Medicare Agency To End Advance Payments Following UnitedHealth Cyberattack
Portfolio Pulse from Vandana Singh
The Centers for Medicare and Medicaid Services (CMS) will end the advance payments program initiated after a cyberattack on UnitedHealth Group's Change Healthcare unit. The program, which provided over $3.2 billion in accelerated and advance payments to Medicare providers and suppliers, will stop accepting new applications after July 12. CMS has recovered over 96% of these payments, and providers are now billing Medicare successfully. UnitedHealth has provided over $6 billion in support to care providers affected by the cyberattack.
June 18, 2024 | 2:52 pm
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UnitedHealth Group's Change Healthcare unit was hacked, leading to a CMS advance payments program that will end on July 12. UNH has provided over $6 billion in support to affected providers. UNH shares are down 0.37%.
The end of the CMS advance payments program could lead to short-term financial strain on healthcare providers, potentially affecting UnitedHealth's reputation and stock price. The cyberattack and its aftermath have already impacted UNH shares, which are down 0.37%.
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