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WellCare Health Plans Inc Revenues for Third Quarter 2011 Increased to US$88.3Mn: US Healthcare Industry

Industry Sector

Healthcare and Medical

Published

5 January 2012

Author

Mike King

Type of News

Financials

WellCare Health Plans Inc reported an increase in revenue from US$42.9 million for the third quarter in 2010 to US$88.3 million for the same quarter in 2011. Adjusted net income for the third quarter 2011, ending 30th September 2011 totalled US$93.2 million.

The company's top priorities are to continue to deliver quality and improving health care with the focus on administrative and medical cost structures. Profitable growth is a key deliverable for WellCare Health Plans.

The company is optimistic about opportunities during 2012 with the recent launch of the Kentucky Medicaid program upon completion of a rapid implementation timeline. This program will focus on improving health care outcomes and care coordination, promoting healthier lifestyles and wellness and lowering the overall cost of care. In addition, the company started to provide prescription drug benefits from 1st October 2011 and the company completed an upgrade of its core operating system.

The US represents the world's largest healthcare market, with a high annual healthcare spending. The growth in healthcare spending is mainly driven by high administrative costs, and expensive hospital care. We believe that the market holds a great potential with several segments under healthcare spending still remaining untapped, indicating immense opportunities for the industry players for expanding operations. US healthcare spending is expected to grow at a CAGR of around 5% during 2010-2013.

To view more information about the healthcare sector, click here: http://www.companiesandmarkets.com/Market-Report/us-healthcare-market-outlook-2013-739223.asp

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