UnitedHealth Group (“United”) has reported strong revenues and profits for the second quarter of 2024, beating analysts’ expectations.
United posted revenues of $98.9 billion for the second quarter of 2024, up $6 billion from the prior year quarter revenues of $92.9 billion. United also posted profits of $4.2 billion for the second quarter.
United attributed its revenue growth to a “strong expansion in people served domestically at Optum and UnitedHealthcare.” UnitedHealthcare’s second quarter revenues were $73.9 billion, up from $70.2 billion in the prior year quarter. Optum’s s second quarter revenues were $62.9 billion, up from $56.3 billion in the prior year quarter, a nearly 12% increase.
For the year to date, United reported that the number of people served by its domestic offerings grew to 29.6 million people and the number of people served in its plans for seniors and individuals with complex needs grew to 9.4 million.
United also reported a medical cost ratio (”MCR”) of 85.1%. A health insurer’s MCR represents the insurer’s spending on claims compared with its earnings from premiums. Unfortunately, the attorneys of Whatley Kallas, LLP are seeing health insurance companies deny and underpay legitimate claims submitted by our provider clients for medically necessary services provided to the insurers’ members.