UnitedHealth Group (NYSE: UNH) remains steadfast in its commitment to value-based care and the growth of Medicare Advantage.
In order to continue to offer care that is accessible and more affordable, UnitedHealth Group CEO Andrew Witty said the company must focus on what it does best.
“We remain focused on our mission and on advancing our growth strategies, [as well as] on our aim to serve more people through value-based care, and a robust foundation on which to consistently drive strong growth into 2023 and beyond,” Witty said during UnitedHealth’s earnings call Friday. “Consumers want value — especially in the current economic environment — and that means high-quality care that is more accessible, more affordable and more responsive to their individual needs.”
Even with signs of a recession in the U.S., Witty and his leadership team feel confident that UnitedHealth Group will continue to thrive.
“We are confident our differentiated offerings will once again resonate with consumers who are even more focused on affordability, value and simplicity given the rising costs of daily life,” Witty said. “Today in the United States, more people than ever have access to health benefits, an important milestone on the path toward universal coverage — an objective we have long supported.”
One of those offerings – if all goes well – will be home health care with the pending acquisition of LHC Group Inc. (Nasdaq: LHCG).
Looking ahead to 2023, Witty said a main priority for UnitedHealth Group will be ensuring continuity of access and care for its patients.
In order to do that, the company will rely on its many partnerships, like the one struck with Walmart in September.
Starting in 2023, UnitedHealth Group will jointly develop 15 Walmart health clinics in Florida and Georgia and will extend the partnership into additional geographies over time.
“As we expand the collaboration, there will be broad opportunities to address social determinants of health by improving access to benefits such as healthy foods, medications, dental and vision services,” Witty said.
Another focus will be to meet people where they are, which includes expanding the company’s clinical capabilities to care for people more holistically in their homes.
“We know that at-home care settings, especially for people with mobility challenges and highly complex health needs, can improve outcomes, elevate patient experience and result in better care,” UnitedHealth COO Dirk McMahon said. “We bring together teams with medical, behavioral and palliative experience, in addition to our home infusion capabilities of OptumRX. By doing so, we help patients and their families keep multiple chronic conditions in check, while significantly reducing the need for care in acute and post-acute settings.”
Medicare Advantage also plans to be a big focus for UnitedHealth Group, as previously touted earlier this year.
“Today, nearly half of American seniors are enrolled in Medicare Advantage plans, compared to about 25% a decade ago,” Witty said. “MA plays a vital role in serving those consumers who are significantly more diverse, have lower incomes and more complex care needs than the average senior. Through MA, people are experiencing better health outcomes than in traditional fee-for-service Medicare across a wide spectrum of measures.”
UnitedHealth Group reported $5.3 billion in profit for the third quarter, up from $4.1 billion year over year.
Total revenue also saw a significant bump. The company reported $80.9 billion of revenue in the third quarter, up 12% from $72.3 billion in the third quarter of 2021.
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