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BUSINESS
March 20, 2007 | From Bloomberg News
The largest U.S. physicians group urged antitrust authorities to block insurer UnitedHealth Group Inc.'s $2.6-billion purchase of Sierra Health Services Inc. The group, the American Medical Assn., told U.S. Atty. Gen. Alberto R. Gonzales in a letter that the acquisition would give Minnetonka, Minn.-based UnitedHealth the "potential to exercise monopoly power" in Nevada. UnitedHealth, the largest U.S.
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BUSINESS
January 16, 2009 | Associated Press
Managed-care company UnitedHealth Group Inc. said Thursday that it would pay $350 million to settle a lawsuit over out-of-network medical claims. The deal comes two days after the insurer pledged $50 million to set up a new database to determine payments for those claims. Another health insurer, Aetna Inc. of Hartford, Conn., agreed Thursday to pay $20 million toward the creation of that database.
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BUSINESS
February 25, 2006
UnitedHealth Group Inc. said Chairman and Chief Executive William McGuire cashed in stock options valued at about $136.7 million. McGuire exercised options on 2.3 million shares, or about 6% of his UnitedHealth stock and options.
BUSINESS
October 17, 2008 | From the Associated Press
UnitedHealth Group Inc. reported a 28% drop in third-quarter profit, but the insurer also reassured Wall Street with a performance that met or surpassed expectations in several areas. Minnetonka, Minn.-based UnitedHealth said net income fell to $920 million, or 75 cents a share, down from $1.28 billion, or 95 cents, a year earlier. This was driven in part by higher operating costs. But the second-largest U.S. health insurer also said revenue rose 8% to $20.2 billion. Its adjusted profit was 73 cents a share, excluding a 2-cent benefit from a change in the estimate of net costs to settle a couple of stock option-related lawsuits.
BUSINESS
September 18, 2007 | From Times Wire Reports
UnitedHealth Group Inc. said it would offer the first government-subsidized plan to care for patients with Alzheimer's disease and chronic dementia. Nurse-managers will customize plans for policyholders in the Phoenix area starting Jan. 1 as a first step toward offering the Alzheimer's program nationwide, the company said. The policies will be funded by Medicare.
BUSINESS
October 28, 2003 | From Associated Press
Managed-care giant UnitedHealth Group Inc. agreed to buy Mid Atlantic Medical Services Inc. in a $2.95-billion deal that would give the combined company a leading position in the mid-Atlantic region. Shares of Rockville, Md.-based Mid Atlantic rose $5.74, or 11%, to $59.62 on the NYSE, where shares of Minnetonka, Minn.-based UnitedHealth fell $1.85, or 3.4%, to $52.40.
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
October 17, 2003 | From Bloomberg News
UnitedHealth Group Inc., the biggest U.S. health insurer by membership, said profit climbed 35% in the third quarter as the company added new customers and held medical costs in check. Net income rose to $476 million, or 77 cents a share, from $353 million, or 56 cents, a year earlier, the Minnetonka, Minn.-based company said. Revenue increased 16% to $7.24 billion. Shares of UnitedHealth rose $2.05, or 4%, to $53.38 on the NYSE.
BUSINESS
November 21, 2007 | From Times Wire Services
Three large medical insurance providers have decided to adopt a New York model for ranking doctors. UnitedHealth Group Inc. and EmblemHealth Inc.'s Group Health Inc. and Health Insurance Plan of Greater New York subsidiaries agreed to implement ranking programs based on the principles established by New York Atty. Gen. Andrew Cuomo.
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
January 29, 2008 | Lisa Girion, Times Staff Writer
California regulators are expected to announce today that they are seeking as much as $1.33 billion in penalties from Cypress-based PacifiCare as a result of widespread problems stemming from its takeover two years ago by healthcare giant UnitedHealth Group Inc. In an investigation prompted by widespread complaints, the state Department of Insurance uncovered 133,000 alleged violations of state laws and regulations regarding payments for medical care.
BUSINESS
January 23, 2008 | From Times Wire Services
Insurer UnitedHealth Group Inc. reported slightly higher fourth-quarter earnings but said an important profitability gauge for its commercial business worsened more than analysts expected in the fourth quarter. The company, which is trying to overcome past service problems, also projected a steeper enrollment decline for some of its commercial plans in the current quarter. Fourth-quarter net income at UnitedHealth increased to $1.22 billion, or 92 cents a share, from $1.18 billion, or 84 cents, a year earlier.
BUSINESS
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.
BUSINESS
November 21, 2007 | From Times Wire Services
Three large medical insurance providers have decided to adopt a New York model for ranking doctors. UnitedHealth Group Inc. and EmblemHealth Inc.'s Group Health Inc. and Health Insurance Plan of Greater New York subsidiaries agreed to implement ranking programs based on the principles established by New York Atty. Gen. Andrew Cuomo.
BUSINESS
September 18, 2007 | From Times Wire Reports
UnitedHealth Group Inc. said it would offer the first government-subsidized plan to care for patients with Alzheimer's disease and chronic dementia. Nurse-managers will customize plans for policyholders in the Phoenix area starting Jan. 1 as a first step toward offering the Alzheimer's program nationwide, the company said. The policies will be funded by Medicare.
BUSINESS
March 20, 2007 | From Bloomberg News
The largest U.S. physicians group urged antitrust authorities to block insurer UnitedHealth Group Inc.'s $2.6-billion purchase of Sierra Health Services Inc. The group, the American Medical Assn., told U.S. Atty. Gen. Alberto R. Gonzales in a letter that the acquisition would give Minnetonka, Minn.-based UnitedHealth the "potential to exercise monopoly power" in Nevada. UnitedHealth, the largest U.S.
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
May 2, 2006 | From Times staff and wire reports
UnitedHealth Group Inc., under fire for the timing of stock-option grants, said its board discontinued equity-based awards for Chief Executive William McGuire and Chief Operating Officer Stephen Hemsley. McGuire's compensation has been at issue after disclosures that he held $1.6 billion in unexercised stock options at the end of 2005 and was granted stock options dated when the shares were at their low in 1997, 1999 and 2000.
BUSINESS
March 13, 2007 | From the Associated Press
UnitedHealth Group Inc. got back in the acquisitions game Monday, agreeing to buy Nevada's largest health insurer, Sierra Health Services Inc., for about $2.6 billion. The purchase puts UnitedHealth in a fast-growing region and is its first health insurance acquisition in more than a year.
BUSINESS
March 7, 2007 | From Bloomberg News
UnitedHealth Group Inc., the largest U.S. health insurance company, restated earnings since 1994 to reduce them by $1.53 billion, closing the books on its accounting for backdated stock options. The revisions fell within the company's estimates and brought its filings up to date with the Securities and Exchange Commission, UnitedHealth said Tuesday. The company, based in Minnetonka, Minn., will proceed with a plan to buy back as much as $4.5 billion in stock this year.
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