UnitedHealth Group witnessed a 7% decline in its stock value on Friday, following a report suggesting that the U.S. Department of Justice (DOJ) might be probing the health giant's Medicare billing practices. The Wall Street Journal suggests UnitedHealth is under scrutiny for potentially over-diagnosing conditions to leverage additional payouts from the Medicare Advantage program. With accusations of promoting documentation of revenue-generating diagnoses that appeared obscure or irrelevant, the company labeled such suggestions as fraudulent and incorrect. Other health insurers like CVS Health and Humana also saw their shares affected post the report. UnitedHealth's stocks plummeted to their lowest level since last April. DOJ did not comment on the report.
UnitedHealth Group Under Investigation: Stock Experiences 7% Drop
Investigation into alleged overbilling practices impacts UnitedHealth's share value and strains sector stocks.
