UnitedHealth’s Breach Response Anticipated to Exceed $2.3B
On July 16, UnitedHealth Group released its second-quarter results. Notably, the Minnesota-based health insurance company estimates the total cost of the Change Healthcare cyberattack to be between $2.3 billion and $2.45 billion in 2024. This amount is over $1 billion higher than a projection reported in April this year.
In a release for investors, UnitedHealth stated that the company has restored most of the affected Change Healthcare services and continues providing financial support to healthcare providers in need. UnitedHealth has provided over $9 billion in advance funding and interest-free loans to support healthcare providers.
“The company currently estimates the total full year 2024 impact at $1.90 to $2.05 per share. Within this, direct response costs are estimated at $1.30 to $1.35, an increase of $0.40 to $0.45 from the initial estimate. The change is due to the company’s care provider financial support initiatives and consumer notification costs,” UnitedHealth stated.
Nevertheless, company revenues of $98.9 billion grew nearly $6 billion over a year, UnitedHealth reported.
