Optum reported significant growth in the third quarter despite continued ramifications from the Change Healthcare data breach earlier this year.
Five notes:
1. Optum reported $63.9 billion revenue for the third quarter of 2024, up 12% year over year. Operating margin for the three month's end was 7%, higher than the average hospital margin of 4.2%.
2. Optum reported $4.5 billion in earnings from operations for the quarter, up from $3.9 billion last year. The earnings include a $135 million business disruption from the Change Healthcare data breach earlier this year.
3. Optum Health drove financial success, growing revenue hit $25.9 billion for the quarter, up $2.1 billion year over year.The company expanded patients served in value-based care offerings and its clinical support for patients in all sites of care, including in-home and clinic.
4. Optum Insight reported $800 million operating earnings for the quarter and revenue backlog grew by more than $1 billion compared to last year. Added health system partnerships drove the backlog increase.
5. Optum Rx revenue jumped to $34.2 billion, driven by new customers and deeper relationships with existing clients. Optum Rx also increased its pharmacy services offerings and had nearly 410 million scripts in the quarter, compared to 380 million last year.