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WellCare
WellCare Health Plans, Inc. is an American health insurance company that provides managed care services primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug plans for members across the United States.
WellCare began operations in 1985 and has its headquarters in Tampa, Florida. It became a subsidiary of Centene Corporation in January 2020.
WellCare began operations in 1985 in Tampa, Florida as a Medicaid provider for the State of Florida. In 1992, Kiran Patel, a cardiologist and entrepreneur, purchased the company.
In 2002, Patel sold it to a New York investment group led by George Soros and Todd Farha. That same year, Todd Farha joined the company as CEO.
In 2004, WellCare became a public company via an initial public offering. The company opened on New York Stock Exchange with a sale of 7.3 million shares, each share priced at $17. In 2006, WellCare began offering Medicare Advantage plans with prescription drug benefits after the signing of the Medicare Prescription Drug, Improvement, and Modernization Act in 2003.
Also, in 2006, WellCare began offering Medicare Part D plans.
On October 24, 2007, law enforcement agents executed a search warrant on WellCare's headquarters in Tampa, Florida–based on a whistleblower complaint that provided evidence of WellCare inflating patients' treatment costs and not returning overpayments to the state. The complaint also named several employees who knew about the activities.
In 2011, the SEC filed criminal charges against four WellCare executives. In 2013, the executives, including former CEO Todd Farha, were found guilty of the charges, including healthcare fraud and making false statements to law enforcement. Between 2008 and 2012, the company agreed to pay $217.5 million to settle the claims against them.
WellCare
WellCare Health Plans, Inc. is an American health insurance company that provides managed care services primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug plans for members across the United States.
WellCare began operations in 1985 and has its headquarters in Tampa, Florida. It became a subsidiary of Centene Corporation in January 2020.
WellCare began operations in 1985 in Tampa, Florida as a Medicaid provider for the State of Florida. In 1992, Kiran Patel, a cardiologist and entrepreneur, purchased the company.
In 2002, Patel sold it to a New York investment group led by George Soros and Todd Farha. That same year, Todd Farha joined the company as CEO.
In 2004, WellCare became a public company via an initial public offering. The company opened on New York Stock Exchange with a sale of 7.3 million shares, each share priced at $17. In 2006, WellCare began offering Medicare Advantage plans with prescription drug benefits after the signing of the Medicare Prescription Drug, Improvement, and Modernization Act in 2003.
Also, in 2006, WellCare began offering Medicare Part D plans.
On October 24, 2007, law enforcement agents executed a search warrant on WellCare's headquarters in Tampa, Florida–based on a whistleblower complaint that provided evidence of WellCare inflating patients' treatment costs and not returning overpayments to the state. The complaint also named several employees who knew about the activities.
In 2011, the SEC filed criminal charges against four WellCare executives. In 2013, the executives, including former CEO Todd Farha, were found guilty of the charges, including healthcare fraud and making false statements to law enforcement. Between 2008 and 2012, the company agreed to pay $217.5 million to settle the claims against them.