Managed Medicaid and Medicare Advantage insurers economically lagged behind other payers and the wider market in 2023, according to a Jan. 5 analysis from S&P Global Market Intelligence.
The S&P 500 was up 24.3% from Dec. 30, 2022 to Dec. 29, 2023. During the same period, Molina Healthcare was up 9.4%, HealthEquity up 8.2%, Clover Health up 2.2% and UnitedHealth up 0.7%. The S&P 500 Insurance index was up 7.33%.
In contrast, Elevance was down 8.1%, Centene down 9.5%, Cigna down 9.6%, Humana down 10.6%, and Alignment Healthcare down 26.8%.
"To say 2023 was eventful for managed care and facilities would be an understatement," J.P. Morgan analyst Lisa Gill said. "Between [weight loss drugs, Medicare Advantage risk adjustment audits], new risk models, higher utilization, and Medicaid redeterminations, this past year presented a series of changes to the fundamental landscape for our coverage universe."