Wisconsin Physicians Service Insurance ensures coverage for Wisconsin residents and employers top to bottom. The not-for-profit company provides managed care plans and related services to more than 200,000 members under the WPS Health Insurance and Arise Health Plan brands. Group, family, and individual offerings include HMO, PPO, and high-deductable plans. WPS also administers the policies of some 9.5 million supplemental Medicare members across the US, as well as 4.7 million western region TRICARE members. Subsidiary EPIC Life Insurance provides ancillary product including life, disability, dental, and vision plans, while WPS Bank offers banking and finance services in Wisconsin.
WPS Health Insurance was established by the Wisconsin State Medical Society in 1946. Its network includes some 15,000 health care providers and 140 hospitals statewide, supported by regional offices across Wisconsin. The company has additional administrative offices for its Medicare and TRICARE operations in Minnesota, Illinois, Nebraska, Missouri, and Florida.
WPS Health Insurance's managed health plans make up about 60% of its annual revenues, which have risen to some $900 million, while its TRICARE and Medicaid contracts make up about 40%. As a result, WPS Health Insurance's future finances could take a blow after its TRICARE (military insurance) western region contract with the US Department of Defense expires in March 2013. The DOD announced that it wouldn't renew the contract in mid-2012.
As a result of the impending TRICARE changes, WPS Health Insurance is downsizing the operations at its office in Wausau, Wisconsin. The company is also looking to expand in the commercial insurance market to replace the income that will be lost with the TRICARE contract. – less