UnitedHealth Group experienced double-digit revenue growth and an improved 2022 outlook, according to its quarter one 2022 earnings report released April 14.
"Disciplined execution of our long-term strategy, with a sharp focus on ensuring access to care for the people we serve, enabled us to deliver high-quality, diversified growth across Optum and UnitedHealthcare during this first quarter of 2022," CEO Andrew Witty said.
Fourteen key takeaways from the report:
1. UnitedHealth Group reported $80.1 billion in first quarter revenues, representing 14.2 percent growth year over year.
2. Growth was led by Optum Health because of its effect on patients and accelerated expansion of its value-based care delivery initiatives.
3. Operating earnings stood at $7 billion for the first quarter, increasing from $6.7 billion in 2021. Adjusted net earnings were $5.49 per share.
4. Cash flows from operations in the first quarter were $5.3 billion, with $3.9 billion returned to shareholders.
5. The company's medical care ratio slightly increased to 82 percent in the first quarter of 2022 compared to 80.9 percent in 2021.
6. The group's operating cost ratio dipped to 14.2 percent in 2022 from 14.6 percent the year prior.
7. UnitedHealthcare's revenues rose to $62.6 billion in the first quarter of 2022 from $55.1 billion in 2021, representing a 13.6 percent increase.
8. The payer's operating earnings for the year's first quarter decreased to $3.8 billion from $4.1 billion in 2021.
9. In the first quarter of 2022, UnitedHealthcare grew to serve 1.5 million more people than 2021 because of strong growth in Medicare Advantage, dual special needs plans and the broader Medicaid market.
10. Optum saw the largest first quarter growth rate in the group at 18.9 percent, increasing to $43.3 billion from $36.4 billion in 2021.
11. The provider's operating earnings stood at $3.2 billion in 2022, up from $2.6 billion in 2021.
12. Optum Health's revenue per consumer served went up 33 percent since the first quarter of 2021 because of growth in people served under value-based care arrangements. It expects to serve 600,000 new patients under value-based arrangements in 2022.
13. Optum Insight's revenue backlog increased by $2 billion to $22.8 billion.
14. Optum Rx saw revenue growth of 11 percent, with adjusted scripts growing to 352 million from 329 million in 2021.