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UnitedHealth shares dive after report of US investigation into Medicare billing

Livemint

Livemint · 5m ago

UnitedHealth shares dive after report of US investigation into Medicare billing

UnitedHealth Group shares dropped significantly after the U.S. Department of Justice launched a civil fraud investigation into its Medicare billing practices. The probe focuses on how UnitedHealth records diagnoses to secure additional payments for Medicare Advantage plans, privately run variants of government Medicare for seniors. This inquiry has exacerbated existing challenges in UnitedHealth's business, leading to a more than 10% pre-market decline in stock value, affecting shares of other Medicare Advantage insurers as well.

Related News

US officials urge UnitedHealth to expedite payments to providers

Economic Times

Economic Times · 1y ago

US officials urge UnitedHealth to expedite payments to providers

The US government has urged UnitedHealth Group to speed up payments to healthcare providers following a cyberattack on the insurer's tech unit, Change Healthcare. The hack disrupted medical claims and payments, prompting officials to ask UnitedHealth and other industry companies to take action to mitigate harm to patients and providers. The US government has also announced plans to accelerate Medicare and Medicaid payments to affected hospitals. The cyberattack, attributed to the Blackcat ransomware group, has caused disruptions in electronic pharmacy refills and insurance transactions. UnitedHealth expects to restore services by mid-March.

UnitedHealth hackers say they stole 'millions' of records, then delete statement

Reuters · 1y ago

UnitedHealth hackers say they stole 'millions' of records, then delete statement

Hackers known as "Blackcat" or "ALPHV" claim to have stolen millions of sensitive records, including medical insurance and health data, from the UnitedHealth Group. In a statement posted on their darknet site and later deleted, the hackers said they had acquired 8 terabytes of data from UnitedHealth and its partners, including Medicare, Tricare, and CVS Health. UnitedHealth is currently investigating the claim. The motives behind the hackers' statement and subsequent deletion remain unclear. The Centers for Medicare and Medicaid Services and Tricare have not commented, and CVS Health stated they have not confirmed any member or patient information being impacted.

CCI Orders Probe Into Google’s User Choice Billing System

Inc42 · 1y ago

CCI Orders Probe Into Google’s User Choice Billing System

The Competition Commission of India (CCI) has ordered an investigation into Google's user choice billing system, following a recent standoff between Indian app publishers and the tech giant. The CCI found Google to be in violation of various sections of the competition law. The CCI's director general has been instructed to conduct the investigation and submit a detailed report within two months. The investigation will focus on whether Google's billing system hampers competition in the market.

UnitedHealth unit Change Healthcare's pharmacy network back online

Reuters · 1y ago

UnitedHealth unit Change Healthcare's pharmacy network back online

UnitedHealth Group has announced that its subsidiary, Change Healthcare, has restored its pharmacy network, following a cyber attack that affected its operations for several weeks. Change Healthcare processes approximately half of all medical claims in the US, making the attack a significant disruption in the healthcare industry. While most major pharmacy and payment systems are now operational, UnitedHealth is still working on bringing some pharmacies online. The US Department of Health and Human Services has initiated an investigation into the cyber attack, which UnitedHealth attributed to the "Blackcat" ransomware group. The full extent of the data breach is still unknown.

US Proposes $21 Billion Medicare Payment Boost to Insurers

Livemint

Livemint · 6m ago

US Proposes $21 Billion Medicare Payment Boost to Insurers

The US plans to increase payments to Medicare Advantage insurers by 4.3% on average in 2026, enhancing revenue for firms like UnitedHealth, Humana, and CVS Health. This move follows insurer concerns over inadequate rates and rising medical costs. The proposed $21 billion boost contrasts with recent Biden administration efforts to limit payments. These adjustments could improve policy under the incoming Trump administration and address insurer complaints regarding risk coding policies.

HHS opens probe into hack at UnitedHealth unit

Reuters · 1y ago

HHS opens probe into hack at UnitedHealth unit

The Department of Health and Human Services is investigating UnitedHealth Group following a cyberattack on its subsidiary, Change Healthcare. The investigation will focus on the extent of the breach and compliance with the Health Insurance Portability and Accountability Act (HIPAA). UnitedHealth will cooperate with the investigation and is currently focused on restoring systems and protecting data. The cyberattack, initially attributed to a suspected nation-state group, disrupted pharmacy refills and insurance transactions as the Change unit processes about 50% of medical claims in the US.

Competition watchdog orders probe into Google's Play Store billing policies

Economic Times

Economic Times · 1y ago

Competition watchdog orders probe into Google's Play Store billing policies

The Competition Commission of India (CCI) has announced an investigation into Google's Play Store billing policies. Indian internet companies have expressed concerns over Google's practice of charging a commission of 11-30% on in-app purchases made by their users. The CCI believes that Google may have violated provisions of the Competition Act and has ordered a detailed probe into the matter. Earlier this year, Google delisted several apps for violating its billing policies, but reinstated them after intervention from the Indian government.

UnitedHealth confirms Russian ransomware gang behind Change Healthcare hack

TechCrunch · 1y ago

UnitedHealth confirms Russian ransomware gang behind Change Healthcare hack

American health insurance company UnitedHealth Group has confirmed that its health tech subsidiary, Change Healthcare, has experienced a ransomware attack. The attack, claimed by Russia-based group ALPHV/BlackCat, has disrupted hospitals and pharmacies across the US. Change Healthcare, which handles billing for over 67,000 pharmacies, took its systems offline to remove the hackers. The full impact of the attack on patients' information and UnitedHealth Group's systems is being investigated. ALPHV/BlackCat has claimed to have stolen sensitive health and patient information, but this has not yet been verified.

UnitedHealth says Change Healthcare hacked by nation state, as pharmacy outages drag on

TechCrunch · 1y ago

UnitedHealth says Change Healthcare hacked by nation state, as pharmacy outages drag on

Health insurance giant UnitedHealth Group has disclosed a cybersecurity incident that compromised its subsidiary Change Healthcare. The company believes the attack was carried out by nation-state hackers, but did not provide details on the specific country or government involved. Change Healthcare handles patient billing across the US healthcare system and processes billions of healthcare transactions annually. As a result of the attack, pharmacies are now facing difficulties in fulfilling prescriptions through patients' insurance, exacerbating the impact on the healthcare sector. UnitedHealth Group has enlisted the help of cybersecurity experts and law enforcement agencies to investigate the incident.

Hacker forum post claims UnitedHealth paid $22 mln ransom in bid to recover data

Reuters · 1y ago

Hacker forum post claims UnitedHealth paid $22 mln ransom in bid to recover data

According to a post on a hacker forum, UnitedHealth Group is alleged to have paid $22 million to the "Blackcat" ransomware gang to regain access to their encrypted data and systems. While neither UnitedHealth nor the hackers have commented on the alleged payment, a cryptocurrency tracing firm partially corroborated the claim. Large companies often pay ransomware gangs to recover their networks when significant disruptions occur. The break-in at UnitedHealth's Change Healthcare unit has caused widespread disruption in the US medical system, with billing services remaining paralyzed. The American Medical Association has called for emergency funds to be made available to affected physicians.

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