WellCare profits up on Medicare business

By Mike Wells and Carol Gentry
5/5/2010 © Health News Florida

WellCare Health Plans Inc., which reported  handsome first-quarter earnings today, faces a paradox in its government contracts: It’s making too much money on its Medicare services — at least, too much to meet upcoming spending requirements — but not enough from Medicaid.

That’s what analyst Carl McDonald of Oppenheimer & Co. said in an advisory report issued today after WellCare released its first-quarter earnings report. The company said it netted $6.4 million, compared with a loss of $36.9 million for the same period last year.

Read the rest of the story here.

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