Universal American Corporation
New York Stock ExchangeRecent
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- Universal American Corporation is a publicly traded health insurance company headquartered in White Plains, New York, primarily engaged in providing health benefits to Medicare and Medicaid populations. The company offers a comprehensive portfolio of Medicare Advantage plans, Medicare prescription drug plans (Part D), and managed care products and services tailored to individuals covered by Medicare and Medicaid. Its products include a variety of health insurance plans designed to improve healthcare coordination through partnerships with Accountable Care Organizations and healthcare providers to deliver cost-effective, high-quality care. The company operates through a family of healthcare entities serving states, municipalities, health plans, and other Medicaid-related entities across the United States. Founded in 1945, Universal American has evolved into a well-capitalized enterprise with revenues exceeding $2 billion annually. Recently, in 2024, Universal American divested its Collaborative Health Systems LLC subsidiary to Astrana Health, marking a strategic move to streamline its operations and focus on core Medicare and Medicaid services. The company has a history of strategic acquisitions and divestitures, including selling its Medicare Part D business to CVS Caremark in 2011 for $1.25 billion and being acquired by WellCare Health Plans in 2016. Most recently, the company has concentrated on enhancing collaboration among payers, providers, and patients to improve health outcomes while managing healthcare costs effectively. Universal American primarily targets Medicare and Medicaid beneficiaries, leveraging its strong geographic presence in key U.S. markets, including New York, Florida, and Texas, where it maintains offices. The company is notable for its innovation in healthcare services management, integrating pharmacy benefit management solutions and embracing value-based care models. With long-standing leadership under CEO Richard A. Barasch, the company continues to adapt to regulatory changes and healthcare industry dynamics by focusing on coordinated care delivery and expanding partnerships with providers and community-based organizations to improve patient health and reduce expenditures.
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