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Investing.com -- UnitedHealth Group (NYSE:UNH) stock fell 4% Thursday morning after the company disclosed it is under investigation by the Department of Justice regarding aspects of its Medicare program participation.
The healthcare giant revealed in an SEC filing that it has begun complying with formal criminal and civil requests from the DOJ. UnitedHealth stated it proactively reached out to authorities after reviewing media reports about investigations into certain aspects of its Medicare program involvement.
UnitedHealth emphasized its "long record of responsible conduct and effective compliance" in the filing, noting that independent Centers for Medicare & Medicaid Services (CMS) audits confirm the company’s practices "are among the most accurate in the industry." The company also referenced a court-appointed Special Master’s conclusion following a decade-long civil challenge that found "no evidence to support claims of wrongdoing."
To address potential concerns, UnitedHealth has launched an initiative for third-party reviews of its policies, practices, and associated processes related to risk assessment coding, managed care practices, and pharmacy services.
The company affirmed its commitment to maintaining business integrity and "serving as reliable stewards of American tax dollars" while working cooperatively with the DOJ throughout the investigation process.
UnitedHealth is one of the largest healthcare companies in the United States, providing health insurance services and operating Optum, its healthcare services division.