Last $73.45 USD
Change Today +3.06 / 4.35%
Volume 565.9K
WCG On Other Exchanges
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As of 4:15 PM 11/24/14 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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02/12/14 - $55.16
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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 Strategy & Development Officer and Seni...
Total Annual Compensation: $396.2K
Senior Vice President, General Counsel and Se...
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 Executive Changes

WellCare Health Plans, Inc. approved the appointment of Andrew Asher as senior vice president and CFO, effective November 14, 2014. Thomas Tran resigned as senior vice president and CFO of the company, effective on the same date.

WellCare Health Plans, Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter of 2014; Provides Revenue Guidance for the Year 2015

WellCare Health Plans, Inc. announced earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income for the third quarter of 2014 was $19.3 million, or $0.44 per diluted share, compared with net income of $64.0 million, or $1.45 per diluted share, for the third quarter of 2013. Adjusted (non-GAAP) net income for the third quarter of 2014 was $26.3 million, or $0.59 per diluted share, compared with adjusted net income of $68.9 million, or $1.56 per diluted share, for the third quarter of 2013. Adjusted net income per diluted share for the third quarter of 2014 of $0.59 included a $0.18 reduction in the Windsor bargain purchase gain. Excluding the $0.18 reduction in the Windsor bargain purchase gain, the remaining results of operations was $0.77 per diluted share. The decrease in adjusted net income per diluted share resulted primarily from reduced gross margin rates in the company's Medicare and PDP segments, the impact of the unreimbursed portion of the ACA industry fee, a reduction in the Windsor bargain purchase gain, and higher interest expense. For the nine months, the company reported net cash provided by operating activities of $179.4 million compared with net cash provided by operating activities of $229.7 million for the nine months ended September 30, 2013. The company is forecasting adjusted earnings per diluted share of $0.60 to $0.70 for the fourth quarter of 2014 and premium revenue for the same period of $3.3 billion to $3.4 billion. The company expects single-digit revenue growth in 2015 while the company improves the earnings profile of current $12.7 billion of revenue. The company then expects to achieve higher revenue growth rates in subsequent years.

WellCare Health Plans Sues by Former Employees over False Charges

WellCare Health Plans Inc. is being sued by several ex-employees who accuse it of wrongfully taking payments from federal and state government for inpatient hospital stays that it never covered. The Medicare and Medicaid plan provider allegedly rejected requests for coverage but turned around and charged the government anyway. The accusers are five former top officials led by ex-vice president of care management Dr. Kirk Cianciolo. The suit was filed in U.S. District Court for the Middle District of Florida in May 2013 and unsealed last week.


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