UnitedHealth Group takes Wall Street hit because of investors' fears about Medicare Advantage profitability, Department of Justice antitrust investigation
UnitedHealth Group takes Wall Street hit because of investors' fears about Medicare Advantage profitability, Department of Justice antitrust investigation
Good piece, Wendell and Dr. Verhoef! It's welcome news that DOJ is on the case. As the former counsel to the AFL-CIO's Office of Investment, I know UnitedHealthcare has a long history of misleading investors. In 2005 millions of stock options were backdated by its then CEO, Dr. William McGuire, forcing the company to restate $1.13 billion in earnings.
And in 2023, despite their protests, all AFL-CIO retirees were abruptly, "auto enrolled" in UnitedHealthcare's Medicare Advantage Plan, after the company offered "millions" to the AFL-CIO. New York City retirees have been fighting auto enrollment in Medicare Advantage since 2023. Mayor Eric Adams has claimed the City will save $600 million per year by forcing its 250,000 retirees into Aetna's MA Plan.
Meanwhile electronic prescriptions still aren’t working with no expected timeframe to fix the problem. This is a direct result of unitedhealthcare acquiring Optum and change. Pharmacies are having difficulty processing insurance, patients are paying out of pocket, and doctors can’t send prescriptions. Perhaps this huge cyberattack on unitedhealthacre a week ago has something to do with their stock dropping
Good piece, Wendell and Dr. Verhoef! It's welcome news that DOJ is on the case. As the former counsel to the AFL-CIO's Office of Investment, I know UnitedHealthcare has a long history of misleading investors. In 2005 millions of stock options were backdated by its then CEO, Dr. William McGuire, forcing the company to restate $1.13 billion in earnings.
And in 2023, despite their protests, all AFL-CIO retirees were abruptly, "auto enrolled" in UnitedHealthcare's Medicare Advantage Plan, after the company offered "millions" to the AFL-CIO. New York City retirees have been fighting auto enrollment in Medicare Advantage since 2023. Mayor Eric Adams has claimed the City will save $600 million per year by forcing its 250,000 retirees into Aetna's MA Plan.
Meanwhile electronic prescriptions still aren’t working with no expected timeframe to fix the problem. This is a direct result of unitedhealthcare acquiring Optum and change. Pharmacies are having difficulty processing insurance, patients are paying out of pocket, and doctors can’t send prescriptions. Perhaps this huge cyberattack on unitedhealthacre a week ago has something to do with their stock dropping
Health care should not be for profit.
Nationalize all healthcare and include dental, mental health and vision.
But, but, but anything else would be KomMOOnist!
You mean they're actually paying claims? OMG