UnitedHealth Group Announced Re-Branding of Business Units-Focus on “Optum”–Changes Ingenix Name to OptumInsig
Posted Apr 11 2011 12:20pm
You can read for yourself the press release below and see where the “goal of brand consolidation” is to grow the market. Shareholders for public companies are the first callings for reporting profits. OptumHealth will keep it’s name, OptumInsight was formerly named “Ingenix”, and OptumRx was formerly Prescription Solutions, so we have some new names to learn here for the different entities. With all the lawsuits questioning the “Ingenix” algorithms over the last number of years, perhaps the name change might help bury the name in time? They even get patents for some of their algorithms.Too bad we don’t have a department of algorithms just like we do for certifying medical records to make sure they work.
We have “Forest Gump” algorithms all over healthcare in the fact that you just don’t know what you are going to get sometimes, like that box of chocolates.
Over the last couple of years United purchased a slew of companies so again what I state it is important to read up on mergers and acquisitions as the company you knew even just 2 years ago may not be functioning the same today, especially when business intelligence data (Ingenix=OptumInsight) numbers are all the rage today. Intelligence and better data will help for better care but we are a bit lop sided today with gluts of software houses and analytics all over the place. Just recently too some IPAs are being purchased by United, such as this one in southern California.
Also worth a mention in the Optum Group is their bank with over a billion on deposit for health savings accounts, so if I am reading this correctly, there’s no change here.
“OptumHealth offers three types of HSAs, as well as tax-advantaged health care savings and spending accounts, debit-card services, benefits administration services, and payment products. About three-quarters of the bank’s 1.6 million accounts are employer-generated, while the other quarter are individual accounts.”
There’s also the Chinese investment the company bought early in 2010 and I guess this is also going to fall under the Optum name? It’s about 3 levels down the daisy chain of ownership with subsidiaries. I keep mentioning for judges to also keep track of their investments too as their long time 20 year investment may be a lot different than it was a couple years ago as with many mergers and acquisitions on steroids, you have to took at all the branches and operations anymore and how they combine data.
A couple months ago here in the OC, there was a layoff of employees and I guess this is going towards relocating employees with the restructuring, anyway you can read more here about how that took place when all were bused to a hotel and given the word. In addition additional data resources work in conjunction with retail stores such as Walgreens where it was announced pharmacists could receive pay for performance money with helping expand the predictive behavior analytics are and potentially address more who might develop diabetes, again algorithmic analysis at work to further dig in to wellness and risk assessments at work. BD
MINNETONKA, Minn. - ( BUSINESS WIRE ) - The UnitedHealth Group (NYSE: UNH) announced today that business units for health services of the company's market presence under the umbrella brand Optum ™ will bring together.
"Act Like our respective business areas in the health insurance coverage under the umbrella brand of UnitedHealthcare, our individual businesses for health services in the next step will be the merger of the development of our two business platforms now their market activities under the brand Optum"
Goal of brand consolidation is to facilitate the extensive market for health services, the understanding of and access to the full range of services of the company, which strives to offer all stakeholders in the health system to improve their health to increase the efficiency and overall enhanced user experience for consumers is.
"Act Like our respective business areas in the health insurance coverage under the umbrella brand of UnitedHealthcare, our individual businesses for health services in the next step is to merge the development of our two business platforms now their market activities under the brand Optum," said Stephen Hemsley, president and CEO of UnitedHealth Group.
This change reflects the increasing coordination and cooperation between the three leaders in healthcare who work to bring about significant and positive changes in the health system: OptumHealth ™, which will retain its name, OptumInsight ™, formerly Ingenix, and OptumRx ™, formerly Prescription Solutions . Together these companies serve more than 60 million people, more than 30,000 employees and reported in 2010 consolidated sales of USD 25 billion, which has as Optum entire company the size of a Fortune 100 company.
"We bring these activities to the way we serve our customers and how our customers access to health services, to better coordinate," said G. Mike Mikan, the CEO of Optum. "This move will make it easy for our customers to deal with the extensive expertise and innovative capabilities of our business units. This allows us to help them improve the health of the population, reduce health care costs and increase the provision of health care for all. Customers will know they can contact if any need for medical services at Optum. "
OptumHealth, the health solutions to the public with regard to the physical, mental and financial health needs of individuals and businesses and promotes offering, will retain its name, its brand positioning but to adapt to the new Optum mark. Ingenix, a leading information and analytics, technology, services and consulting company in the health sector to OptumInsight. Prescription Solutions, which specializes in the delivery, clinical management and affordability of prescription drugs and health care products for consumers to OptumRx. The three companies will continue to operate under the respective leadership of Dawn Owens, chief executive officer of OptumHealth, Andy Slavitt, CEO, and Jacqueline Kosecoff OptumInsight, CEO of OptumRx. The migration to the new brand is expected to take place over the next twelve months.
The Optum's divisions care for care providers, including 250,000 workers, or groups and 6,200 hospital facilities, more than 270 federal and state government agencies, more than 2,000 independent health insurance, 40% of Fortune 500 employers, 2,200 global life sciences and one in five U.S. consumers. Together these companies help organizations to major improvements, such as bringing about the improvement of clinical services, the introduction of new treatment and compensation models, to comply with new regulations and the reduction of administrative and financial burdens. By Optums deep understanding of the needs of different participants in the health care system, the company can offer joint solutions that provide transparency and care to build a sustainable health care.
Optum is an information-and technology-based business platform that offers various health care areas, such as care providers, pension funds, life science companies and consumers, provides. The divisions - OptumInsight, OptumHealth and OptumRx - employs more than 30,000 employees.
About UnitedHealth Group
The UnitedHealth Group (NYSE: UNH) is a diversified company in the field of health care, which is committed to supporting it to help people to live healthier, and improve the health system. The UnitedHealth Group is headquartered in Minnetonka, Minnesota, USA, and provides extensive product and service program on two separate platforms at her, UnitedHealthcare offers health benefits to health insurance, and Optum offers-and technology-based health benefits of information. The businesses of UnitedHealth Group operated a total of more than 75 million people worldwide. Visit www.unitedhealthgroup.com , for more information.
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