UnitedHealth Group Inc.: Overview, History & Business

UnitedHealth Group Inc. is a collection of health-care providers, pharmaceutical companies and prescription services in the United States. All of the companies fall under the umbrella of UnitedHealth Group Inc.

History

• UnitedHealth Group started in 1974 as Charter Med Inc., which set out to provide better health-care options for patients. In order to cope with its expansion, the company was re-organized in 1977 and became UnitedHealth Group Corp.

Businesses

• UnitedHealth Group includes six subsidiary companies: United Healthcare, AmeriChoice, Ovations, Optum Health, Ingenix and Prescription Solutions.

Purpose

• According to its website, UnitedHealth Group&'s "mission is to help people live healthier lives. To achieve this goal, we are focused on building a modern, adaptable, innovative and inclusive system of health care services."

Finances

• UnitedHealth Group Inc is a publicly traded company with a revenue of $87.1 billion in 2009. It employs more than 80,000 people.

Controversy

• Following a stock options scandal, the company&'s chief executive officer, Dr. William McGuire, resigned in 2006. His compensation settlement was estimated to be billions of dollars, making his departure the largest golden parachute settlement to that date.