UnitedHealthcare has just lost an appeal over its exclusion from Tricare, the health insurance of federal government contracts for the military.
The insurer presently serves as one of 3 companies serving the Tricare system. It has the West of the United States, while Humana has the South and Centene has the Northeast.
Under reorganization by the U.S. Department of Defense, there will just be 2 Tricare regions next year instead of three, and UnitedHealthcare was the 1 to lose out. Humana will now facilitates the former South and Northeast areas that were merged into one East place, and Centene will take over the West.
The agreement shake-up is a huge disappointment for the agency of UnitedHealthcare. The UnitedHealthcare has just recently lost an appeal over its exclusion from Tricare. The company reportedly bid on both agreements that went to its rivals and lost appeals over both those losses. The contracts are said to be worth a combined total of up to $58 billion over 5 years.
UnitedHealthcare lodged and submitted its appeal in the month of August, and the decision from the United States Government Accountability Office (GAO) came this month to uphold the latest agreements.
The reduction of military to 2 Tricare regions was claimed to be an effort to decrease costs, administrative variation, and transformations or changes for mobile military families as they transition between assignments.
The news did not appear of much concern to investors, provided that its stock on the day of Tuesday just went down 5 cents per share to $152.23.
As earlier noted, the appeal of UnitedHealth was worth a shot considering that it received its current agreement by appealing a previous bidding procedure it had initially lost.
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