In a related story in Michigan, more people are losing their health insurance; however, profits are up for the HMOs. “Michigan health plans posted strong profits in 2008, despite seeing a 10 percent drop in commercial enrollment to 1.4 million, according to the 2009 Michigan Health Market Review.” What’s wrong with this picture?
“Stephen J. Hemsley, president and chief executive officer of UnitedHealth Group, said, "Our employees continue to deliver value to our customers in this challenging economic environment. This quarter was characterized by continued strong execution, a sharp focus on costs and quality service, elevated engagement on health care reform, continued innovation in the marketplace and further diversification of our business."
Goldman Sachs – Healthcare Reform Bets, Hedges, and Analysis, Not About Healthcare But All About Money
United Health Care Says Cheaper Efficient Doctors and Reducing Hospital Visits by the Elderly Would Help Reduce the Cost of Healthcare
How much more do we need to see here to create an urgency for reform. United is the largest business health insurance company by ranking revenue. They over charge, use less than ethical policies and run business intelligence software to the maximum for profit. They sure have been hit with many fines, etc. but they pay them and just keep on going, doing business as “they” see fit. The sooner everyone gets smart, the better chance we will have, but we are all playing catch up with the new administration having to deal with a former administration’s dated policies that lived in the 70s and allowed all of this to flourish. BD
Health insurer accused of overcharging millions – United Health Care/Oxford Insurance 50 Million Fine
UnitedHealth Group Inc. reported a soaring second-quarter profit Tuesday, but uncertainty surrounding the health care overhaul debate in Congress helped keep the managed-care company's shares grounded.
The Minnetonka-based company said its profit more than doubled compared with the same quarter last year, when hefty legal charges weighed down earnings. UnitedHealth also said revenue rose 7 percent, as it saw strong growth in its public and senior health insurance.
Revenue rose to $21.66 billion from $20.27 billion on increased premiums, which grew partly because of price increases. UnitedHealth is the largest commercial health insurer based on revenue.
"They could have blown out numbers today, and there still would be a limit as to how high the stock would run," Edward Jones analyst Steve Shubitz said. The insurer's commercial health insurance enrollment fell to 25 million in the second quarter. That represents a 6 percent decline from the same quarter last year. UnitedHealth attributed that mainly to economic pressures that forced clients to either cut jobs or trim benefits.