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December 7, 2007 | Lisa Girion, Times Staff Writer
In the first settlement of its kind under post-Enron corporate reforms, the former head of insurance giant UnitedHealth Group Inc. agreed Thursday to pay $468 million to avoid trial on government charges that he secretly padded his paycheck by manipulating stock options. Over 12 years, William McGuire, a University of Texas-trained physician, repeatedly had the company award him, company directors and employees stock options that had been backdated to increase their value, the government said.
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October 25, 2013 | By Kathleen Hennessey and Becca Clemons
WASHINGTON - The Obama administration hired a general contractor to fix its troubled health insurance website and promised Friday that the key feature of the president's healthcare law would be running smoothly by the end of November. That target date was the first public deadline officials offered for troubleshooting the glitch-riddled website. In announcing the time frame, Jeffrey Zients, the management consultant enlisted to assess the situation, acknowledged that dozens of unresolved problems remained, including software flaws - contradicting administration officials' early claims that unexpected traffic volume was the main cause of the frequent error messages, frozen screens and other problems.
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NEWS
March 3, 2010 | Duke Helfand, Los Angeles Times
The scope of a congressional investigation into health insurance rate hikes in California expanded Tuesday as lawmakers summoned the chief executives of four of the nation's largest for-profit health insurers to testify about medical claims denied for individuals with preexisting conditions. The House Committee on Energy and Commerce and its investigations subcommittee are targeting the practices of WellPoint Inc., UnitedHealth Group, Humana Inc. and Aetna. The companies provide insurance to a large share of the estimated 17 million Americans who buy individual insurance policies because they do not have health coverage through jobs.
NEWS
October 24, 2013 | By Lisa Mascaro, This post has been corrected. See below for details.
WASHINGTON -- Developers of the problematic Obamacare website faced tough questioning at a House oversight committee Thursday, as both Republican and Democratic lawmakers frustrated by the shoddy roll-out sought answers over what went wrong - and when it would be fixed. The hearing was not without its political rhetoric: Republicans seized on the opportunity as their best chance to stop the Affordable Care Act they have been unable to undo; Democrats pivoted to Obamacare's overarching goal of getting uninsured Americans covered.
BUSINESS
March 3, 2010 | By Duke Helfand
The scope of a congressional investigation into health insurance rate hikes in California expanded Tuesday as lawmakers summoned the chief executives of four of the nation's largest for-profit health insurers to testify about medical claims denied for individuals with preexisting conditions. The House Committee on Energy and Commerce and its investigations subcommittee are targeting the practices of WellPoint Inc., UnitedHealth Group, Humana Inc. and Aetna. The companies provide insurance to a large share of the estimated 17 million Americans who buy individual insurance policies because they do not have health coverage through jobs.
BUSINESS
March 12, 2012 | By Chad Terhune, Los Angeles Times
Spending on genetic tests has reached $5 billion annually and could top $25 billion within a decade, according to an insurance industry study published Monday. The rise in spending is likely to intensify the debate over genetic testing as policymakers and employers struggle to contain spiraling healthcare costs. The growing availability of genetic and molecular diagnostic tests offers the promise of earlier detection of disease and more personalized treatments that could wring substantial savings from the nation's $2.6 trillion-a-year healthcare tab. But many medical providers and other experts worry that those benefits may be outweighed by indiscriminate use of genetic testing, similar to what has occurred with some spending on popular prescription drugs and expensive imaging tests.
BUSINESS
September 3, 2009 | Carol J. Williams
The nation's two largest health insurers have been pressuring employees to lobby against healthcare reform in Congress in violation of a California law against coerced political activity, a consumer group alleged Wednesday. Consumer Watchdog in Santa Monica has asked California Atty. Gen. Jerry Brown to investigate its claim that UnitedHealth Group and WellPoint Inc. pushed workers to write their elected officials, attend town hall meetings and enlist family and friends to ensure an overhaul that matches their interests.
BUSINESS
July 18, 2003 | From Bloomberg News
UnitedHealth Group Inc. said second-quarter profit jumped 35% as the company capped costs and drew customers from competitors to make up for lost business. UnitedHealth Group expects profit to rise about 34% this year and as much as 20% next year. Net income rose to $439 million, or 71 cents a share, from $325 million, or 51 cents, in the year-earlier period, the Minnetonka, Minn.-based company said. Sales rose 17% to $7.09 billion. The company's shares rose $3.18 to $51.79 on the NYSE.
BUSINESS
July 1, 2000
Humana Inc. and UnitedHealth Group Inc. were the latest managed-care companies to announce plans to close Medicare HMO plans next year. But neither company's pullouts will affect California. Humana, the No. 2 operator of Medicare health-maintenance organizations, said it will drop coverage of 84,000 enrollees. UnitedHealth Group, the No. 2 U.S. health insurer, said it will exit Medicare in 21 counties across the country, affecting 56,000 people.
BUSINESS
February 18, 2009 | TIMES WIRE REPORTS
WellPoint Inc. and Cigna Corp. each agreed to pay about $10 million to settle an investigation by New York into how the insurer reimburses clients for out-of-network services, according to a person familiar with the probe. They are the latest insurers to agree to fund a new nonprofit database to help determine reasonable and customary charges for reimbursement. UnitedHealth Group Inc. settled for $50 million, and Aetna Inc. paid $20 million.
BUSINESS
May 1, 2013 | By Chad Terhune, Los Angeles Times
California Insurance Commissioner Dave Jones said the nation's largest health insurer, UnitedHealth Group Inc., is imposing unreasonable rate hikes on about 5,000 small businesses. Jones said Wednesday that UnitedHealth couldn't justify the average annual increase of nearly 8%, which reflects both higher premiums and a reduction in benefits. He said the rate hike, which went into effect Wednesday, affects up to 45,000 small-business employees and dependents and represents $12.5 million in higher costs.
BUSINESS
November 27, 2012 | By Chad Terhune, Los Angeles Times
UnitedHealth Group Inc., the nation's largest health insurer, issued a weaker-than-expected 2013 profit outlook amid worries about economic growth and negotiations over federal spending. Ahead of its annual investor conference Tuesday, UnitedHealth said it expects earnings next year to be $5.25 to $5.50 a share. That's slightly below the average analyst estimate of $5.58 a share. But the Minnetonka, Minn., company's projection of annual revenue of as much as $124 billion topped analysts' expectations of $119 billion.
BUSINESS
November 26, 2012 | By Chad Terhune
UnitedHealth Group Inc., the nation's largest health insurer, issued a weaker-than-expected 2013 profit outlook amid worries about economic growth and negotiations over federal spending. Ahead of its annual investor conference Tuesday, UnitedHealth said it expects earnings next year to be $5.25 to $5.50 a share. That's slightly below the average analyst estimate of $5.58 a share. But the Minnetonka, Minn., company's projection of annual revenue of as much as $124 billion topped analysts' expectations of $119 billion.
BUSINESS
October 16, 2012 | By Chad Terhune
The nation's largest health insurer, UnitedHealth Group Inc., reported a 23% increase in third-quarter profit on the strength of continued growth in its Medicare and Medicaid businesses. The Minnetonka, Minn., company raised its full-year earnings forecast and said overall medical costs among its customers remained largely in check. UnitedHealth is the first major health insurer to report third-quarter results, and it often sets the tone for the industry. UnitedHealth said net income for the quarter ending Sept.
BUSINESS
July 20, 2012 | Los Angeles Times
UnitedHealth Group Inc. reported a 6% increase in second-quarter profit and raised its full-year outlook, but the nation's largest health insurer warned about a tough environment for its Medicare and Medicaid plans as governments face more financial strain. UnitedHealth Chief Executive Stephen Hemsley, in a conference call with analysts and investors, said that "there continues to be more downward than upward pressure across the healthcare landscape.... State budgets are clearly constrained for Medicaid.
BUSINESS
July 19, 2012 | By Chad Terhune
UnitedHealth Group Inc. reported solid second-quarter results and raised its full-year profit outlook, but shares slipped in midday trading after the company projected a tough rate environment for its Medicare and Medicaid plans. Shares of the nation's largest health insurer dropped $1.78, or 3.2%, to $54.57 in midday trading. In a conference call with analysts and investors, UnitedHealth Chief Executive Stephen Hemsley said he continues to see "more downward than upward pressure" across the healthcare market.
BUSINESS
July 19, 2002 | Bloomberg News
UnitedHealth Group Inc., the biggest U.S. health insurer, said second-quarter profit climbed 46% to $325 million, or $1.01 a share. Revenue rose 4.6% to $6.08 billion. UnitedHealth has boosted premiums to stay ahead of medical costs, and added customers in health plans it runs for self-insured Fortune 500 companies. The firm also has cut costs by moving claims processing to the Internet. Shares of the Minnetonka, Minn.-based company fell $2.80, or 3%, to $89.70 on the NYSE.
BUSINESS
August 7, 2005
PacifiCare exhibits all that is wrong with our healthcare system (PacifiCare Posts 20% Profit Rise for 2nd Quarter," July 29). Even though it successfully cut medical costs, it raised its premiums at more than double the rate of inflation. By doing this, its profit grew an obscene 20% over its already fat profit in the previous year. Meanwhile, its chief executive, Howard Phanstiel, stands to reap a $190-million windfall from the sale of the company to UnitedHealth Group. I do not doubt that the new owners will raise premiums even more to cover the costs of the sale.
BUSINESS
June 11, 2012 | By Chad Terhune, Los Angeles Times
Regardless of how the Supreme Court rules on the federal healthcare law, the nation's largest health insurer said it would continue to honor some of the law's more popular provisions, including preventive screenings at no cost and the elimination of lifetime limits on medical care. This move by UnitedHealth Group Inc., which has nearly 36 million customers nationwide, is expected to pressure rival insurers to follow suit, and it may offer some clarity to consumers worried about how the court's ruling could affect them.
BUSINESS
March 12, 2012 | By Chad Terhune, Los Angeles Times
Spending on genetic tests has reached $5 billion annually and could top $25 billion within a decade, according to an insurance industry study published Monday. The rise in spending is likely to intensify the debate over genetic testing as policymakers and employers struggle to contain spiraling healthcare costs. The growing availability of genetic and molecular diagnostic tests offers the promise of earlier detection of disease and more personalized treatments that could wring substantial savings from the nation's $2.6 trillion-a-year healthcare tab. But many medical providers and other experts worry that those benefits may be outweighed by indiscriminate use of genetic testing, similar to what has occurred with some spending on popular prescription drugs and expensive imaging tests.
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