UnitedHealth Group Q1 2023 Earnings Results & Report

UnitedHealth Group EPS Results

• Actual EPS: $6.26
• Consensus EPS: $6.24
• Beat/Miss: Beat by +$0.02
• One Year Ago EPS: $5.49
• EPS Beat Rate: 6 of last 8 quarters

UnitedHealth Group Revenue Results

• Actual Revenue: $91.93 billion
• Expected Revenue: $89.77 billion
• Beat/Miss: Beat by +$2.16 billion
• YoY Revenue Growth: +14.70%

UnitedHealth Group (NYSE:UNH) (NYSE: UNH) is a diversified health care company that provides health insurance coverage, health care services, pharmacy services and health technology. Its businesses serve individuals, employers, government programs, health care providers and other organizations, primarily in the United States.

The company operates through two principal businesses. UnitedHealthcare offers health benefit plans and related services for employers, individuals, families and government-sponsored programs, including Medicare and Medicaid. Optum provides a broad range of health services, including pharmacy benefit management through Optum Rx, care delivery and management through Optum Health, and data, technology and advisory solutions for health care organizations through Optum Insight.

UnitedHealth Group traces its history to 1977, when Charter Med was established in Minnesota; the company later adopted the UnitedHealth name and expanded through its insurance and health services businesses. It has grown into one of the largest health care organizations in the United States, with operations and customers spanning commercial, government and provider markets. Stephen Hemsley serves as chief executive officer, having returned to the role in 2025 after previously leading the company.

UnitedHealth Group Q1 2023 Earnings Call Transcript

Key Takeaways

• UnitedHealth Group reported 15% revenue growth to $92 billion in Q1 and raised its full-year adjusted earnings per share outlook to $24.50–$25.00.
• UnitedHealthcare added 1.2 million members and OptumHealth served 700 000 more patients under fully accountable value-based arrangements since December 2020, underscoring strong demand for value-based care.
• With the CMS’s three-year phase-in of Medicare Advantage risk model changes, the company has clarity on 2024 rates and plans to adjust offerings while maintaining growth in MA membership.
• Optum’s home-based care capabilities continue to expand—planning 2.5 million in-home assessments and managing 12 million care transitions this year—and will integrate LHC Group’s services for enhanced patient outcomes.
• OptumRx delivered 15% revenue growth to $27 billion, driven by strong PBM retention and new wins, rising specialty NPS scores, and expanded community and home delivery pharmacies.

Presentation

[Operator]

Good morning. Welcome to the UnitedHealth Group Q1 2023 Earnings Conference Call. A Q&A session will follow UnitedHealth Group's prepared remarks. As a reminder, this call is being recorded. Here is some important introductory information. This call contains forward-looking statements under US Federal Securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties can be found in the reports that we file with the Securities and Exchange Commission, including the cautionary statements included in our current and periodic filings. This call will also reference non-GAAP amounts. A reconciliation of the non-GAAP to GAAP amounts is available on the financial and earnings reports section of the company's investor relations page at www.unitedhealthgroup.com.

[Operator]

Information presented on this call is contained in the earnings release we issued this morning in Form 8-K, dated April 14th, 2023, which may be accessed from the investor relations page of the company's website. I will now turn the conference over to the Chief Executive Officer of UnitedHealth Group, Andrew Witty.

[Andrew Witty, CEO at UnitedHealth Group]

Thank you. Good morning, and thank you all for joining us today. Growth in the quarter was strong and well-balanced across Optum and UnitedHealthcare, with revenue increasing 15% to $92 billion. This broad-based growth, combined with the continued focus of our colleagues on tight execution, helped us deliver Q1 adjusted earnings per share of $6.26, up 14% over last year. Year to date, UnitedHealthcare increased the number of people served in the U.S. by 1.2 million. About half of this total within our commercial offerings. At Optum Health, we're now serving nearly 700,000 more patients under fully accountable value-based arrangements compared to just December 2022. Given the strength of these results, we're increasing our adjusted earnings per share outlook for the full year to a range of $24.50-$25 per share.

[Andrew Witty, CEO at UnitedHealth Group]

I know one topic is front of mind for you this morning. I'll start with Medicare Advantage. With the 2024 Medicare Advantage notice in hand, we now have greater clarity for the short to midterm evolution of this important program. Our teams are working through the implications of the changes for 2024 and will be ready to submit bids in just a few weeks. While we remain concerned about some of the potential unintended consequences of the changes of the risk adjustment model, particularly around adequate diagnosis and support for people with diabetes, complex behavioral needs, and more, I do appreciate CMS's decision to phase in the changes. This phase in will allow for more time to minimize the impacts on beneficiaries as we lean on the multiple levers available to us, including our ability to manage costs and our relentless focus on member and patient needs.

[Andrew Witty, CEO at UnitedHealth Group]

We expect the many years of work and investment our teams have put into product and value differentiation, as well as quality measures such as Star ratings, will enable us to continue to offer leading value to Medicare beneficiaries and to grow strongly for years to come. We're committed to working with CMS as stewards of the MA program, especially with its long-stated goal of promoting value-based care, which remains the best solution to promote equitable access, better healthcare outcomes, exceptional experiences, and lower cost for the system. Importantly, it best supports people who have historically been underserved and who face fragmented, less effective care under traditional fee for service. Seniors know that with MA versus fee for service, they can access a more integrated and comprehensive suite of critical health benefits, including prescription medicines, vision, dental, and hearing care. They can seek care in more convenient settings.

[Andrew Witty, CEO at UnitedHealth Group]

They experience better health outcomes, such as an over 40% lower rate of avoidable hospitalizations and consistently derive much greater value. In fact, the typical Medicare Advantage senior spends about $2,000 a year less out of pocket compared to seniors in traditional Medicare. Well over 90% of seniors in Medicare Advantage report they are highly satisfied with their coverage and care. That's why more than 30 million Americans, fully half of all seniors, choose Medicare Advantage today. Over the past year, we've focused on improving the consumer experience across our company. This consumer orientation is foundational in support of each of our growth priorities, including our approach to value-based care. For example, this year we expect to serve more than 4 million patients in fully accountable value-based care arrangements through Optum, about double where we were at the end of 2021.

[Andrew Witty, CEO at UnitedHealth Group]

These patients will be members of UnitedHealthcare benefit plans or one of the many other plans served by Optum. Many of them are in Medicare Advantage, and increasingly, we are serving people with Medicaid or commercial benefits, an important growth focus for the coming years. We've spent well more than a decade investing in essential infrastructure and offering extensive practice transition support to enable tens of thousands of care providers to participate in this comprehensive value-based approach. By integrating traditional ambulatory care with specialty, behavioral, and pharmacy care across in-clinic, virtual, and in-home settings, we're delivering measurably better health outcomes for patients, all while improving access and lowering costs for people and the healthcare system overall. Our focus on consumers is helping to drive growth within health benefits, including strong growth in our commercial offerings. Our early indications are for continued robust commercial growth in 2024.

[Andrew Witty, CEO at UnitedHealth Group]

From our employee-centered Surest, an insurance offer to our innovative financial services for both members and care providers to our improved pharmacy home delivery services and zero copays on life-saving drugs. Through all of these initiatives and more, we are firmly on track to put the member, patient, and consumer at the very heart of what we do. One last note on UnitedHealthcare benefits and the resumption of Medicaid redeterminations. Now that the process has started, we're working with our state partners and others to provide as much information and support as possible so people can understand and access their best coverage options. We expect to be serving more people in our benefit programs when this process is completed. Now I'll turn it over to UnitedHealth Group President and Chief Operating Officer, Dirk McMahon. Dirk.

[Dirk McMahon, President and COO at UnitedHealth Group]

Thanks, Andrew. Picking up on redeterminations. For many months, we have been preparing to help people when this activity resumes, as it now has in over 20 states. We are working closely with Medicaid members to navigate eligibility guidelines and help find alternative coverage options if they are no longer Medicaid eligible. This effort includes live outreach calls to educate and assist members with renewal process to ensure they retain their existing coverage or can transition to other plans. We are also engaged with employers to extend annual enrollment periods and drive awareness for employees who are eligible for coverage. With extended eligibility and increased subsidies, many people will qualify for other plans, some with no monthly premium. UnitedHealthcare is executing on detailed plans to ensure as many people as possible have uninterrupted access to coverage and care if they are no longer eligible for Medicaid.

[Dirk McMahon, President and COO at UnitedHealth Group]

Let me now turn to the opportunity we have to more deeply and effectively serve people in their homes. Nearly all the patients we'll add this year in fully accountable value-based relationships will have access to support through our home-based platform. Consumers value and benefit from services delivered in the home, and we've expanded our capabilities to serve that need. I'll highlight four of our key capabilities in this important area. First, patient assessments. In-home clinical visits designed to identify care needs and help patients with other physical and social needs. This year, we expect to make more than 2.5 million visits to patients' homes, and we continue to expand the scope of the clinical services offered in that setting. Next, care transitions. This entails supporting patients into and through post-acute settings, helping people to avoid hospital readmissions after an inpatient stay.

[Dirk McMahon, President and COO at UnitedHealth Group]

This year, we will manage nearly 12 million care transitions, about twice as many as just 3 years ago. This plays an important role in helping people return safely home and in connecting patients with additional in-home support. Third area, senior community care. This is clinical care for seniors who live in skilled nursing and assisted living facilities and dedicated senior housing. Our clinical teams provide additional layers of care and on-call resources, and they coordinate among patients and their primary care provider, facility staff, and caregivers, all contributing to strong quality of care and outcomes. The fourth area of clinical capability is individual care and coordination for Medicare dual and chronic special needs patients. These patients frequently require a more individualized approach to care. On average, these patients are managing nine different chronic conditions and taking multiple medications.

[Dirk McMahon, President and COO at UnitedHealth Group]

Our high touch approach leads to better outcomes, including at over 15% reduction in hospitalizations, high patient satisfaction with an NPS of nearly 80, with 99% of our patients in a 4-star or higher plan. Our recent combination with LHC Group expands in-home capabilities. LHC provides high-quality, compassionate home health, hospice, and post-acute care services with over 12 million patient encounters each year. We will learn from and build upon LHC's capabilities, expanding the scope and acuity of the care we can provide in a patient's home. Finally, shifting to pharmacy care services. Optum Rx just completed another strong growth season. We are winning new relationships by offering the lowest cost and strong service across a wide variety of customers, from health plans to labor and governments and to commercial employers.

[Dirk McMahon, President and COO at UnitedHealth Group]

We help customers obtain the best net cost, and we use our clinical expertise to help treat conditions that call for specialty medications. In addition, consumers are benefiting from efforts such as PriceEdge, which gives them the best price option whether on or off benefit. UnitedHealthcare's introduction last year of zero cost life-saving drugs and our ability to manage the introduction of biosimilars on equal footing with the existing branded products. In short, we have consumers' backs. With that, let me hand it over to Chief Financial Officer John Rex.

[John Rex, CFO and EVP at UnitedHealth Group]

Thank you, Dirk. Fundamental execution has long been an essential aspect of UnitedHealth Group's ability to deliver for all those we serve. We know that if we meet or exceed our commitments and strive to live up to our potential, we will continue to generate high-quality, durable growth. Our Q1 performance was highlighted by the strong and accelerating growth achieved across the businesses of UHC and Optum. We accomplished this while continuing to expand upon the foundations which will drive the future growth you have come to expect from us. Revenue in the Q1 of $92 billion grew by nearly $12 billion or 15% over the prior year, with double-digit growth at both Optum and UnitedHealthcare. This growth was achieved by serving more people across all our businesses, and importantly, by serving them more comprehensively.

[John Rex, CFO and EVP at UnitedHealth Group]

UnitedHealthcare served about 1.2 million more people in the first 3 months of the year, with strong growth across commercial Medicare and Medicaid. Optum revenues grew 25% to $54 billion. Care patterns remain largely consistent with recent trends. For example, inpatient trends continue to reflect the growing long-term movement towards ambulatory sites of care. Today, nearly two-thirds of orthopedic procedures are performed in outpatient and other ambulatory settings, compared to under one quarter just 5 years ago. Physician office activity continues to trend toward historic levels, while a few categories, such as pediatrics, remain lower. Emergency room visits remain modestly lower than historical levels, with consumers seemingly more comfortable with virtual and walk-in care. Cancer and cardiac screenings are occurring at roughly pre-pandemic levels, helped in part by focused efforts to ensure people are obtaining appropriate preventive care.

[John Rex, CFO and EVP at UnitedHealth Group]

As always, we continue to closely analyze data for indications which could signal increasing acuity, but have yet to see those emerge. Looking now at the performance of the individual businesses in the Q1. Optum Health revenues grew by 38% to $23 billion as we expanded the number of patients served under value-based care arrangements. Revenue per consumer served grew by 34%, driven by the increase in value-based care patients and in the levels of care we can offer. OptumInsight revenues grew 40% to $4.5 billion. The revenue backlog reached $30.7 billion, an increase of nearly $8 billion over last year, in part due to the addition of Change Healthcare.

[John Rex, CFO and EVP at UnitedHealth Group]

As we have discussed before, in the first half, we expect to continue to increase our integration and investment activities, which were a component in the Q1 results, and we expect they will accelerate into the Q2. Optum Rx revenues grew 15%, surpassing $27 billion, driven by strong double-digit growth across the businesses, including in our community and home delivery pharmacies. Script growth of $26 million over last year was driven by exceptional customer retention as well as new customer adds. We continue to see strong growth in NPS for our specialty businesses, up nearly 10 points since last year. At UnitedHealthcare, revenues of over $70 billion grew 13%, with growth in the number of people served across all of our major benefit categories.

[John Rex, CFO and EVP at UnitedHealth Group]

For example, in commercial, we set out to serve up to 1 million more people this year and are pacing well to that objective, given our Q1 performance. Offerings for large employers led the gains, as did our newer and more affordable offerings serving both employers and individuals. Within Medicare Advantage, we shared with you in November our intention to add 800,000-900,000 new members in this year. We now expect to exceed the upper end of that range. The consistent consumer receptivity to our offerings underscores the product stability and value we provide for seniors. Medicaid membership grew 570,000 over the year ago quarter.

[John Rex, CFO and EVP at UnitedHealth Group]

We continue to have momentum in Medicaid with recent wins in Indiana and Texas. We are honored to advance our existing service to the people of North Carolina as the state moves towards expanding managed Medicaid offerings. Our capital capacities remain strong. Cash flows from operations in the quarter at $16.3 billion reflected an additional CMS payment. Adjusting for this effect, Q1 cash flows from operations were consistent with our outlook. We continue to track well with our full year view to approach $28 billion, about 1.2x net income.

[John Rex, CFO and EVP at UnitedHealth Group]

In the quarter, we returned over three and a half billion to shareholders through dividends and share repurchases, and deployed about $8 billion of growth capital to expand our capabilities to serve more people and grow far into the future. As Andrew mentioned, based upon this growth outlook, today we increased our full year 2023 adjusted earnings outlook to a range of $24.50-$25 per share. We expect the first half, second half earnings progression to be broadly consistent with our longer-term historical patterns, with the second half comprising just slightly more than half of the full year. I'll turn it back to Andrew.

[Andrew Witty, CEO at UnitedHealth Group]

Thanks, John. Our comments on this call give just a flavor of why we're confident in our outlook for the year on our long-term 13%-16% earnings per share growth target. Our growth is broad-based, It's driven within and increasingly across our businesses, bolstered, as always, by an enterprise focus on execution on behalf of those we serve. With that, operator, let's open it up for questions. One per caller, please.

[Operator]

The floor is now open for questions. At this time, if you have a question or comment, please press star one on your touch tone phone. You may remove yourself from the queue by pressing star two. We ask that you limit yourself to 1 question. If you ask multiple questions, we will only be answering the first question, we can respond to everyone in the queue this morning. Again, it is star one if you'd like to ask a question. We will go ahead and take our first question from A.J. Rice with Credit Suisse. Please go ahead.

[A.J. Rice, Managing Director covering Stocks in the Healthcare Facilities & Managed Care Space at Credit Suisse]

Thanks so much, and thanks for all the comments. Maybe just because it's been in the news, as well, the whole review of PBMs and some of the approaches the industry's had historically, maybe I'll just ask you guys to remind us what your approach is relative to rebates, spread pricing, and so forth. Then I know Optum Rx does a lot more than a traditional PBM. Maybe give people some perspective on the breadth of Optum Rx relative to, you know, some of the things that are specifically being discussed in Washington today, if possible.

[Andrew Witty, CEO at UnitedHealth Group]

Yeah. A.J. thanks so much for the question. Let me make a couple of comments, and then I'm gonna hand it to Heather Cianfrocco, who looks after our Optum Rx business. First off, I mean, I think the entire space of pharmacy is a critical one within healthcare. It's the most common touch point for the health system. It's also an incredibly significant part of the system in terms of where innovation comes into the marketplace. There's an important set of activities which need to be delivered effectively on behalf of patients, members, consumers. Having said that, of course, it's all about affordability and value for money.

[Andrew Witty, CEO at UnitedHealth Group]

There is a real risk, if you see situations where you have essentially monopoly holders, so, let's say drug companies that have a monopoly over a particular product, there needs to be a counterbalance in terms of the price negotiation to make sure that those prices are effectively procured on behalf of members who otherwise would just not have that kind of ability to negotiate. That's really the central role that the PBMs play here. There are various mechanisms in which the PBM operates. The rebate mechanism is one that historically has been used in this way.

[Andrew Witty, CEO at UnitedHealth Group]

As you well know, A.J., Optum Rx in particular, has led the way in terms of transparency and making sure that, for example, the overwhelming majority of rebates are passed back to the payers of those drugs, typically the plans, or the employers who commission us to procure on their behalf. As we look more broadly across the whole landscape of the pharmacy marketplace, there are a few things that I think we strongly believe in and we continue to advocate for very significantly. Number 1, there needs to be a counterbalance to the drug company pricing, and the only players in the market right now who are really advocating hard for reducing cost is the PBM. Number 2, at Optum, we are committed to lowest net cost.

[Andrew Witty, CEO at UnitedHealth Group]

Whether we get there through rebate or we get there through lower list prices, we don't mind. We're very happy when people cut list prices 'cause that cuts costs. We're very happy when we secure increased rebates because that cuts costs. We continue to focus on that lowest net cost, and we're super committed to transparency. We're also committed to finding ways in which we can bring benefits directly to patients, which is why we led last year with zero cost pay for the UnitedHealthcare books of business initially for life-saving drugs. That, that's kind of the big landscape. There's more detail in areas that maybe Heather could take you into, and I'll pass to her now to give you a little bit more. Heather.

[Heather Cianfrocco, CEO at Optum Rx]

Sure. Thank you. Maybe I would just supplement and just say, A.J. Rice, thank you. You know, we are certainly it is in the news, we're mindful of the interest in this essential service. I guess I'd also point you to, you know, the client need for these essential services. You know, our PBM services, you know, not just negotiate, you know, with pharmaceutical manufacturers to drive that lowest net cost for drugs available, as Andrew Witty mentioned, but the clinical supports and services through the pharmacy and therapeutics committees and pipeline reviews. That network administration and all of the benefit administration and consultation that we provide to clients of all sizes and types, from government to employer, to large sophisticated health plans.

[Heather Cianfrocco, CEO at Optum Rx]

You know, I take validation in the fact that that business model is needed by our clients, and it's appreciated. The transparent business model of Optum Rx, together with the innovative capabilities, you know, some of our differentiated strategies, like the biosimilar strategy that Andrew mentioned, that not just brought competition into the market by bringing up to three biosimilars at parity with the originator on the formulary, accepting the highest price and the list price and putting those together and offering them to the clients from our consumer tools. Like our latest PriceEdge that does scan across the market and compares the cash pricing with the members' real-time out-of-pocket cost to make sure they get the best price. Those are innovative offerings that I'm really proud that our clients find valuable, and we evolve with those needs.

[Heather Cianfrocco, CEO at Optum Rx]

I think I'd point us to the fact that we had a very strong selling season, one of the highest over the last years in terms of retention and new clients, shows that the services are needed. We'll continue to evolve our business models to our clients' needs while we continue to engage policymakers and others to make sure that everybody understands the essential value of that PBM service, the distinctive capabilities and transparent business model of Optum Rx, and in addition, make sure that we ensure client choice, and we preserve that function. I guess I'd also just take the opportunity to say you're right. Optum Rx is so much more than just our PBM, which is incredibly important to our clients. We are so proud, and I'm so proud of the team.

[Heather Cianfrocco, CEO at Optum Rx]

You saw the growth in our pharmacies, from our community pharmacies, that it just celebrated a 700th opening of our behavioral health pharmacy, a very distinctive offering in the market, to our specialty with not just high NPS, a 24/7 clinical model and distinctive capabilities for those members that really benefit from specialty drugs, oftentimes need our patient support and assistance, including financial. Of course, our infusion business, which is very intimate in providing services in the home, and we rely on over 1,100 nurses to do that every day. Incredibly proud of the breadth of service across Optum Rx, but very, very mindful that our job in the PBM is to serve our clients and preserve their choice.

[Andrew Witty, CEO at UnitedHealth Group]

Thanks, Heather.

[Operator]

Okay.

[Andrew Witty, CEO at UnitedHealth Group]

You know, all of that said, I think, what is also really validating here, A.J., just look at the growth rate in the Q1, 15% growth. It really reflects the competitiveness of the portfolio we have. As I talk to our clients, what they really appreciate is the degree to which we're innovating the pharmacy model. More and more transparency, more and more pressure on bringing down those costs. That's why people are moving to us, and it's why they're not leaving us. Record levels of retention within this portfolio. Just as a marker, about half of our revenues in the Optum Rx portfolio come from non-PBM activities. That serves all the stuff that Heather just referred to in the second part of her answer. Super nicely balanced business.

[Andrew Witty, CEO at UnitedHealth Group]

Great growth profile because we're delivering for clients and for their members and employees. A.J., thanks for raising that question. It is an important topic, and we appreciate having the chance to share it. Next question.

[Operator]

We'll take our next question from Lisa Gill with J.P. Morgan. Please go ahead.

[Lisa Gill, Head of Healthcare Services Equity Research at J.P. Morgan]

Thanks very much. Good morning. I'm gonna stick to the PBM side for a minute, and just really wanna hear your comments around GLP-1 drugs. One, how do we think about the cost trend as you think about it from the managed care side of your business? Then secondly, how do we think about really truly managing this new class of drugs that's coming from a pharmacy perspective?

[Andrew Witty, CEO at UnitedHealth Group]

Lisa, it's a great question. I think actually it'd be super interesting to hear from the UnitedHealthcare perspective on that. I may just ask Brian Thompson, the CEO of UHC, to comment there, please.

[Brian Thompson, CEO at UnitedHealthcare]

Sure, Andrew. Hey, Lisa. Good morning. Let me start with the trends that we're seeing here in 2023 are as planned overall medical and pharmacy. It's really a good start to the year with our assumptions being validated as we kick off 2023. With respect to GLP, obviously a lot of discussion. I would say no real change to either our insights or our position. We have seen an increase in trend in GLP-1s. The overwhelming majority of that is in diabetic care, and it is, as we had expected, low single digits in terms of weight loss use. I would say that our on-label usage has been well managed with our authorization requirements, and I think it's important to put it in the context of our overall medical.

[Brian Thompson, CEO at UnitedHealthcare]

Keep in mind, pharmacy's about 20% of our overall spend in any one therapeutic class. This one certainly included less than 1%. Increased year-over-year, overwhelming majority in diabetic care, well managed in terms of off-label use, and consistent with what we had planned for.

[Andrew Witty, CEO at UnitedHealth Group]

Yeah. No, listen, Brian, it puts it super well, Lisa. I think from where we sit, you know, as we roll forward, listen, first of all, it's good news that we're seeing innovation in areas like weight management. That obviously is gonna be an important aspect of consideration for people, particularly with comorbidities. Diabetes is an obvious example of that, number one. Number two, I think as time plays out, what's gonna be super critical here is we need to get focused on the facts and reality of this marketplace. We need to really be clear about which patients really do benefit from these medicines and make sure we properly understand how they're gonna use those medicines.

[Andrew Witty, CEO at UnitedHealth Group]

There's a lot still to learn, I think, as these things progress through their final phases. Finally, of course, we've got to see the prices be affordable. That's gonna be a key element of how this evolves. Obviously, we keep a close eye on the prices we see in Europe, and, you know, just as you heard a little bit, our focus on the pharmacy side of the business, of course, encouraged by our insurance side of the business. We're gonna be looking for the very best pricing on these medicines, and we're gonna advocate on behalf of members and consumers to get that. Still plenty to come here. I think early days, nothing particularly, you know, out of expectations.

[Andrew Witty, CEO at UnitedHealth Group]

Still very much in the range that Brian just described. Lisa, thanks for the question. Next question.

[Operator]

We'll take our next question from Stephen Baxter with Wells Fargo. Please go ahead.

[Stephen Baxter, Senior Equity Research Analyst, Healthcare Services at Wells Fargo Securities]

Yeah. Hi. Thanks. I wanted to ask about the changes the company is making to prior authorization later this year. Would be great to get some background on, you know, why you feel like these changes were necessary and how you're gonna work to manage the cost implications of the changes once they're made. Thank you.

[Andrew Witty, CEO at UnitedHealth Group]

Yes, Stephen, thanks so much for the question. I'll ask Brian to address that.

[Brian Thompson, CEO at UnitedHealthcare]

Hey, Stephen. Thanks for the question. Yes, beginning in the Q3 this year, we will be eliminating about 20% of our authorization volumes overall. We're also going to be eliminating most medical authorizations altogether for provider groups and systems that have demonstrated a high quality care and adherence to the requirements over time. I'd say that might be another 10% of our volumes overall. We'll continue to evaluate with some new analytics that we have in partnership with OptumInsight and surveillance capabilities to see if there's some additional opportunities over time. Really, though, this is a culmination of a lot of things. First and foremost, I would say it's our intensifying focus on the consumer experience, really a desire for us to streamline processes, get the latency out of the process.

[Brian Thompson, CEO at UnitedHealthcare]

Like I said, leverage new technologies to really get to speed of decisioning and really get to point of care. I will say we're constantly reviewing our prior authorizations, but we need to balance obviously what we reduce with that need to guard against clinical quality and patient safety. I would say in this really robust process that we've started here over the last several months, that it's really demonstrated the importance of the authorizations that we do have in place. Really encouraged by our surveillance capabilities. Don't anticipate any pressure on trend because of it, and really see this as a win and satisfier for both our customers and our provider groups alike.

[Andrew Witty, CEO at UnitedHealth Group]

Yeah. Brian, thanks so much. I might just add, I think as we play out over the next year or two, this is also an exciting area for where UHC and OptumInsight can collaborate. A lot of technology opportunity to be leveraged here, Stephen. Also as you think about the integration of the Change organization into OptumInsight, that gives us new perspective in terms of how we can create network connectivity to take friction out as well. How do we... what you just heard a little bit there from Brian is how we kind of streamline this space.

[Andrew Witty, CEO at UnitedHealth Group]

It's still got an important role at its core, there's a ton of opportunity we can bring to really take out a lot of that friction by leveraging technology and the capabilities that we're building up within the new OptumInsight. Really an interesting space across the whole organization. Thanks so much, Stephen and Brian. Next question.

[Operator]

Next question comes from Justin Lake with Wolfe Research. Please go ahead.

[Justin Lake, Analyst in Healthcare Services at Wolfe Research]

Thanks. Good morning. Just wanted to sneak in 2 quick numbers questions. First on EPS seasonality. It looks like Q2 sounds like you might be looking at closer to kind of flattish EPS year-over-year. Wondering if you can kind of walk through the moving parts there. I know you talked about spending more money on Change, for instance. Then just anything on DCP, what range should we be thinking about there in terms of going forward? Is this a kind of, you know, went down in the quarter, is this more normal range? Kind of where do you see that kind of settling out for the year? Thanks.

[Andrew Witty, CEO at UnitedHealth Group]

Yeah. Yeah. Justin, thanks so much. I'll ask John Rex to comment there, please.

[John Rex, CFO and EVP at UnitedHealth Group]

Hey, good morning, Justin Lake. A few thoughts here in terms of seasonality, comments. Yes, you know, this quarter reflected some impacts actually from Change Healthcare also. I wouldn't call that seasonality, but these are investments we're making as we integrate and we build OptumInsight for the future. I put that in the zone of $100 million or so of impact in the quarter, and expect that to be a little bit higher actually in the Q2 also. In terms of full year seasonality also, I just want a little commentary on that.

[John Rex, CFO and EVP at UnitedHealth Group]

Expect that to be kind of in the zone of what we have historically done, where you see just a little bit more than half of the earnings generated in the second half of the year versus the first half of the year. More similar to, if you look to kind of pre-2019 and back, those kind of patterns that we would typically show. On your commentary on or your question on DCPs and expectations there. Yeah, this level, I would tell you, is probably more in the level that we typically would have run also, pre-pandemic in terms of the levels of days sales payable that we would typically run. A few things just in terms of commentary and just seeing some of the impacts just as we get really close on it.

[John Rex, CFO and EVP at UnitedHealth Group]

In addition to being at what we would consider to be kind of normalized levels here, some business mix impacts, some of the areas we're growing in and growing rapidly in have somewhat faster payment cycles. In the Q1, there's usually a little impact also from Part D seasonality. Kinda on the sequential move there, I'd say there's a little, just a little bit of day count impact also in terms of that was affecting those. Thank you.

[Andrew Witty, CEO at UnitedHealth Group]

Thanks so much, John. Thanks, Justin. Next question, please.

[Operator]

Next question comes from Nathan Rich with Goldman Sachs. Please go ahead.

[Nathan Rich, VP in Global Investment Research at Goldman Sachs]

Good morning. Thanks for the questions. I wanted to ask on Medicare Advantage and the phase in of the risk model changes by CMS. I guess, how might the prospect for lower rate growth over the next few years impact the relative attractiveness of Medicare Advantage for seniors and the growth of that market? Do you think the risk model changes, have any impact on how providers are viewing the attractiveness of full risk arrangements? Thank you.

[Andrew Witty, CEO at UnitedHealth Group]

Nathan, thanks so much for the question. Listen, you know, I think as you sort of step back here, a couple of things I'd probably just wanna make super clear. First off, we really appreciate CMS's decision to phase in these changes. That was important, we're very glad to see that. It really allows for the transition to be managed effectively. We think, you know, and a bit certainly our goal is to have a transition here which really protects the beneficiaries, makes sure that it doesn't in any way kind of damage the program. Of course, it requires us to do things a little differently in some areas. Fundamentally, we think that was really important, and we very much appreciate that.

[Andrew Witty, CEO at UnitedHealth Group]

As we kinda look out to 2024, we're gonna be guided by 2 really important principles here, Nathan. Number 1, we're gonna be doing what's absolutely right for the beneficiaries as we always do. That's gonna guide us in terms of how we are acting. Number 2, we're gonna be driving to sustain our robust membership growth in this space. We believe this is an incredibly important program for seniors. We think value-based care as a piece of this program is a crucial and best way of managing members to give them the best quality outcome, best experience, and best cost outcome.

[Andrew Witty, CEO at UnitedHealth Group]

Given our established capabilities and our ability to focus on cost management, as well as the broad portfolio of value-based services, clinics, in-house activities provided by Optum, we feel super confident in our ability to manage the evolving funding landscape. Overall, yes, it's changed, but kind of it's change every year. This is a little different change to the changes we've had in other years, but it's these programs are always evolving. We feel given the portfolio capabilities we have, super well equipped to be able to pull different levers to be responsive to this, to make sure that we can look after beneficiaries. I'd also say that the experience we've seen in Optum, the popularity of value-based care for physicians, the way in which they like to be able to concentrate and focus on patients, you know, longitudinally.

[Andrew Witty, CEO at UnitedHealth Group]

Really think about how to understand, diagnose, prevent, treat, manage that patient through the whole cycle, rather than just sporadically through a fee-for-service intervention. That's a sustaining popular thing. We brought in about 10,000 or more new clinicians last year between physicians and advanced practice clinicians. I think we're gonna do about the same this year, honestly. You know, we're seeing significant numbers of people coming in, and we would continue to expect to see value-based care continue to be a very important part of the future growth of the marketplace, and of course, for us. You know, as we sit today, of course, we have to do things to respond to the changing environment. We feel good about our ability to do it. I appreciate the question, Nathan. Next question.

[Operator]

We will move on to our next question from Josh Raskin with Nephron Research. Please go ahead.

[Josh Raskin, Healthcare Services Equity Research Analyst and Partner of Managed Care & Providers at Nephron Research]

Hi. Thanks. I wanna stay on MA and maybe more specifically, if you could speak to the impact of both, I guess, UnitedHealthcare and Optum Care, and more specifically, how you plan to balance the need to maintain attractive benefits to grow that membership against your ability to achieve target margins? Maybe do you think the industry will grow at similar rates? It sounds like you don't see a material impact long term, but I'm just curious if you think 2024 as an industry growth rate looks similar to what we've seen in recent years, maybe within that, how you expect UHC to fare?

[Andrew Witty, CEO at UnitedHealth Group]

Yeah. Josh, thanks so much for the question. Let me ask Brian to give you a few thoughts. Brian?

[Brian Thompson, CEO at UnitedHealthcare]

Hey, Josh. Thanks for the question. I'll just reiterate, I think what Andrew said. Certainly this three-year phase-in gives us an opportunity to minimize this impact on beneficiaries. I will just reiterate the optimism that Andrew shared. Because of that gives us time to really evaluate our cost structure. First and foremost, I think that's the consideration that we are, we are deeply focused on to make sure that we manage this impact. Look, it's not the first time that we have had to navigate a rate environment like this. I'll just say we remain optimistic about MA and the value prop that it has broadly. We certainly feel very good about our market position in it. We intend to grow again in 2024, as Andrew had said.

[Brian Thompson, CEO at UnitedHealthcare]

We expect the marketplace to continue to grow in 2024. We continue to lead with the strong momentum that we've demonstrated for many years now. We're obviously in the middle of our benefit planning, but I can just share with you that we are encouraged and optimistic.

[Andrew Witty, CEO at UnitedHealth Group]

Great. Thanks so much, Brian. Appreciate it. Thanks, Josh. Next question.

[Operator]

We'll take our next question from Lance Wilkes with Bernstein. Please go ahead.

[Lance Wilkes, Healthcare Services Equity Analyst at Bernstein]

Thanks. Could you talk a little bit about Optum Care and the full risk patients you've got, specifically the non-UnitedHealthcare patients? you know, how's the progress going as far as growing that, and how do you see this MA rate environment and high premium environment in commercial employer impacting and potentially accelerating your ability to add non-UHC and risk patients?

[Andrew Witty, CEO at UnitedHealth Group]

Lance, thanks so much for the question. Let me just make a couple of upfront comments, and I'll ask Dr. Decker, who looks after Optum Health, to give you a little, a little more detail. First off, you know, you're seeing now as we head toward the full year here, 4 million or so fully capitated lives within Optum Health, so under full delegation. That's an incredible progression over the last 2 or 3 years. It's what's really, you know, you can see a real differentiation. Super important to remember that that is being supported not just by clinics. Oftentimes people think about just clinics. Within Optum Health, this is really broadly integrated support service. This could be Optum at Home. This is in the clinic, it's behavioral, it's virtual.

[Andrew Witty, CEO at UnitedHealth Group]

It's a really comprehensive set of capabilities that underpin that, and we believe provides fantastic service for the members who are delegating. You see that growth rate continuing to be super strong, 700,000 already transferred this year. It's extraordinary Q1 for Optum Health. As you step back and look underneath the hood of all of that, of course, UHC is a big piece of it. But there is a very substantial non-UHC delegation quantum in there, which continues to grow well. As I mentioned in my opening comments, an increasing diversification of that value base as it treatment strategy as it moves into commercial risk and also Medicaid. Really important diversification.

[Andrew Witty, CEO at UnitedHealth Group]

Maybe just talk a little bit why, give a little more detail in terms of how you're thinking about next year or so.

[Wyatt Decker, CEO at Optum Health]

Well, thank you, Lance, and thank you, Andrew. I would underscore some of Andrew's comments, but most particularly, we have developed a comprehensive and differentiated clinical model of care for value-based care, and that is appealing to all of the large national payers who we work with closely, Lance. You'll see us continuing to grow our book of value-based care lives with all national payers and regional payers who see the value that we're able to provide both to them and to the members and hence patients that we serve. You heard a little earlier today from Dirk McMahon on our comprehensive home and community offerings, and that's just one of our many platforms.

[Wyatt Decker, CEO at Optum Health]

We weave these together in a comprehensive fashion, and we think about not just the member, but the person or patient at the other side of this who's on a journey of healthcare. Some have multiple chronic diseases. Some want to focus on staying healthy and well. Some have catastrophic issues that we have to help them navigate effectively. Our ability to do that is unique and differentiated in the healthcare industry. I think you'll see continued growth with multiple payers. We have enjoyed that this year, and we'll continue to do so as the year progresses. As Andrew touched on, we really view ourselves not as solely a senior healthcare provider, but as a provider for all walks and ages of life and particularly commercial.

[Wyatt Decker, CEO at Optum Health]

We have commercial offerings in Texas and California and Massachusetts today. They're a meaningful part of our 4 million fully capitated lives already today. You'll see us continuing to grow in those established markets with commercial and multiple payers, as well as going into new markets. Thank you.

[Andrew Witty, CEO at UnitedHealth Group]

Thanks, Wyatt. Lance, thanks so much for the question. Next question, please.

[Operator]

Next question comes from Kevin Fischbeck with Bank of America. Please go ahead.

[Kevin Fischbeck, Director in the Healthcare Sector at Bank of America]

Great. Thanks. I just wanna go back to MA for a minute. It sounds like you're saying the MA changes that are happening are not significant enough in isolation as an individual component to take you off your 13% to 16% EPS growth targets over the next few years. Just wanna clarify that. I understand that the three-year phase-in is important to allow you to adjust to it. At the same time, trying to understand if there's a way to think about this. Are you thinking about the impact as being ratable, or is it a scenario where it's easier to offset it in the beginning because there's always low-hanging fruit, and it's harder to offset the impact in year 3?

[Kevin Fischbeck, Director in the Healthcare Sector at Bank of America]

Is it the opposite, where it's harder to offset the impact in year 1 because you don't have as much time to adjust, and it's easier to impact in year 3 as you have more and more time to adjust? Just trying to figure out if there's a difference in how this will play out over the next 3 years and how we should think about your growth.

[Andrew Witty, CEO at UnitedHealth Group]

Kevin, thanks so much for the question. To your first point, no, you're absolutely right. You know, we remain firmly of the view that the 13%-16% long-term growth rate of adjusted earnings per share is very much the zone we're in. We, you know, you see that again this quarter. We continue to believe that is very much in our horizon as we go forward. You know, obviously, you know, any given quarter might vary around that, but you know, that very much is the zone we expect, and I made that comment a little bit earlier. Yeah, for sure on that. As far as this, the phasing, you know, this will all depend.

[Andrew Witty, CEO at UnitedHealth Group]

You know, different companies will behave differently, I suspect, through all of this. You know, we see, of course, there's change here. We will be making changes to some things in our costs and other areas as Brian talked about earlier on. Other providers may choose to do things differently. How it plays out, I think is actually gonna be a little bit of a competitive environment, actually. You know, and I think, not something we probably wanna get too much into in terms of predicting or sharing exactly how we're gonna respond to this. You know, we're getting close to a bid cycle. It's a super important time. You know, we are, you know, deeply fixated on making sure that we continue to grow.

[Andrew Witty, CEO at UnitedHealth Group]

To do that, we need to make sure that our bids are super competitive and, you know, that we're working on that, and we'll work our way through it. As I said earlier, the phasing gives us confidence that we can align with where CMS wants to end up in a way which gives the best chance of beneficiaries being looked after appropriately. That's what we wanna try and do. Thanks so much for the question. Next question.

[Operator]

Next question comes from Erin Wright with Morgan Stanley. Please go ahead.

[Erin Wright, Senior Equity Research Analyst in Healthcare Sector Research at Morgan Stanley]

Great. Thanks for taking my question. On your commercial risk membership, can you speak to what you are seeing there? Is there anything to glean in terms of how Surest is tracking relative to your expectations? Thanks.

[Andrew Witty, CEO at UnitedHealth Group]

Erin, thanks so much for the question. I'm gonna ask, Dan Kueter, who runs our E&I business to respond. Dan?

[Dan Kueter, CEO of Commercial Business at UnitedHealthcare]

Yeah. Thanks, Andrew. Thanks, Erin, for the question. Yeah, our momentum in the Q1 clearly continued the momentum we had in the back half of last year and puts us well on track, as John said in his prepared remarks, to meet our Investor Conference goal, Investor Conference targets rather of 850-1,050,000 growth. Surest was a component of that. Surest was a component counted for about 25% of our growth in the quarter as that product continues to be adopted. We've shared before that one in nine of our national accounts, actually have that product today. We're continuing to see that expand down into the middle market currently, as the growth of that product continues.

[Dan Kueter, CEO of Commercial Business at UnitedHealthcare]

We also are beginning to experience take up now on a fully insured basis for that product on a risk basis. We shared at the Investor Conference that Surest was available in 12 states on an insured basis with a year-end target for this year of upwards of 35 states. We currently offer that product in 25 states. It is a meaningful contributor to our growth, and we expect it to be so for the remainder of the year and into the future. Thanks for the question, Erin.

[Andrew Witty, CEO at UnitedHealth Group]

Dan, thank you so much. I just might add something here, Erin, as well. I mean, I think you can see in this queue, you saw as we rolled into the second half of last year, we're optimistic for the rest of this year. I said earlier that we're expecting continued robust growth on commercial insurance into 2024. You know, we really feel like this engine has lit up again, and it's super important for the organization. You know, alongside the fantastic growth you're seeing in the government books of business, in Medicaid and Medicare, we're now seeing the commercial business really come to the fore again, which is a fantastic thing to see within the company.

[Andrew Witty, CEO at UnitedHealth Group]

What you've also just heard a little bit is the way in which Optum is developing its capabilities to be ready to add even more value to the commercial. Just as that Optum business has built up strength to complement UHC's leadership in Medicare, for example, you've just heard Dr. Decker talk about doing the same thing in commercial. As that growth comes in from Dan's organization, you can see how that could play out. It's a super important shift, and having all those engines firing simultaneously is really good for us, and it's what's driving this growth we're seeing in Q1. Thanks for the question, Erin. Next question.

[Operator]

Next question comes from Ben Hendrix with RBC Capital Markets. Please go ahead.

[Ben Hendrix, Equity Research Analyst in Healthcare Services and Managed Care at RBC Capital Markets]

Hi. Thank you very much. We've received a number of questions on the EMIS acquisition in the UK, especially now with the CMA's Phase II investigation. I know you can't comment on that specifically. I was wondering if you could recap the key strategic priorities with this acquisition and discuss the specific capabilities within the platform that OptumInsight or other businesses can leverage. Thank you.

[Andrew Witty, CEO at UnitedHealth Group]

Ben, thanks so much for the question. Obviously, I can't get into the detail of the regulatory review, but, you know, a couple of things to say. For a long time, many years, Optum has had a business in the U.K. You know, obviously the U.K. is a very different type of marketplace to the U.S., but it has a couple of interesting, very interesting components. One is you've got very much a primary care dominated environment, which is obviously very akin to big pieces of Optum Health. It's also a marketplace which has looked at to develop its abilities around data and connectivity.

[Andrew Witty, CEO at UnitedHealth Group]

EMIS, which is the company we're very keen to partner with, we think could be a very important complement to Optum capabilities, particularly as it speaks to helping us connect some of our software capabilities, data analytic capabilities to primary care providers. About 40% of British primary care providers are connected into the EMIS networks. We think that gives a great opportunity to bring fantastic value to the physician practices and then ultimately to the National Health Service.

[Andrew Witty, CEO at UnitedHealth Group]

What we'd like to believe, if we're able to go through that transaction, is that it can really allow us to start to create another node of innovation alongside all of our other technology platforms to start to develop technology, software platforms and alike, which not only could be used in a market like the U.K., but in other economies around the world, which perhaps have slightly different shaped healthcare systems to the U.S. healthcare system. We see this as good for the U.K. We think it's potentially an interesting opportunity to further enhance our investments and progress in technology and software development. It's why we're keen to continue the process to get the transaction done. Obviously we will be working diligently on that. Thanks so much for the question, Ben. Next question, please.

[Operator]

Next question comes from Scott Fidel with Stephens. Please go ahead.

[Scott Fidel, Managing Director in Healthcare Services at Stephens Inc.]

Hi. Thanks. was actually hoping just to revisit the full year revenue guidance. just given the Q1, clearly we're pacing better than the street, and you've since closed LHCG, and you're now looking to eclipse the high end of your MA target for the year. Clearly seems like there's a lot of upside momentum relative to the initial guidance you gave at Investor Conference. I know you don't typically, you know, update the revenue guidance intra-quarter or during the quarters, but certainly interested if maybe you can give us some refined thinking around that. Thanks.

[Andrew Witty, CEO at UnitedHealth Group]

Yeah. Thanks so much. Let me ask John to comment.

[John Rex, CFO and EVP at UnitedHealth Group]

Hey, Scott. Good morning. Yeah, good strength and growth really across the businesses in the quarter. We went through some of those areas really across both UHC and Optum in terms of the strength we're seeing in terms of membership growth, in terms of performance of the other businesses, Optum Rx, a call out here in terms of the strength they've seen in terms of their new customer wins and retention and Optum Health and its and its growth in value-based lives. Strong contributors to that and yeah, we, you know, we're in a little ahead of kind of where the view was in terms of the external view on revenue guidance. Certainly, we're positively biased in terms of the type of growth that we're seeing across the enterprise. Happy to see that.

[John Rex, CFO and EVP at UnitedHealth Group]

You're also right, probably not doing any updates here in the Q1 in terms of that full year view at this distance, but really strong place to start the year. Thank you.

[Andrew Witty, CEO at UnitedHealth Group]

Yeah. Thanks, John. Time for one last question, please, operator.

[Operator]

Our last question will come from David Windley with Jefferies. Please go ahead.

[David Windley, Managing Director in Healthcare Equity Research Team at Jefferies]

Thank you very much for getting me in. I wanted to ask another question on MA and value-based care. I'm wondering if the risk model, Andrew, changes your views about the target member in MA that is, you know, say, most attractive to target between individual MA versus duals, and in value-based care, seeing, you know, nice growth, particularly interesting to us that the eliminations grew a lot, which I'm inferring is, you know, intercompany between Optum Health and UHC, and I'm wondering if that is a signal that duals were a big part of the value-based care ad in the Q1. Kind of a weeds question, but strategically, basically interested to know if duals are still a very important target for MA.

[Andrew Witty, CEO at UnitedHealth Group]

David, thanks so much for the question. You're quite right, the eliminations are a big piece of that is the Optum Health UHC dynamic and not surprising because you see such a high-risk transfer in Q1. You know, a large fraction of that $700,000 is UHC, not, you know, obviously others as well, but a large fraction. Of course, within that, as we guided last year, significant proportion of dual special need patients who, you know, most complex patients really, I think, particularly appropriate patients to benefit from a value-based care approach where you have a really integrated wraparound set of capabilities. It's certainly true on all of that. You know, I'm gonna slightly disagree with your premise here.

[Andrew Witty, CEO at UnitedHealth Group]

You know, we're not in the business of targeting a certain type of member or patient. We want to look after Medicare patients and members, whether they are community MA, whether they're dual special need, whether they're complex or not, whether they're early in their disease in an aging pattern or advanced in their disease in an aging pattern. The job for our organization is to mix and match our capabilities to do that as efficiently as possible. The great thing about Optum Health, David, is that we have such an interesting portfolio of capabilities which allow us to dial up and down our activities in response to what the patient needs and the way in which they need to be looked after.

[Andrew Witty, CEO at UnitedHealth Group]

I would say we're gonna be continuing to lean in across the board. It's just as important to us to grow in dual special needs as well as community MA. I'd say that the progress we make in terms of impacting these folks' lives and the reason why over 90% of members describe this as a high satisfaction space, is because These people need the support at this stage of their life. We think that between the programs that UHC offer and then the backup that Optum Health brings in terms of deep clinical engagement really makes a difference, that's what drives us. David, appreciate the question. Thank you very much. I'm afraid we're at the end of the call.

[Andrew Witty, CEO at UnitedHealth Group]

I hope you leave this call with a sense of our optimism and focus on continued growth for the year ahead. We remain intent on expanding our ability to help improve healthcare at the system and individual levels and executing with excellence for all those we serve. We look forward to sharing our progress on this journey with you again in July. In the meantime, thank you so much for your questions and your attention this morning. Thank you.

[Operator]

With that does conclude today's call. Thank you for your participation. You may now disconnect.

Participants

Executives

• Andrew Witty, CEO
• Dirk McMahon, President and COO
• John Rex, CFO and EVP

Analysts

• A.J. Rice, Managing Director covering Stocks in the Healthcare Facilities & Managed Care Space at Credit Suisse
• Ben Hendrix, Equity Research Analyst in Healthcare Services and Managed Care at RBC Capital Markets
• Brian Thompson, CEO at UnitedHealthcare
• Dan Kueter, CEO of Commercial Business at UnitedHealthcare
• David Windley, Managing Director in Healthcare Equity Research Team at Jefferies
• Erin Wright, Senior Equity Research Analyst in Healthcare Sector Research at Morgan Stanley
• Heather Cianfrocco, CEO at Optum Rx
• Josh Raskin, Healthcare Services Equity Research Analyst and Partner of Managed Care & Providers at Nephron Research
• Justin Lake, Analyst in Healthcare Services at Wolfe Research
• Kevin Fischbeck, Director in the Healthcare Sector at Bank of America
• Lance Wilkes, Healthcare Services Equity Analyst at Bernstein
• Lisa Gill, Head of Healthcare Services Equity Research at J.P. Morgan
• Nathan Rich, VP in Global Investment Research at Goldman Sachs
• Scott Fidel, Managing Director in Healthcare Services at Stephens Inc.
• Stephen Baxter, Senior Equity Research Analyst, Healthcare Services at Wells Fargo Securities
• Wyatt Decker, CEO at Optum Health