WellCare

{{Infobox company

| name = WellCare Health Plans, Inc.

| type = Subsidiary

| parent = Centene Corporation

| foundation = Tampa, Florida (1985)

| location_city = Tampa, Florida

| location_country = United States

| hq_location = 8735 Henderson Road, Renaissance One

| locations =

| area_served =

| key_people = {{ubl|class=nowrap|Kenneth A. Burdick (CEO)|Andrew L. Asher (CFO)}}{{cite web|url=https://www.sec.gov/Archives/edgar/data/1279363/000127936318000011/wcg-2017123110k.htm |title=WellCare Health Plans, Inc. 2017 Annual Report (Form 10-K) |date=February 2018 |publisher=U.S. Securities and Exchange Commission |website=sec.gov}}

| operating_income = {{decrease}} {{US$|469 million}} {{small|(2017)}}

| industry = Healthcare

| products =

| production =

| services = Managed care

| revenue = {{increase}} {{US$|17.007 billion|link=yes}} {{small|(2017)}}

| net_income = {{increase}} {{US$|374 million}} {{small|(2017)}}

| assets = {{increase}} {{US$|8.365 billion}} {{small|(2017)}}

| equity = {{increase}} {{US$|2.417 billion}} {{small|(2017)}}

| num_employees = 14,000 {{small|(October 2019)}}

| homepage = {{official URL}}

| footnotes = {{cite web|url=https://www.sec.gov/Archives/edgar/data/1279363/000127936317000011/wcg-2016123110k.htm|title=US SEC: Form 10-K WellCare Health Plans, Inc.|publisher=U.S. Securities and Exchange Commission|accessdate=January 27, 2018}}

}}

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.{{Cite web |last=Muchmore |first=Shannon |date=22 January 2020 |title=Centene closes $17B acquisition of WellCare |url=https://www.healthcaredive.com/news/centene-closes-17b-acquisition-of-wellcare/570863/ |access-date=2025-01-06 |website=Healthcare Dive |language=en-US}}

History

File:30th Av 31st St td (2019-08-21) 04.jpg, New York City.]]

WellCare began operations in 1985 in Tampa, Florida as a Medicaid provider for the State of Florida.{{Cite web|title=WellCare says its headquarters will remain in Tampa through 2030|url=https://www.tampabay.com/news/business/corporate/WellCare-says-its-headquarters-will-remain-in-Tampa-through-2030_166080124/|access-date=2021-10-27|website=Tampa Bay Times|language=en}} In 1992, Kiran Patel, a cardiologist and entrepreneur, purchased the company.{{Cite web|title=FBI RAID SHUTTERS MEDICARE INSURER|url=https://www.tampabay.com/archive/2007/10/25/fbi-raid-shutters-medicare-insurer/|access-date=2021-10-27|website=Tampa Bay Times|language=en}}{{Cite web|title=Centene to buy Tampa-based WellCare in $17B deal, creating powerhouse in Medicaid, Medicare and Obamacare|url=https://www.tampabay.com/breaking-news/centene-to-buy-tampa-based-wellcare-for-15b-creating-obamacare-powerhouse-20190327/|access-date=2021-10-27|website=Tampa Bay Times|language=en}}

In 2002, Patel sold it to a New York investment group led by George Soros and Todd Farha. That same year, Todd Farha joined the company as CEO.{{Cite web|title=First-every proxy tells of WellCare's healthy rewards|url=https://www.bizjournals.com/tampabay/stories/2005/05/09/story3.html|access-date=2021-10-27|website=www.bizjournals.com}}{{Cite news|last=Goldstein|first=Jacob|date=2008-01-25|title=WellCare CEO Resigns|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/BL-HEB-1893|access-date=2021-10-27|issn=0099-9660}}

In 2004, WellCare became a public company via an initial public offering. The company opened on New York Stock Exchange with a sale of 7.3 million shares, each share priced at $17.{{Cite news | url=https://www.marketwatch.com/story/wellcare-group-prices-ipo-of-73m-shares-at-17-each |title=WellCare Group prices IPO of 7.3M shares at $17 each |last=Pritchard |first=Carolyn |website=MarketWatch| date=June 30, 2004 }} 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.{{Cite web|title=How WellCare got so rich|url=https://www.tampabay.com/archive/2007/01/07/how-wellcare-got-so-rich/|access-date=2021-10-27|website=Tampa Bay Times|language=en}}

Also, in 2006, WellCare began offering Medicare Part D plans.{{Cite web|title=WellCare CEO Alec Cunningham outlines once-troubled company's 'cultural transformation'|url=https://www.tampabay.com/news/aging/medicare/wellcare-ceo-alec-cunningham-outlines-once-troubled-companys-cultural/2139277/|access-date=2021-10-27|website=Tampa Bay Times|language=en}}

=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.{{Cite web|date=2007-02-07|title=FBI, HHS raid WellCare headquarters|url=https://www.modernhealthcare.com/article/20071024/NEWS/310240014/fbi-hhs-raid-wellcare-headquarters|access-date=2021-10-27|website=Modern Healthcare|language=en}}{{Cite web|last1=Gentry|first1=Carol|last2=Wells|first2=Mike|date=28 June 2010|title=Judge unseals whistle-blower complaint on WellCare Health Plans|url=https://www.sun-sentinel.com/health/fl-xpm-2010-06-28-fl-wellcare-health-complaint-unsealed20100628-story.html}}

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.{{Cite news|date=2013-06-11|title=Ex-WellCare CEO Found Guilty in $40 Million Medicaid Scheme|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2013-06-11/ex-wellcare-executives-found-guilty-of-fraud-in-florida|access-date=2021-10-27}} Between 2008 and 2012, the company agreed to pay $217.5 million to settle the claims against them.{{cite web|last=Reed|first=Travis|date=14 February 2009|title=AP: In Medicaid reform, Fla. GOP saw rich benefit|url=http://www.chicagotribune.com/news/chi-ap-fl-wellcare-buyingin,0,1773163.story|url-status=dead|archive-url=https://web.archive.org/web/20090218074551/https://www.chicagotribune.com/news/chi-ap-fl-wellcare-buyingin,0,1773163.story|archive-date=18 February 2009|publisher=The Chicago Tribune}}{{Cite news|last=Fuhrmans|first=Vanessa|date=2009-05-06|title=WellCare Agrees to Pay $80 Million to Settle Medicaid Case|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/SB124153953103687873|access-date=2021-10-27|issn=0099-9660}}{{Cite web|date=2007-03-05|title=WellCare agrees to pay over $137.5 million in settlement|url=https://www.modernhealthcare.com/article/20120403/NEWS/304039975/wellcare-agrees-to-pay-over-137-5-million-in-settlement|access-date=2021-10-27|website=Modern Healthcare|language=en}}

= 2008–2019 =

In January 2008, Heath Schiesser was promoted to president and CEO, replacing Todd Farha.{{Cite news|title=WellCare President and CEO Schiesser to resign|work=Boston.com|url=http://archive.boston.com/business/healthcare/articles/2009/06/29/wellcare_president_and_ceo_schiesser_to_resign/|access-date=2021-10-27}} Schiesser was replaced in December 2009 by Alec Cunningham.{{Cite web|date=2010-08-16|title=Subsidized then scrutinized: Health care reform could deliver added examination of executive pay|url=https://www.crainsdetroit.com/article/20100816/HEALTH/100819928/subsidized-then-scrutinized-health-care-reform-could-deliver-added|access-date=2021-10-27|website=Crain's Detroit Business|language=en}}

In November 2013, WellCare appointed Chairman David Gallitano as interim CEO.{{cite web|url=https://www.tampabay.com/news/business/corporate/interim-ceo-of-wellcare-shakes-things-up/2181168/|title='Interim' CEO of WellCare shakes things up|author=|date=23 May 2014|website=tampabay.com|access-date=6 August 2018}}

In 2018, 2019, and 2020 Fortune magazine named WellCare as one of the World's Most Admired Companies.{{cite web|url=https://www.bizjournals.com/tampabay/news/2018/01/19/see-where-these-5-tampa-bay-companies-rank-in.html |title=See where these 5 Tamba Bay companies rank |date=January 19, 2019 |website=www.bizjournals.com |access-date=2019-06-02}}{{Cite web|title=Four Tampa Bay companies ranked as world's "most admired"|url=https://www.tampabay.com/news/business/2020/01/21/four-tampa-bay-companies-ranked-as-worlds-most-admired/|access-date=2021-10-27|website=Tampa Bay Times|language=en}}

= Centene acquisition =

File:2024 ToyotaSave Mart 350 qualifications - Sarah Stierch - 13.jpg driver Zane Smith wearing a WellCare baseball cap at the 2024 Toyota/Save Mart 350. WellCare sponsored Smith in the 2024 NASCAR season.]]

In January 2020, Centene Corporation acquired the company for $17 billion.{{Cite web|title=How the WellCare acquisition is driving Centene's approach to Medicare Advantage|url=https://www.fiercehealthcare.com/payer/how-wellcare-acquisition-driving-centene-s-approach-to-medicare-advantage|access-date=2021-10-27|website=FierceHealthcare|date=October 8, 2020 |language=en}} Following the merger, WellCare's CFO Andrew Asher became the CFO of Centene and CEO Kenneth Burdick joined the executive team at Centene.{{Cite web|title=WellCare CEO, CFO to join Centene's executive leadership team|url=https://www.bizjournals.com/tampabay/news/2019/06/03/wellcare-ceo-cfo-to-join-centene-s-executive.html|access-date=2021-10-27|website=www.bizjournals.com}}{{Cite web|title=Centene announces C-suite change with new CFO|url=https://www.bizjournals.com/stlouis/news/2021/05/07/centene-announces-c-suite-changes-with-new-cfo.html|access-date=2021-10-27|website=www.bizjournals.com}}

Acquisitions

In November 2012, Wellcare acquired Easy Choice Health Plan in California.{{Cite web |date=2007-03-05 |title=WellCare completes Easy Choice acquisition |url=https://www.modernhealthcare.com/article/20121112/NEWS/311129959/wellcare-completes-easy-choice-acquisition |access-date=2021-10-27 |website=Modern Healthcare |language=en}}

UnitedHealthcare's South Carolina Medicaid business was acquired in February 2013.{{Cite web|date=2007-02-07|title=WellCare acquires UnitedHealth Group's South Carolina Medicaid business|url=https://www.modernhealthcare.com/article/20130204/NEWS/302049958/wellcare-acquires-unitedhealth-group-s-south-carolina-medicaid-business|access-date=2021-10-27|website=Modern Healthcare|language=en}} In April of that year, Aetna's Medicaid business in Missouri, Missouri Care, was acquired.{{Cite web|title=Aetna selling Missouri Medicaid business|url=https://www.stltoday.com/business/local/aetna-selling-missouri-medicaid-business/article_ed054e8f-6e85-54a6-a631-3e9561c0981f.html|access-date=2021-10-27|website=STLtoday.com|date=January 22, 2013 |language=en}}

The Windsor Health Group was acquired by WellCare in January 2014.{{Cite web|date=2007-02-07|title=Windsor Health deal gives WellCare customers in all 50 states|url=https://www.modernhealthcare.com/article/20140106/NEWS/301069972/windsor-health-deal-gives-wellcare-customers-in-all-50-states|access-date=2021-10-27|website=Modern Healthcare|language=en}}{{Cite web |last=Manning |first=Margie |date=6 January 2014 |title=WellCare wraps Windsor Health Group deal |url=https://www.bizjournals.com/tampabay/news/2014/01/06/wellcare-wraps-windsor-health-group-deal.html |access-date=2025-01-06 |website=Tampa Bay Business Journal}}

In January 2017 Care1st Health Plan Arizona, a subsidiary of Care1st Health Plan and Blue Shield of California affiliate was acquired.{{Cite web|date=2017-01-04|title=WellCare completes purchase of Care1st Plan of Arizona|url=https://www.modernhealthcare.com/article/20170104/NEWS/170109979/wellcare-completes-purchase-of-care1st-plan-of-arizona|access-date=2021-10-27|website=Modern Healthcare|language=en}} Wellcare purchased Universal American{{Cite web|title=WellCare completes $800M acquisition of Universal American|url=https://www.beckershospitalreview.com/payer-issues/wellcare-completes-800m-acquisition-of-universal-american.html|access-date=2021-10-27|website=www.beckershospitalreview.com|date=May 2017 }} and Phoenix Health Plan, formerly a subsidiary of Abrazo Community Health Network, a subsidiary of Tenet Healthcare in May 2017.{{Cite web|title=Aetna drug plan poised to be WellCare's latest high-profile acquisition|url=https://www.tampabay.com/news/business/corporate/Aetna-drug-plan-poised-to-be-WellCare-s-latest-high-profile-acquisition_172166606/|access-date=2021-10-27|website=Tampa Bay Times|language=en}}

Meridian Health Plans of Detroit, Michigan, was acquired in September 2018.{{Cite news|url=https://www.forbes.com/sites/brucejapsen/2018/05/29/wellcare-to-buy-meridian-health-plans-and-pbm-for-2-5b/|title=WellCare To Buy Meridian Health Plans And PBM For $2.5 Billion|last=Japsen|first=Bruce|work=Forbes|access-date=2018-09-28|language=en}}{{Cite web|title=WellCare's $2.5 billion purchase of Meridian makes it the Tampa Bay area's biggest company by market cap|url=https://www.tampabay.com/news/business/corporate/WellCare-s-2-5-billion-purchase-of-Meridian-makes-it-the-Tampa-Bay-area-s-biggest-company-by-market-cap_171480956/|access-date=2021-10-27|website=Tampa Bay Times|language=en}}

In September 2019, Aetna's Medicare prescription insurance business was acquired as a condition of CVS Health's acquisition of Aetna.{{cite news | title=CVS-Aetna Merger Wins Antitrust Approval From Judge | work=The New York Times | date=September 4, 2019 | url=https://www.nytimes.com/2019/09/04/business/cvs-aetna-merger-approval.html | access-date=December 5, 2019 | agency=Reuters}}