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Irish Times
6 days ago
- Health
- Irish Times
HSE paid €720,000 invoice twice using different systems, audit finds
Two separate parts of the HSE , which operated different financial systems, paid a supplier more than €700,000 for the same invoice, new accounts published by the health service show. In a note on the accounts, the State's financial watchdog, the Comptroller and Auditor General maintains the HSE has not recovered the overpayment. The accounts also show that what is described as an 'asset', constructed in 2009 at a cost of €1.4 million but never used for its intended purposes, had been written off last year. The accounts say the cost of the write off was €800,000. The annual report and accounts for 2024 also reveal that about €4 million in payments due from the health insurance industry in respect of subscribers treated in HSE facilities was written off due to delays in submitting bills. The report says the risk of bad debts 'is most relevant' in relation to claims from one health insurer, which is not identified. The report says the HSE entered into a memorandum of agreement with a health insurer in 2016 in relation to accommodation charges for patients with private health insurance. 'The arrangement entitles the Executive to be paid 70 per cent of its charges, on account, pending the submission and validation within a 12-month period of a fully completed claim. Failure to meet the submission deadline results in forfeiture of the full value (100 per cent) of the claim.' [ Listeriosis outbreak 'unusual' as ready meals must be cooked, and bacteria is sensitive to heat, professor says Opens in new window ] 'For a sample of eight hospitals examined on audit, it was noted that losses incurred in 2024 as a result of delays in submitting completed claims amounted to €2 million. The Executive estimates that losses for the remaining hospitals that it manages were €2.1 million, resulting in an estimated total loss of €4.1 million for 2024. The annual report also shows that one HSE employee received just under €700,000 in total payments including basic pay, allowances, overtime and weekend, night duty and on-call fees last year. A total of ten HSE staff were paid in excess of €500,000 overall. The report also reveals that personal protective equipment worth about €22 million and vaccines to the value of about €11 million had been written off because they had become obsolete. The report shows that the supplier who was paid twice had entered into an arrangement with the HSE in 2020 for the supply of diagnostic devices, ancillary supplies and equipment as well as information technology and support. It says the overall system 'was considered to be of significant value in monitoring the condition of Covid-19 patients in hospital settings'. Ultimately the supplier received about €15 million up to 2024. However, the report raises concerns about procurement arrangements and controls over how the money was being spent. [ Inquiry begins into historical use of anti-epileptic drug and effects on pregnant women Opens in new window ] 'The initial arrangement with the supplier was put in place without a competitive procurement process on the basis of emergency circumstances, as provided for in procurement legislation. However, the arrangement continued each year until 2024 without being regularised through an appropriate competitive tendering process. Accordingly, it represented significant non-compliant procurement over a number of years.' 'The payments to the supplier over the period 2020 to 2024 amounted to a total of €15 million. However, the terms of the procurement arrangement were not set out in a formal written contract with the supplier. In practice, the arrangement was that a number of units of the Health Service Executive were invoiced from time to time by the supplier for devices and ancillary items. This included prepayment each quarter from mid-2022 to mid-2024 for supply of a standard number of devices, to be drawn down as required by individual hospitals. The Executive did not maintain central records of the total number of units paid for. The number of devices received by hospitals, or paid for and remaining undrawn from the supplier is not known. The Executive also does not know how many of the items paid for were actually used in its hospitals.' 'The Executive discloses that as part of efforts to improve control over the receipt of goods, it identified that one invoice from the supplier to the value of €723,000 had been paid twice, in two different areas of the Executive operating at the time (in December 2021) on separate financial systems. The Executive has not recovered the overpayment from the supplier.'
Bloomberg
22-07-2025
- Business
- Bloomberg
Oscar Health Sees Full-Year Loss as Obamacare Troubles Spread
Oscar Health Inc. slashed its outlook and reported preliminary results below Wall Street estimates, the latest health insurer to be rocked by trouble in Affordable Care Act marketplaces. Oscar now expects an operating loss of $250 million at the midpoint in 2025, it said in a statement Tuesday, while it had previously expected operating income of the same amount at the midpoint.
Yahoo
19-07-2025
- Business
- Yahoo
UnitedHealth Group (UNH) Sees a More Significant Dip Than Broader Market: Some Facts to Know
UnitedHealth Group (UNH) closed the most recent trading day at $282.65, moving -1.88% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.01%. Meanwhile, the Dow experienced a drop of 0.32%, and the technology-dominated Nasdaq saw an increase of 0.05%. Shares of the largest U.S. health insurer witnessed a loss of 6.23% over the previous month, trailing the performance of the Medical sector with its loss of 1.59%, and the S&P 500's gain of 5.37%. Market participants will be closely following the financial results of UnitedHealth Group in its upcoming release. The company plans to announce its earnings on July 29, 2025. The company is predicted to post an EPS of $4.94, indicating a 27.35% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $111.6 billion, up 12.89% from the year-ago period. UNH's full-year Zacks Consensus Estimates are calling for earnings of $21.38 per share and revenue of $448.65 billion. These results would represent year-over-year changes of -22.7% and +12.08%, respectively. Investors might also notice recent changes to analyst estimates for UnitedHealth Group. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability. Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system. The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.02% decrease. UnitedHealth Group is currently a Zacks Rank #4 (Sell). Digging into valuation, UnitedHealth Group currently has a Forward P/E ratio of 13.47. This valuation marks a premium compared to its industry average Forward P/E of 12.97. We can also see that UNH currently has a PEG ratio of 1.41. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Medical - HMOs industry had an average PEG ratio of 0.9 as trading concluded yesterday. The Medical - HMOs industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 239, finds itself in the bottom 4% echelons of all 250+ industries. The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Make sure to utilize to follow all of these stock-moving metrics, and more, in the coming trading sessions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UnitedHealth Group Incorporated (UNH) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Yahoo
18-07-2025
- Business
- Yahoo
Elevance Health Tumbles After Slashing 2025 Outlook on Medicaid Weakness
Elevance Health (ELV, Financials) shares fell nearly 12% Thursday morning after the health insurer posted weaker-than-expected Q2 earnings and issued a major downgrade to its full-year profit forecast, citing rising medical costs in its Medicaid and ACA businesses. Warning! GuruFocus has detected 4 Warning Sign with AMZN. While revenue grew a strong 14.3% year over year to $49.42 billion, beating expectations, adjusted earnings came in at $8.84 per share, well below Wall Street's forecast of $9.20. The big issue: medical costs. The company's benefit expense ratio jumped to 88.9%, up 260 basis points from a year ago, driven by higher claims in Medicaid and Affordable Care Act plans. That pressure outweighed improving efficiency, as the operating expense ratio fell to 10.1%, thanks to disciplined cost controls and revenue leverage. Total medical membership dropped by 212,000 from Q1, with declines in Medicaid and ACA coverage offsetting gains in Medicare Advantage. Elevance's Carelon business, which includes home health and pharmacy services, was a bright spot revenues surged 36% to $18.1 billion, helped by acquisitions and strong product performance in CarelonRx. But that wasn't enough to cushion the blow. The company slashed its full-year EPS guidance to around $30, down from its prior $34.15$34.85 range and well below the Street's $34.40 consensus. We're adjusting our outlook to reflect what we're seeing in Medicaid and ACA, said CEO Gail Boudreaux, adding that Elevance remains focused on managing healthcare costs and making targeted tech investments to support long-term value. This article first appeared on GuruFocus.
