UnitedHealth Group Chairman and CEO Stephen J. Hemsley testified before the House Energy and Commerce and Ways and Means Committees regarding healthcare affordability and accessibility solutions. The company highlighted systemic cost challenges, noting that hospital prices have increased nearly three times faster than inflation over the past 25 years and represent over 30% of annual healthcare spending, while prescription drug costs have risen 269% since 2000.
UnitedHealth Group said it negotiated nearly $300 billion in discounts for customers last year and announced that UnitedHealthcare would voluntarily eliminate and rebate profits from individual ACA market coverages during the current year.
The company’s policy recommendations included broadening consumer choice, standardizing broker compensation, lowering HSA thresholds, addressing site-of-service issues, expanding Association Health Plans flexibility, reforming patent law to reduce drug costs, restricting direct-to-consumer advertising, and addressing domestic-foreign drug price disparities.