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Unitedhealth group

The meaning of «unitedhealth group»

UnitedHealth Group Incorporated is an American for-profit managed health care company based in Minnetonka, Minnesota. It offers health care products and insurance services. It is the largest healthcare company in the world by revenue, with 2019 revenue of $242.2 billion. UnitedHealthcare revenues comprise 80% of the Group's overall revenue.[2]

The company is ranked 7th on the 2020 Fortune 500.[3]

The Optum brand was created in 2011 as the company's health services business.[4] Optum is UnitedHealth's technology-focused arm.[5]

UnitedHealthcare offers commercial group insurance plans across the United States under several product names with different offerings.[6]

UnitedHealthcare negotiates with providers in periodic contract negotiation; contracts may be discontinued from time to time.[6] High-profile contract disputes can span provider networks across the nation, as in the case of a 2018 dispute with a major emergency room doctor group, Envision Healthcare.[8]

Maintaining up-to-date provider directories is necessary since the Centers for Medicare and Medicaid Services can fine insurers with outdated directories.[9] As a condition of participation, UnitedHealthcare requires that providers notify them of changes, but also has a Professional Verification Outreach program to proactively request information from providers.[6] However, providers are burdened by having to maintain their information with multiple networks (e.g., competitors to UnitedHealthcare). The total cost of maintaining these directories is estimated at $2.1b annually, and a blockchain initiative began in 2018 to share the directory.[9]

In 1974, Richard Taylor Burke founded Charter Med Incorporated, a Minnetonka, Minnesota-based privately held company. In 1977, the United HealthCare Corporation was created to reorganize the company and became the parent company of Charter Med.[10] United HealthCare’s charter was to manage the newly created Physicians Health Plan of Minnesota, an early health management organization.[citation needed]

In 1988, United HealthCare started its first pharmacy benefit management, through its Diversified Pharmaceutical Services subsidiary. It managed pharmacy benefits delivered both through retail pharmacies and mail.[10] The subsidiary was sold to SmithKline Beecham in 1994 for $2.3 billion.[11]

In 1994, United HealthCare acquired Ramsey-HMO, a Florida insurer.[12] In 1995, the company acquired The MetraHealth Companies Inc. for $1.65 billion. MetraHealth was a privately held company formed by combining the group health care operations of The Travelers Companies and MetLife.[10] In 1996, United HealthCare acquired HealthWise of America, which operated HMOs in Arkansas, Maryland, Kentucky and Tennessee.[13]

In 1998, the company was reorganized as the holding of independent companies UnitedHealthcare, Ovations, Uniprise, Specialized Care Services and Ingenix, and rebranded as "UnitedHealth Group".[10] Also in 1998, United Health Group acquired HealthPartners of Arizona, operator of Arizona's largest AHCCCS provider.[14]

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