UnitedHealth's Big Steps to Fix Trust Issues

UnitedHealth Group has shared the first findings from an independent audit of its business practices. The company has promised to make changes in three key areas. They have 23 action plans in place. By the end of 2025, 65% of these plans will be done. The rest will be completed by March next year. This comes at a time when private insurers are trying to win back the public's trust. Many people are upset with insurers and the healthcare system. Critics say insurers make it hard for patients to get and pay for care. UnitedHealth owns UnitedHealthcare, the biggest insurer in the U. S. The audit was one of the first moves by Steve Hemsley, the new CEO. He took over in May after Andrew Witty left suddenly. Hemsley said the audit shows the company's commitment to being more open. He believes patients and providers deserve to know how the company works. Two firms did the audit. FTI Consulting looked at UnitedHealthcare's Medicare Advantage programs. They checked how the company rates the health of its members. The firm also looked at the company's care management policies.The Analysis Group checked Optum Rx, the company's pharmacy benefit manager. They looked at how Optum Rx gets prescription discounts from drugmakers. PBMs like Optum Rx negotiate rebates with drugmakers. They also create lists of covered medications and pay pharmacies for prescriptions. The firms found that UnitedHealth's policies are strong and sound. But they also gave recommendations for improvements. For example, Optum Rx needs to improve how it handles disputes with drugmakers. UnitedHealth plans to create a formal policy for this. FTI Consulting found that UnitedHealth does better than its peers in some areas. But they also found issues like slow decision-making and documentation problems. UnitedHealth will share more findings later this year. UnitedHealth's shares are down more than 35% this year. This is due to high medical costs, the exit of Witty, and probes into its Medicare Advantage business. Last year was tough for UnitedHealth. They faced a big cyberattack and public backlash after the murder of their CEO, Brian Thompson.