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Wellcare Health Plans, Inc.  (WCG)
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Wellcare Health Plans Inc's

Competitiveness


 

WCG Sales vs. its Competitors Q3 2018



Comparing the results to its competitors, Wellcare Health Plans Inc reported Total Revenue increase in the 3 quarter 2018 by 14.88 % year on year.
The sales growth was above Wellcare Health Plans Inc's competitors average revenue growth of 9.65 %, recorded in the same quarter.

List of WCG Competitors

With net margin of 2.58 % company reported lower profitability than its competitors.

More on WCG Margin Comparisons



Revenue Growth Comparisons




Net Income Comparison


Wellcare Health Plans, Inc. Net Income in 3 quarter 2018 declined year on year by -23.89 %, despite income growth by most of its competitors

<<  More on WCG Income Comparisons


Wellcare Health Plans Inc's Comment on Competitors and Industry Peers


We operate in a highly competitive environment to obtain government health care program beneficiaries and manage the cost and quality of services that are delivered to these beneficiaries. We currently compete in this environment by offering Medicare and Medicaid health plans in which we accept all or nearly all of the financial risk for management of beneficiary care under these programs.

We typically must be awarded a contract by the government agency with responsibility for a program in order to offer our services in a particular location. Some government programs choose to limit the number of plans that may offer services to beneficiaries, while other agencies allow an unlimited number of plans to serve a program, subject to each plan meeting certain contract requirements. When the number of plans participating in a program is limited, an agency generally employs a bidding process to select the participating plans.

As a result, the number of companies with which we compete varies significantly depending on the geographic market, business segment and line of business. We believe a number of our competitors have strengths that may match or exceed our own with respect to one or more of the criteria on which we compete with them. Further, some of our competitors may be better positioned than us to withstand rate compression.

The health care industry is highly competitive, primarily due to a large number of for-profit and not-for-profit competitors. New entrants into the marketplace, including Accountable Care Organizations, as well as significant consolidation within the industry, have contributed to the competitive environment. In addition, the increased use of technology to interact with members, providers and customers, increase the risks we currently face from new entrants and disruptive actions by existing competitors compared to prior periods.

We believe that the significant factors that distinguish competing health plans include the perceived overall quality (including accreditation status), quality of service, comprehensiveness of coverage, cost (including premium rates, provider arrangements and member out-of-pocket costs), financial stability and ratings, breadth and quality of provider networks, and quality of member support and care management programs. We believe that we are competitive on each of these factors. Our ability to increase the number of persons covered by our plans or to increase our revenues is affected by our ability to differentiate ourselves from our competitors on these factors. Competition may also affect the availability of services from health care providers, including primary care physicians, specialists and hospitals.

Medicaid Competitors

In the Medicaid managed care market, our principal competitors for state contracts, members and providers include the following types of organizations:

MCOs—Managed care organizations ("MCOs") that, like us, receive state funding to provide Medicaid benefits to members. Many of these competitors operate in a single or small number of geographic locations. There are a few multi-state Medicaid-only organizations that are able to leverage their infrastructure over a larger membership base. Competitors include private and public companies, which can be either for-profit or non-profit organizations, with varying degrees of focus on serving Medicaid populations.

Medicaid Fee-For-Service—Traditional Medicaid offered directly by the states or a modified version whereby the state administers a primary care case management model.

PSNs—A Provider Service Network ("PSN") is a network of providers that is established and operated by a health care provider or group of affiliated health care providers. A PSN operates as either a fee-for-service ("FFS") health plan or as a prepaid health plan that, like us, receives a capitated premium to provide Medicaid benefits to members. A PSN that operates as a FFS health plan is not at risk for medical benefit costs. FFS PSNs are at risk for 50% of their administrative cost allocation if their total costs exceed the estimated at-risk capitation amount.

Accountable Care Organizations - Accountable Care Organizations (“ACOs”) are groups of doctors, hospitals, and other health care providers who come together voluntarily to give coordinated high quality care to their patients. The goal of coordinated care is to ensure that patients, especially the chronically ill, get the right care at the right time, while avoiding unnecessary duplication of services and preventing medical errors.

Medicare Competitors

In the Medicare market, which includes Medicare Advantage and Prescription Drug Plans; our primary competitors for contracts, members and providers include the following types of competitors:

Original Fee-For-Service Medicare—Original Medicare is available nationally and is a fee-for-service plan managed by the federal government. Beneficiaries enrolled in Original Medicare can go to any doctor, supplier, hospital or other facility that accepts Medicare and is accepting new Medicare patients.

Medicare Advantage and Prescription Drug Plans—MA and stand-alone Part D plans are offered by national, regional and local MCOs and insurance companies that serve Medicare beneficiaries. In addition, prescription drug plans are being offered by or co-branded with retail drug store chains or other retail store chains, which may be able to offer lower priced plans and achieve benefits from integration with their pharmacy benefit management operations.

Employer-Sponsored Coverage—Employers and unions may subsidize Medicare benefits for their retirees in their commercial group. The group sponsor solicits proposals from MA plans and may select an HMO, preferred provider organization ("PPO") and/or PDP to provide these benefits.





  

Total Segment Market Share Q3 2018

Despite revenue growth of 14.88 % in Total segment, Wellcare Health Plans, Inc. lost market share within this segment.





<<  More on WCG Market Share.
 

*Market share is not actual measurement, only performance comparison of companies which report and operate within the same segment.

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WCG's vs. Competition, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)



COMPANY NAME TICKER MARKET CAP REVENUES INCOME EMPLOYEES
Wellcare Health Plans, Inc. WCG 11,469 18,688 445 6,900
Aetna Inc AET 70,198 61,233 3,681 48,800
Aflac Inc AFL 34,698 21,983 4,848 9,235
Assurant Inc AIZ 0 0 0 17,600
American Independence Corp. AMIC 0 0 0 268
American National Insurance Co ANAT 3,312 3,732 622 4,736
Anthem, Inc. ANTM 73,082 90,895 4,250 48,200
Axis Capital Holdings Ltd AXS 4,437 5,202 203 1,225
Cigna Corporation CI 50,492 44,845 2,766 37,200
Centene Corp CNC 26,923 56,363 876 18,200
Cno Financial Group, Inc. CNO 2,590 4,625 -414 3,500
COVENTRY HEALTH CARE, INC. CVH 0 0 0 0
Future Healthcare Of America FUTU 1 3 -1 150
Triple-s Management Corp GTS 0 3,001 -14 3,257
Health Net Inc HNT 0 0 0 50
Humana Inc HUM 41,539 55,933 1,512 57,000
Investors Heritage Capital Corp IHRC 49 63 1 1
Kemper Corporation KMPR 4,354 3,328 221 5,600
Metlife Inc MET 38,890 64,969 5,445 66,000
Molina Healthcare Inc MOH 8,948 19,175 244 21,000
National General Holdings Corp. NGHC 2,640 4,449 113 4,630
Onebeacon Insurance Group, Ltd. OB 0 1,174 70 1,150
Principal Financial Group Inc PFG 12,518 13,704 2,165 14,873
Security National Financial Corporation SNFCA 91 279 31 1,271
Symetra Financial Corporation SYA 0 0 0 1,400
Torchmark Corp TMK 8,895 4,296 1,564 2,980
Universal American Corp. UAM 0 0 0 961
Unitedhealth Group Inc UNH 260,515 219,891 12,939 170,000
Unum Group UNM 6,502 11,557 541 9,500
WELLPOINT INC. WLP 0 0 0 0
White Mountains Insurance Group Ltd WTM 2,808 -196 -12 2,973
SUBTOTAL 664,950 709,193 42,097 558,660


     
       
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