Published on 14 Mar 2024 on Zacks via Yahoo Finance
UnitedHealth's (UNH) Payment System Disrupted by Cyberattack
UnitedHealth Group’s UNH revenue and payment cycle management subsidiary, Change Healthcare, was rocked by a cyberattack last month. The healthcare industry has been facing a formidable challenge following the incident.
The attack on UnitedHealth brought a critical component of the healthcare payment processing infrastructure to a halt, affecting the flow of billions of dollars for healthcare providers, insurers and pharmacies. This paralysis has plunged numerous clinics into financial distress, with some facing the grim prospect of turning patients away or securing loans to continue operations.
Shares of UNH have lost 7.3% year to date compared with the industry’s 4.5% decline. The S&P 500 gained 8% in the same time frame.