Wk2 Summative Assessment Economic and Market Report
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Wk2 – Summative Assessment: Economic and Market Impact Report
Renetta Roland
Thom Sloan
MHA/598
University of Phoenix
10/16/2023
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Economic and Market Report
A SWOT analysis is a framework for selecting and analyzing an organization’s strengths,
weaknesses, opportunities, and threats in your medical practice (SWOT Analysis in Healthcare: A Self-Exam to Identify Primary Areas of Focus, 2023). This report will discuss major economic trends with United HealthCare Group. What strategies and goals were used? Evaluate whether the economy presented opportunities or threats and whether United Healthcare Group helped influence economics in the area.
Economic Trends
United Healthcare Group is a healthcare and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two
distinct and complementary businesses (UnitedHealth Group Reports 2022 Results, 2022).
Looking at the economic trends with UHC Group, one of the biggest trends is Medicare patients have increased and that is because “Baby Boomers” are living longer than Medicare expected and the use of Medicare is becoming costly. Medicare/Medicaid funding more care for nursing homes, home health care, and normal expenses, this requires Medicare to set new regulations to qualify for coverage. This leads to invasive and complex applications, higher premiums, denial of coverage, high out-of-pocket costs, and possible higher premiums.
The other economic trend is telehealth/telemedicine, this trend has increased since the COVID-19 pandemic. This allows patients to be seen at a more affordable rate. It also allows doctors to have smaller periods spent with each patient. Some insurance companies have a separate benefit for telehealth so that it will not take away from a patient’s normal office visits and some include the benefit as an office visit. The downside to this is that if it is included as part of the office visit benefit, the patient will be paying more for their out-of-pocket expenses.
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Evaluation of Organization Strategies
Today’s health care landscape is changing fast and for many employers, members, and providers, that’s a good thing. Age-old industry challenges remain pressing today, with stakeholders collaborating to develop solutions that aim to lower costs, improve health outcomes,
and create an experience better tailored to unique member needs (Accelerating the pace of Innovation in health care, n.d.). UHC is dedicated to improving the value of customers and consumers by enhancing the quality of care that the patient receives. United Healthcare’s full-year revenues of $249.7 billion grew $26.8 billion or 12% year over year, reflecting growth in the number of people served. Full-year operating earnings were $14.4 billion compared to $12.0 billion last year, reflecting growth in people served and continued strong medical and operating cost management (UnitedHealth Group Reports 2022 Results, 2022). Looking at these numbers from last year’s report with United Healthcare, it shows that updating its network of providers and bringing new providers into the organization, shows that strategies that were used worked in the company’s favor. Patients, providers, and stakeholders benefit from it. Evaluation of Marketing Opportunities
In the market, there are opportunities for United Healthcare Group to grow the economy as it provides an opportunity to invest in other areas of the market, like merging with Quest Diagnostics, HealthMarkets, and US Health, these are other entities within the company. The company invested in these companies because each one offers different levels of care. Quest Diagnostics offers specimens lab testing, HealthMarkets offers Medicare supplement care and US Health offers individual health insurance that does not have to get insurance through Healthcare.gov. These adjustments allowed UHC to keep up with the market needs. Now, on the
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other hand, the threat would be the result of another company doing the same thing and offering rates at a lower cost. The other threat would be sustainability to continue to cover the ever-
increasing cost of the age population. These are now new to Medicare and now subject to the rules and regulations of Medicare/Medicaid. This leads to trying to balance providing care, while
still trying to make a profit but looking at the 2022 UHC report shows that it’s not a real threat.
Influence on Economic Trends
United Healthcare Group influences the economy in my area. The opportunities it offered
to help stabilize and foster the economy were a good strategic plan. It offered a pandemic-free environment, for those who wanted to continue to work in the office, or work from home, a $1,000 bonus check for those who received the COVID-19 vaccine, and for those medical, medical health companies that were not making it through the pandemic, United Healthcare merge with these companies and help them stay active and flourish. These factors contribute to the economic health and growth in my area. In addition, taxes paid by United Healthcare Group are used by the government to help improve some of the social amenities in my area of Arlington, TX and it helps improve the well-being of our area residents, like offering volunteer work like habitat communities, cancer walks sponsored by the company and UHC Heros, these are individuals that just want to help any way they can for the people in the community and they just so happen to work for United HealthCare.
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Conclusion
If United Healthcare continues in the direction that it is going, by utilizing the SWOT method and making sure that it keeps up with the marketing trends in health, it will continue to grow and be a fluence in the community. Any slightest change of not paying attention will be a great detriment to the company. People will lose jobs, vendors will lose their trust level with the company, profits will go down and stakeholders will become very worried. Right now, the reports show great promise. United HealthCare Group has Optum and United Healthcare, these are three companies under one umbrella and service all areas of the community and provide care in aspects of health, hospitals, pharmacies, labs/pathology, hospitals, clinics, claims, and insurance. As you can see it covers all markets of health. United HealthCare Group’s strategy on how to gain financially and still help the people in the community was a success, especially during the pandemic, it capitalized on its opportunity for growth and was able to keep it steady as
of this day.
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References
Accelerating the pace of Innovation in health care
.
(n.d.).
United HealthCare Group.
https://www.uhc.com/content/dam/uhcdotcom/en/BrokersAndConsultants/Tri3-
innovation-white-paper.pdf
SWOT Analysis in Healthcare: A Self-Exam to Identify Primary Areas of Focus
.
(2023, April 18).
Practice Builders.
https://www.practicebuilders.com/blog/swot-a-self-exam-to-identify-
primary-areas-of-focus/
UnitedHealth Group Reports 2022 Results
.
(2022, December 31).
https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2022/UNH-Q4-
2022-Release.pdf
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