UnitedHealthcare on Thursday tapped company veteran Tim Noel as its new CEO following the\u00a0targeted killing\u00a0of its former top executive, Brian Thompson, in Manhattan in December.\u00a0<\/p>\n
Noel was the head of Medicare and retirement at UnitedHealthcare, the largest private health insurer in the U.S. It is the insurance arm of\u00a0UnitedHealth Group, the nation\u2019s biggest health-care conglomerate based on revenue and its more than $480 billion market cap.\u00a0<\/p>\n
Noel, who first joined the company in 2007, \u201cbrings unparalleled experience to this role with a proven track record and strong commitment to improving how health care works for consumers, physicians, employers, governments and our other partners,\u201d UnitedHealth Group said in a statement.<\/p>\n
The company is still reeling from the murder of Thompson, which unleashed a\u00a0torrent of pent-up anger and resentment\u00a0toward the insurance industry, renewed calls for reform and reignited a debate over health care in the U.S.<\/p>\n
Amid concerns about physical safety, companies across the industry have beefed up security for their executives and removed their photos and much of their personal information from their websites.\u00a0That includes UnitedHealth Group, which appears to no longer have an executive leadership page.<\/p>\n
Luigi Mangione, who was charged in the deadly shooting, is currently being held without bond in Brooklyn, New York. Mangione, 26, faces charges including murder and terrorism, to which he has pleaded not guilty.<\/p>\n
Noel oversaw a\u00a0part\u00a0of UnitedHealthcare\u2019s business that includes Medicare Advantage plans, which have been the source of skyrocketing costs for insurers.\u00a0<\/p>\n
Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry. But medical costs from Medicare Advantage patients have\u00a0jumped over the last year\u00a0as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic.\u00a0<\/p>\n
UnitedHealthcare\u2019s Medicare and retirement unit serves one-fifth of Medicare beneficiaries, or nearly 13.7 million patients, according to a\u00a0fact sheet\u00a0from the company.\u00a0<\/p>\n
UnitedHealth Group CEO Andrew Witty said on an earnings call last week that the profit-driven U.S. healthcare system \u201cneeds to function better\u201d and be \u201cless confusing, less complex and less costly.\u201d<\/p>\n
Witty said members of the system benefit from high prices, noting that lower prices and improved services can be good for customers and patients but can \u201cthreaten revenue streams for organizations that depend on charging more for care.\u201d However, Witty did not address to what extent UnitedHealth Group benefits from that model.\u00a0<\/p>\n
In its\u00a0first quarterly results since the killing, UnitedHealth Group reported fourth-quarter revenue that missed Wall Street\u2019s expectations due to weakness in its insurance business.<\/p>\n
The company\u2019s 2024 revenue rose 8% to $400.3 billion, and it expects revenue to climb again this year to a range of $450 billion to $455 billion.<\/p>\n
\u2014 CNBC\u2019s Bertha Coombs contributed to this report<\/em><\/p>\n<\/p>\n UnitedHealthcare on Thursday tapped company veteran Tim Noel as its new CEO following the\u00a0targeted killing\u00a0of its former top executive, Brian Thompson, in Manhattan in December.\u00a0 Noel was the head of Medicare and retirement at UnitedHealthcare, the largest private health insurer in the U.S. It is the insurance arm of\u00a0UnitedHealth Group, the nation\u2019s biggest health-care conglomerate […]<\/p>\n","protected":false},"author":0,"featured_media":14303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/14302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=14302"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/14302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/14303"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=14302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=14302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=14302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}