UnitedHealth Group exceeded first-quarter expectations, despite facing costs from a cyberattack on its Change Healthcare business. The company reported that care patterns in the first quarter aligned with its projections, rebounding from high medical costs at the end of the previous year that surprised investors. As a result, company shares saw a significant increase during midday trading.
Earlier this year, UnitedHealth disclosed that a ransomware group had breached some systems of its Change Healthcare division, causing disruptions in payment and claims processing nationwide. The cyberattack impacted various healthcare facilities and doctor's offices, prompting federal civil rights investigators to probe potential exposure of protected health information.
