Healthcare Facilities & Managed Care "A Look at IDR Stats, Some..."

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Healthcare Facilities & Managed Care "A Look at IDR Stats, Some..."

Global Research

20 July 2026ab

Healthcare Facilities & Managed Care Equities

AmericasA Look at IDR Stats, Some Perspective on Recent

UNH Comments Healthcare Providers

AJ Rice

Analyst

aj.rice@ubs.com

UNH More Exposed to IDR; Likely more Real than Not +1-212-713 4299

Following UNH's 2Q26 earnings results, there have been some questions over the Jonathan Yong

company's comments regarding the IDR process and its impact on its commercial Analyst

business. Overall, given where UNH's commercial footprint stands in relation to where jonathan.yong@ubs.com

the largest amount of IDR disputes are occurring, it would seem that the company has +1-212-713 6268

outsized exposure to the IDR disputes compared to peers. As such, this would correlate Michael Wei

with UNH's commentary that they are facing IDR-related headwinds. CMS data shows Associate Analyst

that 39% of IDR dispute initiations occur in Texas where UNH is the #2 commercial plan michael.wei@ubs.com

by enrollment per KFF. While a company such as Cigna is ranked 3 in Texas, Cigna's +1-212-713 2565

absolute enrollment exposure is significantly less on an absolute basis at 134k versus James Kurek

UNH's 713k in the large group market. Additionally the magnitude of absolute disputes Analyst

against UNH are significant with 175k disputes initiated against UNH vs Cigna at 18k in james.kurek@ubs.com

2Q25 (the latest quarter for which there is data). Net, the headwinds UNH faces appear +1-212-713 3704

real, and the company's comment could be both a combination of actual headwinds but Joseph Overman

also reform advocacy on the IDR process. Associate Analyst

joseph.overman@ubs.com

Prior Comments on IDR from MCOs +1-212-882 0086