In continuing coverage from the July 22 edition of NAHU Newswire, Bloomberg (7/22, Goldstein) reported, “WellCare Health Plans Inc., the U.S. managed-care provider being investigated over possible fraud, gained the most ever in New York trading after the company restated its earnings since 2004.” The insurer’s earnings “revision, lowering net income by $28 million, was small,” analyst Matt Perry at Wachovia Securities stated, in comparison to the $49 million WellCare announced previously that former “executives overbilled government programs.” WellCare’s stocks “jumped $7.02, or 24 percent, to $36.25 at 4:01 p.m. in New York Stock Exchange composite trading” on Tuesday. The insurer “said it remains unable to file quarterly reports because of the investigation, and there is no assurance civil judgments, criminal charges, or other financial penalties won’t occur.” WellCare “said it faces multiple lawsuits by shareholders and former employees; an investigation by the U.S. Justice Department in cooperation with Florida state law enforcement agencies; an informal probe by the SEC; and a Connecticut investigation of WellCare’s Medicaid contract there.”
In October 2007, “about 200 federal agents raided WellCare’s Tampa, Fla., headquarters, seizing files,” according to Modern Healthcare (7/23, Vesely). “In January, the company’s board of directors fired top executives, including the chairman and chief executive officer.” Although the company’s share price jumped Tuesday, WellCare’s stock remains “down about 75 percent since just before the raid.”
Hi
I am the one who posted that comment above. But that comment is totally out of context. It is plain to see you do not like this product and that is your right. However, I have found this product offers the seniors (especially the duals) much more than any MA out there. The duals have loved having Dentures and glasses and other things. I don’t know about what you have listed above but I can say they you are not being completely truthful. If you take my line out of context what other info do you take out of context. Companies that prefer to sell Medicare Supps do not like the fact that MA are taking the place of supps. I believe supps will be dead over the next 5 years. This product has been easy for me to enroll clients in because it is a $0 premium with extra benefits. Hence I make money
t. cole
Hi
I am the one who posted that comment above. But that comment is totally out of context. It is plain to see you do not like this product and that is your right. However, I have found this product offers the seniors (especially the duals) much more than any MA out there. The duals have loved having Dentures and glasses and other things. I don’t know about what you have listed above but I cannot say they you are being completely truthful. If you take my line out of context what other info do you take out of context. Companies that prefer to sell Medicare Supps do not like the fact that MA are taking the place of supps. I believe supps will be dead over the next 5 years.
t. cole
I have really made a lot of money with Wellcare. It is my best product.