UnitedHealth Group

July 16, 2010US Companiesby EconomyWatch

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UnitedHealth Group is a premier health service organization offering innovative, modern and adaptable health care services to American residents. According to Forbes Global 2000 list of companies it was ranked #111 among world's largest public companies.
This group is engaged in diversified health services working towards betterment of health care. With its headquarters located in Minnetonka in Minnesota, UnitedHealth Group provides employment to around 67,000 people.

Brief history
In 1974, UnitedHealth began its foray with inception of Charter Med created by medical professionals to provide health care to individuals. Thereafter in 1977, United HealthCare Corporation was created which acquired Charter Med Incorporated. In 1984, United HealthCare Corporation listed its IPO (initial public offering) to become a publicly traded company. United HealthCare Corporation had its name changed to UnitedHealth Group in 1998. This company then set up independent but strategically linked divisions namely, UnitedHealthcare, Uniprise, Ingenix, Ovations, and Specialized Care Services.

Products and services
Services of UnitedHealth may be categorized into:

Health Care Services – Health care services offered by this company are classified into: ‘Ovations’ - a health scheme for individuals above 50 years of age; ‘UnitedHealthcare’ – designed for employers in small, medium and multiple location businesses; ‘AmeriChoice’- offers public sector and ‘medicaid’ schemes.

Prescription solutions – Union trusts, commercial health plans, employer groups and seniors benefit from consumer health products and pharmacy services covered in this program.

Ingenix - This unique scheme provides data consultation and software services to physicians, health insurance companies, drug manufacturers, government departments, and large scale enterprises.

OptimumHealth – This specialty program targeted at consumers, insurers and employers offers ancillary care networks, resources, and health banking services.Financials
Total profit earned by UnitedHealth Group till March 2008 was around $3.47 billion from sales worth nearly $79.44 billion. Asset held by this group during same period amounted to nearly $53.71 billion.

Awards and recognition
Few awards won by UnitedHealth Group include:

  • This group was honored for advances in corporate governance in 2008 by Corporate Secretary magazine;
  • Dannette Smith was conferred honor of ‘Corporate Secretary of Year 2008’ by Corporate Secretary Magazine.

Current financial crisis
Falling money market has prompted this group to reduce its earnings per share from $3.55/3.6 to $2.95/3.05. This has been caused by a decrease in cash flow from $6 billion to $5 billion.

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