UnitedHealth Drops Over 7% After Hours Amid DOJ Probe
UnitedHealth shares fell more than 7% in after-hours trading. According to The Wall Street Journal, the U.S. Department of Justice is investigating the company’s Medicare billing practices. UnitedHealth said it is not aware of any new investigation.
Sources familiar with the matter said the civil probe began in recent months. It focuses on how UnitedHealth logs diagnoses that trigger extra payments under its Medicare Advantage plans.
Over the past few months, the Journal published several reports detailing how the company may have profited from federal billing rules. UnitedHealth denied the claims, calling the reports inaccurate but did not give specifics.
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