Company type | Subsidiary |
---|---|
Industry | Healthcare |
Founded | Tampa, Florida (1985) |
Headquarters | 8735 Henderson Road, Renaissance One, , |
Key people | [1] |
Services | Managed care |
Revenue | US$17.007 billion(2017) [1] |
US$469 million(2017) [1] | |
US$374 million(2017) [1] | |
Total assets | US$8.365 billion(2017) [1] |
Total equity | US$2.417 billion(2017) [1] |
Number of employees | 14,000 (October 2019) [1] |
Parent | Centene Corporation |
Website | http://www.wellcare.com |
Footnotes /references [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.
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. [5] 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]
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]
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. [10] [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]
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. [23] [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]
Since 2012, WellCare has acquired several Medicare & Medicaid supplement providers, including:
Aetna Inc. is an American managed health care company that sells traditional and consumer directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans, primarily through employer-paid insurance and benefit programs, and through Medicare. Since November 28, 2018, the company has been a subsidiary of CVS Health.
Humana Inc. is a for-profit American health insurance company based in Louisville, Kentucky. In 2023, the company ranked 42 on the Fortune 500 list, which made it the highest ranked company based in Kentucky. It is the fourth largest health insurance provider in the U.S.
Health Net, LLC, a subsidiary of Centene, is an American health care insurance provider. Health Net and its subsidiaries provide health plans for individuals, families, businesses and people with Medicare and Medicaid, as well as commercial, small business, and affordable care insurance.
The term managed care or managed healthcare is used in the United States to describe a group of activities intended to reduce the cost of providing health care and providing American health insurance while improving the quality of that care. It has become the predominant system of delivering and receiving American health care since its implementation in the early 1980s, and has been largely unaffected by the Affordable Care Act of 2010.
...intended to reduce unnecessary health care costs through a variety of mechanisms, including: economic incentives for physicians and patients to select less costly forms of care; programs for reviewing the medical necessity of specific services; increased beneficiary cost sharing; controls on inpatient admissions and lengths of stay; the establishment of cost-sharing incentives for outpatient surgery; selective contracting with health care providers; and the intensive management of high-cost health care cases. The programs may be provided in a variety of settings, such as Health Maintenance Organizations and Preferred Provider Organizations.
Coventry Health Care, Inc. was a health insurer in the United States. It had 3.7 million medical members, 1.5 million Medicare Part D members, and 900,000 Medicaid members. In May 2013, the company was acquired by Aetna for $5.7 billion.
UnitedHealth Group Incorporated is an American multinational health insurance and services company based in Minnetonka, Minnesota. Selling insurance products under UnitedHealthcare, and health care services under the Optum brand, it is the world's ninth-largest company by revenue and the largest health care company by revenue.
Tenet Healthcare Corporation is a for-profit multinational healthcare services company based in Dallas, Texas, United States. Through its brands, subsidiaries, joint ventures, and partnerships, including United Surgical Partners International (USPI), the company operates 65 hospitals and over 450 healthcare facilities. Tenet also operates Conifer Health Solutions, which provides healthcare support services to health systems and other clients.
Express Scripts Holding Company is a pharmacy benefit management (PBM) organization. In 2017 it was the 22nd-largest company in the United States by total revenue as well as the largest pharmacy benefit management (PBM) organization in the United States. Express Scripts had 2016 revenues of $100.752 billion. Since December 20, 2018, the company has been a direct subsidiary of Bloomfield, Connecticut-based Cigna.
Centene Corporation is a publicly traded managed care company based in St. Louis, Missouri, which is an intermediary for government-sponsored and privately insured healthcare programs. Centene ranked No. 25 on the 2023 Fortune 500.
CVS Health Corporation is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands. The company is the world's second largest healthcare company, behind UnitedHealth Group. In 2023, the company was ranked 64th in the Forbes Global 2000.
HealthPlanOne, LLC., now known as HPOne, is a sales and marketing organization that operates across multiple segments of the Medicare and health insurance marketplaces. The company provides outsourced sales, marketing and contact services for national and regional health plans, operates exchanges for individual consumers and employer-based group retirees, and manages lead generation in the Medicare industry. The company operates seven contact centers: two in Arizona, three in Florida One in Westford, MA and Trumbull, CT.
Guidehouse, Inc. is an American consulting firm for businesses and government entities. It is the successor to PricewaterhouseCoopers LLP’s public sector business and it was acquired in 2018 by Veritas. The head office is in Tysons, Virginia.
Molina Healthcare, Inc. is a managed care company headquartered in Long Beach, California, United States. The company provides health insurance to individuals through government programs such as Medicaid and Medicare.
Elevance Health, Inc. is an American health insurance provider. Prior to June 2022, Elevance Health was named Anthem, Inc. The company's services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. As of 2022, the company had 46.8 million members within its affiliated companies' health plans.
Fidelis Care is a New York-based health insurance company formed in 1993.
DaVita Inc. provides kidney dialysis services through a network of 2,675 outpatient centers in the United States, serving 200,800 patients, and 367 outpatient centers in 11 other countries serving 49,400 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo kidney dialysis 3 times per week for the rest of their lives unless they receive a kidney transplant via organ donation. The company has a 37% market share in the U.S. dialysis market. It is organized in Delaware and based in Denver.
Bright Health Group, Inc. is an American health insurance company based in Minneapolis, Minnesota.
Kiran C. Patel is a Zambian Indian American philanthropist, serial entrepreneur, hotelier and cardiologist.
ZoomCare is a Portland, Oregon-based chain of health care clinics. The company has 37 clinics in the U.S. states of Oregon and Washington, as of December 2018.
Clover Health Investments, Corp. is an American health care company founded in 2014. The company provides Medicare Advantage (MA) insurance plans and operates as a direct contracting entity with the U.S. government. The company manages care for Medicare beneficiaries in 11 states and started trading publicly on January 8, 2021.
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