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00:03Chairman and CEO of UnitedHealth Group Stephen Hemsley told lawmakers that rising hospital
00:08prices, consolidation, specialty services, and prescription drug costs are driving higher
00:14U.S. healthcare spending, not insurers. According to Benzinga, Hemsley made the
00:19remarks ahead of testimony before two House panels alongside executives from Cigna Group,
00:24Elevance Health, and CVS Health. He added that premium rates rise when both the
00:29amount of care used and the prices charged for that care increase.
00:33A Senate Judiciary Committee investigation found that UnitedHealth used aggressive
00:37diagnosis collection to increase Medicare Advantage payments and turned the adjustment
00:42process into a profit driver beyond its original intent. Hemsley said the healthcare system is
00:48not as good as it should be and said insurers share responsibility while working to restrain
00:52costs through negotiations, care coordination, and preventive care.
00:56Shares were down 0.50% at $346 in pre-market trading, according to Benzinga ProData.
01:04For all things money, visit Benzinga.com.
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