The UnitedHealth Group Inc. is ranked at position 17 of American top 500 firms, as portrayed on Fortune magazine best represented through its 2011 net earnings of $5.142 billion. The above portrays the national focus of the Group, as will be discussed below. UnitedHealth Group Inc. was created in 1977 and is currently the single largest health care in America having initially started with the introduction of the first seniors’ health plan that was network-based. By the year 1984, it was ready to join the securities exchange, becoming a publicly traded entity. J.D. Power and Associates’ recent rating of the entity, as having the highest employer satisfaction in terms of self-insured health plans, is one of its many accreditations, which continue to portray its positive presence in American society. Adding to this was its 2011 accreditation by the American Medical Association (UnitedHealth Group, 2014).
According to the Fourth Annual Report Card, as portrayed by UnitedHealth Group (2014) out of the seven national health insurance firms evaluated. in terms of the accuracy and timeliness of claims processing, United Healthcare was placed in pole position. This is concerning metrics such as approval, processing, and payment, where the firm led its industry peers in – Electronic Remittance Advice (ERA) Accuracy and Contracted Fee Schedule Match Rate. The latter is an indicator of how often insurance claim payments match the contracted fee schedules. The former pertains to measurements of the rate at which the physician practices’ projected allowed amount equals that of the insurer’s permitted amount. Thus, accordingly, the Business Insurance Magazine named the firm as the overall ‘readers last choice’ winner (2010) for its great role as the most excellent health plan provider. On the converse, the entity rated last, concerning the metric, which covers the required medications and procedures.