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November 14, 2001 at 07:00 PM
NU Online News Service, Nov. 14, 4:15 p.m. – The WellCare Management Group Inc., Kingston, N.Y., is reporting $35,000 in net income for the third quarter on $24 million in premium revenue, up from a net loss of $1.1 million on $17 million in premium revenue for the third quarter of 2000.
WellCare, a small managed care company, says revenue increased so rapidly because of the acquisition of Medicaid operations from another carrier.
The shift toward Medicaid and a shift away from the commercial market helped cut medical expenses to 81% of premium revenue, from 100% for the third quarter of 2000, the company says.
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