Q2:23 Thematic Earnings Roundup
This earnings season has provided us with insights into how various publicly traded healthcare companies are navigating the current landscape. Let’s delve into the trends and outcomes that defined the second quarter of 2023. The Home Health & Hospice Market: The Erosion of Medicare Fee-For-Service The Home Health & Hospice (HH&H) market has been volatile of late, with companies like Amedisys Inc. (NASDAQ: AMED) reporting a significant shortfall in earnings and a decline in revenue compared to the same period last year. Amedisys reported a financial loss in the second quarter of $80.3 million, after reporting a profit in the same 2022 period. A significant portion of this... Read More »
MyPlanAdvocate Acquires Eversurance
MyPlanAdvocate (MPA) announced its acquisition of Eversurance. Eversurance (formerly Crosspointe) is a provider of personalized insurance based in Cambridge, Massachusetts. It is focused on providing health and Medicine insurance products. A portfolio company of private equity firm Adir Ventures, MPA is a National Medicare Agency with a team of licensed and certified agents dedicated to advocating on behalf of its customers. This acquisition will allow MPA to expand into the under-65 health insurance market. The financial terms were not disclosed. According to data captured in the LevinPro HC database, this transaction is the 17th Managed Care acquisition of... Read More »
Dr. Amar Desai to Lead Optum Health as New CEO
After less than six months in his role as president of health care delivery at CVS Health, Dr. Amar Desai is returning to UnitedHealth Group as the new CEO of Optum Health. The shift in leadership comes as Optum Health is growing its presence in the home health and hospice market. The company recently acquired two of the largest providers in the space – LHC Group and Amedisys Inc. – with price tags of $6 billion and more than $3.7 billion, respectively. In his role as Optum’s CEO, Dr. Desai will oversee operations of the company’s nearly 135,000 employees that provide home health, hospice and other services to 103 million patients nationwide. “I am looking forward to working with our... Read More »
UnitedHealth Group Reports 16% Growth YoY, Expanding Optum Network and Embracing Biosimilars
UnitedHealth Group Incorporated (NYSE: UNH), one of the largest health insurers in the United States, reported its second quarter financial results on Friday, July 14. When we covered UnitedHealth Group during the last earnings season, the company demonstrated positive performance and balanced growth across its Optum and UnitedHealthcare business segments. This trend seems to have persisted into Q2, with UnitedHealth Group continuing to report strong contributions from both segments, even as UnitedHealth continued to invest to support growth. During Q2:23, UnitedHealth reported group revenues of $92.9 billion, up 15.6% year-over-year and surpassing analysts’ estimates of $91 billion.... Read More »