UnitedHealth says it is under a federal investigation and cooperating
The company said it has started complying with both criminal and civil requests from federal investigators and it was cooperating with them.
'(UnitedHealth) has a long record of responsible conduct and effective compliance,' the company said in a Securities and Exchange Commission filing.
Earlier this year, The Wall Street Journal said federal officials had launched a civil fraud investigation into how the company records diagnoses that lead to extra payments for its Medicare Advantage, or MA, plans. Those are privately run versions of the government's Medicare coverage program mostly for people ages 65 and over.
The company's UnitedHealthcare business covers more than 8 million people as the nation's largest provider of Medicare Advantage plans. The business has been under pressure in recent quarters due to rising care use and rate cuts.
UnitedHealth Group Inc. said in February that it wasn't aware of the start of any new activity as the paper reported.
The company said Thursday that it reached out to the Justice Department 'after reviewing media reports about investigations into certain aspects of the company's participation in the Medicare program.'
UnitedHealth runs one of the nation's largest health insurance and pharmacy benefits management businesses. It also operates a growing Optum business that provides care and technology support.
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Company shares have mostly shed value since December, when UnitedHealthcare CEO Brian Thompson was fatally shot in midtown Manhattan on his way to the company's annual investor meeting.
The stock price dropped 2%, or $6.13, to $286.50 Thursday morning.
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Toronto Sun
3 days ago
- Toronto Sun
UnitedHealth says it is under a federal investigation and cooperating
Published Jul 25, 2025 • 2 minute read The logo for UnitedHealth Group appears above a trading post on the floor of the New York Stock Exchange, April 17, 2025. Photo by Richard Drew / AP UnitedHealth Group says it is cooperating with federal criminal and civil investigations involving its market-leading Medicare business. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The health-care giant said Thursday that it had contacted the Department of Justice after reviewing media reports about investigations into certain elements of its business. '(UnitedHealth) has a long record of responsible conduct and effective compliance,' the company said in a Securities and Exchange Commission filing. Earlier this year, The Wall Street Journal said federal officials had launched a civil fraud investigation into how the company records diagnoses that lead to extra payments for its Medicare Advantage, or MA, plans. Those are privately run versions of the government's Medicare coverage program mostly for people ages 65 and over. The company's UnitedHealthcare business covers more than 8 million people as the nation's largest provider of Medicare Advantage plans. The business has been under pressure in recent quarters due to rising care use and rate cuts. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The Journal said in February, citing anonymous sources, that the probe focused on billing practices in recent months. The paper has since said that a federal criminal health-care-fraud unit was investigating how the company used doctors and nurses to gather diagnoses that bolster payments. UnitedHealth said in the filing Thursday that it 'has full confidence in its practices and is committed to working cooperatively with the Department throughout this process.' UnitedHealth Group Inc. runs one of the nation's largest health insurance and pharmacy benefits management businesses. It also operates a growing Optum business that provides care and technology support. UnitedHealth raked in more than $400 billion in revenue last year to come in third in the Fortune 500 list of biggest U.S. companies. Its share price topped $630 last fall to reach a new all-time high. This advertisement has not loaded yet, but your article continues below. But the stock has mostly shed value since December, when UnitedHealthcare CEO Brian Thompson was fatally shot in midtown Manhattan on his way to the company's annual investor meeting. A suspect, Luigi Mangione, has been charged in connection with the shooting. In April, shares plunged some more after the company cut its forecast due to a spike in health-care use. A month later, former CEO Andrew Witty resigned, and the company withdrew its forecast entirely, saying that medical costs from new Medicare Advantage members were higher than expected. The stock price was down more than 3%, or $10.73, to $281.78 Thursday afternoon. That represents a 55% drop from the all-time high it hit in November. Broader indexes were mixed. UnitedHealth will report its second-quarter results next Tuesday. Toronto & GTA Columnists Toronto & GTA Sunshine Girls News
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CTV News
3 days ago
- CTV News
UnitedHealth says it is under a U.S. federal investigation and co-operating
The logo for UnitedHealth Group appears above a trading post on the floor of the New York Stock Exchange, April 17, 2025. (AP Photo/Richard Drew) Shares of UnitedHealth Group slipped Thursday after the health care giant said it was under a U.S. Department of Justice investigation. The company said it has started complying with both criminal and civil requests from federal investigators and it was cooperating with them. '(UnitedHealth) has a long record of responsible conduct and effective compliance,' the company said in a Securities and Exchange Commission filing. Earlier this year, The Wall Street Journal said federal officials had launched a civil fraud investigation into how the company records diagnoses that lead to extra payments for its Medicare Advantage, or MA, plans. Those are privately run versions of the government's Medicare coverage program mostly for people ages 65 and over. The company's UnitedHealthcare business covers more than 8 million people as the nation's largest provider of Medicare Advantage plans. The business has been under pressure in recent quarters due to rising care use and rate cuts. The Journal said in February, citing anonymous sources, that the probe focused on billing practices in recent months. The paper then said earlier this month that a federal criminal health care-fraud unit was investigating how the company used doctors and nurses to gather diagnoses that bolster payments. UnitedHealth Group Inc. said that it reached out to the Justice Department 'after reviewing media reports about investigations into certain aspects of the company's participation in the Medicare program.' UnitedHealth runs one of the nation's largest health insurance and pharmacy benefits management businesses. It also operates a growing Optum business that provides care and technology support. UnitedHealth raked in more than US$400 billion in revenue last year as the third-largest company in the Fortune 500. Last year, its share price topped $630 to reach a new all-time high. But company shares have mostly shed value since December, when UnitedHealthcare CEO Brian Thompson was fatally shot in midtown Manhattan on his way to the company's annual investor meeting. A 26-year-old suspect, Luigi Mangione, has been charged in connection with the shooting. In April, shares plunged after the company cut its forecast due to a spike in health care use. A month later, former CEO Andrew Witty resigned and the company withdrew its forecast. The stock price slipped another 2%, or $5.12, to $287.39 Thursday morning. That represents a 54% drop from its all-time high. UnitedHealth will report its second-quarter results next Tuesday. Tom Murphy, The Associated Press
