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WellCare Health Plans, Inc. Message Board

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  • wwwhead222 wwwhead222 Nov 8, 2007 2:31 AM Flag

    This is where the $35 mil number came from

    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."

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