WellCare Health Plans, Inc. Message Board
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This is where the $35 mil number came from
You may nee dto read it about 10 times to not miss any small details and people's names (FL state employees and politicians) that my resurface as things unfold.
I sense more and more potential political concerns, as the days under the veil pass.
http://www.ctnewsjunkie.com/upload/2007/04/husky_provider_hiding_profits/WellCareTrib.pdf-
Joe, I thought about this a little more and there is a small piece missing. The WSJ article mentioned a phrase that the alleged fraud occurred, "over the course of five years." Well, that reinsurance subsidiary wasn't setup until 2005, which is less than five years ago.
So, I still like your post and that article's facts. However, it may not be the silver bullet.... -
This article is dated April 2007, nearly 8 months ago. Tell me, poster, with what have they charged Wellcare?
Nothing! -
Hard to imagine that being the source of any fraud as it was on the books for everyone, including the government, to see.
- 2 Replies to jorge_mcjunk
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follow the money
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You obviously don't realize just how stupid government people really are. I think half of them are there on some Affirmative Action hiring plan.
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Good article...thanks for the post
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You know, Joe, I saw this article brought up before. But after that Wall Street Journal article that specifically mentioned the $35M number, it takes on a whole different meaning. It is possible that you nailed it here!
http://www.ctnewsjunkie.com/upload/2007/04/husky_provider_hiding_profits/WellCareTrib.pdf
"The April 11 Tribune story quoted three Wall Street analysts who said WellCare's Florida HMOs sent
far more money than necessary to the unregulated subsidiary, Comprehensive Reinsurance Ltd. The WellCare HMOs sent $73 million and recovered $38 million, a difference of $35 million.
Ryan noted that the analysts erred by lumping the Medicaid and Medicare premiums together. Only $19 million of the shift was for Medicaid because the risk for Medicare beneficiaries was much greater. After end-of-year claims came in, the claim recoveries for Medicaid patients equaled $19 million, he said.
The Medicare premiums and recoveries also matched up, he said. The confusion may have arisen because the reinsurer was created in late 2005. "It's a new entity," he said."- 1 Reply to wwwhead222
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wwwhead222, the timing of that Tampa Tribune article on April 11, 2007, followed by the excelerated stock sales by officers and BOD since then, may explain the bees nest getting so disrupted.
And a few other things happen between April and October 24th, that we have read about.
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