In this discussion, Michael Ha, a managed care analyst at Baird, dives into the significant issues plaguing UnitedHealthcare, with special emphasis on the aftermath of CEO Brian Thompson's tragic murder. He unpacks the depth of Optum's struggles and United's aggressive coding practices that have raised industry concerns. Michael also examines the root causes of the company's crisis and questions why it has taken so long for UnitedHealthcare to address these challenges.
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question_answer ANECDOTE
Investor Day Shooting Shook Market Sentiment
Michael Ha was at UnitedInvestor Day when Brian Thompson was murdered and described the event as a terrifying moment for attendees.
The shooting triggered sustained negative PR that materially damaged UnitedHealth's stock sentiment.
insights INSIGHT
UnitedHealth Is Now An Optum-First Company
UnitedHealth shifted from ~90% insurance to ~55% Optum over a decade, transforming its business mix.
Optum now rivals insurance as the primary earnings driver and requires different analysis approaches.
insights INSIGHT
Optum Health Is The Clinic And Physician Engine
Optum comprises Optum Health, Optum Rx, and Optum Insight, with Optum Health the largest growth vector.
Optum Health employs or affiliates roughly 100,000 physicians and targets primary-care-driven value-based care.
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In this episode of The Real Eisman Playbook, Steve sits down with Michael Ha, the Managed Care Analyst at Baird to discuss all things United Healthcare, a company under assault. They break down the problems at UNH, which go far deeper than just rising medical care costs. They get into the problems with Optum, UNH's aggressive coding tactics, and of course the tragic murder of CEO Brian Thompson by Luigi Mangione.
00:00 - Intro
02:22 - The Murder of United Health CEO Brian Thompson & Ensuing Fallout
07:34 - Breaking Down Everything Inside United Health Care
17:35 - When Did the Wheels Start to Come Off?
19:53 - What's Happened to Optum Health?
26:45 - How Aggressive Was United in Terms of Coding?
35:53 - Why Has It Taken So Long For Them To Get Their Act Together?
46:30 - What Does United Say These Days?
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