WellCare Health Plans

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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.

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
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.

WellCare Health Plans

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 Sees Increase In Earnings

Nov 5, 2015
WellCare

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 Gets Profit Boost In Second Quarter

Aug 6, 2015
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.

Health Choices Network

Florida Medicaid, which has been touting its "Managed Medical Assistance" program as a national model, may want to hold off.

The program, which shifts virtually all Medicaid recipients into managed-care plans, underestimated how much their care would cost.

A spreadsheet the Agency for Health Care Administration prepared shows that nearly all HMOs and provider-service networks involved in the program are losing money.

The losses between May and December totaled more than $300 million, and some of the health plans said they could reach $700 million by June 30.

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.

WellCare Health Plans

WellCare Health Plans, Inc., Florida’s largest Medicaid HMO provider, announced Monday that Kenneth Burdick will be appointed as CEO, according to a statement released by the Tampa-based company. 

Burdick, who previously served as the company’s president and chief operating officer, will be replacing interim CEO David J. Gallitano Jan. 1.

According to the statement, Burdick has previously held executive positions with companies such as Blue Cross Blue Shield, Coventry Health Care, and UnitedHealth Group.

wellcare.com

WellCare Health Plans' stock shot up 7 percent Wednesday after the release of a third-quarter earnings report that showed membership now exceeds 4 million. That's up from 2.8 million members at the same time a year ago, a jump of 43 percent.  

The share price topped $70 for a couple of hours, the first time that has happened since WellCare stock tanked on July 25 at the news that the company would not meet its original financial goals for the year.

tampalawfirm.com

WellCare Health Plans, which paid more than $400 million to settle past accusations of health-care fraud, is once again being sued under the False Claims Act.

The whistleblowers in this case are a half-dozen former WellCare staff members, including the former Vice President of Care Management Dr. Kirk Cianciolo. All are represented by Tampa attorney Kevin Darken, from the same firm that handled the previous whistleblower case against the Tampa-based WellCare.

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.

With the multi-billion-dollar, four-month enroll-a-thon for Florida’s Statewide Medicaid Managed Care program now complete, totals show WellCare Health Plans still on top. 

The Tampa company’s Staywell plan now has more than 600,000 Florida Medicaid members. That’s 23 percent of the state’s roughly 3.3 million residents with Medicaid coverage, according to calculations by Citigroup Global Markets’ analyst Carl McDonald.

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.

WellCare

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.

WellCare Health Plans

Dave Gallitano, chairman of WellCare Health Plans Inc., seems to be settling into the role  of CEO that he's been filling on an interim basis with the announcement that Kenneth A. Burdick has been named president and chief operating officer.

WellCare has not officially called off the national search for a CEO. But Stifel analyst Tom Carroll said it looks as though Gallitano is comfortable in the role.

An attempt to financially separate WellCare Health Plans from its convicted executives was rejected by a federal appeals court, the News Service of Florida reports.

The 11th Circuit Court of Appeals on Friday ruled that WellCare is not entitled to seek restitution from former Chief Executive Officer Todd Farha, former Chief Financial Officer Paul Behrens and former Vice President William Kale. The trio were convicted of Medicaid fraud and sentenced last month.

WellCare Health Plans

The interim CEO of WellCare Health Plans says he’s trying to move past the company’s troubles and focus on expanding its Medicare, Medicaid and prescription drug business, the Tampa Bay Times reports.

Dave Gallitano, the WellCare board chairman who led the ouster of the Tampa-based firm's most recent CEO last November, has made significant changes the past six months.

WellCare Health Plans

Todd Farha, former CEO of WellCare Health Plans, drew a three-year sentence for Medicaid fraud Monday, far below the sentencing guidelines. The judge said Farha has already suffered the loss of his reputation and career and that he is unlikely to repeat his "mistake."

Other former WellCare executives also drew sentences lighter than the guidelines:   former CFO Paul Behrens, two years; William Kale, who led the subsidiary where the fraud took place, one year and one day; and Peter Clay, a former vice president, who received probation.

Taxpayers have been good to Tampa-based WellCare Health Plans Inc., and they're about to get even more generous. 

In WellCare's case, the benefactor is Medicaid. But Humana, another company that is big in Florida and is releasing earnings, apparently is benefiting from enrollment through the Affordable Care Act, as Forbes reports.

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.

The ripples that followed the ouster of WellCare Health Plans’ CEO in October had barely calmed when the company announced Monday that the chief financial officer is also being let go.

WellCare Health Plans, with its stock already up more than 40 percent this year, announced it is buying another company on Thursday. The Tampa company stands to grow in Florida by as much as $1 billion in the Florida Medicaid conversion to managed care, to be announced Sept. 16.

About 1.7 million Medicaid enrollees will be given a choice of managed-care plans, and if WellCare maintains its current 25 percent market share, it would gain $1.1 billion in new revenue, says Stifel analyst Tom Carroll in a note to investors.

Tampa-based WellCare Health Plans exceeded expectations on Wall Street for the second quarter, the Associated Press reports.

It has become a mere annoyance, a cost of doing business, for health-care companies to pay fines for health-care fraud. But the outcome of the Justice Department's prosecution of four former executives of WellCare Health Plans for their role in a Florida Medicaid ripoff may make others think twice, the Tampa Bay Times says.

Just when it seemed the trial against four former WellCare Health Plans executives might never end, the jury on Monday returned a verdict that found each of them guilty on at least some of the charges, the Tampa Bay Times reported.