Tuesday that it expects $1 billion to $1.15 billion in "direct" costs in 2024 as a result of the attack. It projected another $350 million to $450 million "business disruption" hit, which includes lost revenue.The exact full-year tallyto a trove of sensitive information, including patients' hospital bills, financial documents and company contracts.
"We've still got work to do," Roger Connor, CEO of UnitedHealth's Optum Insight, said Tuesday on a conference call, adding that "we're up to 80% functionality."came the same day as a congressional hearing on the attack, where members expressed concern about malicious cyber actors stealing patients' personal information.
"There are still many unanswered questions and lessons to be learned from this attack," House Energy and Commerce Committee Chair Cathy McMorris Rodgers in prepared remarks. "How did this attack gain entry to the Change system? How can hospitals, doctors, and others best protect themselves?"And the company reported an encouraging medical cost ratio — the amount of premium dollars that went toward medical costs — of 84.3% in Q1.
UnitedHealth's stock was up 5.3% in early-afternoon trading, while the shares of competitors, including Humana and CVS Health, were also lifted.Disclosed on Feb. 21, the attack on the Change Healthcare business caused nationwide disruptions for hospitals, providers, and pharmacies.