Centene consolidating Medicare Advantage plan branding under WellCare
Photo: bymuratdeniz/Getty Photographs
Key insurance company Centene mentioned Thursday it will consolidate all of its Medicare Advantage makes underneath its wholly-owned subsidiary, WellCare. Centene obtained WellCare Well being Plans in January 2020 for about $17 billion.
Centene mentioned the shift will much better align with the company’s method and construct much better manufacturer recognition.
The insurer’s Medicare makes, such as Allwell, Well being Web, Fidelis Care, Trillium Advantage, Ohana Well being Prepare, and TexanPlus will turn out to be a person unified Medicare manufacturer underneath the WellCare name.
What is actually THE Affect
Due to the fact the acquisition, WellCare’s Medicare footprint has grown, ensuing in many Medicare Advantage makes across 33 states. That was the principal impetus behind the MA manufacturer consolidation method, which Centene senior video president and CEO of Medicare Abundant Fisher mentioned would consequence in much better support for the company’s one.one million MA users nationally.
The “manufacturer refresh,” as Centene calls it, also includes a new, modernized logo the firm hopes will convey a new perception of optimism and consumer friendliness. The tone and voice of the manufacturer will also be more uncomplicated, the insurance company mentioned, featuring an less difficult in general expertise for users.
Wellcare has made available a assortment of Medicare merchandise for more than 20 decades, such as Medicare Advantage and Medicare Prescription Drug Plans, which supply coverage outside of original Medicare.
Today, the firm features rewards this sort of as dental, listening to and vision products and services Flex cards to help with co-pays transportation products and services telehealth visits wellness and health and fitness applications in-property assistance products and services and special supplemental rewards for the chronically unwell.
THE Bigger Trend
When Centene to start with obtained WellCare, the mix was envisioned to generate about $500 million of once-a-year net cost synergies by the 2nd calendar year, and a push was created to deal with the social determinants of wellness this sort of as foodstuff insecurity, housing instability, homelessness, unemployment, deficiency of entry to transportation and other non-clinical limitations to wellness.
It is not the only acquisition Centene has created in recent decades. In January it agreed to purchase Magellan Well being for $2.2 billion the organizations mentioned the deal will enable much better wellness outcomes at lessen complete clinical costs via integrated options, and build chances to increase Centene’s specialty care enterprise with enhanced products and services, new product or service advancement and added 3rd get together interactions.
Not all of Centene’s subsidiaries have had a easy go of it. In March, Ohio Attorney Common Dave Yost submitted a lawsuit from the insurance company, alleging that firm subsidiary Buckeye Well being Prepare applied a world wide web of subcontractors for the provision of pharmacy rewards to misrepresent pharmacy costs, ensuing in tens of millions of dollars of overpayments by the Ohio Section of Medicaid.
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