Latest news with #PatrickConway
Yahoo
10 hours ago
- Business
- Yahoo
UnitedHealth appoints new CEO to run health services division
By Amina Niasse NEW YORK (Reuters) -UnitedHealth Group's health services segment, Optum Health, will be led by Patrick Conway, according to an internal company memo. A spokesperson for UnitedHealth said Conway's experience in value-based care, where payment is generated from keeping patients healthy, drove the health insurer's new appointment. 'Leadership changes are consistent with the company's longstanding, intentional approach to develop an executive team with a range of experiences across its diverse portfolio of businesses," the spokesperson said. The company named former Optum Health CEO Amar Desai as vice-chairman of the unit. UnitedHealth Group named a new company-wide CEO, veteran Stephen Hemsley, to steer the healthcare giant following its first earnings miss since 2008. Conway in April was appointed CEO of UnitedHealth's Optum segment, which operates its Optum Health unit, and previously ran its Optum Rx pharmacy benefit manager. Optum Health, which operates medical clinics and offers nursing services, serves as UnitedHealth's healthcare delivery arm. In a first-quarter earnings call, UnitedHealth detailed underperforming revenue at Optum Health, citing reduced engagement from Medicare Advantage patients. A May Wall Street Journal report detailed a criminal probe by the Department of Justice on UnitedHealth's billing practices, related to in-home visits it conducts within Optum Health. Hemsley in a June shareholder meeting said that the company was undertaking a review of practices across its business, apologizing for recent underperformance in earnings. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
10 hours ago
- Business
- Reuters
UnitedHealth appoints new CEO to run health services division
NEW YORK, June 26 (Reuters) - UnitedHealth Group's (UNH.N), opens new tab health services segment, Optum Health, will be led by Patrick Conway, according to an internal company memo. A spokesperson for UnitedHealth said Conway's experience in value-based care, where payment is generated from keeping patients healthy, drove the health insurer's new appointment. 'Leadership changes are consistent with the company's longstanding, intentional approach to develop an executive team with a range of experiences across its diverse portfolio of businesses," the spokesperson said. The company named former Optum Health CEO Amar Desai as vice-chairman of the unit. UnitedHealth Group named a new company-wide CEO, veteran Stephen Hemsley, to steer the healthcare giant following its first earnings miss since 2008. Conway in April was appointed CEO of UnitedHealth's Optum segment, which operates its Optum Health unit, and previously ran its Optum Rx pharmacy benefit manager. Optum Health, which operates medical clinics and offers nursing services, serves as UnitedHealth's healthcare delivery arm. In a first-quarter earnings call, UnitedHealth detailed underperforming revenue at Optum Health, citing reduced engagement from Medicare Advantage patients. A May Wall Street Journal report detailed a criminal probe by the Department of Justice on UnitedHealth's billing practices, related to in-home visits it conducts within Optum Health. Hemsley in a June shareholder meeting said that the company was undertaking a review of practices across its business, apologizing for recent underperformance in earnings.
Bloomberg
11 hours ago
- Business
- Bloomberg
New UnitedHealth CEO Shakes Up Management at Major Division
The leader of UnitedHealth Group Inc. 's Optum Health care delivery unit has left the role, an early indication of management changes under Stephen Hemsley, UnitedHealth's new chief executive officer. The division will now be led by Patrick Conway, who was recently promoted to CEO of the broader Optum division that includes Optum Health. Conway will add the title of Optum Health CEO, according to a company memo reviewed by Bloomberg News.
Yahoo
01-05-2025
- Business
- Yahoo
UnitedHealth names new CEO of Optum
This story was originally published on Healthcare Dive. To receive daily news and insights, subscribe to our free daily Healthcare Dive newsletter. Name: Patrick Conway Previous title: Chief executive officer, Optum Rx New title: CEO, Optum UnitedHealth has named Conway the new chief executive officer of Optum, the healthcare behemoth's health services division. Effective May 6, Conway will replace Heather Cianfrocco, who is being promoted to UnitedHealth's executive vice president of governance, compliance and information security, the company announced Tuesday. The executive changes are meant to help develop a leadership team 'with a range of experiences across its diverse portfolio of businesses and in ongoing service to its mission and the people it serves,' UnitedHealth said in a statement. Conway has been with UnitedHealth for five years, joining in 2020 as CEO of Optum's care solutions business before being promoted to CEO of Optum Rx in 2023. Prior to joining the Minnetonka, Minnesota-based company, Conway had a long career in both the public and private health payment sectors, including a stint at the CMS during the Obama administration. Optum has been a consistent performer for UnitedHealth, even as the company reported fluctuating performance in its health insurance division stemming from rising medical costs over the past year. However, in the first quarter Optum's results also came in below analysts' expectations, despite being up 11% year over year to $3.9 billion. Optum has also struggled with legislative and regulatory scrutiny of its major PBM business and the ramifications of a massive cyberattack last year. Conway is also stepping up as Optum CEO during a time of public focus on UnitedHealth executives following the killing of UnitedHealthcare's CEO Brian Thompson late last year. Recommended Reading UnitedHealth posts 'unacceptable' first quarter, slashes 2025 guidance Sign in to access your portfolio
Forbes
29-04-2025
- Business
- Forbes
UnitedHealth Group Shakes Up Management, Taps New Optum CEO
United Health Group Tuesday elevated Dr. Patrick Conway to become the chief executive officer of Optum, one of the nation's largest providers of medical care. Conway, who is currently chief executive of Optum Rx, the company's pharmacy benefit management company, will become Optum chief executive officer effective May 6. Conway will replace Heather Cianfrocco, who has been named UnitedHealth Group's executive vice president of Governance, Compliance and Information Security. Cianfracco replaces Rubert Bondy who is retiring. UnitedHealth Group, which owns the nation's largest health insurance company in UnitedHealthcare, is also a nationwide provider of medical care services under the Optum umbrella. UnitedHealth Group generates more than $400 billion in annual revenue and Optum is the bulk of that. Last year, Optum full year revenues grew 26% to $253 billion year over year thanks to its Optum Health medical care provider business and OptumRx, the company's pharmacy benefit management unit. The announcement of a new executive at Optum comes after a rare miss of Wall Street's earnings projections when UnitedHealth earlier this month said 2025 earnings would be lower than expected due to rising costs of caring for seniors in its Medicare plans. UnitedHealth lowered its '2025 performance outlook established in December 2024 to net earnings of $24.65 to $25.15 per share and adjusted earnings of $26 to $26.50 per share.' That compares to a forecast affirmed in January that said net earnings would be '$28.15 to $28.65 per share." In picking Conway as Optum's chief executive officer, UnitedHealth Group chief executive Andrew Witty has chosen an executive with a mix of both private sector and government experience. Before joining UnitedHealth and Optum Conway was President and CEO of Blue Cross and Blue Shield of North Carolina, and Deputy Administrator for Innovation and Quality and Chief Medical Officer at the Centers for Medicare and Medicaid Services. Cianfrocco, meanwhile, will use her mix of talents as both an attorney and head of several UnitedHealth businesses in her new role. 'Heather's deep knowledge of our business from her experience in senior leadership roles across UnitedHealthcare and Optum, coupled with a decade working as a lawyer, will continue the company's commitment to strong governance and ethical oversight of our operations,' UnitedHealth group said in a statement.
