The healthcare giant previously estimated costs from the ransomware attack at $1.6 billion this year. The revised estimate includes expenses associated with funding for hospitals and physician groups affected by Change’s outage and identifying impacted patients.
UnitedHealth Group has given more than $9 billion in advanced funding and interest-free loans to support care providers.
The cyberattack impacts hit $0.92 per share for the second quarter, including $0.64 per share in response efforts such as Change’s clearinghouse platform restoration and increased medical expenditures.
“The company has restored the majority of the affected Change Healthcare services while continuing to provide financial support to the remaining healthcare providers in need,” UnitedHealth Group stated in a July 19 press release.
Change Healthcare is also preparing to notify patients affected by the data breach directly beginning in late July.
UnitedHealth Group posted $4.2 billion in second quarter profit July 16.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.