UnitedHealth Group, the largest health insurer in the U.S., reported its revenue increased by 13 percent in the first quarter of fiscal 2015 to $35.8 billion.
UnitedHealthcare Medicare and retirement division revenue grew 33 percent year-over-year to $6.9 billion. The insurer attributed that growth to "an increasing mix of higher acuity members, such as those served through long-term care programs."
Revenue attributable to UnitedHealth's Optum segment, which includes OptumHealth, OptumInsight and OptumRx, grew 15 percent year-over-year to $12.8 billion in the first quarter of fiscal 2015.
The health insurer posted net income of $1.4 billion, which resulted in earnings of $1.46 per share, beating the $1.33 per share analyst consensus, according to Forbes.
"We are working to create more effective and more modern approaches to accessing and delivering health care," said UnitedHealth CEO Stephen Hemsley regarding first-quarter numbers. "We are gratified with the market response to our efforts, providing us opportunities to serve more people, in more ways."
Based on its strong first-quarter numbers, UnitedHealth raised its full-year forecast. The health insurer now expects its full-year revenue to be $143 billion, up from its original guidance of $141 billion. UnitedHealth expects full-year earnings to be between $6.15 and $6.30 per share, up from the range of $6.00 to $6.35 per share.
More articles on healthcare finance:
6 hospitals receive credit downgrades in past month
Iasis to restate revenue to fix $47.9M in accounting errors
Senate approves bipartisan 'doc fix' bill