allegations of defrauding Florida's Medicaid program.

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WellCare

WellCare Health Plans has made an offer for the Medicare Advantage insurance plans that Aetna plans to shed, according to Reuters.

Tampa-based WellCare Health Plans, Inc. appointed Darren Ghanayem as its senior vice president and chief information officer, according to a news release from the company.

Previously, Ghanayem worked at Anthem as vice president of business transformation, according to the news release.

WellCare covers about 900,000 Floridians in the Medicaid and Medicare programs. It also is among the largest publicly traded companies in Tampa, with more than 5,000 employees.

WellCare Profits Inch Up In Fourth Quarter

Feb 9, 2016
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WellCare

Tampa-based WellCare Health Plans, which covers about 900,000 Floridians in the Medicaid and Medicare programs, saw an uptick in net income during the fourth quarter of 2015, according to an earnings report released Tuesday.

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Tampa-based WellCare Health Plans Inc. announced Monday it is terminating Senior Vice President and Chief Medical Officer Steven Goldberg, according to a document filed with the U.S. Securities and Exchange Commission. 

 

WellCare Gets Profit Boost In Second Quarter

Aug 6, 2015
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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.

WellCare Profits Drop, Blames the Flu

Feb 12, 2015
WellCare Health Plans

WellCare Health Plans, a major player in Florida's Medicaid system, saw lower profits during the fourth quarter of 2014 and pointed to the heavy flu season as a cause.

The Tampa-based company reported Wednesday that net income during the fourth quarter was $7.7 million, or 18 cents per diluted share, down from $42.9 million, or 97 cents per diluted share, during the same period in 2013. On an adjusted basis, net income during the final quarter of 2014 was $18 million, or 41 cents per diluted share, compared with $48.2 million, or $1.09 per diluted share, during 2013.

(Editor's Note: It's Medicare enrollment season, now through Dec. 7, and beneficiaries are trying to decide on a plan. Health News Florida’s Carol Gentry, who has covered Medicare for many years, is seeing the federal program from a new point of view: as a beneficiary. Her first commentary, which aired Oct. 9, was "Medicare's Complexity Can Be Scary." The second one, "Which Medicare Path Do I Take?" is below).

Medicare Advantage plans that draw a lot of their enrollment from the poor side of town say they're at a disadvantage on the government's five-star ratings scale, which commands respect and governs pay.

One company pressing the issue is WellCare Health Plans, based in Tampa. Its Medicare Advantage plans are rated at 3 or 3 1/2 stars, below the 4-star minimum required for plans to qualify for bonus payments. Plans' premium and bonus payments are kept confidential, but other media report that the bonuses amount to a few hundred dollars per member.

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WellCare

Tampa-based WellCare Health Plans, Inc. will lay off 57 employees over the next few months as it outsources its information technology to Ohio-based Accenture, the Tampa Bay Business Journal reports.

About half of the layoffs will be senior quality assurance analysts, WellCare says. The transition to Accenture will be done in mid-February, the Business Journal reports.

Just in time for Medicare's open enrollment season, a Florida-based HMO has won the federal government's coveted  five-star rating, a rare honor that brings more than bragging rights. Such plans receive the freedom to enroll new members all year long. 

The winner, CarePlus Health Plans Inc., is a subsidiary of Humana Inc., Florida's largest Medicare vendor. Humana did well in the quality ratings, too,  but was outscored by the little plan it bought in 2005.

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Two major health care groups have named new Chief Operating Officers for their Florida operations.

 Liz Miller has been promoted to the position at WellCare of Florida, the Tampa Bay Business Journal reports. She has been the vice president of product operations at the Tampa-based company since 2012. WellCare is Florida’s large Medicaid HMO contractor.

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WellCare

Tampa-based WellCare Health Plans, Inc. has named Andrew “Drew” Asher as senior vice president, and anticipates he will become Chief Financial Officer in November.

Since 2013, Asher has been CFO of Aetna's Local and Regional Businesses, WellCare said in a statement. Prior to that, Asher also spent 15 years with Coventry Health Care, which was acquired by Aetna, serving as its senior vice president of corporate finance.

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WellCare

WellCare Health Plans, Inc. saw its stock price plunge more than 20 percent at one point on Friday after announcing its second-quarter net loss of $7.5 million, due mainly to high medical expenses in connection with the expensive rollout of Florida Medicaid's statewide managed care program.

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WellCare Health Plans Inc.'s acting president for Florida has been chosen as the official president of the company for the state. Gregg MacDonald, who has been acting president since April 4, has been WellCare's chief operating officer for Florida since May 2007, according to a news release.

MacDonald will be in charge of WellCare’s Medicaid and Medicare Advantage businesses across Florida. The health insurer has its headquarters in Tampa.

Attorneys for WellCare Health Plans want the company’s convicted executives to pay $365 million in restitution, according to the Tampa Bay Times.

The documents, filed in federal court on April 16, say WellCare’s 2011 Medicaid fraud indictment was the result of the actions of a few company executives, and they should pay the penalty.

Wellcare Health Plans Inc.’s stock price jumped Thursday and opened at more than $67 a share on Friday following a report that the company will likely be acquired within the next 18 to 24 months. 

The most likely buyers are Cigna and Aetna, according to Leerink analyst Ana Gupte, the Tampa Bay Business Journal reports. Other analysts have suggested interest in WellCare by those mega-insurers in past years, however, and it hasn't happened yet.

A federal judge says Florida lost $11 million in 2006 when WellCare executives committed Medicaid fraud, the Tampa Bay Times reports. That amount will influence the sentencing of three WellCare executives who were found guilty in June of Medicaid fraud.  Prosecutors had tried to convince U.S. District Judge James S. Moody Jr.

Tampa-based WellCare Health Plans Inc. is planning to borrow $600 million, the Tampa Bay Business Journal reports. The company, which provides managed care services for Medicaid and Medicare health plans, will issue senior notes in a public offering.

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