WellCare Health Plans
| Public | |
| Traded as | : WCG S&P 400 Component |
| Founded | Tampa, Florida (1985) |
| Headquarters | Tampa, Florida, United States |
|
Key people
|
Ken Burdick (CEO) David Gallitano (Executive chairman) |
| Services | Healthcare |
| Website | http://www.wellcare.com |
WellCare Health Plans, Inc. began operations in 1985 and is based in Tampa, Florida. WellCare provides Medicare and Medicaid managed care health plans for more than 3.9 million members, partners with over 91,000 physicians, and employs over 6,000 associates. Wellcare Health Plans, Inc. is the holding company for several subsidiaries, including WellCare, Staywell, HealthEase, Harmony, and 'Ohana. Regional offices are located in Miami, Florida; Manhattan, New York; New Haven, Connecticut; Baton Rouge, Louisiana; Marietta, Georgia; Houston, Texas; and Chicago, Illinois.
Wellcare began operations in 1985 in Tampa, FL, as a Medicaid provider for the State of Florida. With the passage of the Balanced Budget Act of 1997, WellCare began offering Medicare beneficiaries private health insurance plans. These programs were known as Medicare+Choice or Part C plans. In 2003, WellCare began offering Medicare Advantage plans with prescription drug benefits after the signing of the Medicare Prescription Drug, Improvement, and Modernization Act. In 2006, Wellcare began offering Medicare Medicare Part D plans and has since become one of the top 10 Part D insurance providers by membership volume for these types of plans.
On October 24, 2007, law enforcement agents from the Federal Bureau of Investigation, Department of Health and Human Services, and the Florida Attorney General's Medicaid Fraud Control Unit executed a search warrant on the premises of WellCare Health Plans' headquarters in Tampa, FL. Trading on WellCare's stock was halted on the news but subsequently fell as low as 80% below the 52-week high. The U.S. Securities and Exchange Commission (SEC) has WellCare's financials under watch and several class-action lawsuits were launched against WellCare on behalf of shareholders. WellCare has said that its normal business operations have not been affected by the federal and state investigations, and that it remains financially sound, with over $1 billion in cash and cash equivalents.
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Wikipedia