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March 13, 2024
UnitedHealth Cyberattack Could Hurt Hospitals' Credit
PYMNTS
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Contributed by: Drex DeFord
Summary
Following a cyberattack on UnitedHealth by the hacker group Blackcat/ALPHV, American healthcare providers face potential credit implications, as noted by Moody's. The disruption, particularly affecting Change Healthcare's insurance billing service, has led to significant operational challenges for providers, with payment delays threatening their cash flow and operational capabilities. While UnitedHealth aims to restore and support affected services and providers, and the federal government has initiated steps to expedite Medicare and Medicaid payments, concerns about the adequacy of these measures persist among healthcare industry groups. This event is part of a larger trend of rising cyberattacks on the U.S. healthcare system, underscoring the ongoing vulnerability and the wider implications for businesses outside the health sector experiencing similar breaches.
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