UnitedHealth (UNH) 19 Jan 222021 Q4 Earnings call transcript

Good morning, and welcome to the UnitedHealth Group Fourth Quarter and Full Year 2021 Earnings Conference Call. A question-and-answer session will follow UnitedHealth Group prepared remarks.

As a reminder, this call is being recorded.

Here are some important introductory information. This call contains forward-looking statements under U.S. laws. securities federal subject cause are experience and and uncertainties present These results to to could actual historical differ that expectations. statements risks materially or from found risks A the with our Exchange cautionary uncertainties of current of the and reports the including included description can we some Securities be statements in Commission file and the that filings. and in periodic amounts. also will call reference non-GAAP This Investor on Relations of A at of to the available financial non-GAAP is section and the reconciliation the amounts Company's page www.unitedhealthgroup.com. reports earnings GAAP Information this release is Form in we Company's XXXX, from contained issued January the our of accessed which website. dated presented in the call on page the Investor may be this earnings morning X-K Relations XX, and Executive UnitedHealth will Witty. Andrew Officer of the now the I turn Group, conference over Chief to

Good delivering all people XXXX colleagues, results our this us and for by to enter we for you. the and year. like us the morning that you into UnitedHealthcare joining strong start and thank is I'd today. carrying momentum through recognizing as creating throughout of Optum Thank

integrated XX% advance to conference. well for Advantage XXXX, we stated XX% growth accelerating are working in our in better capabilities hospital themes number Healthcare performance collaboration the our our For us help strategy, to external many partners people back growth marketplace across to our at the broader our and of our we growth physician and introduce growth leveraged strong and unlock end-to-end models you products to a UnitedHealthcare technology year, These, transition look systems the grow long-term ability of our of serve commercial Optum our and serving improve and services care prevailing see and the focus comfort strategies we between elevate communities. and investor the from rate. Last increase of you both elements And markets, to shared enterprise, patients innovation, accelerating their significantly the in government with our in Medicare and of you strong new to the helped performance confirm support story When and sharpened growth, EPS two value-based serving Optum-led to consumer tracking United expectations key benefiting both experience. value-based example, patients and with care. recent the the and on consumers with at

areas and our strategy growth portfolio. years growth Taken initial together, above the opportunities for investor our more us helped five A these efforts across our billion for the in for many to connected, payers similar you system the experiences differentiated marketplace, align we integration ahead. even $XX guide see add about demand will outlook. billion shared person's needs. our revenue for conference, $XX than year growth help health And system more health innovation expect is informed, in should value. providers, and occurring fragmented more tremendous that At the an more organize We around more and bring to to the in to human this every unique and to and system, the incentives greater better key the These come. for harness together pieces to consumers of year the year, care for responsive

is First care specifically, delivery. More care. value-based

care our strategy. and growing virtual a behavioral, capabilities. For It's is home, than ambulatory comprehensive strategy primary UnitedHealth this clinical care Group, a more encompassing

Medicaid 'XX We business. our and in of consumer saw the area and advancing offerings momentum second health to further growth is in benefit having growing Advantage our value-based progress life. appeal and enter strategy benefits, quality, commercial Medicare strong generated Our consumer and growth bringing innovation our in

Next, health technology.

these simplifying and and in comprehensive with energized and speed capabilities. payments vastly medical services, financial And and health and across interact the the country We're and of improved pharmacy by people better performance to beyond. volume to support significant services most finally, breadth, health foundational system. XXXX greater solutions and their improve returns, Our value often of while can all integrate services, data tailored for their and increasing use to bring where a consumers convenience. reducing health Fourth, payers the missions. We in behavioral help major sector, partnerships friction system pharmacy payment providers, and systems care the number the health our capabilities partners our potential streamlining better and pharmacy

to XXXX In care, of care. support the person heightened and whole value-based upon forth late I'll we in and drugs in over Dirk All ability Chief November. and to And models provide Officer, set confidence turn the with this President execute enter Operating to with sum, new of objectives treatments that, support it discovery our of McMahon. we

have have thought take a some care. Thank with made prepared the have we building growth it, providing on you course we we it additional This been the first you, few see the Andrew. been and minutes near working on decade. I we and has working priority, value-based I would for how a investments something in of our How details future. over

there become execution increasingly has apply a enterprise, investing lot which of X.X of a example, become operational into was significant the groundwork can in competency It detailed and OptumHealth For our went and million Successful accountable new that for planning, will distinctive patients we at scale. investment whom requires supporting building. XXXX. now

take accountable to significant. So arrangement? to can moving Investments for it a be prepare fully does what

technology and and third, 'XX, Clinical in preparation expense. staff million coordination. streams example, incurred in preparation, $XXX Within over three network are enhancement, is an As data there involved: this, work and we training major

shift year complex sometimes in differently. ahead accountability. education. knowledge on important and well whole practices. prior. approaching physician It's patient's essential to the -- fee-for-service It their resources The stream more be on what to focuses physicians begin We work They find taking than an their begins to help in of first for long-held well our greater engage it a patients and

and the nurses meet requirements physicians, our Beyond our to the ramp form other of capacity of business. clinicians in education, we up

The This patient technology includes systems management. reporting to and needed well manage. on effectively like effective to portals for systems the management clinical area second and and as utilization things as systems support focuses care information teams patient

patients Finally, primary and planning coordination care patients the to in clinical foundational and care network practices a results the preparations assist planning beyond geographies ensure improve continuity have strong across seamless need includes that a and oversight care X. and needs, of to investments pairing as personal variety care. a health of These and This we supporting transition complex on creating in quickly true such identifying scheduling is navigator in clinical work and day and support services medication coordination critical high-touch initiatives and have support appointment to health with transitioned. timely most been ensuring

this well as expertise serve even expect the will we larger to transition come. patients We groups us of years in

has call to I'd had Like experienced and how you unplanned update increased experience attrition absences. customer and situation our levels COVID impacted over John, reduce well volumes. businesses, it to other as prepared recruiting we for have this improve to We upgraded digital more on capabilities meaningfully through like handing Before operations. moderately higher of as capacity

our digital for partnership we four mandate purchase. With of for established period, and needs Walmart the two eliminates the a complex test days experience undertaking. cash a a highly Rite UnitedHealthcare notice, consumers, ease created and at reimbursement Aid with outlays of by for now consumers that customer time, a point At in responded 'XX, COVID of patients we same most As able cash-free and traditionally, weeks first federal of service were to customers. demanding swiftly the our result, the to

We expect more partnerships in the days ahead.

execute we John business have our our look we to that, customers' priorities over now the Officer, Financial Chief we place I'll to meet and As forward, capacity in expectations. turn With Rex. it believe right

Happy expanding members XXXX on Year, the recent hospitalization for a bit by start impacts everyone. similar are inpatient COVID Dirk, the about New COVID seeing. levels, comments Xx with on In to I'll case levels weeks, our the you, Thank even national and we're January higher. rates most Dirk's

severity At observing care shorter past to stay For we of elevated familiar as seeing patterns lengths lower years. same earlier infection are time, are over is we inpatient periods care, people of activity experienced other the those correlations the period. rates of seemingly to compared two that needing

slowing early past visits decline and having several higher procedural January, rate declined the Activity seeing visits. care primary an these XX% about of care, shows in in over primary weeks elective weeks volumes. of visit example, we even are For specialist in and

As always, when is prime need care on focus our helping get they people they it. the need

margins to driven add with 'XX, year a laid a the prior Moving now groundwork revenue value-based year the grew strong of and expectations business XXX,XXX in many approaching new specific we the XX% over by benefiting OptumInsight in We past served the consumer an November, start billion late from $X.X OptumHealth's 'XX, with by we in number year. increasing our grew continue backlog to accountable shared operating under Consistent year. our in years. billion, XX% had the arrangements. XX% the ended expect earnings the relationships, to patients value-based over increase $XX.X for of to of the per patients performance. over revenue with

retention. serving and and been 'XX to expansion grow expect this these year, by management our for X% from we initiatives to continued OptumRx of growth, benefiting Our continue supply systems key partnerships services and expanding has activity cost pharmacy the customer strong and in health relationships chain beyond. businesses, driven a grew earnings driving the factor strong

continue orientation. addition, impact we a and see value higher services to the to In care movement OptumRx' of specialty pharmacy

of XX%. Full to billion $XXX revenues year Turning grew UnitedHealthcare.

we our positive member very with noted, the objectives our at As conference. is outlook Advantage investor and November growth XXXX Medicare consistent established

new strides plans given 'XX, enroll plans. we performance, year. have opportunity Medicare individual made in Advantage the be we the remainder newly group in the of members XXX,XXX And up the X/X dual will this in needs in the to special in quality Within and five-star people rated throughout will to steady and we've our entirety serve about

the resulting 'XX incorporate that continues states as Tennessee Medicaid and January, as eligibility Missouri expectation continue Minnesota and an membership redeterminations, to outlook of support Nevada. with to relationships the in serving we Our for expansion Ohio, net renewed modest began attrition. In well year citizens this resume

the course the commercial nearly with to us XX this the network concluded first heard membership, we to seeing we Navigate new the Optum a We will of momentum expand 'XX the Products year, about innovative response outlook upon provided. Creating are individuals such discuss. have people the continue to Over use of states. option. ahead Now, as which million XXX,XXX you as serve original products we look the strong virtual across X is

cash capital Our from outlook strong. was income, Full billion or we the year about year above X.Xx $X operations remain ago. net initial flow billion 'XX a capacities $XX.X shared

of ratio cash repurchase capacities XX%. These our income. $XX ended of about and to supporting flow accelerate expect to to shareholder investments, with $X XXXX debt-to-total to billion we approach an billion, net continue advancing And to continue expected stock our between capital in our of capital and 'XX 'XX. us billion ample while committed We allow a $X dividend X.Xx remaining

consistent adjusted our historical comparably half weeks seven to past offered we experience with we earnings XXXX just to under in quarters of ago. From years, XX% year to in Our share $XX.XX with seasonal two full of be two first contrast first the $XX.XX more the even. view the pattern expect distance the per and with outlook the earnings is this consistent

Andrew. turn to it back I'll Now,

individual in the to this share strong the sense of depth in growing hope relationships across consumer our of of and the call, number and that's you've value-based businesses. Before health the pharmacy confidence rooted we're our and commercial models, driving John, Dirk of away building with systems, already we're the focus company, we and serving potential growth growth local innovation programs, transition of the people the government taken I in capabilities I Q&A portion

never As With it and and One more open better for help try for solutions, that, fragmented services a together bring create we've questions. continues let's to the and only for to pieces innovation caller, of position the integrated operator, serve. to value per demand in grow, please. care products up health we been people

Scott to with first Stephens. Instructions] Fidel [Operator go And we'll

the a you just about, in to could follow-up any seen environment. the material question XXXX driving of your any of if evolving XXXX? growth the would for think shifts in from competition little about for United, Medicare? Advantage you've be of there's And market change we whether Then And you're in been the My which just relative through channels just types also the just just was Medicare on MA as perspective, talk level in distribution your interested. trends some whether

Yes, thanks Scott. for much the Listen, so question.

to chosen reiterate how part the have that folks number over as of commentary, of we organization, let me set it overall runs growing we in of again. very are market for the share couple who said market, hand once through cycle. Tim grow the pleased who Noel, much I super performance that of Before opening to a we just in ahead the with continues year. UnitedHealthcare expectations well our our out The selling times And with line

really, background super positive. to over Tim. give So more you Tim I'll bit big that, to little a picture, hand all of to

I good and Good. the the for be. benefits, not only for And for This value-based they better industry. the the Seniors ease that continues really Better are around capabilities. and Tim offerings the we driving what of differentiating trend clinical number to relationships part value also Advantage Medicare the is our Great. question. better are product a in marketplace. service this but more more level for personalized Scott, in XXXX things, benefits is one that. for one part, see increase And And multiyear that's more Yes, really very provider of one. we're seniors I very being around it's tools, good for resonate don't more doing of focused better our we're experiences, function see And as our The is entrants, of growth as approach we're Noel. of been a shopping the as competitiveness. of aligned market marketplace. see payment, all should care competitive trend Thanks, has MA years. also innovation, quality, And overall digital on highly and been way step a and that's

growing So, and and we really marketplace. positioning our like our a strong performance inside very

just much. secondary distribution. your so Scott, thanks Tim, on And

I distribution. nothing's our to of think it's to fair changed say approach in terms

working country. fact, on the we've never behalf across distributors, I more agents think In had our

us grateful are across no all option. message seniors who change who So, and to well for super support the and get we brokers we MA others for an from help and there, get whatsoever, of agents looking are the as

positive very that about really So environment.

to Let's next go question.

We'll go Research. Nephron next to Josh with Raskin

My how question that the over on line that making more the I'm really time? But trend and maybe today and the totality to XXX% the how have take side, around and OptumHealth growth, when curious time global been margin helpful. disclosures on of money over business top specifically, specifically, capitation. relates And you you're margins if maybe migrates

Josh, so much. thanks

who pass it looks to over Wyatt? me Wyatt after OptumHealth. Decker, Let Dr.

penetration Yes, as we're Josh, the the we for question. Absolutely, new thanks positioned, in and are investing OptumHealth, And markets. established deeper a growth markets into platform.

expand that delivering margin to to do we As range. capabilities, you'll and continue XX% the an on X% see us

you platform. what generate while be can in So to investing continue growth will to us performance strong a multiyear anticipate

I Rex, think a John add little? maybe

point commentary of terms the over to Sure. Dirk we that looking move get move of progress just, capitalization. in did some make your as story of investments ready getting And to investments Josh, as to nice how we're -- at the time, call that we does to and on

any the comes the we're couple picture in -- especially those significant ahead into of view. any before before there's of in a making investments. ahead making, transitions even very revenue we're those year And kind significant years of that's revenue So ahead,

So describing that there. Decker kind that is was And creating what impact. of Dr.

million year, This that significant investment as we're that And a we So investments that members also. the to movements do those to occur, with and transitioned. it always load. within bearing fairly fairly obviously continue we continue significant those accelerate, seek we was X.X

start more we getting we of leverage do as on it. While those

there. that bearing describing of Wyatt the that XX% kind to X% we're within So was

Absolutely.

little that happening, bit I about Josh. way think this One through to to is vintages. me think think point what's comments helps sets of both a really

there's into folks every number a different year, So who the capitated transition environment. of

grows Of course, that number every time.

what So what year will did this Last did year we year year. be double almost last double almost the before. was we

OptumCare of As folks stay you vintage periods margin with changes of or associated time. the sustained think it, populations associated about those in the economics as year-by-year each for

longer-term within you stabilization environment. I'd their to about economics you are how So, of as value-based vintages it into the evolution those of about OptumCare, reflect the the encourage aging think on think

Next question.

We'll next Lake Research. with to Wolfe go Justin

how Appreciate running you a be Can remember business might and little year rough a bit the first five starting cost how your then correctly, than of and in comments hotter Medicaid quarter. maybe you quarter anything the of the with a commercial terms on Medicare quarter was into tell the you segments? think the you And is requirements? could third what in view new of kind of on home trends testing us number ended the COVID. give of I fourth us

ask I'll a to Justin. UHC of in Thompson, much so Brian second. Thanks President comment

those too as to last I roll through the saw that. we're segment part I different started we into the go last show kind of of Omicron of the just here. as face, would couple say, exactly the get of overall, trends learning what we -- that didn't still by think year, still segment impact weeks as really its we

As ask like can what But you next little of that. on we things complexity of very A can harder to clearer imagine, claims me the exactly quickly in deeper all will that Brian little of go become a know let hospitals, kind to visits. some see weeks. look few might physician like

for the here. Andrew. question, Thanks Sure, Brian Justin.

results with our for Andrew to, in COVID expectations. As say were alluded I fourth in quarter would our the line

the the with care slightly performance that Medicare. still for dialogue with baseline modestly As as below you had both conference below, dynamic at the at same to being third largely investor quarter said, we similar in Medicaid as commercial of well caid and

not there. change much So

obviously I Omicron December comments, As said you it here in and suggested, had John Rex reiterated we think emerging and our well. opening as in

and these what impact as differences some and in is consistent severity, and specialist with as the other seen well in strains we've contagiousness declines While physician of abatement in swells prior, double-digit there's Delta infections both visits certainly following visits.

that we're have not may out. to dynamic with anticipated we beneficial levels unanticipated an What So are offset increased abatement. see play of continuing and costs testing

to the at-home respect to of consumer experience. now seems here testing, the in really To with early Omicron. that be focus stages So point, your holding right our is

just know, week ago. came you out rules these As a

that stood that been of to at various with working the and that. encouraged UHC, without up they're Aid, can with, in our can outlay. for to know easy we getting capability access get many understand really at-home digital tests been those goal those they time, a but follow a of matter We're cash need And in Our retailers pleased go experience really this how UnitedHealthcare been how where My go ensure and that a to focus. days. to That's to We've been reimbursement and they Walmart has when particular, members get four we've Rite our able creating by shop that and do reimbursement. same easily the

the instructive. I think COVID cost isolating really distance of this test isn't from the

I it a waves. think again, this offsetting unanticipated and Justin. of deferral these plays I'm how dynamic this And but and if by out as course followed demand, not over comforted that has when of only year. the of function remains the supply durable, any of care Thanks,

that also to and the of to behalf the to think, capabilities the the country. requested to thanks solve with in we need proud patient government, that's Rite health see of sector be And very within just Saturday, much. across very network And on position who able Walmart I this folks in and will and repeated were work The particular so Aid first was preferred speaks with which thanks join and express that able sector, to the Rite care Aid a this federal of well our shortly quickly. respond respond participants from partners we Brian, think the case. others get from very, at landscape, to fact Walmart so helping this private I the to the I to in day up the and want an problems we're being example

Next question.

Bank with Fischbeck Kevin of to next America. go We'll

differently a margins I little a Great. in you the appropriate you've the MA care through that you're back that any conversation business? to think margin thinking additional arrangements Can decapitation, now got or whether bit acceptable about to go you that earn about to about how And the earnings value-based talk margin streams have? just in second. an the want that for you business ability

Thanks Kevin. so much,

reflect on that. Let me ask John Rex to

it's Yes, John Kevin, here.

-- of the OptumCare. across Company. separate we XXX is when have business businesses. the lines well, many OptumInsight bright over in And those businesses. We as payers serve important you yes, serve We So kind our businesses extremely think us to about we know remaining structure, across payers retaining across is

about of all Company, approach And think business, they our to how how we that's alone so operate and we how serve the And when a we from important very perspective, our stand businesses. we margin marketplace. others the

any lines, space terms we I And Absolutely, we some single thanks the tested level. environment competitive we're is literally at to the the constantly there's that John. service, multi-payer sure priced really making It's in like. think really we that serve, year we don't that through ability of all and at Thanks don't question. being of multiple competitively have of days are competitors so where our are in. to lines challenged a relationships, important also one much. remember every business service XXX Kevin, and for XX/X, our tested its

and So two is most well well. consumer I consistently importantly, performed service consumers, which the measures increasingly delivers value experience and between it's are who scoring businesses, separation privileged think other to and highly to a has in work extremely like well-established great partners NPS experience. areas with system and patients, we And successful of

Fargo. We'll go with Wells Baxter next to Stephen

how thinking billion you your have have testing a between pull going you then of to then Biden the push And less supply distributed to supply the access And these potential are free. back discussions? the a to you Administration to to testing? thinking tests these you rapid expensive as net come as this about today. I other test cost? there about does guess, I definite partners X that question. the from market guess, rapid offsets and seem the are the guys Wanted of and are Are thinking be for

so Yes. question. Stephen, the for much thanks

hard As of Brian point, at would scale of could what exactly to alluded because and supply demand this testing given exactly, program partly little the know obviously, to earlier the a of kind a sustained that lead about demand, lot would in expect of high system or talking kind in that elsewhere a there's was system. probably there what Omicron to of with some on, area the you Brian earlier be. I But abatement the probably mean, if dynamic logically the was

as think going in level, expect Walmart, So I it kind it's like across offset. think I'm that But focused I established, as sure the have inevitable things can this through see that know. I chain experienced continue partners obviously, that already to We're very to don't get-go. Rite this surges at go fortunate this these this very they supply at pandemic we we The the get. system we're as and on in of companies of Obviously, Aid, kind much supply these sense. kind been characterized and they're somewhat has of think outages a the to and makes two challenge historically. we've shape you from But much ensuring geographic very demand level, supply, of to

Next question.

go Goldwasser We'll with next Ricky Stanley. Morgan to

MA share? if among stickiness OptumCare Maybe data market. environment, little attrition that that have growing role in any Can you the to about think the United gain or you're above members you that the bit the we a about compare MA as network. OptumCare ability are the within talk points So plays

so thanks Ricky, much.

through whole bit, OptumCare really to focus patients. Before often. about the super is hand Obviously, to one impressed MA that Brian set patients maybe a I reflect in not the looked need the are And has enhanced make just with high development, pleased have through particularly on these touch. attractiveness preference clearer. how has the of of as become are very actually, capabilities to we're think But gone way offer. medical a things that the high we the through environment, you're of plays which little you people's what a programs to to in sure developed pandemic been little I've deliver care need at-home on really They that I to delivered clinic, of have folks in on but to we've more the able properly. and a the maybe reflect home continue where clearer after terms could Brian, also in able

I that. Sure. appreciate

that, long I sure Tim us, list specifically, things as first And that that about in make we for think focus really to best out But stay members that's best our first our leads we OptumCare to benefit our satisfaction, remain foremost, turn where which us And in our I for beyond laid think it's have that us. foremost, persistency, of think, OptumCare longest with partners. a we the a is I space. predictability. on and competitive with this and

short certainly providers to at OptumCare. journey decade XXX% you remember, but might under XX% almost them, ago was establish with in our our support of outside health how and as from on think we the only of that, from, not beyond just with a relationship I quality OptumCare, nearly incentives

point to OptumCare. one I differentiation certainly list the pretty was would I long. to it's UnitedHealthcare, for if is say So And

you your add would to from perspective? like Wyatt, maybe

consumer BT that the Brian there. the members And enforce level And UHC the you don't Yes. stop now at When or care are we all you plans. of or home OptumCare mentioned, as focus but higher the our we and Well, of provide, with quality relentless. time. and we touched experience patient XX% on it's look deploy And on continuing community. Andrew, new it, mentioned is to capabilities

virtual the we physical virtual so to our providers. And now care care unveiled and their own care trusted care forefront, and have platform to connects brings that behavioral brings people

we to members and friction continuing the how us our we for see needs meet how you'll our So focus patients. on do of reduce do

Thanks Thanks, Great. much question, the for Wyatt. Ricky. so

question. Next

Suisse. go next Rice We'll Credit A.J. with to

health across big care pressures a topic. Obviously, labor the is industry

in in about shift comments also that any -- what involvement outlook you're perhaps UHC what in But as your your how your what provider how -- business, try you're impacting as add from that and of the to wondered OptumHealth people have from your your your that's then clinicians from as with factor. You well OptumHealth how to discussions impact providers. mitigating OptumHealth? -- I you a hearing maybe UHC And networks UHC? and in might in seeing nonaffiliated

A.J. Thanks,

Let start to off. Dirk one me ask that

A.J. just more this Yes. Thanks, me take bit let broad. a little Look,

got service. our scaled Optum clinical markets, in across like process really key we is one -- things talent, And labor a up we mission customer We we've because pretty pretty of some did look have we staff. early lines. recruiting hot we decent of one capacity. technology those the our had for the things and -- the is retention retained it's for up a good market attention other we As along and And set we things

staffing, of a sort been getting of -- major has major So lot ahead proactively our this action. lot of additional of a

it relates -- The this every talked other to UnitedHealthcare, we providers our As call. contracts are the three negotiated about earnings years. in in last

yes, it little labor what that the the just market but it's hearing So in that bit ultimately a there our like of inflation, perspective, shortages, But and sort of we're shortages. the for working anything pace from very those in And price are we with market, folks else we're of we that. loosen out. are. we're little hopefully, implications will the aware up on a market And as bit forward. sell tight And will being there's

Dirk. much, so question. much thanks so for your Thanks Great. And A.J.,

question. Next

Capital We'll to Matt go BMO Borsch Markets. next with

modest. the little redeterminations Medicaid more of was talk how factors wondering just and the and you mitigating what I in I'm I terms the because impact you're just timing expecting about maybe on there. touched know bit you're hoping guess, seeing you could I a

much. organization over Spilker, that. respond I pass so to leads I'm to have CNS could going Tim Yes, who our Tim, you? Matt, thanks to to

Thank we states mid-'XX. the we conference, you resume thought would the question. in investor redeterminations indicated for At that

what this better on transition based customers think up as we're probably, our from I we're take state as exchange types on that we're the products the will also of Important seems at resume. than most to breadth importantly, once other share fair likely assumption confident that at And that to UHC's even understand with seeing commercial across they Medicaid coverage, closely note though based they and folks point, approach that of more timing we'll that do thought well working the Medicaid, our coverage. as point. to we pick

thanks So for question. the

Matt, also. you thanks. thank Tim,

Next question.

next Sachs. go with to Goldman We'll Rich Nathan

Just they are about next from peers of following as plans to curious comments know both changing how be this benefit I to a some design of to that go couple on value but maintain differential up Advantage. how market distribute just A XXXX, the your standpoint. year, talking approach talk informs you strive it's early as provide? well Medicare your on your I'd as that about

much, question. for Thanks Nathan, the so

Let to a of me Noel that. ask couple on Tim comments make

the Yes. question. Thanks, for Nathan,

we about haven't too certainly lot As we a seen XXXX, think a of even to an there yet. given that bit into CMS indication early of depth rates little get from

goals around I about However, XXXX shift not with even strategic distribution I'm that broad XXXX in think and stance to and when prior. and market product, in the we've seeing any years gone

approach continuing our earlier, a And approach. industry comfortable in We I multichannel resonate. indicated with as are our our on products differentiating to robust very very distribution

deviation from and to really no what's been providing consumers. great formula a successful value for us So,

Yes.

so the year And the exactly in We have we I popular. the not to important package get Nathan, expect. really speaks again year. think incredibly on perspective. served so And after of And do put this it, that's but way People we're the what for sustained what Tim. It's so is from important, this year well. and sign which up. objectives been us really in our really value well of the environment. It's a important We'll focus consistently it's And they United, distribution super growth, after it's why year. MA in extremely members. benefit people serves underpinning People our believe we've after we're why really of this understand able that We'll that it deliver even delivery performance. share broker offering, UnitedHealthcare is needs done I of together think, this grow market it's -- volatile. about to positive part more

question. Next

go next Gary to Cowen. Taylor We'll with

minute this it we every have year-to-date, was up about quarter. around If then almost XX% for Just quarter. year, XX%. growing the for wanted you think look quarter. I next XX% It OptumHealth growing to And to return a OI fourth was almost

talked could some of So side impacting was call a XQ? quarter? to incremental else or else at those OptumCare there MedSurg anything cost I about fourth of or quarter, Wyatt it know but anything little makes have the the the investments. ASC been the more sense, I in at those in guess business on anything out the

to no, give detail. more let a overall, bit think Wyatt you I ask just little but me

risk question. far, growth the Yes. referring the new were is costs platforms minds. 'XX. but just touched our what by We investment lives in for know we've some to And the in saw on on, performance, I biggest that because uptick Thanks, our which component not modest the in and to XXX,XXX that's really for people's Gary, managing labor material is that you're future

we continue to delivery and you'll address continue So to technologies health virtual and care in behavioral us as care our see that. And communities. like platform, invest home

investment a comprehensive the clinic just has in risk multiple only in components but delivery isn't 'XX, yield it model following of in fruit, senior care So this lives that model. years. not will that It's

thank you. So

Wyatt. Thanks,

Next question.

to next Bernstein. go Lance We'll Wilkes with

to what and little margin is sense a impacts is to growth generics OptumRx. of outlook delivery get specialty of the as the and rate And home wanted to And like profile margin. what a for Wanted and talk looking just on the maybe there. the specialty about bit biosimilars

question. Lance, thanks so the much for

to for looks me Heather us respond. Cianfrocco, after OptumRx Let who Heather? ask

Yes.

and delivery We've -- earnings So that home our margin. few definitely seen the things. from the growth would a specialty are in contributing say and business to specialty I

rate capture. it's all, been of First of

growth investing they growth which as specialty really been our with course clients, automation. of we've drives well in use seen service, PBM when Second, as we've our

an of you give I'll So that. example

a businesses and from investment delivery in and digital are really our better home Our benefiting our specialty today consumer experience.

fact, today, meds. experience and their our In and to digital their consumers are more our fill XX% specialty online meds refill of using

also tell things. better the two it's the resulting about I business. guess earnings So to of I in that I'd forward that to on but a contributing we're glad it's consumer experience, business, see you, as think look I

our first pharmacies over homes them We're about that day can integrated today. multi-dose, in The continued we members' and investment get same improvement in the automation with faster. investing integrated pharmacies, prescriptions regional so our of to closer rest of filling our with medication XX% processing experience one to and is think

coming script to is over So, part pluses pipeline that to cost additional in we'll the continue we exciting But we'll our in 'XX, brands oncology of per quarter see that and 'XX, biosimilar. other point, not per we've generics, in specialty refill think in seen about opportunities your and last specialty then robust mostly see to we're really market, cost the I the additional script to specialty just going after generic improve a in business know And space. like see quarter but quarter. specialty

with consumer we the and and more our specialty earnings together OptumRx the automation, that together with consumers, to to options business the continue service we'll clinical to So that offer margin. in just meaningfully see the and programs contribute growth affordably

Heather, much. add just to I'll thanks that. so

interesting super on lowest period committed an very well what new in interesting have years, we where medicines up to really to the delivering of specialty roll likely as be products, as XX, which of particularly it around expect GPO work of many or I lot very their next had we the some significant going is XX months, our years. possible as the think on it's areas members and think We're loss that's potential to three through of readiness for some are the pharmaceutical competition for area not next the of cost team, OptumRx of sets development two exclusivity a I the significant our the and which categories a over inside clients. net period. a very And at

doing the wave Heather's great work foundational pharmaceutical for is a of opportunity in some space. next think organization I So

for last one operator. time have We question,

if question. could So go maybe to last we the

our Steven Barclays. take last Valiquette question We'll from with

total So headwind there that 'XX? of essentially past over out deviation that key the direction number the COVID for about any the where as year? in in headwind 'XX. EPS roughly we on shook half Was components year on there think so Is in was much reversal of either any the $X.XX focus Company $X.XX to the last for related final

Steven, thanks so much.

me ask to Let respond John to that.

zone those $X.XX $X.XX where of certainly, and where was be going how is it thought in them Yes, to and was November, if materially the out. Look, went and would played out a a components. components that we Yes, it I actually they fell it back said all we that tell would in they number you that care through we the correlations fell areas. it comprise as than rate the the just such other that various as the differently got at the we those different bit thought though, and have little and learning and volumes period across that components the period. that see case were occur course the important period, over would -- impacts over back -- of would Perhaps levels activity on of we

important year So was correlations wave even. held very a didn't that would But period. there predicting over the into be factor summer ago, definitely, actually the probably It true for a the year, step us.

instructed XXXX that where for and impacts even that talked So that think are certainly we've how yes, and we -- zone it out components but within $X.XX they -- that the also. and and the played of about instructing about the

our we with And we the to you to and lives April. that in very heard thank deliver we attention, John, morning, confident to so meantime, for see and call. Goodbye. In why Jennifer, you thanks time the Thanks what the to ability hosting your appreciate improve I Steven, Yes, our on like again call much while and people thanks time our taking everybody the much much, the great. that John. this of to to helping in serve. thanks forward I'd we're in you've progress for sharing growth so and for participate look the certainly your And And for today Dirk attention. helps continue hope colleagues so high-quality question. the last from call

your today's does conclude you. We This Thank for you thank participation. conference.