We’ve made it another half-year. Guess which health insurer is in the lead (again).
Another earnings season, another unfathomably large profit for our nation’s largest health insurance company (and the rest aren’t doing too bad, either).
If there’s one thing we know for sure, it’s that health insurance companies know how to secure the bag.
UnitedHealthcare (United) comes out on top . . . yet again. The nation’s largest health insurer is on track to beat last year’s record-breaking profit, having earned $10 billion in the first half of 2022. If this pace continues, United will surpass last year’s full year profit — a dare-we-say obscene $17.3 billion.
As for the rest of ‘em, let’s just say it’s been a sweet first half of the fiscal year.
- Cigna made $2,742,000,000 in profit
- Elevance Health (formerly Anthem) made $3,458,000,000 in profit
- CVS Health (Aetna) made $5,200,000,000 in profit
- Centene made $677,000,000 in profit
If you’re wondering why good ole Blue Cross Blue Shield (BCBS) didn’t make the list, it’s because the insurer reports on a different schedule because they’re (technically speaking) not-for-profit.
They should teach payor strategy in business school — it’s clearly going gangbusters. We’ll go ahead and provide the curriculum.
Just how have health insurance companies made a collective $20+ billion in profit, with United owning the lion’s share?
It’s simple, really. All you have to do is….
Push providers out of network:
. . . Like when patients in Tuolumne County, California found themselves in the crossfire of contract negotiations between their only local provider and Anthem Blue Cross. “It all comes down to money,” said County Supervisor Anaiah Kirk.
. . . Remember that time when northeastern health system MaineHealth announced that Anthem had repeatedly underpaid its flagship hospital, Maine Medical Center, by $1 million per month?
. . . Or when Northside Hospital battled bravely against Anthem for months, as the insurer was set to drop Northside from its network?
Deny needed care:
. . . One insurer, Group Health, Inc., denied coverage of an MRI because it was “medically unnecessary.” The patient lost her leg due to the delay, and passed away two years later.
. . . It’s one thing to deny an adult patient care. But it’s another thing entirely when that patient is a child. United has been accused of denying care for young children in emergency situations — all because of an algorithm.
. . . We just love when health insurance companies police patients’ health needs (said no one ever). In North Carolina alone, Blue Cross Blue Shield (BCBSNC) denied nearly 15% of claims in 2020.
And take over the whole industry (or at least try to):
. . . Break out the Monopoly board. If healthcare were real estate, UnitedHealth Group owns the whole block (they just don’t want you to know it).
. . . Talk about hypocrisy. While insurers are quick to scrutinize hospitals for consolidating to not shutter their doors, insurance companies like BCBSNC own the majority of the market.
. . . Is it just us, or does UnitedHealthcare get sued more than they actually cover your care?! Envision Healthcare sued the insurer for unfairly low reimbursement rates in a feeble attempt to force its providers out of network.
It’s not rocket science. Each of these examples shows that insurers continue to put their wealth over your health – and it sure is paying off.
