Despite the struggling economy across the nation, UnitedHealthcare businesses soared in growth and increased their year over year revenues by 8% in 2010. They widened their customer base by 1.2 million individuals. The economy turmoil was a significant reason for the growth in Medicaid program participation rising almost 15% from year to year. Additionally, the aging “baby boomer” generation contributed in the spike of 16% in Medicare Advantage consumers in 2010.
After suffering a 1.7 million membership loss in 2009; the commercial market experienced a dramatic turnaround that resulted in a net gain of 185,000 people served in 2010. “The improvements were driven by newer, more affordable products, better customer retention, better service, and lower employee attrition trends among our customers” (CEO, 2011).
UnitedHealthcare is a division of the UnitedHealth Group. The organization is the largest health carrier in America; they are top contenders in leading the industry in the insurance business, customer service, community involvement, and philanthropy contribution. The company originated in 1977and continues to grow, improve, and evolve the health industry standards among it competitors. The ability to stay ahead of the curve in the technological advances has become a leveraging tool attracting their services to the medical professionals.. The company offers individuals and families a choice between six types of offers. Co-pay- This is where the patient must pay a required fee for certain office visits and preventative care appointments and procedures. Health Savings Accounts (HSA) – A tax free account helping offset a high deductable and lower cost plan for some people. High Deductible – This allows a person peace of mind for ensuring protection for a major medical need. Usually, the preventative and well visits are self paid by the patient. Short Term Medical – this plan is offered to customers who need a temporary short term...
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