WellCare – WCG – To Acquire UnitedHealthcare’s Medicaid Business
NYSE: WCG) announced that it has entered into an agreement to acquire UnitedHealthcare’s Medicaid business in South Carolina from UnitedHealth Group (NYSE: UNH). The transaction is subject to regulatory approvals, and WellCare anticipates that the transaction will close during the fourth quarter of 2012.
As of October 2012, UnitedHealthcare’s Medicaid business in South Carolina serves approximately 65,000 Medicaid members in 39 of the state’s 46 counties, including the Columbia and Greenville metropolitan areas, through the South Carolina Healthy Connections Choices program. It has a network that includes more than 30 hospitals, 1,800 primary care physicians, and 2,000 specialists.
“This acquisition offers us a promising growth opportunity in the attractive South Carolina government programs market, and is well-aligned with our multi-product strategy,” said Alec Cunningham, WellCare’s CEO. “We believe the state is making policy changes that should improve the Medicaid program for managed care plans, and offer the potential for increased membership.”
About WellCare Health Plans, Inc. – WCG
WellCare Health Plans, Inc. (WCG) provides managed care services targeted to government-sponsored health care programs, focusing on Medicaid and Medicare. Headquartered in Tampa, Florida, WCG offers a variety of health plans for families, children, and the aged, blind, and disabled, as well as prescription drug plans. WCG serves approximately 2.6 million members nationwide as of September 30, 2012.
About UnitedHealth Group Incorporated – UNH
UnitedHealth Group Incorporated (UNH) is a diversified health and well-being company. The Company operates in four segments: UnitedHealthcare, which includes UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement and UnitedHealthcare Community & State; OptumHealth; OptumInsight, and OptumRx. UnitedHealthcare serves the health benefits needs of individuals across life’s stages through three businesses. UnitedHealthcare Employer & Individual serves individual consumers and employers. The health needs of seniors are served by UnitedHealthcare Medicare & Retirement. UnitedHealthcare Community & State serves the public health marketplace, offering states Medicaid solutions. Optum serves health system participants, including consumers, physicians, hospitals, governments and pharmaceutical companies, through its OptumHealth, OptumInsight and OptumRx businesses. In February 2012, the Company acquired XLHealth Corporation.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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