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UnitedHealth Group
UnitedHealth Group Incorporated is an American multinational for-profit company specializing in health insurance and health care services based in Eden Prairie, Minnesota. Selling insurance products under UnitedHealthcare, and health care services under the Optum brand, it is the world's seventh-largest company by revenue and the largest health care company by revenue. The company is ranked eighth on the 2024 Fortune Global 500.
UnitedHealth Group has a market capitalization of more than $460 billion as of 2024. The company is the largest health insurer in the United States, insuring over 50 million people, and operates globally.
Optum, carrying the same brand and name as Optum, functions as UnitedHealth Group's Business Process Outsourcing (BPO) and Shared Services subsidiary, catering to the group's customer service management with sites in countries like the Philippines.
UnitedHealth Group has faced numerous investigations, lawsuits, and fines, including SEC enforcement for stock option backdating, Medicare over-billing, unfair claims practices, mental health treatment denials, and anticompetitive behavior.
UnitedHealth Group originated in late 1974, when Minnesota-based Charter Med Incorporated was founded by Richard Taylor Burke. It originally processed claims for doctors at the Hennepin County Medical Society. UnitedHealthcare Corporation was founded in 1977 to purchase Charter Med and create a network-based health plan for seniors. It became a publicly traded company in 1984 and changed its name to UnitedHealth Group in 1998.
In 1988, UnitedHealthcare started its first pharmacy benefit management, through its Diversified Pharmaceutical Services subsidiary. It managed pharmacy benefits delivered both through retail pharmacies and mail. The subsidiary was sold to SmithKline Beecham in 1994 for $2.3 billion.
In 1994, UnitedHealthcare acquired Ramsey-HMO, a Florida insurer. In 1995, the company acquired The MetraHealth Companies Inc. for $1.65 billion. MetraHealth was a privately held company formed by combining the group healthcare operations of The Travelers Companies and MetLife. In 1996, UnitedHealthcare acquired HealthWise of America, which operated HMOs in Arkansas, Maryland, Kentucky and Tennessee.
In 1998, the company was reorganized as the holding of independent companies UnitedHealthcare, Ovations, Uniprise, Specialized Care Services, and Ingenix and rebranded as "UnitedHealth Group". Also in 1998, UnitedHealth Group acquired HealthPartners of Arizona, operator of Arizona's largest AHCCCS provider.
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UnitedHealth Group
UnitedHealth Group Incorporated is an American multinational for-profit company specializing in health insurance and health care services based in Eden Prairie, Minnesota. Selling insurance products under UnitedHealthcare, and health care services under the Optum brand, it is the world's seventh-largest company by revenue and the largest health care company by revenue. The company is ranked eighth on the 2024 Fortune Global 500.
UnitedHealth Group has a market capitalization of more than $460 billion as of 2024. The company is the largest health insurer in the United States, insuring over 50 million people, and operates globally.
Optum, carrying the same brand and name as Optum, functions as UnitedHealth Group's Business Process Outsourcing (BPO) and Shared Services subsidiary, catering to the group's customer service management with sites in countries like the Philippines.
UnitedHealth Group has faced numerous investigations, lawsuits, and fines, including SEC enforcement for stock option backdating, Medicare over-billing, unfair claims practices, mental health treatment denials, and anticompetitive behavior.
UnitedHealth Group originated in late 1974, when Minnesota-based Charter Med Incorporated was founded by Richard Taylor Burke. It originally processed claims for doctors at the Hennepin County Medical Society. UnitedHealthcare Corporation was founded in 1977 to purchase Charter Med and create a network-based health plan for seniors. It became a publicly traded company in 1984 and changed its name to UnitedHealth Group in 1998.
In 1988, UnitedHealthcare started its first pharmacy benefit management, through its Diversified Pharmaceutical Services subsidiary. It managed pharmacy benefits delivered both through retail pharmacies and mail. The subsidiary was sold to SmithKline Beecham in 1994 for $2.3 billion.
In 1994, UnitedHealthcare acquired Ramsey-HMO, a Florida insurer. In 1995, the company acquired The MetraHealth Companies Inc. for $1.65 billion. MetraHealth was a privately held company formed by combining the group healthcare operations of The Travelers Companies and MetLife. In 1996, UnitedHealthcare acquired HealthWise of America, which operated HMOs in Arkansas, Maryland, Kentucky and Tennessee.
In 1998, the company was reorganized as the holding of independent companies UnitedHealthcare, Ovations, Uniprise, Specialized Care Services, and Ingenix and rebranded as "UnitedHealth Group". Also in 1998, UnitedHealth Group acquired HealthPartners of Arizona, operator of Arizona's largest AHCCCS provider.