Shares of medical insurance corporations together with UnitedHealth Group continued to fall on Friday, two days after Brian Thompson, the CEO of the corporate’s medical insurance unit, was fatally shot outdoors a Manhattan resort by a gunman ready for him.
The shooter is nonetheless at giant and his motive for the assault has not been decided, police officers say.
Thompson’s loss of life sparked a large social media dialog over frustrations with navigating the US medical insurance system, notably when medical bills are usually not coated or insurance coverage claims or requests for care are denied.
“The anti-insurer sentiment expressed by the public after this event suggests that UnitedHealth and perhaps the industry may need to adjust how they handle coverage decisions,” stated Morningstar analyst Julie Utterback.
Shares of UnitedHealth had been down 4.8% on Friday after a 5% drop on Thursday. Rival insurers Elevance, Centene, CVS Well being, and Cigna additionally fell between 1% and three% in afternoon buying and selling. These shares all misplaced floor on Thursday as nicely.
The phrases “deny,” “defend” and “depose” had been carved into shell casings discovered on the scene, police sources informed ABC and the New York Put up. The phrases evoke the title of Jay Feinman’s 2010 ebook crucial of the US insurance coverage business: “Delay Deny Defend: Why Insurance Companies Don’t Pay Claims and What You Can Do About It.”
Observe the newest on the homicide of UnitedHealthcare CEO Brian Thompson:
Social media websites have been flooded with indignant posts attacking the businesses and customers sharing private frustrations on protection rejections and the way they’ve been denied essential care, in addition to sarcastic movies with unsympathetic messages like “thoughts and prayers require prior authorization.”
Medical health insurance corporations are reassessing the dangers for his or her high executives with each UnitedHealth and CVS eradicating images of their management groups from their web sites after the taking pictures.
Potential adjustments in protection choices could also be prompted by inside initiatives or exterior pressures that might pose dangers for earnings, stated Utterback.
The insurance coverage business has been going through increased prices over the previous few quarters because of elevated demand for well being care beneath government-backed Medicare plans for older adults or these with disabilities, in addition to adjustments in Medicaid eligibility from states, which has left insurers with extra sufferers who require extra medical providers.
