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[Ken Helle | Times (2006)]
WellCare Health Plans' headquarters on Henderson Road in Tampa.
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Company information
May 2009

Address: 8725 Henderson Road, Tampa, FL 33634; (813) 290-6200; www.wellcare.com

Business: Medicaid and Medicare managed care plans

Ticker symbol, market: WCG, NYSE

Market capitalization: $643 million, down from $1.82 billion

CEO: Heath Schiesser

Employees: 4,100, up from 4,000

Financials
(For the year ended Dec. 31, 2008)

Revenue: $6.5 billion, up 20 percent

Net loss: ($36.8 million)

Per share: (89 cents)

Return on equity: (4.56 percent)

Biggest challenge: The Tampa company agreed in May 2009 to pay $80 million in restitution to avoid prosecution for Medicaid fraud. WellCare also is in settlement talks over the same conduct with the Justice Department's Civil Division, the Department of Health and Human Services and the Securities and Exchange Commission. Separately, WellCare is indefinitely suspended from selling Medicare-backed drug and health plans until federal regulators are convinced the company has cleaned up sales practices and how it deals with customer complaints.

Corporate culture
May 2008

The work continues, despite a raid and turmoil

When the FBI shows up at the office and starts hauling away documents and copying computer files, the employees of any company are bound to get nervous. Six months after federal agents raided WellCare Health Plans in Tampa, its nearly 3,000 workers were still wondering what was going on.

To their credit, WellCare's employees seem to have remained focused on their jobs despite the turmoil. While front-line workers were tending to business, WellCare's board tossed out the top three executives and brought in new leadership. New president and CEO Heath Schiesser reportedly met with all workers soon after his arrival in late January. His message: Keep working.

—Times Staff Writer

Have a comment or story idea? E-mail the editors at biznews@sptimes.com.

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