WellPoint, Inc. is Blue Cross Blue Shield's independent licensee. It was created through the merger of Anthem, Inc. with the WellPoint Health Networks Inc. on 30 th November, 2004 .
WellPoint Health Networks Inc.'s origin dates back to 1986 when it was constituted as a Blue Cross of California's (BCC) division which was responsible for its managed healthcare plans. BCC was itself founded during 1937 as a not-for-profit company which was mainly responsible for providing reasonable and quality medical coverage to the residents of California . During the middle of 1980's, it found itself in unstable financial conditions due to rapid increase in the cost for the medical care. Due to all this BCC's own existence was under the threat. In 1986, reported a net loss of $55 million. To come out of this situation it had to sell its own headquarter building based in California 's Woodland Hills. It also has to sell its HMO division TakeCare, in the end of 1988. Till 1991 BCC had reported a remarkable turnaround.
WellPoint was then formed in the 1992 to actually operate as a managed care entity of Blue Cross of California. During 1993, BCC spun off its business of managed care to a public entity which would operate separately and was known as WellPoint Health Networks Inc. By the year 1996, BCC has converted all of its businesses to for-profit and also restructured itself and as a result WellPoint Health Networks Inc. was designated as the parent organization.
Services offered by WellPoint
WellPoint provides a range of managed care health plans to the small as well as large scale employers, the individuals. It's managed health care plans includes point-of-service plans, health maintenance organizations, also traditional indemnity plans and also other hybrid plans, which includes the hospital only, the consumer-driven health plans, and the limited benefit products. To add with, the Company also offers a large range of managed health care services to the customers who are self-funded, underwriting, actuarial services, including claims processing, stop loss insurance, medical cost management plans and also other administrative services. WellPoint also offers a range of specialty products and services which includes behavioral health benefits, pharmacy benefit management, disability insurance and group life, vision, dental, compensation to workers and the long-term insurances.
WellPoint Inc. |
|
Type |
Public (NYSE: WLP) |
Headquarters |
Indianapolis , Indiana , USA |
Key people |
Angela Braly - Chairman & CEO |
Revenue |
$ 45.136 billion USD (2005) |
Operating income |
$ 4.116 billion USD (2005) |
Net income |
$ 2.463 billion USD (2005) |
Employees |
42,000 + |
Website |
www.wellpoint.com |