在公布第三季度业绩超出预期的数据后，Group Inc.上调了全年的盈利预期，这表明这家美国最大的医疗保健集团在经历了2025年的严重困境后正在逐步实现扭亏为盈。
Group Inc. raised its profit outlook for the year after reporting better-than-expected earnings in the third quarter, a sign of progress in the turnaround of the largest US healthcare conglomerate following a disastrous 2025.
该公司预计全年调整后的每股收益至少为20.50美元，高于此前预计的19.50美元至20美元的范围。由于医疗支出占保费收入的比例低于分析师的预期，因此UnitedHealth今年第三次上调了盈利预期，这使得更多的资金可用于行政开支和利润分配。
The company expects adjusted earnings per share for the year of at least $20.50, up from a previous range of $19.50 to $20. UnitedHealth raised its guidance for the third time this year after a strong quarter, as medical expenses consumed a smaller share of premium revenue than analysts anticipated, leaving more money for administrative costs and profit.
季度业绩还得益于6.1亿美元的“储备金”——这些资金原本是用于应对可能的医疗索赔，但实际上并未被使用。
The quarterly result also benefited from $610 million in favorable reserves, reflecting money set aside for medical claims that ultimately wasn’t needed.
首席财务官韦恩·德维特（Wayne DeVeydt）在采访中表示：“医疗成本的增长趋势依然存在，但非常稳定。”
“Trend remains elevated but is very stable,” Chief Financial Officer Wayne DeVeydt said in an interview, referring to the pace of healthcare cost growth.
这份乐观的报告对整个行业具有重要的参考意义，因为UnitedHealth是首家公布第三季度业绩的大型医疗保健企业。目前，医疗保险公司和医生们都在努力应对不断上升的医疗成本以及不断变化的政府政策，这些政策使得美国人更难以获得医疗服务。
The upbeat report is a bellwether for the industry, as UnitedHealth is the first large conglomerate to release third-quarter results. Health insurers and doctors have been struggling with rising costs and changing government policies that are making it more difficult for Americans to access care.
第三季度调整后的每股收益为4.69美元，超出了华尔街分析师的平均预期。该公司两大主要业务部门——UnitedHealthcare保险业务部门和Optum服务部门的收入及营业利润也都超过了分析师的预期。
Third-quarter adjusted earnings per share were $4.69, beating Wall Street analysts’ average estimate. Revenue and operating profit in both the company’s main divisions, the UnitedHealthcare insurance unit and the Optum services arm, topped analysts’ estimates.
UnitedHealth是一家同时经营保险业务、医疗诊所和药品福利管理服务的公司。由于去年未能准确预测医疗成本（这是其最重要的业务职能之一），该公司正在调整自身的经营策略：逐渐减少在Medicare Advantage项目中的业务投入，并寻求私募股权公司的帮助来管理部分医生诊所的运营。明年，随着联邦政策的调整（例如Medicaid相关规定的实施），该公司将面临更多不确定性。
UnitedHealth, which runs an insurance business, medical clinics and drug benefit management services, is reorienting its business after it failed last year to accurately predict medical costs, one of its most important functions. The company has been pulling back in Medicare Advantage and turning to private equity for help running some physician offices. More uncertainty awaits the company next year as federal policy changes, such as Medicaid work requirements, go into effect.
由于新政府法规压缩了公司的盈利能力，该公司正在缩减其运营医疗诊所的“Optum Health”业务部门。今年年初，该公司表示将关闭约20%的诊所（共计550家）。DeVeydt表示，大部分关闭工作已在今年上半年完成，整个流程预计将在2026年底前完成。他表示，这些诊所将被转让给新的所有者，而不是直接关闭。“现阶段，我们没有关闭任何诊所的计划，”DeVeydt说。
The company is shrinking its Optum Health unit, which runs medical clinics, after new government rules squeezed profitability. At the beginning of the year, the company said it would shed about 20% of its clinics, or 550 locations. Most of that contraction happened in the first half of the year, and the process is on track to be completed by the end of 2026, DeVeydt said. The goal, he said, is for the clinics to be transferred to new owners, rather than closed. “We have no plans to just close any at this stage,” DeVeydt said.
DeVeydt还表示，Optum Health部门的年度营业利润将超过22亿美元。该公司此前曾预计利润至少能达到这一水平。
Operating earnings for Optum Health will exceed $2.2 billion for the year, DeVeydt said. The company had previously said it expected earnings of at least that amount.
联合健康集团（UnitedHealth）在未来几年也将面临挑战，尤其是在“Medicare Advantage”（Medicare的私人版本）业务方面——该业务覆盖了超过一半的符合条件的受益人。联合健康集团的保险业务部门“UnitedHealthcare”是“Medicare Advantage”计划的最大销售商。过去，这些计划曾是保险公司的主要利润来源，但近年来情况发生了变化：医疗费用不断上升，政府也对保险公司的计费行为进行了更严格的监管。
UnitedHealth also faces challenges in the coming years in Medicare Advantage, the private version of Medicare, which covers more than half of eligible beneficiaries. UnitedHealthcare, the group’s insurance business, is the largest seller of Medicare Advantage plans. The plans used to be reliable sources of profit for insurers, but that’s changed in recent years as medical costs have risen and the government has increased scrutiny of billing practices it considers improper.
据Evercore ISI和TD Cowen的华尔街分析师分析，上周联邦政府下调了联合健康集团部分“Medicare Advantage”计划的质量评级，这可能导致该公司在2028年的收入减少超过10亿美元。
Last week, the federal government downgraded quality ratings on some of UnitedHealthcare’s plans, a setback that could cost the company more than $1 billion in revenue in 2028, according to Wall Street analysts from Evercore ISI and TD Cowen.
此外，联合健康集团与其他保险公司一样，也在关闭某些计划并削减福利以维持盈利能力。这导致保险公司陷入了两难境地：它们必须努力吸引那些能够带来利润的参保者，而不仅仅是单纯追求参保人数量的增加。明年，数百万老年人将需要寻找新的医疗保险计划。
Separately, UnitedHealthcare, along with other insurers, has been closing plans and cutting back benefits to preserve profitability. That’s led to a game of hot potato, with insurers trying to attract a profitable mix of members rather than simply maximizing enrollment. Millions of seniors will be looking for new plans for next year.
自2025年底以来，联合健康集团已让93.5万名老年人退出了“Medicare Advantage”及相关计划。不过DeVeydt表示，2027年的参保人数可能会再次增长。
UnitedHealthcare has shed 935,000 seniors from Medicare Advantage and related programs since the end of 2025. But DeVeydt said enrollment could grow again in 2027.
“我们是否有可能实现增长？”他问道，“我们认为是有可能的。”
“Is growth on the table?” he said. “We believe it is.”