UnitedHealth Group Incorporated (NYSE: UNH) has just unveiled its highly anticipated 2022 Sustainability Report. This report outlines the company’s progress in fulfilling its long-term commitments and its dedication to meeting the diverse needs of its stakeholders, including customers, employees, shareholders, and society at large. One of the key objectives of UnitedHealth Group is to expand access to care and achieve better health outcomes.
Shares of UnitedHealth Group (UNH) dipped slightly by -0.26% on Tuesday and closed at $491.31.
Patricia L. Lewis, the executive vice president and chief sustainability officer at UnitedHealth Group, expressed the company’s unwavering commitment to creating a more sustainable health system and the planet.
She said, “This year’s report illustrates our continued commitment to helping improve the lives of the people and communities we serve with an unwavering focus on addressing society’s most complex challenges. The progress we’ve made reflects the work of our employees to make society better.”
Sustainability is deeply ingrained in UnitedHealth Group’s mission, culture, and strategy, as the company strives to enhance choice, simplicity, outcomes, and value in healthcare. In 2022, the company achieved significant milestones, including:
- Closing 141 million gaps in care for its members.
- Providing preventive care services to 70% of its members.
- Achieving a 24% reduction in inbound paper usage by modernizing processes and technologies to enhance consumer experiences.
United Health Foundation Launches Diversity in Health Care Scholarship Program
Furthermore, the United Health Foundation has officially launched the Diversity in Health Care Scholarship program. The program awarded scholarships to an initial group of diverse health professionals seeking to advance their clinical skills and credentials. This initiative is part of the company’s commitment to invest $100 million over 10 years in efforts to promote health workforce diversity and address projected shortages in the healthcare industry. UnitedHealth Group has partnered with eight nonprofit organizations, such as the American Indian College Fund and the United Negro College Fund, to provide scholarships and support to future doctors, nurses, and other clinical professionals.
Key Endeavors of Optum and UnitedHealthcare in 2022
The 2022 report also highlights the endeavors of UnitedHealth Group’s two businesses, Optum and UnitedHealthcare, in advancing key priorities, which include:
- Building a modern, high-performing health system that promotes health equity through value-based care, care coordination, and cost reductions in prescription drugs. Notably, UnitedHealthcare introduced $0 copays for five lifesaving drugs and provided in-home health assessments to 2.2 million older adults in 2022. The company also made low-cost insulin available through the Optum Store, including a convenient home delivery option for uninsured patients.
- Fostering a people-centric culture by focusing on talent development, incorporating employee feedback, leader development programs, and promoting career growth and mobility. In 2022, UnitedHealth Group launched eight enterprise-wide Leader Advisory Councils, bringing together over 200 diverse leaders from various segments of the workforce, including Women, African American, Hispanic/Latino, Asian, LGBTQ+, Disability Inclusion, and Military, Veteran & Spouses.
- Demonstrating commitment to a healthy environment through efforts to achieve net-zero emissions and reduce waste, water usage, and paper consumption. In 2022, UnitedHealth Group saved a staggering one billion pieces of paper and accomplished a 90% reduction in envelope volume. The company also completed its first scope 3 assessment, which identified significant emission categories from purchased goods and services as well as investments.
UnitedHealth Group’s 2022 Sustainability Report showcases the company’s dedication to improving healthcare access, enhancing sustainability practices, fostering diversity in the health workforce, and creating a positive social impact. With a focus on building a better health system for all, UnitedHealth Group continues to make strides toward a healthier and more sustainable future.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
