Posted 4/15/2024, 10:10:57 AM
UnitedHealth Faces Higher Costs After Cyber Attack Disrupts Claims, Payments
- UnitedHealth expected to report higher medical costs due to recent cyberattack that disrupted claims and payments systems
- Hack has forced UnitedHealth to advance billions in reimbursements and suspend prior authorizations to aid providers
- Analysts estimate UnitedHealth could incur over $150M in extra medical costs for Medicare in Q1 due to lack of prior authorizations
- Company likely to record one-time costs related to hack in its medical care ratio, which measures premiums vs services
- While progress has been made to restore systems, resolution ongoing as some providers still facing issues with claims, payments, discounts
