For Sale: WellCare, gently used, only $5

This post should of been titled “Putting the ‘oh shit someone told on us’ in WellCare”
See what happens when you cross The Angry Pharmacist ™? You get raided by the FBI, your stock tanks like a post-thanksgiving turd, your exec’s abandon ship and put their business on CraigsList, and Pharmacists everywhere are digging your grave. Remember that.
On a more serious note, if you have lived in a barn the past week, Wellcare (the one we all know and love) got raided by the FBI/Government/Granny/etc. Their stock promptly went from $130 to ~$27. Dont believe me? Click here.
Why did Wellcare get raided? Well, people aren’t saying much. I read somewhere on that yahoo link (that I cant seem to find the article now, interesting) that they were misrepresenting their earnings, especially when dealing with officials in charge of reimbursement (meaning OUR reimbursements probably). Something about contracts with an off-shore business or something to lower their overall profits. For some reason actually making a profit of 49% higher than reported rings a bell somewhere in my head.
What does this all mean? That the “Fair” reimbursement we have been getting of way too low like cost+$1.50 is bullshit. Wellcare obviously was rolling in the dough, so why couldn’t they up our reimbursements? Oh, because they were funneling their money around so their company looked less profitable thereby giving them an excuse to fuck over the pharmacies and our shitty reimbursements. “We cannot afford to reimburse you more” they spew as they light their cigars with fresh $100’s.
Since Wellcare’s crap-ass reimbursements were just in jive with the other big-hitters of the Medicare Part D crew, I wonder how many exec’s of the other big Medicare Part D providers (Caremark, etc) are currently forging their books expected to be investigated next? Are the Exec’s cleaning the turd stains out of the boxers bought with their $400,000/yr salary? Are we magically going to see new contracts appear in our fax machines with higher reimbursements? God I hope so.
Stockholders are suing. I would sue too if I had my retirement invested i Satan at $130/share to barf down to low 20’s. I wonder how long until the pharmacies class-action WellCare’s ass over reimbursement rates generated from an incorrect profit statement (not just a little 2% incorrect, but probably ~40% incorrect, whoops). We can only hope. You can be sure that I’ll have more commentary as the info comes rolling in.
Happy 1st everyone. I hope your day wasn’t as shitty as mine.

Comments #

Comment by count by fives on 2007-11-02 07:14:21 -0700 #

I just found your site last week. I’ve told all my fellow Wal(something) pharmacist buddies about it. Great stress reliever. I’ve been in retail pharmacy 28 years and have seen a lot of crap (sometimes literally) myself, as we all have. Anyway, thanks for the venting. Keep on countin and pourin, lickin and stickin.

Comment by Gary on 2007-11-02 19:57:41 -0700 #

holy crap. 130 -> 20+ lol!!!!!
Great post TAP keep em coming

Comment by John Roman RPh on 2007-11-03 10:35:41 -0700 #

I like how on the top of their remittance checks it says “It all starts with care” .

Comment by Scott on 2007-11-05 21:06:28 -0800 #

Medicine is getting a little too mafia connected if you ask me. I love the disappearing links! I’m always up for a good consipacy theory! Sorry you had a shitty day.

Comment by Jeff Jardine on 2007-11-09 15:06:07 -0800 #

we have had some classics lately up here in Canada. We had a girl on financial assistance refuse to pay her own money for an rx that was not covered and then proceeded to go to the bench beside the pharmacy and make a call on her cell phone for a tanning appointment(but could not afford the cream for her dirty bird)
Also get plenty of “can you fill my rxs early since I am going on vacation” and these people are on financial assistance as well. Where the hell are they going on vacation, Hawaii ???
My first and last personal favorite is dropping a rx in person and then instead of waiting, they want the fuc##ng thing delivered. Sit the hell down and wait for it like the rest of the people for God sake