Cyberattack costs hit UnitedHealth in 1Q that still turns out better than expected
UnitedHealth Group trounced first-quarter expectations even as costs from a cyberattack to its Change Healthcare business ate into the company’s performance.
The health care giant also said Tuesday that care patterns in the year’s first quarter met its expectations after soaring medical costs at the end of last year surprised Wall Street.
Company shares jumped in midday trading.
UnitedHealth said earlier this year that a ransomware group had gained access to some of the systems of its Change Healthcare business, which provides technology used to submit and process insurance claims. The attack disrupted payment and claims processing around the country, stressing doctor’s offices and health care systems.
Federal civil rights investigators are looking into whether protected health information was exposed in the attack.
UnitedHealth is still restoring several services from the February attack. It took an $872 million hit from it in the first quarter, but CEO Andrew Witty told analysts on Tuesday that the company expected to bring Change Healthcare back “much stronger than it was before.”
Related articles
With Djokovic awaiting the winner, Murray trails Hanfmann at rain
GENEVA (AP) — Needing a win to face Novak Djokovic next at the Geneva Open, Andy Murray was saved by2024-05-21Brits face summer holiday chaos as Majorcans crank up their anti
British holidaymakers could face holiday chaos this summer as Majorcans crank up their anti-tourism2024-05-21Bank of America trader, 25, dies suddenly 'of a cardiac arrest' during work event
A 25-year-old Bank of America trader has died of a suspected cardiac arrest at a company event.Adnan2024-05-21Russia warns to intensify attacks on Western arms storage in Ukraine
Russia will intensify attacks on logistics centers and storage facilities of Western weapons in Ukra2024-05-21Four people killed in a house explosion in southwestern Missouri
GOODHOPE, Mo. (AP) — Four people in rural Missouri died when an explosion that could be heard 10 mil2024-05-21NYC firefighter who collapsed in burning home likely saved by smoke inhalation drug
NEW YORK (AP) — Officials credited a smoke inhalation drug for likely saving the life of a New York2024-05-21
atest comment