Thursday, October 25, 2007

Not so Well(care)

One of our commenters, Cary, noted this morning that the Feds have "raided" a well-known Medicare/Medicaid health plan provider. According to their website, Wellcare (WC) "has been a leading provider of government-sponsored health plans including Medicare Health Plans, Medicare PDP, Medicaid, State Children's Health Insurance Programs and others."
S-CHIP, too, hmm?
Even more interesting for some is the connection to noted financier George Soros, who provided substantial funding to WC back in the early 90's. According to the St Pete Times' story, the company has bestowed some $105,000 to Republican candidates so far this year, and a measly $5,000 to Democratic candidates. Unfortunately, the Times' seems to have missed the $15,000 WC donated to the Democratic National Committee last year (according to So it appears that their political largess is a bit more non-partisan than one might believe from the news story.
As Mike noted in the same comments section, "Carroll [Thomas Carroll, analyst with Stifel Nicolaus in Baltimore] suspects the raid is potentially the result of a lawsuit in which an employee brought a matter to the attention of authorities."
So is it all smoke and mirrors, or is there something truly amiss?
Time will tell.
UPDATE: PharmaFraud blog has more.
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