Cybersecurity Dive April 16, 2024
Investors got a clearer picture of the cyberattack’s financial fallout on the healthcare juggernaut. Some said it wasn’t as bad as they’d feared.
Dive Brief:
- UnitedHealth Group estimates costs from the Change Healthcare cyberattack could reach $1.6 billion this year, executives said on Tuesday. However, the managed care giant maintained its full-year earnings guidance, suggesting the financial fallout from the attack on the massive claims clearinghouse may be less serious than feared.
- The hit comes from direct response efforts like recovering Change’s clearinghouse platform and paying higher medical costs after its insurance arm suspended some utilization management processes, in addition to the loss of Change’s revenue.
- In the first quarter alone, the cyberattack cost UnitedHealth $872 million, according to...
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