WPS

What WPS does

WPS (Wisconsin Physicians Service Insurance Corporation) is a privately held health solutions company founded in 1946 and headquartered in Madison, Wisconsin, with 1,001-5,000 employees. The company operates four business divisions: Government Services (claims processing and benefits administration for active military, veterans, and their families under programs such as TRICARE), Health Plan (regional health insurance products for individuals and employer-sponsored groups with an emphasis on customer service), Data Logistics (document and data management services including sorting, scanning, digitizing, printing, mailing, and shredding), and New Ventures (a growth arm pursuing new partnerships and acquisitions). The underlying technology stack centers on health insurance administration and claims processing systems, government services infrastructure for secure benefits administration, and data logistics systems for high-volume document handling.

WPS generates revenue primarily through recurring health insurance premiums, recurring federal government contracts for military and veteran healthcare administration, and recurring subscription revenue from its newly acquired digital health platform, Mavida Health. Distribution is conducted through direct sales for employer-sponsored and individual plans, direct government contracting for TRICARE and related programs, and a self-service online portal at wpshealth.com for individual plan management. Customer segments include active military personnel, veterans, and their families; individual and employer health plan customers concentrated in Wisconsin and the broader Midwest; and, following the June 2026 acquisition of Mavida Health, women and families seeking digital mental health services in California, New York, New Jersey, and Texas.

The company is pursuing a stated revenue diversification strategy beyond its core insurance and federal contract base, using its New Ventures division and a corporate investment from HealthX Ventures (October 2025) to fund acquisitions such as Mavida Health (June 2026). WPS also operates the WPS Charitable Foundation, which distributes $340,000 annually to 37 Wisconsin nonprofits, reinforcing its regional community positioning.

Name

WPS

Legal name

Wisconsin Physicians Service Insurance Corporation

Website

https://wpshealthsolutions.com

Company type

Private

Founded year

1946

Operating status

Operating

Headcount range

1–10 employees

Short description

WPS (Wisconsin Physicians Service Insurance Corporation) is a privately held, Madison, Wisconsin-based health solutions company providing health insurance, government healthcare administration for military and veterans (TRICARE), data logistics services, and, through its Mavida Health acquisition, digital mental health services for women and families.

Ownership category

akta.pro rank

Product category

Health Insurance and Government Healthcare Services

NAICS

Direct Health and Medical Insurance Carriers (524114), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Offices of Physicians, Mental Health Specialists (621112)

SIC

Hospital & Medical Service Plans (6324), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Care Management & Population Health Program Administration (HLAEALAG)

akta.pro secondary industry

Behavioral & Mental Health Virtual Care (EAP/Teletherapy) (HLALADAB)

Keywords

• Health insurance plans
• Government healthcare services
• Military claims processing
• Benefits administration
• Data management services

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Health Insurance Premiums: WPS generates revenue through health insurance premiums from individual and employer-sponsored health plans, including award-winning health plans with integrity and customer service focus.
2. Federal Government Contracts: WPS serves active military, veterans, and their families through government services contracts, processing claims with attention and security for TRICARE and related programs.
3. Digital Health Services: Revenue diversification through acquisition of digital health platforms like Mavida Health, providing virtual therapy, psychiatry services, and community support for women and families.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

WPS administers health insurance plans for individuals and employer groups and provides government healthcare services for active military, veterans, and their families, including TRICARE claims processing. The company also operates a data logistics division offering sorting, scanning, digitizing, printing, mailing, and shredding services, and is expanding into digital mental health through the acquisition of Mavida Health, which provides virtual therapy, psychiatry, and community support for women.

Product overview

WPS (Wisconsin Physicians Service Insurance Corporation) is a health solutions company offering a diversified portfolio of products and services. The core offerings include Government Services (serving active military, veterans, and their families), Health Plan (award-winning health insurance), and Data Logistics (data processing and management services). The company operates through New Ventures for growth initiatives. In June 2026, WPS expanded into digital health services by acquiring Mavida Health, a digital mental health platform focused on women's mental health across the reproductive journey. This acquisition supports WPS's revenue diversification strategy beyond core health insurance and federal contracts.

Differentiator

Problem solved

Functional benefit

Brands

• WPS Health Plan: Award-winning health insurance plans with integrity and unparalleled customer service
• WPS Government Services
• WPS Data Logistics
• WPS New Ventures
• WPS Charitable Foundation

Products and services

• Government Services Provides government healthcare services to active military, veterans, and their families, processing claims with attention to accuracy and high security standards. Includes administration of programs such as TRICARE.
• Health Plan Award-winning health insurance plans offering integrity and unparalleled customer service, designed to empower and protect individual members and employer-sponsored groups primarily in Wisconsin and surrounding Midwest markets.
• Data Logistics Data management services including sorting, scanning, digitizing, printing, mailing, and shredding, offered with guaranteed precision to government, healthcare, and enterprise clients.
• Mavida Health Digital mental health platform providing virtual therapy, psychiatry services, and community support for women throughout the reproductive journey, including conditions such as PMDD, fertility challenges, postpartum issues, and menopause. Currently operates in California, New York, New Jersey, and Texas.

Named customers1 record

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Mavida HealthcoreStrategic or Co-development Partner · 16 June 2026WPS acquired Mavida Health, a digital mental health platform founded in 2023. Mavida provides virtual therapy, psychiatry services, and community support for women throughout the reproductive journey. Mavida will continue to operate as an independent company under WPS ownership with plans to expand into Wisconsin and additional states. This acquisition is part of WPS's broader revenue diversification strategy.

Scale indicators2 records

Recent moves5 records

Expansion highlights6 records

Broad incumbents

• Humana: Large national health insurer with deep government programs exposure (Medicare Advantage, TRICARE via Humana Military). Comparable to WPS as a health insurance carrier and government healthcare administrator, but at much larger scale and broader geographic footprint.
• Centene Corporation: Major managed care company focused on government-sponsored healthcare programs (Medicaid, Medicare, TRICARE). Comparable to WPS as a government health program administrator and insurance carrier, with similar focus on regulated, publicly-funded populations.
• Molina Healthcare: Government-focused managed care company specializing in Medicaid and Medicare programs. Comparable to WPS in serving publicly-funded health plan populations, though at larger scale and with multi-state operations.

Direct peers

• Health Net (Centene subsidiary): Health plan and government programs contractor serving TRICARE and Medicaid populations, particularly on the West Coast. Directly comparable to WPS in the TRICARE administration space and government health plan model.
• TriWest Healthcare Alliance: TRICARE contractor that has administered military healthcare in the western United States. Direct competitor to WPS in the federal TRICARE contract space, with similar business model of processing military healthcare claims.
• Magellan Health: Specialized managed care company focused on behavioral health, government programs, and specialty healthcare administration. Comparable to WPS in government healthcare administration and behavioral health services, particularly through their specialty care management offerings.

Regional players

• Quartz Health Solutions: Wisconsin-based health plan and physician network, similar geographic footprint to WPS. Comparable as a regional Midwest health insurer with provider-sponsored origins, competing with WPS in Wisconsin employer-sponsored and individual health plans.
• Dean Health Plan: Wisconsin-headquartered health insurance plan affiliated with SSM Health. Comparable to WPS as a Wisconsin-based regional health plan competing for individual and employer-sponsored customers in the same geographic market.

Emerging players

• Lyra Health: Digital mental health platform providing virtual therapy and psychiatry to employers and health plans. Comparable to Mavida Health (WPS's recent acquisition) as a virtual mental health provider, though at significantly larger scale and with broader employer customer base.
• Talkspace: Publicly-traded virtual behavioral health company serving enterprises, health plans, and individuals. Directly comparable to Mavida Health as a virtual therapy platform, though at much larger scale with established B2B2C distribution.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/WPSHealthSolutions
• LinkedInlinkedin.com/company/wps-health-solutions

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WPS