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WCG on NYSE

WellCare

American health insurance company

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 2020.3 It was founded by Kiran C. Patel.1 Its shares trade on NYSE under the symbol WCG.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1985Founded1

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  • TickerWCG on NYSE1
  • Industryhealth care1
  • HeadquartersTampa1
  • Websitewww.wellcare.com
  • Incorporated inDE5
  • Business address8735 Henderson Road, Renaissance One, Tampa, Fl 336345
  • Filer categoryLarge accelerated filer5
  • Legal formCorporation4
  • LEI529900JCT1MMTWHZ5P234
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o The Corporation Trust Company, Corporation Trust Center 1209 Orange St, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 37582774

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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.3

What it owns

What WellCare reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$989.7M7 Dec 31, 2018$730.6M7 Dec 31, 2017+35.5%
Accumulated depreciation$561.5M7 Dec 31, 2018$411.1M7 Dec 31, 2017+36.6%
Property and equipment, net$428.2M7 Dec 31, 2018$319.5M7 Dec 31, 2017+34.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.7B7 Dec 31, 2018$4.2B7 Dec 31, 2017−13.0%
Marketable securities, current$830.1M7 Dec 31, 2018$469.5M7 Dec 31, 2017+76.8%
Debt securities available for sale$1.6B7 Dec 31, 2018$1.2B7 Dec 31, 2017+33.0%
Long-term investments$813.2M7 Dec 31, 2018$766.2M7 Dec 31, 2017+6.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.2B7 Dec 31, 2018$660.7M7 Dec 31, 2017+237.2%
Intangible assets, net (excluding goodwill)$996.2M7 Dec 31, 2018$367.9M7 Dec 31, 2017+170.8%
Finite-lived intangibles, gross$1.1B7 Dec 31, 2018$447.0M7 Dec 31, 2017+156.0%
Accumulated amortization$148.0M7 Dec 31, 2018$79.1M7 Dec 31, 2017+87.1%
Finite-lived intangibles, net$996.2M7 Dec 31, 2018$367.9M8 Dec 31, 2017+170.8%

The story

Founded by Kiran C. Patel in 1985.1

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, 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.

2007 Florida investigations

On October 24, 2007, law enforcement agents executed a search warrant on WellCare's headquarters in Tampa, 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.

2008–2019

In January 2008, Heath Schiesser was promoted to president and CEO, replacing Todd Farha. Schiesser was replaced in December 2009 by Alec Cunningham.

In November 2013, WellCare appointed Chairman David Gallitano as interim CEO.

Read the full text

In 2018, 2019, and 2020 Fortune magazine named WellCare as one of the World's Most Admired Companies.

Centene acquisition

In January 2020, Centene Corporation acquired the company for $17 billion. Following the merger, WellCare's CFO Andrew Asher became the CFO of Centene and CEO Kenneth Burdick joined the executive team at Centene.

From Wikipedia’s article on WellCare, shared under CC BY-SA 4.0.6

Leadership

Who has led WellCare, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Todd S. Farha2006–2007
  2. Heath Schiesser2008–2009
  3. Alexander R. Cunningham2010–2013
  4. David J. Gallitano2013–2014
  5. Ken Burdick2015–2020

Chair

  1. Todd S. Farha2006–2007
  2. Charles Berg2010
  3. David J. Gallitano2014

President

  1. Todd S. Farha2006
  2. Imtiaz Sattaur2006–2007
  3. Heath Schiesser2008–2009
  4. Adam Miller2008–2009
  5. Alexander R. Cunningham2009
  6. Daniel Parietti2009–2010
  7. Michael Lester Cotton2009–2010
  8. Jesse Thomas2010–2012
  9. Marc Russo2010–2012
  10. Dan Paquin2012–2013
  11. Ken Burdick2014

Chief financial officer

  1. Paul L. Behrens2006–2007
  2. Thomas L. Tran2008–2014
  3. Andrew Lynn Asher2015–2020

Chief operating officer

  1. Adam Miller2007–2008
  2. Rex M. Adams2008–2010
  3. Ken Burdick2014
1990200020102020
Board members and other officers (56)

Acquisitions

In November 2012, Wellcare acquired Easy Choice Health Plan in California.

UnitedHealthcare's South Carolina Medicaid business was acquired in February 2013. In April of that year, Aetna's Medicaid business in Missouri, Missouri Care, was acquired.

The Windsor Health Group was acquired by WellCare in January 2014.

In January 2017 Care1st Health Plan Arizona, a subsidiary of Care1st Health Plan and Blue Shield of California affiliate was acquired. Wellcare purchased Universal American and Phoenix Health Plan, formerly a subsidiary of Abrazo Community Health Network, a subsidiary of Tenet Healthcare in May 2017.

Read the full text

Meridian Health Plans of Detroit, Michigan, was acquired in September 2018.

In September 2019, Aetna's Medicare prescription insurance business was acquired as a condition of CVS Health's acquisition of Aetna.

From Wikipedia’s article on WellCare, shared under CC BY-SA 4.0.6

Former names

  • WELLCARE GROUP INCFeb 13, 2004 to Jul 8, 20045

Timeline

  1. Mar 3, 2015New chief executive Ken Burdick becomes CEO9
  2. Nov 1, 2013New chief executive David J. Gallitano becomes CEO10
  3. Mar 16, 2010New chief executive Alexander R. Cunningham becomes CEO11
  4. Jan 29, 2008New chief executive Heath Schiesser becomes CEO12
  5. Jan 31, 2006New chief executive Todd S. Farha becomes CEO13
  6. 1985Founded Founded1

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jan 24, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseExchange$1,001 - $15,000Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How WellCare is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWELLCARE HEALTH PLANS, INC.2
  • CIK0001279363
  • Employer ID (EIN)47-09376502
  • Filer statusLarge accelerated filer2
  • Incorporated inDelaware2
  • Fiscal year endsDecember 312
  • Industry code (SIC)6324 Hospital & Medical Service Plans2
  • Business address8735 Henderson Road, Renaissance One, Tampa, FL 336342
  • Phone81329062002
  • Shares outstanding50,327,612 as of Oct 28, 201984
  • Public float$11.0B as of Jun 30, 20187
  • On EDGAR sinceFeb 13, 20042
  • Filings1,853 in all: 4 (986), 8-K (408), 3 (73), 425 (65), SC 13G/A (56), 10-Q (47), SC 13G (29), 10-K (15)2
    All 48 form types

    DEF 14A (14), UPLOAD (14), 8-K/A (13), 4/A (11), ARS (10), CORRESP (10), CT ORDER (10), DEFA14A (10), S-8 POS (8), S-1/A (7), S-8 (7), 424B2 (5), 10-K/A (4), 424B5 (4), 5 (4), NT 10-Q (4), S-3ASR (4), SC 13D/A (4), FWP (3), S-1 (3), 10-Q/A (2), 424B4 (2), NT 10-K (2), PRE 14A (2), SC TO-I/A (2), 15-12B (1), 25-NSE (1), 3/A (1), 424A (1), 424B1 (1), 424B3 (1), 8-A12B (1), CERTNYS (1), DEFM14A (1), POSASR (1), PRER14A (1), SC 13D (1), SC TO-I (1), T-3 (1), T-3/A (1)

  • Latest filingsAnnual report (10-K) Feb 12, 2019
    Quarterly report (10-Q) Oct 30, 2019
    Proxy statement (DEF 14A) Apr 8, 2019
    Latest 8-K (8-K) Jan 23, 2020

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