Fierce Healthcare May 3, 2024
It’s been a bit of a weird start to the year for the insurance industry, as ongoing headwinds in Medicare Advantage and a massive cyberattack drove results that buck the typical earnings trends.
UnitedHealth Group’s Change Healthcare division was hit by a cyberattack in late February, and the ongoing fallout incurred $872 million in financial impact for the first quarter. UnitedHealth posted a $1.4 billion loss in Q1, driven in part by the cyberattack as well as the sale of Amil, its Brazil-based business.
The company is bracing for a total financial hit from the cyberattack to fall between $1.35 billion and $1.6 billion, combining costs associated with the response and business disruption.
UHG falls to the bottom of the...
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