Summative Assessment: Health Care AccountingUniversity of Phoenix MHA/598 07:39:01 GMT -05:00Health Care AccountingThis report will show smart financial strategies with Optum and how they can constantly be improved. This information on Optums finances gives the power to make decisions that influen...
This report will show smart financial strategies with Optum and how they can constantly
be improved. This information on Optum’s finances gives the power to make decisions that
influence the company’s perspective and ambitions. According to UnitedHealth Care Group
Reports 2022 Results (UnitedHealth Group Reports 2022 Results, 2022). The reports show that it
uses market-leading information, analytics, and technology to serve the global health care
marketplace, including payers, care providers, employers, governments, life sciences companies,
and consumers. The report will show ways to improve overall health system performance, like
optimizing quality care, reducing care costs, and improving the consumer experience.
Analyze Trends, Expenses, and Revenue
Analyzing trends, understanding the expenses, and how the revenue affects Optum within
one year. Optum Health is working on a better health care system for better quality, higher
consumers. and provider satisfaction by increasing affordability, cultivating provider relations,
driving growth scales, advancing member health and experience, and workforce management.
Over the past year with Optum, financial data shows some notable trends in expenses and
revenue. The full-year revenue of $182.8 billion grew $27.2 billion or 17% year over year, and
full operating earnings increased to $14.1 billion compared to $12.0 billion last year
(UnitedHealth Group Reports 2022 Results, 2022). With a few changes made by Optum, the
organization’s costs are due to rising labor costs, which resulted in salary adjustments so that the
company can attract and retain specialized health care professionals in this growing competitive
market. Also, under the expenses is updated medical equipment, leading to a steady increase in
spending. Optum Insight’s revenue backlog increased by $7.6 billion in 2022 to $30 billion,
07:39:01 GMT -05:00
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