Becker's Healthcare January 25, 2024
Humana reported a $541 million loss in the fourth quarter of 2023, facing what executives called an unprecedented increase in Medicare Advantage medical costs.
In prepared remarks published Jan. 25, the company’s leadership said they are “disappointed with the impact of the late and unexpected development of higher trends on our 2023 results and 2024 outlook.”
Ahead of publishing its fourth-quarter earnings Jan. 25, Humana warned that rising medical costs hurt its 2023 earnings and were likely to persist into 2024.
Humana’s shares tumbled roughly 11% following the earnings report, The Wall Street Journal reported. The company cut its earnings guidance for 2024 and 2025 based on the increase in spending.
The cost increases in the...
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