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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 2019



Comparing the results to its competitors, Wellcare Health Plans inc reported Total Revenue increase in the 3 quarter 2019 by 41.16 % year on year.
The revenue growth was below Wellcare Health Plans inc's competitors average revenue growth of 45.87 %, recorded in the same quarter.

List of WCG Competitors

With net margin of 3.38 % 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 the 3 quarter 2019 grew year on year by 84.53 %, faster than average growth of Wellcare Health Plans inc's competitiors of 39.95 %

<<  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 2019

Strong sales growth of 41.16 % in overall company contributed to Wellcare Health Plans, inc. increase in total revenue by 41.16 %

Wellcare Health Plans, inc. improved its market share in this segment, to approximate 21.13 %.



<<  More on WCG Market Share.
 

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


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 15,345 26,983 631 6,900
Aetna Inc AET 70,069 60,705 3,503 48,800
Aflac Incorporated AFL 40,353 21,832 3,048 9,235
Assurant, Inc. AIZ 8,591 9,083 431 17,600
American Independence Corp. AMIC 0 0 0 268
American National Insurance Co ANAT 3,277 3,651 413 4,736
Anthem, Inc. ANTM 73,913 99,282 4,013 48,200
Axis Capital Holdings Ltd AXS 4,966 5,083 136 1,225
Cigna Corporation CI 72,190 129,657 4,283 37,200
Centene Corporation CNC 22,951 72,335 1,348 18,200
Cno Financial Group, Inc. CNO 2,800 4,262 -412 3,500
COVENTRY HEALTH CARE, INC. CVH 0 0 0 0
Natur International Corp. FUTU 0 2 0 150
Triple-s Management Corp GTS 454 3,201 16 3,257
Health Net Inc HNT 0 0 0 50
Humana Inc HUM 43,904 60,726 2,505 57,000
Investors Heritage Capital Corp IHRC 49 63 1 1
Kemper Corporation KMPR 4,924 3,328 376 5,600
Metlife Inc MET 46,900 65,750 6,108 66,000
Molina Healthcare, Inc. MOH 7,776 17,219 770 21,000
National General Holdings Corp. NGHC 2,504 4,997 321 4,630
Onebeacon Insurance Group, Ltd. OB 1,734 1,242 147 1,150
Principal Financial Group, inc PFG 15,397 15,946 1,361 14,873
Security National Financial Corporation SNFCA 88 259 7 1,271
Symetra Financial Corporation SYA 0 2,111 210 1,400
Universal American Corp. UAM 0 0 0 961
Unitedhealth Group Incorporated UNH 250,712 235,876 13,390 170,000
Unum Group UNM 6,176 11,845 1,053 9,500
Wellpoint, Inc. WLP 0 71,427 2,570 0
White Mountains Insurance Group, Ltd WTM 3,481 1,292 228 2,973
SUBTOTAL 698,556 928,157 46,457 555,680


             
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