UnitedHealth says seniors are catching up on delayed surgeries
UnitedHealth's stock tumbled during trading Wednesday alongside rivals Humana, CVS Health and Cigna
Milken Institute Chairman Michael Milken joined ‘Mornings with Maria’ to discuss the future of AI health care and the Federal Reserve forecasting a ‘mild recession’ later this year.
UnitedHealth announced Tuesday it's seeing a boost in seniors undergoing procedures they may have pushed off during the pandemic.
During the second quarter, there was a "meaningfully higher number" of outpatient cases among seniors on Medicare health plans, the largest publicly traded health insurer said during Goldman Sachs' annual global health care conference.
In particular, the company saw "continued strong outpatient care activity" related to knee and hip replacements, UnitedHealth Group CFO John Rex said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC. | 592.23 | -0.92 | -0.16% |
MEDICAL TOURISM: WHAT'S DRIVING THIS PHENOMENON?
"There are some indications that it looks a little bit like pent-up demand or delayed demand being satisfied," Rex added.
A man sitting on a chair (iStock / iStock)
Tim Noel, CEO of UnitedHealth's Medicare and retirement business, noted that seniors have gotten more comfortable accessing services for "things that they might have pushed off a bit like knees and hips" now that things have started to normalize.
ZOOM BOOM: PLASTIC SURGERIES INCREASED DURING THE PANDEMIC
"We're just seeing more services, which, again, are we're really happy to see that our seniors are accessing the care that they need," Noel said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HUM | HUMANA INC. | 276.90 | +1.23 | +0.44% |
| CI | THE CIGNA GROUP | 321.52 | -2.36 | -0.73% |
| CVS | CVS HEALTH CORP. | 56.67 | +3.49 | +6.56% |
| CNC | CENTENE CORP. | 57.46 | -1.22 | -2.08% |
The rise in surgeries though is adding to UnitedHealth's costs.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
As a result, UnitedHealth's stock tumbled more than 7% during trading Wednesday afternoon.
Humana, CVS Health, Cigna and Centene stocks also dropped.