UnitedHealth Group, the nation’s largest healthcare provider, is exiting the Obamacare exchange in multiple states including Arizona according to the Arizona Republic. UnitedHealth Group currently insures an estimated 795,000 Americans through the Obamacare-established marketplaces and an estimated 45,000 Arizonans.
In November 2015, the company warned that it might pull out of the Obamacare exchanges after 2016.
On Tuesday, Chief Executive Officer Steven Hemsley said that after a state-by-state review, it had found that the smaller overall market size and shorter term, higher risk profile suggested it could not offer plans on a sustained basis, according to Rueters.
UnitedHealth Group Reports First Quarter Results:
- First Quarter Revenues of $44.5 Billion Grew 25% Year-Over-Year
- UnitedHealthcare Added 2 Million More People Domestically in the Past 12 Months, Including 1.3 Million More People in the First Quarter
- Optum Revenues of $19.7 Billion Grew 54% Year-Over-Year
- Cash Flows from Operations were $2.3 Billion in the Quarter
- First Quarter Adjusted Net Earnings of $1.81 Per Share Grew 17% Year-Over-Year