As the first wave of baby boomers turns 65, WellCare is well poised to boost to take advantage. The Tampa, Fla., managed-care provider is the fourth-largest provider of Medicare Advantage insurance plans to seniors in the United States.
Medicare Advantage, also known as Medicare Part C, is another option for Medicare recipients that mirror traditional insurance plans or offer supplemental coverage.
In April, WellCare settled a 2008 fraud scandal involving falsifying health records. The settlement cleared the way for WellCare to once again be a government contractor for the Medicare and Medicaid programs.
WellCare's enrollments jumped 10% in the third quarter, mostly due to an increase in Medicare Advantage members. The increase helped the firm nearly double its third-quarter profits and raise its outlook.
WellCare also become a possible takeover target. Major health insurers have been scrambling to increase their market share in privately-managed Medicare plans, with UnitedHealth Care and Cigna (CI) already acquiring large Medicare Advantage providers this year.
It was a tough year for many major corporations, but this neglected bouquet of Fortune 500 companies stood out for particularly poor performance. From a bankrupt airline to an aging camera maker, here are the biggest losers.
