UnitedHealth Group posted revenues of $91.9 billion in the first quarter of 2023, up 15 percent from $80.1 billion over the same period last year, according to the company's earnings report released April 14.
The company attributed the increase to "consistent broad-based growth at Optum and UnitedHealthcare."
"Our strong, enterprisewide growth this quarter is a direct result of our colleagues' unwavering
commitment to offering more health services to more people and connecting consumers with greater access to high-quality, affordable care," UnitedHealth Group Andrew Witty said in the report.
UnitedHealth Group
- UnitedHealth Group posted $5.6 billion in profit in the three months ended March 31, up from $5 billion over the same period last year.
- The first-quarter medical cost ratio was 82.2 percent, compared to 82 percent over the same period last year.
- The company had a first-quarter operating cost ratio of 14.8 percent, up from 14.2 percent over the same period last year. This was attributed to business mix and the company's investments to accelerate and support growth, partially offset by continued productivity advances.
UnitedHealthcare
- UnitedHealthcare saw revenues of $70.5 billion in the first quarter of 2023, up from $62.6 billion over the same period last year,
- Total domestic membership is 47.6 million, up from 45.5 million over the same period last year.
- The numbers of consumers served with domestic commercial benefit offerings grew 665,000 in the first quarter of 2023 compared to year-end 2022.
Optum
- Optum saw revenues increase by 25 percent year over year, with revenues of $54.1 billion in the first quarter of 2023, compared to $43.3 billion in the first three months of 2022.
- Optum Insight's revenue backlog increased by 35 percent to $30.7 billion compared to the same period a year ago, driven by the acquisition of Change Healthcare and growth in comprehensive managed service offerings for health systems.
- OptumRx saw revenues grow by 15 percent in the first quarter of 2023, attributed to serving new clients and expansion of specialty and community-based pharmacy offerings. Adjusted scripts grew to 378 million compared to 352 million over the same period last year.
- Optum Health's revenue per consumer served increased by 34 percent year over year, driven by an increase in the number of people served under value-based care arrangements.