UnitedHealth Group Incorporated ( UNH Quick Quote UNH - Free Report) recently unveiled that UnitedHealthcare Community Plan of Ohio has been selected by the Ohio Department of Medicaid for administering its redesigned Medicaid program from early 2022 as expected.
Through the latest contract win, UnitedHealthcare intends to join forces with the state, providers and community-based organizations for devising care solutions aimed at offering whole-person and coordinated care, encompassing physical and behavioral wellness aspects. Among the three million adults and children in Ohio, the company intends to offer health benefit plans for addressing diversified health issues of only those participants qualifying for the state’s Medicaid program.
Consequent to gaining membership, members will be able to utilize the care provider’s network, wellness programs and comprehensive health coverage of UnitedHealthcare Community Plan. By offering preventive care, primary care and other health and wellness services at lower or free or costs, the company intends to bring about improved health outcomes across the state.
Moreover, UnitedHealth has been working intensely for several years to expand access to vital healthcare and help Ohio residents to lead a healthy life. The recent move is likely to bolster the company’s presence in the state. Apart from Medicaid, it also offers employer-sponsored, individual, Medicare, MyCare and Dual Special Needs plans to around two million people in Ohio. The company also played an active role in the state amid the COVID-19 pandemic, during which it invested over $760,000 in Ohio federally qualified health centers for extending healthcare services to uninsured individuals and underserved communities.
The recent announcement seems to come at an opportune time as new variants of the COVID-19 virus have added to the woes of Americans. At such a crucial time, getting access to UnitedHealth’s healthcare services and extensive network is likely to come as a relief for the state’s Medicaid beneficiaries.
Shares of this Zacks Rank #3 (Hold) healthcare provider have gained 42.2% over a year compared with the
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Apart from the latest contract win, other notable ones include UnitedHealth Group’s UnitedHealthcare Community Plan of Hawaii being recently chosen by the state of Hawaii for administering its QUEST Integration Medicaid program across the state. In January 2021, the company was selected by the Oklahoma Health Care Authority for catering to the Medicaid members of the latter’s SoonerSelect, starting from later this year. These contract wins and renewed agreements have been providing an added impetus to the company’s revenues, which witnessed a 10-year CAGR of 9.7%.
Furthermore, the company boasts a robust Medicaid business through which it has been devising cost-effective health plans and reaching out to various parts of the nation. Last year, its Medicaid business gained momentum from easing of redetermination requirements by states due to the pandemic and a rise in the number of people served through Dual Special Needs Plans. The number of people served through the company’s Medicaid business grew 12% last year from the 2019 figure. Per management, growth in the number of people served coupled with expected mix changes is likely to drive the company’s Medicaid business in the days ahead.
Notably, the Ohio Department of Medicaid has selected a total of six healthcare providers to offer health coverage to Ohio’s Medicaid beneficiaries. Apart from UnitedHealth Group, the other healthcare organizations selected are
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