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Change Today -15.24 / -19.83%
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As of 8:04 PM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).

wellcare health plans inc (WCG) Snapshot

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05/27/14 - $78.37
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wellcare health plans inc (WCG) Details

WellCare Health Plans, Inc. provides managed care services for government-sponsored health care programs in the United States. It operates in three segments: Medicaid, MA, and PDP. The company offers Medicaid plans, including plans for beneficiaries of Temporary Assistance for Needy Families (TANF) programs; Supplemental Security Income (SSI) programs; and Aged Blind and Disabled (ABD) programs; and other state-based programs, such as Children’s Health Insurance Program and Family Health Plus programs for qualifying families who are not eligible for Medicaid. The TANF program provides assistance to low-income families with children; and ABD and SSI programs provide assistance to low-income aged, blind, or disabled individuals. It also provides Medicare, a federal health insurance program; Medicare Advantage, a Medicare’s managed care alternative to original Medicare that provides individuals standard Medicare benefits directly through Centers for Medicare & Medicaid Services; and coordinated care plans, which are administered through health maintenance organizations and require members to seek health care services and select a primary care physician from a network of health care providers. In addition, the company provides prescription drug plans comprising Medicare Part D program that offers national in-network prescription drug coverage to Medicare-eligible beneficiaries. As of December 31, 2013, it served approximately 2.8 million members. WellCare Health Plans, Inc. was founded in 1985 and is headquartered in Tampa, Florida.

5,200 Employees
Last Reported Date: 02/14/14
Founded in 1985

wellcare health plans inc (WCG) Top Compensated Officers

Chairman of The Board and Chief Executive Off...
Total Annual Compensation: $246.2K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: $500.0K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $396.2K
Chief Strategy & Development Officer and Seni...
Total Annual Compensation: $396.2K
Chief Human Resources Officer and Senior Vice...
Total Annual Compensation: $321.2K
Compensation as of Fiscal Year 2013.

wellcare health plans inc (WCG) Key Developments

WellCare Health Plans, Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revised Earnings Guidance for the Fiscal Year Ending December 31, 2014; Record Impairment Charges for the Second Quarter of 2014

WellCare Health Plans, Inc. announced earnings results for the second quarter and six months ended June 30, 2014. The company reported a second quarter of 2014 net loss of $7.5 million, or $0.17 per diluted share, compared with net income of $46.9 million, or $1.07 per diluted share, for the second quarter of 2013. The adjusted (non-GAAP) net loss for the second quarter of 2014 was $3.1 million, or $0.07 per diluted share, compared with adjusted net income of $59.2 million, or $1.35 per diluted share, for the second quarter of 2013. The decrease in adjusted net loss per diluted share resulted primarily from reduced gross margin rates in all three of the company's segments and the impairment and other non-operating charges, primarily related to Easy Choice. These unfavorable variances were offset in part by higher revenues and a lower administrative expense ratio, as well as the increase in the Windsor bargain purchase gain. Net cash used in operating activities was $246.6 million for the six months ended June 30, 2014, compared with net cash used in operating activities of $48.6 million for the six months ended June 30, 2013. The increase in cash used resulted primarily from the timing of the receipt of certain premium payments. The company is updating its outlook for adjusted net income per diluted share for the year ending December 31, 2014. At this time, the company expects adjusted net income per diluted share to be between $2.20 and $2.50. The company's previous guidance for adjusted net income was for a range between $4.40 and $4.75 per diluted share. The primary factors affecting the change in the company's full year outlook are as follows: the company's participation in the Florida MMA program commenced May 1, 2014, with the implementation of three regions. Three additional regions were implemented in June and one in July. WellCare's final region will be implemented in August. Based on the company's experience to date with MMA members' utilization of services, medical benefits expense now is forecast to be higher than previously expected. The increased medical expense negatively impacted the year 2014 outlook by approximately $73 to $80 million, or $1.05 to $1.15 per diluted share, as compared with the prior guidance. Consistent with past implementation of new programs, WellCare is pursuing improvements to care management and increased reimbursement in order to enhance the financial performance of the MMA program. Interest expense is anticipated to be approximately $39 million. The effective income tax rate is expected to be between 53% and 54%. The company recorded charges of $24.1 million, or $0.35 per diluted share, in the second quarter of 2014 to primarily reflect the impairment of certain intangible assets associated with the company's 2012 acquisition of Easy Choice Health Plan, Inc.

WellCare Health Plans, Inc. Names Munson as Region President, Arkansas, Kentucky, Mississippi and Tennessee

WellCare Health Plans, Inc. announced that it has named Kelly Munson as region president with responsibility for Arkansas, Kentucky, Mississippi and Tennessee. She will have profit and loss (P&L) responsibility for company's Medicaid and Medicare Advantage businesses across these states. Munson served as state president, Kentucky, since August 2013. She will report to Ken Burdick, company's president and chief operating officer. Munson joined the company in 2006, serving in positions of increasing responsibility for company's Ohio health plan in the areas of operations and regulatory compliance. Munson was named chief operating officer of WellCare of Kentucky in August 2012, and one year later was named state president, Kentucky. Before joining the company, she held operational positions with Old World Classics, HomeTown Health Network and Medical Mutual of Ohio.

WellCare Names Gregg McDonald as Florida President

WellCare named Gregg McDonald as Florida President. As Florida president, MacDonald will be responsible for WellCare's Medicaid and Medicare Advantage businesses across the state and will lead the company's statewide expansion initiatives. He has been acting president since April 4, 2014 and previously was chief operating officer for Florida. Kenneth Burdick was promoted to president and chief operating officer of WellCare earlier in June.


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