UnitedHealth Group Inc. (UNH - Free Report) , through its two distinct platforms — UnitedHealthcare and Optum, has decided to extend financial assistance toward its healthcare providers across the United States. Healthcare providers offering medical and behavioral care services in UnitedHealthcare’s fully insured commercial, Medicare Advantage and Medicaid plans during the crisis are likely to gain traction from the latest announcement.
The COVID-19 pandemic has sparked fear across the globe. The crisis has also put the entire U.S. economy in a sluggish phase.
Nevertheless, like most of the healthcare providers in the United States, UnitedHealth is ramping up efforts to contain the virus spread. The company’s latest announcement called for speeding up claim payments to healthcare providers, who are constantly fighting to combat the pandemic in the United States. Another notable move made by UnitedHealth is of providing small businesses with loans of up to $125 million, which can be availed by clinical operators, who have an alliance with OptumHealth.
Moreover, the company has been undertaking several initiatives to contain the virus spread. It has urged its customers to adopt its telehealth policies, which will facilitate easy communication between customers sitting at home and their healthcare providers. UnitedHealthcare has also rolled out a personalized digital platform, which is likely to enhance members’ access to its virtual care services.
Furthermore, the company has decided to provide customers with a hassle-free experience by relaxing certain administrative burdens related to the health system. Considering the current crisis, it has also expanded the deadlines of claim payments for its Medicare Advantage, Medicaid, and Individual and Group Market health plans.
However, shares of this Zacks Rank #3 (Hold) company have lost 0.3% in a year, narrower than the industry’s decline of 8.2%.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nevertheless, we believe that the company’s strong fundamentals are likely to drive its shares, going forward.
Some other companies in the same space are resorting to similar measures to fight the COVID-19 outbreak.
Magellan Health, Inc. (MGLN - Free Report) has enhanced telehealth services via video calls.
Humana Inc. (HUM - Free Report) expanded the availability of telehealth services by providing an array of affordable and feasible services, which include early prescription refills and wider coverage of telehealth visits for urgent healthcare.
CVS Health Corporation’s (CVS - Free Report) health insurance division, Aetna (which was merged in 2018),is also developing and expanding its telehealth offerings.
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