United health options backdating
It managed pharmacy benefits delivered both through retail pharmacies and mail.In 1995, the company acquired The Metra Health Companies Inc. Metra Health was a privately held company formed by combining the group health care operations of The Travelers Companies and Met Life.Major shareholders have filed lawsuits accusing former New Jersey governor Thomas Kean and UHC's other directors of failing in their fiduciary duty. Mc Guire was forced to resign, and relinquish hundreds of millions of dollars in stock options.
On December 6, 2007, the SEC announced a settlement under which Mc Guire was to repay 8 million, including a million civil penalty, as a partial settlement of the backdating prosecution.Ingenix would discontinue its medical pricing databases when the new entity makes its product available.The company acknowledged the appearance of a conflict of interest, but admitted no wrongdoing.It is the largest healthcare company in the world by revenue, with 2018 revenue of 6.2 billion and 115 million customers. As a condition of participation, United Healthcare requires that providers notify them of changes, but also has a Professional Verification Outreach program to proactively request information from providers.However, providers are burdened by having to maintain their information with multiple networks (e.g., competitors to United Healthcare).