Optum, Inc., an influential name in the American healthcare industry, caters to the diverse needs of its customers with its technologically advanced services. This healthcare giant offers an assortment of direct healthcare services, pharmacy care facilities, and implements technology-driven solutions to make healthcare accessible and affordable for all.
Creation and Growth
Established as a division of UnitedHealth Group in 2011, Optum is a unique amalgamation of the group’s pharmacy and care delivery services. Consisting of three key businesses – OptumHealth, OptumInsight, and OptumRx, Optum emerged to be a substantial contributor to UnitedHealth Group’s overall profit, accounting for 44% of it in 2017. In 2019, Optum witnessed exponential growth, with its revenues crossing the $100 billion mark for the first time. This significant growth marked Optum as the fastest-growing unit of UnitedHealth Group.
At present, Optum stands tall as a remarkable contributor to UnitedHealth Group’s earnings, with its revenue showing an 11.1% growth year over year.
Legal Matter and Optum
In 2019, Optum found itself in the media limelight due to a trade secrets lawsuit filed against the company’s former executive, David William Smith. This occurred when Smith decided to move to Haven, the collective healthcare venture of Amazon, JPMorgan Chase, and Berkshire Hathaway.
Tech-Driven Healthcare – Optum’s Approach
Optum is revolutionizing care delivery with its unique approach of integrating technology and data. This approach enables Optum to offer the assistance and tools necessary for better health to individuals, partners, and providers alike. Optum’s services are categorized into three main businesses:
- Optum Health
- Optum Insight
- Optum Rx.
Optum Health Services
Through Optum Health, the company provides direct care via local medical groups and ambulatory care systems. It offers a plethora of services including primary, specialty, urgent, and surgical care to almost 103 million consumers. Optum Health also provides products and services that actively engage individuals in their health management, primarily focusing on chronic, complex, and behavioral health needs. Their clientele includes employers, healthcare systems, government, and health plans.
Optum Insight Capabilities
Optum Insight serves as the driving force behind transforming operations in the healthcare sector. They offer a broad range of services including data analysis, research and consulting, technology, and managed services solutions. These services are primarily offered to hospitals, physicians, health plans, governments, and life sciences companies. Optum Insight helps clients reduce administrative costs, achieve compliance mandates, improve clinical performance, and revolutionize their operations.
Optum Rx – A Revolution in Pharmacy Care
Optum Rx is dedicated to making medications more affordable and ensuring a better experience for consumers. They accomplish this by offering a wide spectrum of pharmacy care services. Optum Rx fills more than 1.5 billion adjusted retail, mail, and specialty drug prescriptions annually. This sector of Optum is strongly rooted in evidence-based clinical guidelines, aiming to make healthcare more affordable.
Optum’s Expanded Offerings
Optum’s reach goes beyond the traditional realms of healthcare. They help individuals find the cheapest yet effective medications while assisting benefit sponsors to reduce costs. This commitment to affordable healthcare extends to the company’s diverse client base, including individuals, healthcare providers, employers, and government agencies.
Optum’s Impact on Healthcare
Optum has indubitably redefined the landscape of the healthcare industry. With its innovative, technologically advanced solutions, it has made healthcare more accessible, efficient, and affordable. It has been instrumental in transforming the traditional cumbersome procedures into streamlined and manageable systems, making it a preference for many.
Conclusion
From its establishment in 2011 to its current position as a leader in the healthcare industry, Optum’s journey is a testament to its commitment to delivering quality healthcare services. With its unique blend of technology, data, and direct healthcare delivery, Optum continues to redefine healthcare standards. Its diversified offerings cater to the needs of a wide array of clients, making it an integral part of the healthcare industry. Optum’s innovative approach has not only made healthcare accessible but also affordable, thereby making a remarkable difference in the lives of millions.
