WellCare Health Plans is laying off about 360 employees, or 9% of its workforce. The Tampa, Fla.-based managed-care plan said that the cuts are related to changing business conditions and its previously announced planned exit from the Medicare Advantage private fee-for-service program next year.
The news comes on the heels of two settlements with federal and state regulators. WellCare is paying $80 million to settle Medicaid fraud charges with the U.S. attorneys office for Floridas Middle District, based in Tampa, and another $10 million to the Securities and Exchange Commission over restated financial earnings.
Laid-off workers are encouraged to apply for the 150 open positions in the company, according to a news release.
These changes are very difficult, Heath Schiesser, president and CEO of WellCare, said in a written statement. Our objective remains building a stronger company that can efficiently and effectively provide important healthcare options to the millions of beneficiaries we serve and the government clients that have entrusted us to do so.