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Today's Biggest Winners: Ford, Apple, and Tesla Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, March 28, 2024
UnitedHealth Payout to Cyberattack Victims Center Stage
UnitedHealth Group (NYSE:UNH) has paid out an additional $1 billion to providers that have been impacted by the Change Healthcare cyberattack since last week, bringing the total amount of funds advanced to more than $3.3 billion.
UnitedHealth, which owns Change Healthcare, discovered in February that a cyber threat actor had breached part of the unit's information technology network. Change Healthcare processes more than 15 billion billing transactions annually, and 1 in every 3 patient records passes through its systems, according to its website.
The company disconnected the affected systems“immediately upon detection” of the threat, according to a filing with the Securities and Exchange Commission. The interruptions left many health-care providers temporarily unable to fill prescriptions or get reimbursed for their services by insurers.
Many health-care providers rely on reimbursement cash flow to operate, so the fallout has been substantial. Smaller and mid-sized practices told the media they were making tough decisions about how to stay afloat. A survey published by the American Hospital Association earlier this month found that 94% of hospitals have experienced financial disruptions from the attack.
As a result, UnitedHealth introduced its temporary funding assistance program to help providers in need of support. The company said the $3.3 billion in advances will not need to be repaid until claims flows return to normal.
UNH shares slipped 30 cents to $492.81.
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