Wisconsin Physicians Service
Encyclopedia
Wisconsin Physicians Service Insurance Corporation (WPS) is a not for profit service insurance corporation based in Madison, Wisconsin
. WPS offers commercial health insurance products in the state of Wisconsin and provides insurance claims processing services under various U.S. Government contracts. In addition, WPS has subsidiary corporations in the life insurance http://www.epiclife.com and temporary staffing http://www.adtecservices.com lines of business.
legislature
passed legislation
requiring that service insurance corporations be legally separate from the parent professional society. In order to comply with this new regulation, Wisconsin Physicians Service Insurance Corporation was established and incorporated on April 27, 1977.
program in 1966, the year Medicare was established, as the Medicare Part B administrator for the state of Wisconsin. WPS has continued in that role, and has acquired additional contracts from the Centers for Medicare and Medicaid Services
(CMS) to provide Part B administration in Illinois, Michigan and Minnesota.
In 2005 WPS and Mutual of Omaha
announced the acquisition
of Mutual of Omaha's Medicare Part A division. Under this agreement, Mutual of Omaha's Medicare Part A division was transferred to WPS. This facilitated WPS to compete for the new Medicare Administrative Contract (MAC) regions, which requires combined Part A and Part B administration. Previously, CMS awarded separate Part A and Part B contracts by state.
TRICARE Management Activity, TriWest Healthcare Alliance
and Humana Military Healthcare Services
to provide TRICARE
claims administration functions. These functions include claims processing and customer service for the TRICARE West Region, TRICARE Overseas and TRICARE for Life.
Madison, Wisconsin
Madison is the capital of the U.S. state of Wisconsin and the county seat of Dane County. It is also home to the University of Wisconsin–Madison....
. WPS offers commercial health insurance products in the state of Wisconsin and provides insurance claims processing services under various U.S. Government contracts. In addition, WPS has subsidiary corporations in the life insurance http://www.epiclife.com and temporary staffing http://www.adtecservices.com lines of business.
History
Wisconsin Physicians Service was established in 1946 as a division of the State Medical Society. In 1975 the WisconsinWisconsin
Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...
legislature
Legislature
A legislature is a kind of deliberative assembly with the power to pass, amend, and repeal laws. The law created by a legislature is called legislation or statutory law. In addition to enacting laws, legislatures usually have exclusive authority to raise or lower taxes and adopt the budget and...
passed legislation
Legislation
Legislation is law which has been promulgated by a legislature or other governing body, or the process of making it...
requiring that service insurance corporations be legally separate from the parent professional society. In order to comply with this new regulation, Wisconsin Physicians Service Insurance Corporation was established and incorporated on April 27, 1977.
Medicare
WPS became involved in the MedicareMedicare (United States)
Medicare is a social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over; to those who are under 65 and are permanently physically disabled or who have a congenital physical disability; or to those who meet other...
program in 1966, the year Medicare was established, as the Medicare Part B administrator for the state of Wisconsin. WPS has continued in that role, and has acquired additional contracts from the Centers for Medicare and Medicaid Services
Centers for Medicare and Medicaid Services
The Centers for Medicare & Medicaid Services , previously known as the Health Care Financing Administration , is a federal agency within the United States Department of Health and Human Services that administers the Medicare program and works in partnership with state governments to administer...
(CMS) to provide Part B administration in Illinois, Michigan and Minnesota.
In 2005 WPS and Mutual of Omaha
Mutual of Omaha
Mutual of Omaha is a Fortune 500 mutual insurance and financial services company based in Omaha, Nebraska. The company was founded in 1909 as Mutual Benefit Health and Accident Association.- History :...
announced the acquisition
Takeover
In business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
of Mutual of Omaha's Medicare Part A division. Under this agreement, Mutual of Omaha's Medicare Part A division was transferred to WPS. This facilitated WPS to compete for the new Medicare Administrative Contract (MAC) regions, which requires combined Part A and Part B administration. Previously, CMS awarded separate Part A and Part B contracts by state.
TRICARE
As of August, 2006, WPS has contracts with the Department of DefenseUnited States Department of Defense
The United States Department of Defense is the U.S...
TRICARE Management Activity, TriWest Healthcare Alliance
TriWest Healthcare Alliance
TriWest Healthcare Alliance is a Phoenix, Arizona based corporation with a single line of business providing health benefits under the United States Department of Defense TRICARE program in the 21-state TRICARE West Region.-History:...
and Humana Military Healthcare Services
Humana
Humana Inc. , founded in 1961 in Louisville, Kentucky, is a Fortune 100 company that markets and administers health insurance. With a customer base of over 11.5 million in the United States, the company is the largest Fortune 100 company headquartered in the Commonwealth of Kentucky, and has a...
to provide TRICARE
TRICARE
TRICARE, formerly known as the Civilian Health and Medical Program of the Uniformed Services , is a health care program of the United States Department of Defense Military Health System. TRICARE provides civilian health benefits for military personnel, military retirees, and their dependents,...
claims administration functions. These functions include claims processing and customer service for the TRICARE West Region, TRICARE Overseas and TRICARE for Life.