WellCare turns quarter from red to black

By RICHARD MULLINS | rmullins@tampatrib.com
Published: November 05, 2009

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WellCare Health Plans Inc. turned a profit in the third quarter, due in part to lower medical and general expenses.

Tampa-based WellCare is one of the nation's largest administrators of Medicare and Medicaid plans, with about 2.3 million members.

The company posted a profit of $28.7 million, or 68 cents a share, compared with a loss of $18.2 million, or 44 cents a share, a year ago. Revenue rose 2 percent to $1.67 billion from $1.64 billion.

The company also announced that federal regulators lifted bans and some other sanctions and will allow WellCare to resume marketing Medicare prescription drug plans and Medicare Advantage plans. Federal regulators had banned WellCare from such selling, citing a worst-in-the-nation record in certain quality measures.

WellCare will not renew contracts with the government for Medicare Advantage private fee-for-service plans in 2010, the company said.

Reporter Richard Mullins can be reached at (813) 259-7919.