UnitedHealthcare names Tim Noel as new CEO after Brian Thompson killing | Real Time Headlines

UnitedHealthcare on Thursday named company veteran Tim Noel as its new chief executive. Targeted killing Brian Thompson, the company’s former chief executive, in Manhattan in December.

Noel was head of health insurance and retirement at UnitedHealthcare, the largest private health insurance company in the United States. UnitedHealth GroupIt is the largest healthcare group in the United States by revenue and market capitalization of more than $480 billion.

UnitedHealth Group said in a statement that Noel, who first joined the company in 2007, “brings unparalleled experience to this position with a proven track record and deep commitment to improving outcomes for consumers, physicians, employers and , governments and our other partners on how healthcare works.” statement.

The company is still reeling from Thompson’s murder, which sparked a A torrent of pent-up anger and resentment. Calls for insurance reform revive and reignite debate over U.S. health care

Companies across the industry have stepped up security measures for senior executives and removed their photos and much of their personal information from websites due to concerns about their personal safety. That includes UnitedHealth Group, which no longer appears to have an executive leadership page.

Luigi MangioneThe man accused of the fatal shooting is being held without bail in Brooklyn, New York. Mangione, 26, faces murder and terrorism charges, to which he has pleaded not guilty.

Noel oversaw a part UnitedHealthcare’s business includes Medicare Advantage plans, which have been the source of soaring costs for insurers.

Medicare AdvantagesIt is a private health insurance plan contracted by Medicare and has long been a major source of growth and profit for the insurance industry. But the cost of care for Medicare Advantage patients surpassed last year It comes as more and more older people return to hospital for surgeries that have been postponed during the Covid-19 pandemic.

UnitedHealthcare’s Medicare and Retirement segment serves one in five Medicare beneficiaries, or nearly 13.7 million patients. Overview from the company.

UnitedHealth Group CEO Andrew Witty said on an earnings call last week that the profit-driven U.S. health care system “needs to work better” and have “less confusion, less complexity and less complexity.” Reduce costs”.

Witty said the system’s members benefit from higher prices, noting that lower prices and improved services are good for customers and patients but could “threaten the revenue streams of organizations that rely on higher costs of care.” Witty, however, did not say how much UnitedHealth Group has benefited from the model.

in its First quarterly results since murderUnitedHealth Group reported fourth-quarter revenue that missed Wall Street expectations due to weakness in its insurance business.

The company’s revenue in 2024 will grow 8% to $400.3 billion, and revenue is expected to climb again this year to a range of $450 billion to $455 billion.

—CNBC’s Bertha Coombs contributed to this report