(WCG) WellCare Health Plans Info

WellCare Health Plans, Inc. began operations in 1985 and relies in city, Florida. WellCare provides health care and Medicaid managed care health plans for over four million members, partners with over ninety one,000 physicians, and employs over vi,000 associates. Wellcare Health Plans, Inc. is that the company for many subsidiaries, together with WellCare, Staywell, HealthEase, Harmony, and 'Ohana. Regional offices area unit situated in Miami, Florida; Manhattan, New York; urban center, Connecticut; state capital, Louisiana; Marietta, Georgia; Houston, Texas; and Chicago, Illinois. Wellcare began operations in 1985 in city, FL, as a Medicaid supplier for the State of Sunshine State. With the passage of the budget Act of 1997, WellCare began giving health care beneficiaries personal insurance plans. These programs were called Medicare+Choice or half C plans. In 2003, WellCare began giving health care Advantage plans with medicinal drug edges once the linguistic communication of the health care medicinal drug, Improvement, and Modernization Act. In 2006, Wellcare began giving health care health care half D plans and has since become one in all the highest ten half D insurance suppliers by membership volume for these kinds of plans. On day, 2007, enforcement agents from the Federal Bureau of Investigation, Department of Health and Human Services, and therefore the Sunshine State professional General's Medicaid Fraud management Unit dead a research warrant on the premises of WellCare Health Plans' headquarters in city, FL. mercantilism on WellCare's stock was halted on the news however later on fell as low as eightieth below the 52-week high.The U.S. Securities and Exchange Commission (SEC) has WellCare's financials below watch and a number of other class-action lawsuits were launched against WellCare on behalf of shareholders.

 WellCare has same that its traditional business operations haven't been suffering from the federal and state investigations, which it remains financially sound, with over $1 billion in money and money equivalents.[citation needed] In a now-unsealed plea agreement, prosecutors and a former worker same the corporate inflated expenditures by submitting faux documents to the state. below some mental state care contracts, WellCare was paid a flat per-patient fee and needed to pay a minimum of eighty % of it on care. Any leftover quantity on the far side twenty % was to be repaid to the state, however the phony expenditures allowed WellCare to stay that surplus. WellCare in agreement in August to repay $35 million, its best estimate of the overall wrong unbroken from 2002-2006. once the raid, the corporate restated its quarterly and annual profits, driving down lucre by $32 million, and saw its high 3 executives resign. No criminal charges are declared against WellCare or its officers however investigations by Sunshine State, Connecticut, and federal prosecutors area unit in progress. The Securities and Exchange Commission is leading a casual investigation, and Wellcare faces varied investor lawsuits and sealed informant complaints, the company's SEC filings say. WellCare has since halted all Sunshine State campaign contributions. In the nearly ten years following the Federal Bureau of Investigation raid, WellCare has instated varied trainings, practices, and moral standards to take care of vertical transparency and make sure that the best of standards area unit upheld, even wherever the law lacks, so as to put stress on the members and their care. the general public perception of the corporate lingers within the past, however the truth is that WellCare and it's associates aren't those of 2007.