After posting a record $6.6B in profits for Q2—coinciding with the first wave of the COVID-19 pandemic—the industry giant saw profits drop in Q3 to $3.2B. Why? Because hospitals resumed both elective surgeries and routine and specialist in-person care. And more patients began taking advantage of their insurance again. UnitedHealthcare and other payors have benefitted from consumers not using their insurance due to the COVID-19 pandemic. As consumer behavior changes, we’ll have to see if the people who remain insured have any issues getting the care they delayed covered.
UnitedHealth’s third quarter profit declines…to $3.2B.
On October 14, 2020, the Wall Street Journal reported United's business was returning to normal as consumers again visit their doctor and schedule surgeries postponed by COVID-19. This resulted in a decline in profits for United compared to the second quarter, but they were still very high.