WellCare explained

WellCare Health Plans, Inc.
Type:Subsidiary
Parent:Centene Corporation
Foundation:Tampa, Florida (1985)
Location City:Tampa, Florida
Location Country:United States
Industry:Healthcare
Services:Managed care
Revenue: [1]
Num Employees:14,000
Footnotes:[2]

WellCare Health Plans, Inc. is an American health insurance company that provides managed care services primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug plans for members across the United States.

WellCare began operations in 1985 and has its headquarters in Tampa, Florida. It became a subsidiary of Centene Corporation in January 2020.

History

WellCare began operations in 1985 in Tampa, Florida as a Medicaid provider for the State of Florida.[3] In 1992, Kiran Patel, a cardiologist and entrepreneur, purchased the company.[4] [5]

In 2002, Patel sold it to a New York investment group led by George Soros and Todd Farha. Also in 2002, Todd Farha joined the company as CEO.[6] [7]

In 2004, it became a public company via an initial public offering.[8] In 2006, WellCare began offering Medicare Advantage plans with prescription drug benefits after the signing of the Medicare Prescription Drug, Improvement, and Modernization Act in 2003.[9]

Also in 2006, WellCare began offering Medicare Part D plans.[10]

2007 Florida investigations

On October 24, 2007, law enforcement agents executed a search warrant on WellCare's headquarters in Tampa, Florida–based on a whistleblower complaint that provided evidence of WellCare inflating patients' treatment costs and not returning overpayments to the state. The complaint also named several employees who knew about the activities.[11] [12]

In 2011, the SEC filed criminal charges against four WellCare executives. In 2013, the executives, including former CEO Todd Farha, were found guilty of the charges, including healthcare fraud and making false statements to law enforcement.[13] Between 2008 and 2012, the company agreed to pay a total of $217.5 million to settle the claims against them.[14] [15] [16]

2008–2019

In January 2008, Heath Schiesser was promoted to president and CEO, replacing Todd Farha.[17] Schiesser was replaced in December 2009 by Alec Cunningham.[18]

In 2012, WellCare expanded its Medicare business through the acquisition of several companies' Medicare businesses, including Arcadian Health Plan in Arizona and Easy Choice Health Plan in California.[19]

In November 2013, WellCare appointed Chairman David Gallitano to serve as interim CEO.[20]

In 2018, 2019 and 2020 Fortune magazine named WellCare as one of the World's Most Admired Companies.[21] [22]

Centene acquisition

In January 2020, the company was acquired by Centene Corporation for $17 billion.[23] According to Fierce Healthcare, the merger created one of the largest sponsors of government coverage in the country.[24] Following the merger, WellCare's CFO Andrew Asher became the CFO of Centene and CEO Kenneth Burdick joined the executive team at Centene.[25] [26]

Acquisitions

Since 2012, WellCare has acquired several Medicare & Medicaid supplement providers, including:

See also

Notes and References

  1. Web site: WellCare Health Plans, Inc. 2017 Annual Report (Form 10-K) . February 2018 . . sec.gov.
  2. Web site: US SEC: Form 10-K WellCare Health Plans, Inc.. U.S. Securities and Exchange Commission. January 27, 2018.
  3. Web site: WellCare says its headquarters will remain in Tampa through 2030. 2021-10-27. Tampa Bay Times. en.
  4. Web site: FBI RAID SHUTTERS MEDICARE INSURER. 2021-10-27. Tampa Bay Times. en.
  5. Web site: Centene to buy Tampa-based WellCare in $17B deal, creating powerhouse in Medicaid, Medicare and Obamacare. 2021-10-27. Tampa Bay Times. en.
  6. Web site: First-every proxy tells of WellCare's healthy rewards. 2021-10-27. www.bizjournals.com.
  7. News: Goldstein. Jacob. 2008-01-25. WellCare CEO Resigns. en-US. Wall Street Journal. 2021-10-27. 0099-9660.
  8. News: WellCare Group prices IPO of 7.3M shares at $17 each . Pritchard . Carolyn . MarketWatch. June 30, 2004 .
  9. Web site: How WellCare got so rich. 2021-10-27. Tampa Bay Times. en.
  10. Web site: WellCare CEO Alec Cunningham outlines once-troubled company's 'cultural transformation'. 2021-10-27. Tampa Bay Times. en.
  11. Web site: 2007-02-07. FBI, HHS raid WellCare headquarters. 2021-10-27. Modern Healthcare. en.
  12. Web site: Gentry. Carol. Wells. Mike. 28 June 2010. Judge unseals whistle-blower complaint on WellCare Health Plans.
  13. News: 2013-06-11. Ex-WellCare CEO Found Guilty in $40 Million Medicaid Scheme. en. Bloomberg.com. 2021-10-27.
  14. Web site: Reed. Travis. 14 February 2009. AP: In Medicaid reform, Fla. GOP saw rich benefit. dead. https://web.archive.org/web/20090218074551/https://www.chicagotribune.com/news/chi-ap-fl-wellcare-buyingin,0,1773163.story. 18 February 2009. The Chicago Tribune.
  15. News: Fuhrmans. Vanessa. 2009-05-06. WellCare Agrees to Pay $80 Million to Settle Medicaid Case. en-US. Wall Street Journal. 2021-10-27. 0099-9660.
  16. Web site: 2007-03-05. WellCare agrees to pay over $137.5 million in settlement. 2021-10-27. Modern Healthcare. en.
  17. News: WellCare President and CEO Schiesser to resign. Boston.com. 2021-10-27.
  18. Web site: 2010-08-16. Subsidized then scrutinized: Health care reform could deliver added examination of executive pay. 2021-10-27. Crain's Detroit Business. en.
  19. Web site: 2007-03-05. WellCare completes Easy Choice acquisition. 2021-10-27. Modern Healthcare. en.
  20. Web site: 'Interim' CEO of WellCare shakes things up. 23 May 2014. tampabay.com. 6 August 2018.
  21. Web site: See where these 5 Tamba Bay companies rank . January 19, 2019 . www.bizjournals.com . 2019-06-02.
  22. Web site: Four Tampa Bay companies ranked as world's "most admired". 2021-10-27. Tampa Bay Times. en.
  23. Web site: How the WellCare acquisition is driving Centene's approach to Medicare Advantage. 2021-10-27. FierceHealthcare. en.
  24. Web site: WellCare's Medicare Numbers Rise As Centene Deal Moves Ahead. Japsen. Bruce. Forbes. en. 2020-04-09.
  25. Web site: WellCare CEO, CFO to join Centene's executive leadership team. 2021-10-27. www.bizjournals.com.
  26. Web site: Centene announces C-suite change with new CFO. 2021-10-27. www.bizjournals.com.
  27. Web site: 2007-02-07. WellCare acquires UnitedHealth Group's South Carolina Medicaid business. 2021-10-27. Modern Healthcare. en.
  28. Web site: Aetna selling Missouri Medicaid business. 2021-10-27. STLtoday.com. January 22, 2013 . en.
  29. Web site: 2007-02-07. Windsor Health deal gives WellCare customers in all 50 states. 2021-10-27. Modern Healthcare. en.
  30. Web site: 2017-01-04. WellCare completes purchase of Care1st Plan of Arizona. 2021-10-27. Modern Healthcare. en.
  31. Web site: WellCare completes $800M acquisition of Universal American. 2021-10-27. www.beckershospitalreview.com. May 2017 .
  32. Inc. WellCare Health Plans. WellCare Completes Acquisition Of Arizona Medicaid Assets Of Phoenix Health Plan. 2019-06-21.
  33. Web site: Aetna drug plan poised to be WellCare's latest high-profile acquisition. 2021-10-27. Tampa Bay Times. en.
  34. News: WellCare To Buy Meridian Health Plans And PBM For $2.5 Billion. Japsen. Bruce. Forbes. 2018-09-28. en.
  35. Web site: WellCare's $2.5 billion purchase of Meridian makes it the Tampa Bay area's biggest company by market cap. 2021-10-27. Tampa Bay Times. en.
  36. News: CVS-Aetna Merger Wins Antitrust Approval From Judge . . September 4, 2019 . December 5, 2019 . Reuters.

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