Despite the struggling economy across the nation, UnitedHealthcare businesses soared in growth and increased their year over year revenues by 8% in 2010. They widened their customer base by 1.2 million individuals. The economy turmoil was a significant reason for the growth in Medicaid program participation rising almost 15% from year to year. Additionally, the aging “baby boomer” generation contributed in the spike of 16% in Medicare Advantage consumers in 2010.
After suffering a 1.7 million membership loss in 2009; the commercial market experienced a dramatic turnaround that resulted in a net gain of 185,000 people served in 2010. “The improvements were driven by newer, more affordable products, better customer retention, better service, and lower employee attrition trends among our customers” (CEO, 2011).
UnitedHealthcare is a division of the UnitedHealth Group. The organization is the largest health carrier in America; they are top contenders in leading the industry in the insurance business, customer service, community involvement, and philanthropy contribution. The company originated in 1977and continues to grow, improve, and evolve the health industry standards among it competitors. The ability to stay ahead of the curve in the technological advances has become a leveraging tool attracting their services to the medical professionals..
The company offers individuals and families a choice between six types of offers. Co-pay- This is where the patient must pay a required fee for certain office visits and preventative care appointments and procedures. Health Savings Accounts (HSA) – A tax free account helping offset a high deductable and lower cost plan for some people. High Deductible – This allows a person peace of mind for ensuring protection for a major medical need. Usually, the preventative and well visits are self paid by the patient. Short Term Medical – this plan is offered to customers who need a temporary short term plan to smoothly transition to another employer or plan.
Student Coverage- this plan is offered through the educational sector that is comparable to a employer group plan and benefits. Medicare and Medicaid – UnitedHealth plans have been chosen for many area Medicare and Medicaid governmental choice. Lower income may choose between a HMO and another type of plan offered. Dental Insurance Plans – This plan is specific to dental well care and repair of teeth within the dentistry industry.
Their products are prices are moderate in the market; however, the company believes that the best medicine for any disease is prevention. United Healthcare believes in educating the public on prevention, care, and nutritious lifestyles. The more education American’s receive results in a possibility of preventive measures and teaching health will bring healthy citizens. This will result in fewer illnesses and lower costs overall.
The promoted charitable attitude and encouragement are a highly admirable feature within the company and exhibits the genuine nature of caring for people. The support to disaster relief affected areas, youth involvement, and contributions to the less fortunate living in shelters or decreasing the feeding the hungry, or food drives bring a healthier tomorrow within our country.
Community investment will yield high profit margins and/ or positive opportunity costs results are being demonstrated consistently by UnitedHealthcare by their actions, financial, and awards they have earned.
•“UnitedHealthcare named 2009 Best Health Plan Provider by readers of Business Insurance magazine” •UnitedHealthcare receives Patriot Award for Support of National Guard and Reserve •“UnitedHealthcare is ranked One of 50 Best Companies for Latinas to Work For in the U.S. According to Latina Style Magazine” •“Executive Vice President and Chief Medical Affairs is named as, One of Black Enterprise’s “100 Most Powerful Executives in Corporate America” •“UnitedHealth Group Receives Hispanic Health Leadership Award” •“UnitedHealthcare President among FORTUNE Top 50 Most Powerful Women. (United HealthCare Services, 2011)
Currently, they are providers to approximately seventy-five million citizens in the U.S. The network the company has built among health professionals includes, “654,000 physicians and health care professionals, 80,000 dentists, and 5,127 hospitals” (UnitedHealth Care, 2011). Additionally, a pharmaceutical plan assists thirteen million others acquire more affordable cost and access to drugs prescribed.
The large network relationship the company has built is a large contributing factor for UnitedHealth care being recognized as a leader in the industry. The success of the business is derived by the strong mission statement and values the company strives to meet and exceed with their customers.
Works CitedCEO, U. G. (2011, January 20). Seeking Alpha: Unitedhealth Group CEO Discusses Q4 2010 . Retrieved January 30, 2011, from http://seekingalpha.com/article/247820-unitedhealth-group-ceo-discusses-q4-2010-earnings-call-transcript United HealthCare Services. (2011, January). United HealthCare Products & Services. Retrieved January 30, 2011, from http://www.uhc.com/about_us.htm UnitedHealth Care. (2011). United Health Care – Helping People Live Healthier Lives. Retrieved 01 29, 2011, from http://www.uhc.com