UnitedHealth Falls After Report It Secretly Paid Nursing Homes to Reduce Hospital Transfers
- UnitedHealth's stock dropped significantly last week following a Guardian report that accused the company of secretly incentivizing nursing home staff to limit the number of residents sent to hospitals in order to lower expenses.
- The report, released Wednesday, follows previous DOJ investigations into Medicare fraud claims and a whistleblower's congressional declaration accusing UnitedHealth of risky cost-cutting.
- Internal records show UnitedHealth offered financial incentives tied to hospitalization rates under its Medicare Advantage program, which serves one in five Medicare users.
- The stock dropped about 5.78% Wednesday, losing around $14 billion, and HSBC downgraded the stock to “reduce,” citing delayed recovery and ongoing risks.
- The controversy adds to UnitedHealth’s struggles, including leadership changes and suspended forecasts, and suggests sustained investor uncertainty amid regulatory scrutiny.
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UnitedHealth, the health insurer whose CEO was allegedly assassinated outside a hotel in New York City, secretly paid nursing homes not to transfer seriously ill patients to hospitals. The Guardian reports that the cost-cutting plan "saved the company millions" at the cost of patients' health. — Read the rest The post UnitedHealth secretly paid nursing homes not to transfer patients to hospitals appeared first on Boing Boing.
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