Morning Briefing
Summaries of health policy coverage from major news organizations
Insurer WellCare Reports Increased Membership As Medicaid Rolls Grow
WellCare Health Plans, a private Medicare and Medicaid managed-care company, beat analysts' adjusted profit estimates in the third quarter. But the insurer revealed it will continue to face challenges next year. Net income declined 70% to $19.3 million, while revenue in the quarter soared 36% to $3.4 billion. New members fueled the top-line growth, as WellCare's enrollment grew 43% to more than 4 million people. Much of that came on the Medicaid side, which represents almost two-thirds of WellCare's business. (Herman, 11/5)
U.S. health insurer WellCare Health Plans Inc (WCG.N) reported a better-than-expected adjusted profit for the third quarter, driven by a 43 percent increase in memberships under Obamacare. Members under the Medicaid health plans increased 28 percent to 2.3 million in the quarter ended Sept. 30, driven by additions in Florida, Kentucky and Georgia under the federal health insurance program for lower-income people, Wellcare said. (Penumudi, 11/5)
Six former WellCare officials are suing the Tampa-based company over health care fraud allegations related to its services in Georgia and other states. The six claim that WellCare improperly kept money that should have been paid to hospitals or been repaid to Medicare or state Medicaid programs in Florida, Georgia, Illinois, New York, Ohio, Kentucky and Missouri. (Miller, 11/5)
