UnitedHealth Group Incorporated (NYSE:UNH) Q4 2022 Earnings Call Transcript

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John Rex : Absolutely. Scott, yes, so I’d start with just echoing what Andrew mentioned there, the way we approach this very much aligned with our five growth pillars and how we evaluate, how we look for opportunities, I should say, and where we think we should be pursuing investments and relationships. I’d point out that these are certainly very long-lived in terms of the investments that we make, in terms of relational investments we make, in terms of understanding markets, particularly as we’ve heard us talk about before within the care delivery businesses and such as value-based care that these are. Most of the markets that we want to address are aren’t established the way that we would like them to be established, so it’s very greenfield in terms of our approach to M&A as we look at marketplaces and bringing together the capabilities that we would pursue.

The environment itself that echo what Andrew previewed there, certainly a strong environment in terms of opportunity sets that we are seeing in the broad marketplace, in terms of the types of capabilities that are there, how they might fit within this enterprise and the potential. I think you would expect us to see like where we’ve been focused. Certainly, over the last number of years, you’ve seen us do a lot of development as it relates to components of value-based care. And you know we define that very broadly now in terms of how we think about capabilities within value-based care to bring in new capabilities also and across all the other elements. But I’d overall characterize the environment as strong and the opportunities as among some of the most interesting, I think, that we have seen as a company.

Andrew Witty : Yes. I’d agree with that completely, John. And I certainly, over the next several years, see this part of the agenda being a key part of our continued support of our long-term growth goals, and you should expect to see us be — continue to be active in the space. Thanks so much, Scott. Next question please?

Operator: We’ll take our next question from the line of Stephen Baxter with Wells Fargo.

Stephen Baxter : I wanted to follow up on the home component of the value-based care opportunity. Wondering if you’d say potentially you’re further along in the penetration with the home model inside the UHC book than other payers? Any color there would be great. And then, any sense of how the 4 million fully accountable lives break out by clinic versus home model with the primary care setting, or also how the 750,000 member growth breaks out for 2023 would be great?

Andrew Witty : Stephen, thanks so much for the question. So first off, let me just reiterate how important we see the development of the home model, the home care platform, and we’ve seen that grow very substantially over the last couple of years in particular. Super important though, to recognize that it kind of — so of course, sometimes folks can be essentially managed within just the home environment or the home care platform, and that certainly happens sometimes. But of course, what always happens, what very often happens is the clinic environment, the home environment are connected together, which is really what we’re building here. So it’s not super instructive, I think, to think about folks who are just kind of clinic nominated or home nominated.

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