Morning Briefing
Summaries of health policy coverage from major news organizations
Medicaid Enrollment Drives WellCare's Profits
Modern Healthcare: WellCare Profit Soars On Rising Medicaid Enrollment
WellCare recorded a giant increase in profit in the fourth quarter of 2016, bolstered by membership growth in its Medicaid business and reduced Medicare Advantage costs. The Tampa, Fla.-based insurer recorded net income in the quarter ending Dec. 31 of $44.9 million, up 245.4% from the same quarter a year ago. For the full year, profit more than doubled to $242.1 million compared with 2015. WellCare deals mostly in the Medicaid space and after a few years of stagnant growth, it has been growing its membership rapidly. (Livingston, 2/7)
Health News Florida: WellCare Reports Profit Increase In 2016
Tampa-based WellCare Health Plans, which covers nearly 4 million people through Medicare and Medicaid programs, reported an increase in income last year, according to an earnings report released Tuesday. Net income for all of 2016 was $242.1 million, or $5.43 per diluted share, compared to $118.6 million or $2.67 a diluted share in 2015. Adjusted net income was $266 million. WellCare focuses on providing government-sponsored managed care services through Medicaid, Medicare Advantage and Medicare prescription drug plans. (Ochoa, 2/7)
The Wall Street Journal: Centene Revenue And Profit Continue To Grow
Medicaid-focused health insurer Centene Corp. reported that its top and bottom lines continued to increase in its fourth quarter as the company continues to integrate its Health Net acquisition. Last year, the company completed its $6.3 billion merger with fellow-insurer Health Net, as health insurers increasingly look for tie-ups that can help them cut costs and grow scale. (Hufford, 2/7)
