UnitedHealth Group has confirmed that it is under investigation by the federal government and is cooperating fully with the inquiry. The health care giant stated in a Securities and Exchange Commission filing that it has contacted the Department of Justice after media reports surfaced about investigations into certain business practices.
The company, which covers over 8 million people through its Medicare Advantage plans, faces scrutiny over billing practices and how diagnoses are recorded to qualify for extra payments. A federal civil fraud investigation was previously launched in February, focusing on these areas. The probe has since expanded to include a federal criminal health care-fraud unit.
UnitedHealth Group emphasized its commitment to responsible conduct and effective compliance, stating it “has full confidence in its practices.” The company operates one of the largest health insurance and pharmacy benefits management businesses in the US and reported $400 billion in revenue last year. Its stock price has been volatile since CEO Brian Thompson’s fatal shooting in December, with shares declining by 55% from their all-time high.
Source: https://apnews.com/article/unitedhealth-medicare-department-of-justice-investigation-e798e8c5305043d757714277e0c5a75c