WellPoint
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| Type | Public (NYSE: WLP) |
|---|---|
| Founded | Anthem Insurance and WellPoint Health Networks merger in 2004 |
| Headquarters | Indianapolis, Indiana, USA |
| Key people | Angela Braly - President & CEO |
| Industry | Health Insurance |
| Products | Blue Cross Blue Shield |
| Revenue | ▲$56.953 billion USD (2006) |
| Operating income | ▲$4.116 billion USD (2005) |
| Net income | ▲$3.095 billion USD (2006)[1] |
| Employees | 42,000+ |
| Website | www.wellpoint.com |
WellPoint, Inc. is a large, U.S. based health insurance company and the largest member of the Blue Cross and Blue Shield Association. It was formed when WellPoint Health Networks, Inc. merged into Anthem, Inc., with the surviving Anthem adopting the name, WellPoint, Inc. and began trading its common stock under the WLP symbol on December 1, 2004. On April 13, 2009 it was announced that WellPoint had reached a definitive agreement under which St. Louis based Express Scripts will acquire WellPoint's NextRx subsidiaries for $4.675 billion.[2]
Express Scripts, the United States third largest PBM, is expected to officially close the transaction in the second quarter of 2009.
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[edit] Company description
WellPoint is an independent licensee of the Blue Cross and Blue Shield Association and serves its members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (as Blue Cross Blue Shield in 10 New York City metropolitan counties and as Blue Cross, Blue Shield or Blue Cross Blue Shield in selected upstate counties only), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.), Wisconsin; and through UniCare. In addition to Blue Cross, the company also operates under the Anthem name.
[edit] California settlement
In July 2008, WellPoint subsidiary Anthem Blue Cross agreed to a settlement with the California Department of Managed Health Care. In order to resolve allegations of improper rescission (cancellation of policies due to claims), WellPoint paid $10 million and reinstated 1,770 policy-holders whose plans they had cancelled. They also agreed to provide compensation for any medical debts incurred by these policy-holders in the meantime. However, WellPoint did not officially admit liability.[3]
[edit] Quality of care
- In the California Healthcare Quality Report Card 2009 Edition, Anthem received 2 out of 4 stars in Meeting National Standards of Care and How Members Rate Their HMO.[4]
- The Anthem.com member service web site is currently unavailable after 8pm on weekdays, and after 3pm on weekends. By contrast, most web sites operate 24 hours per day.[5]
- When requesting an insurance quote, it can require 6 to 8 weeks for the quote to arrive in the mail.
[edit] References
- Wellpoint official website - www.wellpoint.com
- International Directory of Company Histories, Vol. 25. St. James Press, 1999
- Anders, George, "Blue Cross of California Sells Stake in WellPoint Health for $476 Million," Wall Street Journal, January 28, 1993.
- Connolly, Jim, "California Blue Cross Plans to Start For-Profit Sub," National Underwriter Life & Health-Financial Services Edition, September 14, 1992.
- ^ Summary Annual Report 2006
- ^ *Express Scripts Announces Definitive Agreement to Acquire WellPoint NextRx Subsidiaries for $4.675 Billion
- ^ "2 health insurers to pay $13M to Calif. regulators". AP/Google. 2008-07-18. http://ap.google.com/article/ALeqM5gDBLyPh2QHiIO7azoVYF9Q2TVRSwD9203RSG2.
- ^ State of California - Health Care Quality Report Card 2009 Edition
- ^ Google cache of seca.anthem.com/login
[edit] External links
- Wellpoint Website - www.wellpoint.com
- Anthem - www.anthem.com
- Blue Cross of California - www.bluecrossca.com
- Article about unethical practices of Blue Cross of California - Los Angeles Times
- Blue Cross Blue Shield of Georgia - www.bcbsga.com
- Blue Cross Blue Shield of Missouri - www.bcbsmo.com
- Blue Cross Blue Shield of Wisconsin - www.bcbswi.com
- Empire BlueCross BlueShield - www.empireblue.com
- Lumenos, an unlicensed affiliate company - www.lumenos.com
